Format of PrefLetter: Page 2

Useful Articles

How Long is Forever?

Using Credit Ratings When Buying Preferreds

A Call, too, Harms

Yield Ahead

Modified Duration

The second page of PrefLetter is the raison d'etre of the entire exercise. It is on this page that the recommendations will appear in tabular format.

The process by which issues are selected for recommendation is described elsewhere; this section will seek merely to convey an understanding of the information presented in the table "Overview: HIMIPref™ Monthly Recommendations" in its various columns: