This committee recommends purchases and sales of investments and changes in bond and stock ratios. The Committee has five members, four of whom are directors and three of whom are also officers of the Fund. At one time, appreciation bonds and preferred stocks amounted to 10 per cent or more of the Fund's assets. Such issues are of less than highest-grade quality, and their price movements are influenced not only by changes in interest rates but by the course of earnings of the securities. Usually, yields are higher than can be obtained by the purchase of common stocks of investment quality. Sometimes, such issues are the outgrowth of corporate reorganizations.

For Pro Secrets and Strategies on all Aspects of Online Futures Trading, visit
Futures Trading System