Investment Objective:

The investment objective of the Preferred Equity Class of Shares is to seek long term capital appreciation and high current income, measured in Dollars, through investment in NYSE traded preferred equity securities. Investments will be selected on the basis of superior dividend yield of those companies with investment grade or higher credit ratings and may include traditional preferred, redeemable preferred, trust preferred, third party preferred and exchange traded debt securities as well as over the counter debt securities and euro dollar debt securities that meet the credit quality described above.

This Class may also invest in cash or debt instruments without limitation as to amount, as a defensive measure if investments opportunities in equity markets appear less favourable.