| The Trust invests primarily in marketable securities of established companies which the Trustees believe provide reasonable income and which, where consistent with this objective, may have potential for capital appreciation. This would include bonds which may be purchased at a discount or premium, preferred stocks, common stocks paying dividends, securities convertible into common stocks and securities with warrants attached. The Trust’s portfolio mainly emphasizes debt securities which are rated as lower than investment grade by either of the two principal ratings services or unrated securities having similar characteristics (sometimes referred to as "junk bonds"). The Trustees have usually relied upon their own analysis in making decisions concerning the Trust’s portfolio. For equity investments the Trustees consider their potential for appreciation based upon growth and value analysis.
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