Income Securities, bonds, convertibles, preferreds and hybrids

MONTHLY INTEREST RATE COMMENTARY TABLE

Each month's newsletter features an update on interest rate trends and where opportunities appear. Members see the most recent table of interest rates displayed in a format which allows them to compare yields on various types and qualities of fixed income securities. The table shows the change in rates for the month, for year to date and yield spreads (spreads refer to the different in interest income between different securities expressed in basis points i.e. 100 basis points is 1 percent.)between each security class and 10 year U.S. Treasuries for the month and since the beginning of the year. Changes in yields and spreads are often indicators of where certain rates are headed and where the best buying opportunities are.