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The Fund commenced operations as a closed-end management investment company on February 7, 1997. Prior to that date the Fund was a series of shares designated Bull & Bear Global Income Fund (and prior to October 29, 1992 and since September 1, 1983, Bull & Bear High Yield Fund) of Bull & Bear Funds II, Inc., an open-end management investment company organized in 1974 and operating under the name Bull & Bear Incorporated until October 29, 1993.
Dividends
It is the Fund's current policy, which may be changed by the Board of Directors, to pay dividends on a quarterly basis to holders of common stock. The Fund has adopted a managed distribution policy to distribute on an annual basis
5% of the Fund's net asset value. This policy is intended to provide shareholders with a stable cash flow and to reduce any market price discount to its net asset value. There can be no assurance that the Fund will be able to maintain its current level of dividends, and the Board of Directors may, in its sole discretion, change the Fund's current dividend policy or its current level of dividends in response to market or other conditions.
The Investment Manager
The Fund is managed by
CEF Advisers, Inc., a subsidiary of Winmill
& Co. Incorporated, which is engaged through subsidiaries in
stock market and gold
investing through its investment management of equity and gold
mutual funds, closed
end funds, and through proprietary securities trading. The Fund's portfolio is managed by the Investment Policy Committee of the Investment Manager.
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