Investment Objective -- Equity-Like Returns with Substantially Less Risk

Zazove’s Domestic (U.S.) and Global strategies seek to generate superior long-term returns for investors by constructing a portfolio of balanced convertibles with attractive asymmetrical risk/return characteristics.

Upside Capture	Capture 60 – 75% of equity market advances
Downside Protection	Participate in only 35-50% of equity market declines
Yield Advantage	Carry higher current yields compared to equities
Diversification	Broad issuer and industry diversification