"For example, securities income fell by 28 percent in the first quarter of 2002 from the same quarter the previous year."

If it has to raise interest rates quickly in the future, however, it would pay more on bank reserves while its securities income remained the same.

Fixed maturity securities income decreased due to the effect of investing at lower interest rates, partially offset by a higher invested asset base.

These measures are translating into higher funding costs for the banks that if prolonged may result in more volatile net interest margins and securities income this year.'

- Partly private Eximbank and Dong A Bank might issue bonus shares to shareholders soon in order to help them avoid taxing on securities income.

O-7 Securities Income Collection Fees Taxable Description:

The following equity offerings are expected this week: ACM Muni Securities Income Fund, New York, an initial public offering of 6 million shares.

"What you try to do is net your securities income from your investment interest paid, and if there's anything that's not deductible, carry it forward to subsequent years," said Mr. Isaacson.

The amount presented above represents the loss for the quarter in addition to unrealized appreciation of $6,907,265 from the merger with ACM Municipal Securities Income Fund, Inc.

On May 18, 2007, the AllianceBernstein National Municipal Income Fund, Inc. acquired all the assets of the ACM Municipal Securities Income Fund, Inc.

Almost since they were issued to the public in 2003, shares in the Neuberger Berman Real Estate Securities Income fund and the Neuberger Berman Realty Income fund have traded at discounts to their net asset values.

Flaherty & Crumrine/Claymore Preferred Securities Income Fund is a diversified, closed-end management investment company organized under the laws of the State of Maryland on May 23, 2002, whose common shares are traded on the NYSE under the symbol 'FFC'.