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SIGNATURE ELLEN F. TERRY
TITLE VICE PRESIDENT
On January 8, 1992, the United States District Court for the District of
Massachusetts dismissed, in their entirety, four separate actions filed in each
case against the Fund, its former Investment Adviser, certain of its officers,
its directors, and certain other parties. The actions purported to be class
actions on behalf of the named plaintiffs and other persons allegedly similarly
situated who purchased Common Stock of the Fund within a specified period. The
actions alleged that the Fund and the other defendants, including the Fund's
underwriters, in connection with its February 1988 public offering, violated
certain federal securities laws by reason of their alleged failure to adequately
disclose material facts in the Fund's prospectus and/or other documents
published by the Fund. Plaintiffs were granted leave to amend their complaint
limited to certain disclosure obligations under the Securities Act of 1933, and
have done so. All of the defendants, including the Fund, jointly moved for
summary judgment on July 8, 1992. By memorandum and order dated August 26, 1993,
the Court granted the defendants' motion for summary judgment in favor of all
defendants on all claims and entered judgment for defendants on August 27, 1993,
and the plaintiffs appealed. On September 28, 1994, the United States Court of
Appeals for the First Circuit issued an opinion affirming the decision of the
district court in part and reversing it in part. The Court held that the
district court properly entered summary judgment for the defendants as to all
disclosure issues except one. It reversed the district court's decision with
respect to that one issue and remanded the case for further proceedings. The one
remaining issue is whether it was misleading to purchasers in the initial public
offering for the original prospectus to include certain statistics regarding the
average performance of the high yield bond market for a ten year period without
also including different statistics, alleged by the plaintiffs to exist and to
be material, for the six year period prior to the offering. The defendants
jointly moved for summary judgment on this remaining issue on March 31, 1995.
The summary judgment motion is pending before the Court.
Management of the Fund believes the allegations in the actions to be
entirely without merit and will continue to defend vigorously against these
actions. In the opinion of Fund management, the likelihood of an unfavorable
outcome is remote, and therefore, any liability to the Fund with respect to the
actions would not materially affect the Fund's net assets. The Fund has agreed,
under certain terms and conditions, to indemnify the officers, directors, the
Investment Adviser and the underwriters for all legal costs in connection with
these class action claims. Legal costs in defending against these claims will be
charged to operations as incurred. The Fund filed a motion under Section 11(e)
of the Securities Act of 1933 seeking recoupment of its costs in connection with
the litigation.
