We believe that the market occasionally misprices certain types of fixed income securities, such as closed end income funds and preferred shares due to short-term sentiment or liquidity issues. This creates an environment where active fixed income managers can take advantage of these short term factors to create value for shareholders. This strategy requires Ancora Advisors to manage income accounts actively in order to reflect changing trends in the economy and interest rate environment, as well as capture value as an inefficient market recognizes a security has become oversold.