RE:Good point Navgod,,,, Agreed that is how I read it -- however if you review the most recent annual report or short form prospectus the period referred to is the full seven year term hence my inquiry to Mulvihill. If it is only the rate for one year many pref holders will redeem as next year they will not have the retraction club to force a high rate. Given the aggressive dividend policy of the capital shares(dividends paid even as NAV approached zero) pref holders will require a high and certain return. GLTA