SOURCE: 40|86 Strategic Income Fund

June 28, 2005 16:37 ET

40|86 Strategic Income Fund Announces Leadership Changes

CARMEL, IN -- (MARKET WIRE) -- June 28, 2005 -- 40|86 Strategic Income Fund (NYSE: CFD) today announced that Audrey L. Kurzawa has been elected president of the fund, replacing Gregory J. Hahn, who resigned as president and trustee effective June 27, 2005. Kurzawa, formerly treasurer of CFD, will also serve as a fund trustee for the remainder of Mr. Hahn's unexpired term. Daniel J. Murphy, formerly CFD's assistant treasurer, was named treasurer.

Kurzawa is the controller and a senior vice president of 40|86 Advisors, Inc., CFD's investment adviser. Previously, she held positions in the corporate finance department at Conseco, Inc. and was a senior auditor with KPMG Peat Marwick.

CFD also announced that Richard Matas has been named co-portfolio manager of the fund by 40|86 Advisors, while Amy L. Gibson continues as the fund's other co-portfolio manager. Matas replaces Leo J. Dierckman, who has resigned from 40|86 Advisors.

CFD is a closed-end investment management company. The fund's primary investment objective is to seek high current income.

The investment advisor to CFD, 40|86 Advisors, based in Carmel, Indiana, is a leading fixed-income investment advisor with more than $26 billion in assets under management. A subsidiary of Conseco, Inc. (NYSE: CNO), 40|86 Advisors serves as investment advisor to Conseco's affiliated insurance companies, and for various registered and structured products (collateralized bond obligations and collateralized loan obligations). Visit 40|86 Advisors at www.4086.com.

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