40/86 Strategic Income Fund Declares Dividend.

CARMEL, Ind. -- 40/86 Strategic Income Fund (NYSE:CFD) declared a dividend of $0.075 per share, payable March 4, 2005 to holders of record at the close of business on February 28, 2005.

40/86 Strategic Income Fund is a closed-end investment management company. The Fund's primary investment objective is to seek high current income. As discussed in the Fund's prospectus, the Fund intends to distribute substantially all of its net investment income monthly. All net realized capital gains, if any, generally will be distributed to the Fund's shareholders at least annually, although net capital gains (i.e., the excess of net long-term capital gains over net short-term capital losses) may be retained by the Fund.

The Fund is managed by 40/86 Advisors, Inc., a wholly owned subsidiary of Conseco, Inc. (NYSE:CNO). Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, heart/stroke and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial future.

Note to Editors: There should be a pipe symbol in the fund name between 40 and 86. The pipe symbol was replaced with a forward slash for transmission purposes only.