CARMEL, Ind., May 26 /PRNewswire-FirstCall/ -- 40|86 Strategic Income Fund (NYSE:CFD) (Fund) announced today that, on May 21, 2009, the Board of Trustees of the Fund (Board) approved an investment management and administration agreement with Hyperion Brookfield Asset Management, Inc. (Hyperion Brookfield) under which Hyperion Brookfield, an investment adviser registered with the Securities and Exchange Commission, would become the new investment adviser and administrator of the Fund. The new management agreement would not become effective until approved by the shareholders of the Fund. The Fund's current investment adviser, 40|86 Advisors, Inc. (40|86 Advisors), has determined as a business matter to discontinue management of the Fund, but is expected to continue to provide advisory and administration services for the Fund until the new contract with Hyperion Brookfield is effective. The Board has called a special meeting of Fund shareholders on August 12, 2009 to vote on the proposed contract with Hyperion Brookfield. If the new contract is approved on that date, Hyperion Brookfield is expected to assume management of the Fund on or around September 1, 2009. Additionally, if the new contract is approved, the Board has proposed that the shareholders elect a new board of trustees for the Fund consisting primarily of individuals who serve as trustees or directors of the other registered investment companies currently managed by Hyperion Brookfield. Additional information about the proposed new management agreement and Board nominees will be sent to shareholders of the Fund as part of proxy solicitation materials. About Hyperion Brookfield Asset Management, Inc.: Hyperion Brookfield is a fixed income investment advisor headquartered in New York City. Founded in 1989, Hyperion Brookfield strives to achieve superior long-term results for institutional and retail investors by applying a disciplined, relative value investment philosophy. With approximately $16 billion in assets under management, Hyperion Brookfield's institutional clients include pension funds, financial institutions, investment companies, insurance companies, foundations and endowments. Hyperion Brookfield is a subsidiary of Brookfield Asset Management Inc. (NYSE:BAM) (TSX: BAM.A), a global asset manager focused on property, power and other infrastructure assets with approximately $80 billion of assets under management. About 40|86 Advisors, Inc.: 40|86 Advisors, Inc. is 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 futures. DATASOURCE: 40 CONTACT: Jeffrey M. Stautz of 40|86 Advisors, Inc., +1-317-817-6422

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