-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TOwy/NSJLI2X3jO36wphNzWy9y2aLLErp7o0ke5Ihv/HYNUwaEgD6GTeHKmoQ/LH
 PfsSnWevb02PT3YCYrw2gg==

<SEC-DOCUMENT>0000902561-07-000070.txt : 20070427
<SEC-HEADER>0000902561-07-000070.hdr.sgml : 20070427
<ACCEPTANCE-DATETIME>20070427135747
ACCESSION NUMBER:		0000902561-07-000070
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20070427
DATE AS OF CHANGE:		20070427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DNP SELECT INCOME FUND INC
		CENTRAL INDEX KEY:			0000806628
		IRS NUMBER:				363480989
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04915
		FILM NUMBER:		07794843

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232
		BUSINESS PHONE:		3123685510

	MAIL ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS SELECTED UTILITIES INC
		DATE OF NAME CHANGE:	19910429
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>formn2.htm
<TEXT>
<html>
<head>
<title>Form N2</title>
</head>
<body>
<p align="center">&nbsp;</p>

<p align="center">&nbsp;</p>

<p align="center"><font face="Times New Roman">As filed with the Securities and Exchange Commission on April
27, 2007</font></p>

<p align="center"><font face="Times New Roman"></font></p>

<p align="right"><font face="Times New Roman">Investment Company Act file no. 811-4915</font></p>

<p align="right"><font face="Times New Roman">&nbsp;</font></p>

<font face="Times New Roman"></font>
<hr size="2" width="100%" noshade color="green" align="left" />


<p align="center" style="margin-bottom: 0"><font size="5" face="Times New Roman"><br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549</font></p>

<p align="center" style="margin-top: 0; margin-bottom: 0"><font size="5" face="Times New Roman">_____<br />
<br />
FORM N-2<br />
_____<br />
<br />
</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top">
<p align="center"><font face="Times New Roman">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">[X]</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font face="Times New Roman">Amendment No. 54</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">[X]</font></p>
</td>
</tr>
</table>


<p align="center" style="margin-top: 0"><font size="5" face="Times New Roman">_____</font></p>

<p align="center" style="margin-bottom: 0"><font face="Times New Roman">DNP Select Income Fund Inc.<br />
(Exact name of registrant as specified in charter)</font></p>

<p align="center" style="margin-top: 0"><font size="5" face="Times New Roman">_____</font></p>

<p align="center"><font face="Times New Roman">55 East Monroe Street, Suite 3600<br />
Chicago, Illinois&nbsp; 60603<br />
</font><font size="2">(Address of principal executive offices)</font><br />
Registrant's telephone number: 312/368-5510</p>

<table border="0" cellspacing="0" cellpadding="0" width="607">
<tr>
<td valign="top" width="243">
<p><font face="Times New Roman">Nathan I. Partain</font></p>
</td>
<td valign="top" width="148">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="216">
<p><font face="Times New Roman">John R. Sagan, Esq.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="243">
<p><font face="Times New Roman">DNP Select Income Fund Inc.</font></p>
</td>
<td valign="top" width="148"></td>
<td valign="top" width="216">
<p><font face="Times New Roman">Mayer, Brown, Rowe &amp; Maw LLP</font></p>
</td>
</tr>

<tr>
<td valign="top" width="243">
<p><font face="Times New Roman">55 East Monroe Street, Suite 3600</font></p>
</td>
<td valign="top" width="148"></td>
<td valign="top" width="216">
<p>71 South Wacker Drive</p>
</td>
</tr>

<tr>
<td valign="top" width="243">
<p><font face="Times New Roman">Chicago, Illinois 60603</font></p>
</td>
<td valign="top" width="148"></td>
<td valign="top" width="216">
<p><font face="Times New Roman">Chicago, Illinois&nbsp; 60606</font></p>
</td>
</tr>
</table>


<p align="center"><font size="2" face="Times New Roman">(Names and addresses of agents for service)</font></p>

<p><font face="Times New Roman">It is proposed that this filing will become effective:<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [X] immediately upon filing.<br />
<br />
[&nbsp;&nbsp;] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.</font></p>

<p><font face="Times New Roman"></font></p>
<p style="page-break-before:always">
<font face="Times New Roman"></font>
<hr size="2" width="100%" noshade color="green" align="left" />


<p align="center"><font face="Times New Roman">PART A:&nbsp; INFORMATION REQUIRED IN A PROSPECTUS</font></p>

<p><u><font face="Times New Roman">Item 1</font></u>.&nbsp;&nbsp;&nbsp; <u>Outside Front Cover</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 2</font></u>.&nbsp;&nbsp;&nbsp; <u>Cover Pages; Other Offering Information</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 3</font></u>.&nbsp;&nbsp;&nbsp; <u>Fee Table and Synopsis</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font></p>


<div align="left">


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td colspan="2" valign="top" width="593" bgcolor="#99CCFF" height="19">
<p><b><font face="Times New Roman">Shareholder</font></b> <b>Transaction</b> <b>Expenses</b>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top" width="53" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="12">
<p><font face="Times New Roman" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="535" height="12"><font size="1">&nbsp;</font></td>
<td valign="top" width="53" height="12"></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19"></td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">Sales Load (as a percentage of offering price)</font></p>
</td>
<td valign="top" width="53" bgcolor="#99CCFF" height="19">
<p align="right"><font face="Times New Roman">N/A&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="12">
<p><font face="Times New Roman" size="1">&nbsp;</font></p>
</td>
<td valign="top" width="535" height="12"></td>
<td valign="top" width="53" height="12"></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19"></td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">Dividend Reinvestment and Cash Purchase Plan
Fees</font></p>
</td>
<td valign="top" width="53" bgcolor="#99CCFF" height="19">
<p align="right"><font face="Times New Roman">(1)&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="19">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="535" height="19"></td>
<td valign="top" width="53" height="19"></td>
</tr>

<tr>
<td colspan="2" valign="top" width="593" bgcolor="#99CCFF" height="19">
<p><b><font face="Times New Roman">Annual Expenses</font></b> <b>(as a percentage of net assets attributable to common shares)</b></p>
</td>
<td valign="top" width="53" bgcolor="#99CCFF" height="19"></td>
</tr>

<tr>
<td valign="top" width="58" height="6">
<p><font face="Times New Roman" size="1">&nbsp; </font></p>
</td>
<td valign="top" width="535" height="6"><font size="1">&nbsp;</font></td>
<td valign="top" width="53" height="6"></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19"></td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">Management Fees</font></p>
</td>
<td valign="top" align="right" width="53" bgcolor="#99CCFF" height="19">
<p align="right"><font face="Times New Roman">0.77%&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="6">
<p><font face="Times New Roman" size="1">&nbsp; </font></p>
</td>
<td valign="top" width="535" height="6"><font size="1">&nbsp;</font></td>
<td valign="top" align="right" width="53" height="6"><font size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19"></td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">Interest Payments on Remarketed Preferred Stock</font></p>
</td>
<td valign="top" align="right" width="53" bgcolor="#99CCFF" height="19">
<p align="right"><font face="Times New Roman">0.91%&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="9">
<p><font face="Times New Roman" size="1">&nbsp; </font></p>
</td>
<td valign="top" width="535" height="9"><font size="1">&nbsp;</font></td>
<td valign="top" align="right" width="53" height="9"><font size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19"></td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">Other Expenses</font></p>
</td>
<td valign="top" align="right" width="53" bgcolor="#99CCFF" height="19">
<p align="right"><font face="Times New Roman">0.43%&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="9">
<p><font face="Times New Roman" size="1">&nbsp; </font></p>
</td>
<td valign="top" width="535" height="9"><font size="1">&nbsp;</font></td>
<td valign="top" align="right" width="53" height="9"><font size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19"></td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total Annual Expenses</font></p>
</td>
<td valign="top" align="right" width="53" bgcolor="#99CCFF" height="19">
<p align="right"><font face="Times New Roman">2.11%&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="8"><font size="1">&nbsp;</font></td>
<td valign="top" width="535" height="8">
<font size="1">&nbsp;</font></td>
<td valign="top" align="right" width="53" height="8">
<font size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19">&nbsp;</td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<font face="Times New Roman">Distributions on Auction Preferred Stock</font></td>
<td valign="top" align="right" width="53" bgcolor="#99CCFF" height="19">
<font face="Times New Roman">1.12%&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" height="10"><font size="1">&nbsp;</font></td>
<td valign="top" width="535" height="10">
<font size="1">&nbsp;</font></td>
<td valign="top" align="right" width="53" height="10">
<font size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" bgcolor="#99CCFF" height="19">&nbsp;</td>
<td valign="top" width="535" bgcolor="#99CCFF" height="19">
<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total Annual Expenses and Distributions on Auction Preferred Stock</font></td>
<td valign="top" align="right" width="53" bgcolor="#99CCFF" height="19">
<font face="Times New Roman">3.23%&nbsp;</font></td>
</tr>
</table>

</div>

<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">&nbsp;<font size="1">&nbsp;
</font></font></p>


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="55" nowrap>
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="333" nowrap>
<p><font face="Times New Roman">Example (2)</font></p>
</td>
<td valign="bottom" width="18" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="54" nowrap>
<p align="center"><font face="Times New Roman">1 year</font></p>
</td>
<td valign="bottom" width="12" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="60" nowrap>
<p align="center"><font face="Times New Roman">2 years</font></p>
</td>
<td valign="bottom" width="10" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="62" nowrap>
<p align="center"><font face="Times New Roman">5 years</font></p>
</td>
<td valign="bottom" width="10" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="62" nowrap>
<p align="center"><font face="Times New Roman">10 years</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" width="388" nowrap>
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="18" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="54" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="12" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="60" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="10" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="62" nowrap></td>
<td valign="bottom" width="10" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="62" nowrap></td>
</tr>

<tr>
<td colspan="2" valign="top" width="388" nowrap>
<p><font face="Times New Roman">You would pay the following expenses on a $1,000<br>
investment,
 assuming a 5% annual return</font></p>
</td>
<td valign="bottom" width="18" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="54" nowrap>
<p align="center"><font face="Times New Roman">$33</font></p>
</td>
<td valign="bottom" width="12" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="60" nowrap>
<p align="center"><font face="Times New Roman">$66</font></p>
</td>
<td valign="bottom" width="10" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="62" nowrap>
<p align="center"><font face="Times New Roman">$169</font></p>
</td>
<td valign="bottom" width="10" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="62" nowrap>
<p align="center"><font face="Times New Roman">$353</font></p>
</td>
</tr>

</table>

<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;&nbsp;&nbsp;</font></p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber22">
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">
    (1) </td>
    <td width="92%" valign="top" style="border-style: none; border-width: medium">
    Shareholders that reinvest dividends and/or capital gains distributions
    will be charged only brokerage fees in the event that shares are purchased
    in the open market. Investors investing cash in addition to any cash
    dividends reinvested will be charged brokerage commissions plus a service
    fee of $2.50 per transaction. See Item 10.1(d).</td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="92%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">
    (2) </td>
    <td width="92%" valign="top" style="border-style: none; border-width: medium">
    This Example should not be considered a representation of future expenses,
    and actual expenses may be greater or lesser than those shown.</td>
  </tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;&nbsp; </font></p>

<p style="margin-top: 6; margin-bottom: 12"><font face="Times New Roman">The purpose of the foregoing table is to assist
an investor in understanding the costs and expenses that an investor will bear
directly or indirectly, and the information contained therein is not necessarily
indicative of future performance. &quot;Other Expenses&quot; are based on estimated
amounts for the current fiscal year.&nbsp; &quot;Interest Payments on Remarketed
Preferred Stock&quot;&nbsp; are included in the total annual expenses of the Fund.&nbsp;
&quot;Distributions on Auction Preferred Stock&quot; are not
included in the total annual expenses of the Fund but are shown separately as a
percentage of net assets attributable to common shares and are included in the
calculation of the expenses an investor would bear over the time periods shown
in the example above. For a more detailed description of management fees paid by
the Fund, see Item 9.1(b) and (d).</font></p>

<p style="margin-left: 50; margin-top: 6; margin-bottom: 6"><font face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.<br>
<br>
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 4</font></u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Highlights</u></p>

<p style="text-indent: 50"><font face="Times New Roman">Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 5</font></u>.&nbsp; &nbsp;&nbsp;&nbsp;<u>Plan of Distribution</u></p>

<p style="text-indent: 50"><font face="Times New Roman">Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 6</font></u>.&nbsp; &nbsp;&nbsp;&nbsp;<u>Selling Shareholders</u></p>

<p style="text-indent: 50"><font face="Times New Roman">Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 7</font></u>. &nbsp;&nbsp;&nbsp; <u>Use of Proceeds</u></p>

<p style="text-indent: 50"><font face="Times New Roman">Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 8</font></u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>General Description of the Registrant</u></p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber23">
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium"><font face="Times New Roman">
    1. </font></td>
    <td width="86%" style="border-style: none; border-width: medium"><u><font face="Times New Roman">General</font></u></td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="86%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="86%" style="border-style: none; border-width: medium"><font face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant, DNP Select Income Fund Inc. (the "Fund"), is a corporation organized under the laws of the State of Maryland on November 26, 1986.</font></td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="86%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="86%" style="border-style: none; border-width: medium"><font face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund is a diversified closed-end investment company.</font></td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="86%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="7%" style="border-style: none; border-width: medium"><font face="Times New Roman">2.</font></td>
    <td width="86%" style="border-style: none; border-width: medium"><u><font face="Times New Roman">Investment Objectives and Policies</font></u></td>
  </tr>
</table>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment objectives</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's primary investment objectives are current income and long-term growth of income. Capital appreciation is a secondary
objective.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Principal investment strategies</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund seeks to achieve its investment objectives by investing primarily in a
diversified portfolio of equity and fixed income securities of companies in the
public utilities industry. Under normal conditions, more than 65% of the Fund's
total assets will be invested in securities of public utility companies engaged
in the production, transmission or distribution of electric energy, gas or
telephone services. The Fund's investment objectives stated in the preceding
paragraph and its policy of concentrating its investments in the utilities
industry are fundamental policies and may not be changed without the approval of
the holders of a &quot;majority&quot; (as defined in the Investment Company Act of 1940,
as amended (the &quot;1940 Act&quot;)) of the outstanding shares of the common stock and
the preferred stock voting together as one class, which means the lesser of (i)
67% of the shares represented at a meeting at which more than 50% of the
outstanding shares are represented or (ii) more than 50% of the outstanding
shares.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fundamental investment restrictions</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following are fundamental investment restrictions of the Fund that may be
changed only with approval of the holders of a &quot;majority&quot; (as defined in the
1940 Act) of the outstanding shares of the common stock and the preferred stock
voting together as one class:</font></p>


<p style="page-break-before:always">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber20">

<tr>
<td valign="top" width="65">
&nbsp;</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not invest more than 25% of its total assets (valued at the time
of investment) in securities of companies engaged principally in any one
industry other than the utilities industry, which includes companies engaged
in the production, transmission or distribution of electric energy or gas or
in telephone services, except that this restriction does not apply to
securities issued or guaranteed by the United States Government or its
agencies or instrumentalities.&nbsp; </font>
</td>
</tr>

<tr>
<td valign="top" width="65">
&nbsp;</td>
<td valign="top" width="611">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="margin-left: 50"><font face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may
not:</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="margin-left: 50; text-indent:50"><font face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; invest more than 5% of
its total assets (valued at the time of the investment) in the securities of any
one issuer, except that this restriction does not apply to United States
Government securities; or</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="margin-left: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="margin-left: 50; text-indent:50"><font face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acquire more than 10% of the outstanding voting securities of any one issuer (at the time of acquisition);</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p><font face="Times New Roman">except that up to 25% of the Fund's total assets (at the time of investment) may be invested without regard to the limitations set forth in this restriction.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may borrow money on a secured or unsecured basis for any purpose of the
Fund in an aggregate amount not exceeding 15% of the value of the Fund's total
assets at the time of any such borrowing (exclusive of all obligations on
amounts held as collateral for securities loaned to other persons to the extent
that such obligations are secured by assets of at least equivalent value).</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not pledge, mortgage or hypothecate its assets, except to secure
indebtedness permitted by restriction 3 above. (The deposit in escrow of
securities in connection with the writing of put and call options,
collateralized loans of securities and collateral arrangements with respect to
margin requirements for futures transactions and with respect to segregation of
securities in connection with forward contracts are not deemed to be pledges or
hypothecations for this purpose.)</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">5.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may make loans of securities to other persons to the extent of not more
than 33 1/3% of its total assets (valued at the time of the making of loans),
and may invest without limitation in short-term obligations and publicly
distributed obligations.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">6.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not underwrite the distribution of securities of other issuers,
although it may acquire securities that, in the event of a resale, might be
required to be registered under the Securities Act of 1933, as amended, because
the Fund could be regarded as an underwriter as defined in that act with respect
to the resale.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">7.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not purchase or sell real estate or any interest therein, except
that the Fund may invest in securities secured by real estate or interests
therein, such as mortgage pass-throughs, pay-throughs, collateralized mortgage
obligations, and securities issued by companies (including partnerships and real
estate investment trusts) that invest in real estate or interests therein.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">8.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may acquire securities of other investment companies to the extent (at
the acquisition) of (i) not more than 3% of the outstanding voting stock of any
one investment company, (ii) not more than 5% of the assets of the Fund in any
one investment company and (iii) not more than 10% of the assets of the Fund in
all investment companies (exclusive in each case of securities received as a
dividend or as a result of a merger, consolidation or other plan of
reorganization).</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">9.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not invest for the purpose of exercising control over or management
of any company.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">10.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not purchase securities on margin, or make short sales of
securities, except the use of short-term credit necessary for the clearance of
purchases and sales of portfolio securities, but it may make margin deposits in
connection with transactions in options, futures and options on futures.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="611">
<p style="text-indent: 50"><font face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="65"></td>
<td valign="top" width="611">
<p style="text-indent: 50">11.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;The Fund may not purchase or sell commodities or commodity contracts, except
that it may enter into (i) stock index futures transactions, interest rate
futures transactions and options on such future transactions and (ii) forward
contracts on foreign currencies to the extent permitted by applicable law.&nbsp;&nbsp; </font></p>

<tr>
<td valign="top" width="65">&nbsp;</td>
<td valign="top" width="611">
&nbsp;<tr>
<td valign="top" width="65">&nbsp;</td>
<td valign="top" width="611">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund may not issue any security senior to its common stock, except that the
Fund may borrow money subject to investment restriction 3 and except as
permitted by the Fund's charter.</font></table>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; <font face="Times New Roman">For purposes of the twelfth investment
restriction, no amendment to the Fund's charter that would alter or amend the
Fund's authority to issue senior securities will be effective unless such
amendment is approved by the holders of a &quot;majority&quot; (as defined in the 1940
Act) of the outstanding shares of the Fund's common stock and preferred stock
voting together as a single class.</font></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<font face="Times New Roman">If a percentage restriction set forth above is
adhered to at the time a transaction is effected, later changes in percentages
resulting from changes in value or in the number of outstanding securities of
an issuer will not be considered a violation.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Significant Investment Policies</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fixed Income Securities</u>.
The Fund purchases a fixed income security only if, at the time of purchase, it
is (i) rated investment grade by at least two of the following three nationally
recognized statistical rating organizations: Moody's Investors Service, Inc.
(&quot;Moody's&quot;), Standard &amp; Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. (&quot;S&amp;P&quot;), and Fitch, Inc. (&quot;Fitch&quot;) or (ii) determined by the
Fund's investment adviser to be of investment grade and not rated below
investment grade by any of the aforementioned rating services. A fixed income
security rated investment grade has a rating of BBB- or better by Fitch, Baa3 or
better by Moody's, or BBB- or better by S&amp;P. In making its determination that a
fixed income security is investment grade, the Fund's investment adviser will
use the standards used by a nationally recognized statistical rating
organization.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Leverage</u>.
The Fund is authorized to borrow money in amounts of up to 15% of the value of
its total assets at the time of such borrowings. However, for so long as the
Fund's preferred stock is rated by S&amp;P, the Fund will limit the aggregate amount
of its borrowings to 10% of the value of its total assets and will not incur any
borrowings, unless advised by S&amp;P that such borrowings would not adversely
affect S&amp;P's then-current rating of the preferred stock.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lending of Portfolio Securities</u>.
In order to generate additional income, the Fund may from time to time lend
securities from its portfolio, with a value not in excess of 33 1/3% of its
total assets, to brokers, dealers and financial institutions such as banks and
trust companies for which it will receive collateral in cash, United States
Government securities or an irrevocable letter of credit that will be maintained
in an amount equal to at least 100% of the current market value of the loaned
securities.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Rating Agency Guidelines</u>.
The Fund's preferred stock is currently rated by Moody's and S&amp;P, nationally
recognized statistical rating organizations, which issue ratings for various
securities reflecting the perceived creditworthiness of those securities. The
Fund intends that, so long as shares of its preferred stock are outstanding, the
composition of its portfolio will reflect guidelines established by the
foregoing rating organizations in connection with the Fund's receipt of the
highest rating for its preferred stock from at least two of such rating
organizations.</font></p>

<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Options and Futures Transactions</u>.
The Fund may seek to increase its current return by writing covered options. In
addition, through the writing and purchase of options and the purchase and sale
of futures contracts and related options, the Fund may at times seek to hedge
against a decline in the value of securities owned by it or an increase in the
price of securities which it plans to purchase. However, for so long as shares
of the Fund's preferred stock are rated either by Moody's or S&amp;P, the Fund will
not purchase or sell futures contracts or related options or engage in other
hedging transactions unless Moody's or S&amp;P, as the case may be, advises the Fund
that such action or actions will not adversely affect its then-current rating of
the Fund's preferred stock.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Swap and Swaption Transactions</u>. The Fund may utilize interest rate and
credit swaps and swaptions, subject to the following restrictions: (i) swaps and
swaptions must be U.S. dollar denominated and used for hedging purposes only;
(ii) no more than 5% of the Fund's total assets, at the time of purchase, may be
invested in time premiums paid for swaptions; (iii) the terms of all swaps and
swaptions must conform to the standards of the ISDA Master Agreement published
by the International Swaps and Derivatives Association, Inc.; and (iv) the
counterparty must be a bank or broker-dealer firm regulated under the laws of
the United States that is (A) on a list approved by the board of directors, (B)
with capital of at least $100 million and (C) rated investment grade by both S&amp;P
and Moody's.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Credit Derivatives</u>. The market value of the Fund's investments in credit
derivatives and/or premiums paid therefor as a buyer of credit protection will
not exceed 10% of the Fund's total assets and the notional value of the credit
exposure to which the Fund is subject when it sells credit derivatives sold by
the Fund will not exceed 33 1/3% of the Fund's total assets.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Foreign Securities</u>.&nbsp; The Fund may not invest in securities issued by
public utilities located outside the United States, if, as a result of such
investment, 20% or more of the Fund's total assets would be invested in such
securities.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Temporary Investments</u>.
For temporary defensive purposes, the Fund may be invested primarily in money
market securities. These securities include securities issued or guaranteed by
the United States Government and its agencies and instrumentalities, commercial
paper and certificates of deposit. To the extent that the Fund engages in such
defensive investments, it may not achieve its investment objectives.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Nonfundamental Restrictions</u>.
The Fund may not (i) invest in securities subject to legal or contractual
restrictions on resale, if, as a result of such investment, more than 10% of the
Fund's total assets would be invested in such securities, or (ii) acquire 5% or
more of the outstanding voting securities of a public utility company.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Each of the policies and restrictions described above may be changed by the
board of directors without the approval of the Fund's shareholders. If a
percentage restriction set forth above is adhered to at the time a transaction
is effected, later changes in percentages resulting from changes in value or in
the number of outstanding securities of an issuer will not be considered a
violation.</font></p>


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="633">
<p><font face="Times New Roman">3. &nbsp;&nbsp;<u>Risk Factors</u></font></p>
</td>
</tr>

<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="633"></td>
</tr>

<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="633">
<p><u><font face="Times New Roman">Leverage Risk</font></u>. The Fund's
leveraged capital structure creates special risks not associated with
unleveraged funds having similar investment objectives and policies. These
include the possibility of higher volatility of the Fund's net asset value and
the asset coverage of the Fund's preferred stock. This means that if there is a
net decrease in the value of the Fund's investment portfolio, the use of
leverage will likely cause a greater decrease in the net asset value per common
share and the market value per common share than if the Fund were not leveraged.</p>
</td>
</tr>

<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="633"></td>
</tr>

<tr>
<td valign="top" width="64"></td>
<td valign="top" width="633">
As of December 31, 2006, the Fund had no outstanding indebtedness and had five
series of remarketed preferred stock and five series of auction preferred stock
with an aggregate liquidation preference of $1 billion. The dividend rate on
each series of remarketed preferred stock is reset every 49 days through a
remarketing procedure and the dividend rate on each series of auction preferred
stock is reset every seven days through an auction process. As of April 13,
2007, the dividend rate on the five series of remarketed preferred stock
averaged 4.22% and the interest rate on the five series of auction preferred
stock averaged 5.24%. The Fund must experience an annual return of 1.41% on its
portfolio in order to cover annual dividend payments on the Fund's preferred
stock.</td>
</tr>

<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="633"></td>
</tr>

<tr>
<td valign="top" width="64"></td>
<td valign="top" width="633">
Fluctuations in dividend rates on the preferred stock and interest rates on the
Fund's indebtedness, if any, will affect the dividend to holders of common
stock. Holders of the common stock receive all net income from the Fund
remaining after payment of dividends on the preferred stock and interest on the
Fund's indebtedness, if any, and generally are entitled to a pro rata share of
net realized capital gains, if any.</td>
</tr>

<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="633"></td>
</tr>

<tr>
<td valign="top" width="64"></td>
<td valign="top" width="633">
Upon any liquidation of the Fund, the holders of shares of preferred stock will
be entitled to liquidating distributions (equal to $100,000 per share of
remarketed preferred stock and $25,000 per share of auction preferred stock plus
any accumulated and unpaid dividends thereon) and the holders of the Fund's
indebtedness, if any, will be entitled to receive repayment of outstanding
principal plus accumulated and unpaid interest thereon before any distribution
is made to holders of common stock.</td>
</tr>

<tr>
<td valign="top" width="64">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="633"></td>
</tr>

<tr>
<td valign="top" width="64"></td>
<td valign="top" width="633">
The leverage obtained through the issuance of the preferred stock has provided
holders of common stock with a higher dividend than such holders would have
otherwise received. However, there can be no assurance that the Fund will be
able to continue to realize such a higher net return on its investment
portfolio. Changes in certain factors could cause the relationship between the
dividends paid on the preferred stock and interest paid on the Fund's
indebtedness, if any, to increase relative to the dividend and interest rates on
the portfolio securities in which the Fund may be invested. Under such
conditions the benefit of leverage to holders of common stock will be reduced
and the Fund's leveraged capital structure could result in a lower rate of
return to holders of common stock than if the Fund were not leveraged. The Fund
is required by the 1940 Act to maintain an asset coverage of 200% on outstanding
preferred stock. Although the Fund currently has no outstanding indebtedness,
the Fund would be required to maintain an asset coverage of 300% on any future
outstanding indebtedness. If the asset coverage declines below those levels (as
a result of market fluctuations or otherwise), the Fund may be required to sell
a portion of its investments at a time when it may be disadvantageous to do so.</td>
</tr>

<tr>
<td valign="top" width="64">&nbsp;</td>
<td valign="top" width="633">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="64">&nbsp;</td>
<td valign="top" width="633">
The following table illustrates the effects of leverage on a return to common
stockholders. The figures appearing in the table are hypothetical and actual
returns may be greater or less than those appearing in the table.</td>
</tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-left-width:0; border-top-width:0; border-bottom-width:0" bordercolor="#111111">
<tr>
<td valign="top" style="border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium" width="61" height="42">
&nbsp;</td>
<td valign="top" style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:solid; border-bottom-width:1" width="253" height="42">
<p style="margin-left: 4"><font face="Times New Roman">Assumed annual return on portfolio (net of
expenses)</font></p>
</td>
<td style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:solid; border-bottom-width:1" width="77" height="42">
<p align="center"><font face="Times New Roman">-10.00%</font></p>
</td>
<td style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:solid; border-bottom-width:1" width="66" height="42">
<p align="center"><font face="Times New Roman">-5.00%</font></p>
</td>
<td style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:solid; border-bottom-width:1" width="65" height="42">
<p align="center"><font face="Times New Roman">0.00%</font></p>
</td>
<td style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:solid; border-bottom-width:1" width="60" height="42">
<p align="center"><font face="Times New Roman">5.00%</font></p>
</td>
<td style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-style:solid; border-bottom-width:1" width="85" height="42">
<p align="center"><font face="Times New Roman">10.00%&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" style="border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium" width="61" height="34">
<p>&nbsp;</p>
</td>
<td valign="top" style="border-bottom:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" width="253" height="34">
<p style="margin-left: 4; margin-top: 6"><font face="Times New Roman">Corresponding annual return to common<br>
stockholder</font></td>
<td style="border-bottom:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" width="77" height="34">
<p align="center" style="margin-top: 6"><font face="Times New Roman"><br />
 -14.40%</font></p>
</td>
<td style="border-bottom:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" width="66" height="34">
<p align="center" style="margin-top: 6"><font face="Times New Roman"><br />
 -7.82%</font></p>
</td>
<td style="border-bottom:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" width="65" height="34">
<p align="center" style="margin-top: 6"><font face="Times New Roman"><br />
 -1.25</font></p>
</td>
<td style="border-bottom:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" width="60" height="34">
<p align="center" style="margin-top: 6"><font face="Times New Roman"><br />
 5.33%</font></p>
</td>
<td style="border-bottom:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-top-style:solid; border-top-width:1" width="85" height="34">
<p align="center" style="margin-top: 6"><font face="Times New Roman"><br />
 11.90%</font></p>
</td>
</tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="675" id="AutoNumber3">
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0"><u>Investment And Market Risk</u>. An
investment in the Fund is subject to investment risk, including the possible
loss of the entire amount invested. An investment in the Fund represents an
indirect investment in the securities owned by the Fund, which are generally
traded on a securities exchange or in the over-the-counter markets. The value of
these securities, like other market investments, may move up or down, sometimes
rapidly and unpredictably.</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0"><u>Income Risk</u>. The income that
holders of preferred stock and common stock receive from the Fund is based
primarily on the dividends and interest the Fund earns from its investments,
which can vary widely over the short and long term. If prevailing market
interest rates drop, distribution rates of the Fund's preferred stock holdings
and any bond holdings and preferred and common shareholders' income from the
Fund could drop as well. The Fund's income also would likely be affected
adversely when prevailing short-term interest rates increase and the Fund is
utilizing leverage.</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0"><u>Management Risk</u>. The Fund is
subject to management risk because it is an actively managed portfolio. The
Fund's investment adviser, Duff &amp; Phelps Investment Management Co. (the
&quot;Adviser&quot;), and the individual portfolio managers apply investment techniques
and risk analyses in making investment decisions for the Fund, but there can be
no guarantee that these will produce the desired results.</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">

<p style="margin-top: 0; margin-bottom: 0"><u>Utilities Industry Risk</u>. The
Fund invests a significant portion of its assets in securities of issuers in the
public utilities industry. This may make the Fund more susceptible to adverse
economic, political or regulatory occurrences affecting this industry. As
concentration in an industry increases, so does the potential for fluctuation in
the net asset value of the Fund's assets.</p>

      </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      Certain segments of the public utilities industry and individual companies
      within such segments may not perform as well as the industry as a whole.
      The public utilities industry historically has been subject to risks of
      increases in fuel, purchased power and other operating costs, high
      interest costs on borrowings needed for capital improvement programs and
      costs associated with compliance with and changes in environmental and
      other governmental regulations. Telecommunications companies in particular
      have been subject to risks associated with increasing levels of
      competition, technology substitution (i.e. wireless, broadband and voice
      over Internet protocol, or VoIP), industry overcapacity, consolidation and
      regulatory uncertainty.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Investments in Securities of Foreign Issuers</u>. Although the Fund is
      prohibited from investing 20% or more of its assets in securities of
      foreign issuers, the Fund may be exposed to certain risks as a result of
      foreign investments. When the Fund invests in securities of foreign
      issuers, it is subject to risks not typically associated with investing in
      securities of U.S. companies. These risks can include currency
      devaluations and other fluctuations in foreign currencies, foreign
      currency exchange controls, greater price volatility, substantially less
      liquidity and significantly smaller market capitalization of securities
      markets, more substantial government involvement in the economy, higher
      rates of inflation, differences in securities regulation and trading,
      political uncertainty and other risks.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      In addition, accounting, auditing and financial reporting standards in
      foreign countries are different from U.S. standards. As a result, certain
      material disclosures may not be made and less information may be available
      to the Fund and other investors than would be the case if the Fund's
      investments were restricted to securities of U.S. issuers. Moreover, it
      may be more difficult to obtain a judgment in a court outside the United
      States. Interest and dividends paid on securities held by the Fund and
      gains from the disposition of such securities may be subject to
      withholding taxes imposed by foreign countries. </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Common Stock Risk</u>. The Fund has substantial exposure to common
      stocks. Although common stocks have historically generated higher average
      returns than fixed-income securities over the long-term, common stocks
      also have experienced significantly more volatility in returns. An adverse
      event, such as an unfavorable earnings report, may depress the value of a
      particular common stock held by the Fund. Also, the price of common stocks
      are sensitive to general movements in the stock market and a drop in the
      stock market may depress the price of common stocks to which the Fund has
      exposure. Common stock prices fluctuate for many reasons, including
      changes in investors' perceptions of the financial condition of an issuer
      or the general condition of the relevant stock market, or when political
      or economic events affecting the issuer occur. In addition, common stock
      prices may be sensitive to rising interest rates, as the costs of capital
      rise and borrowing costs increase.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Small and Mid Cap Stock Risk</u>. The Fund may invest in companies of
      any market capitalization. The Fund's investments in small and
      medium-sized companies may be subject to more abrupt or erratic movements
      in price than its investments in larger, more established companies
      because the securities of such companies are less well-known, held
      primarily by insiders or institutional investors or may trade less
      frequently and in lower volume. Furthermore, small and medium-sized
      companies are more likely to experience greater or more unexpected changes
      in their earnings and growth prospects. Such companies often have limited
      financial resources or may depend on a few key employees, and the products
      or technologies of such companies may be at a relatively early stage of
      development or not fully tested.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Preferred Stock Risk</u>. The Fund may invest in, and thus may have
      exposure to, preferred stocks. Preferred stocks involve credit risk, which
      is the risk that a preferred stock will decline in price, or fail to pay
      dividends when expected, because the issuer experiences a decline in its
      financial status. In addition to credit risk, investment in preferred
      stocks involves certain other risks. Certain preferred stocks contain
      provisions that allow an issuer under certain conditions to skip
      distributions (in the case of &quot;non-cumulative&quot; preferred stocks) or defer
      distributions (in the case of &quot;cumulative&quot; preferred stocks). If the Fund
      owns a preferred stock that is deferring its distributions, the Fund may
      be required to report income for tax purposes while it is not receiving
      income on this position. Preferred stocks often contain provisions that
      allow for redemption in the event of certain tax or legal changes or at
      the issuers' call. In the event of redemption, the Fund may not be able to
      reinvest the proceeds at comparable rates of return. Preferred stocks
      typically do not provide any voting rights, except in cases when dividends
      are in arrears beyond a certain time period, which varies by issue.
      Preferred stocks are subordinated to bonds and other debt instruments in a
      company's capital structure in terms of priority to corporate income and
      liquidation payments, and therefore are subject to greater credit risk
      than those debt instruments. Preferred stocks may be significantly less
      liquid than many other securities, such as U.S. government securities,
      corporate debt or common stock.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Issuer Risk</u>. The value of common and preferred stocks may decline
      for a number of reasons which directly relate to the issuer, such as
      management performance, leverage and reduced demand for the issuer's goods
      and services.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Debt Securities Risk</u>. In addition to credit risk, investment in
      debt securities carries certain risks, including:</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="38" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="575" style="border-style: none; border-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="38" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="575" style="border-style: none; border-width: medium"><u>
      Redemption Risk</u> -- Debt securities sometimes contain provisions that
      allow for redemption in the event of tax or security law changes in
      addition to call features at the option of the issuer. In the event of a
      redemption, the Fund may not be able to reinvest the proceeds at
      comparable rates of return.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="38" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="575" style="border-style: none; border-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="38" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="575" style="border-style: none; border-width: medium"><u>
      Limited Voting Rights</u> -- Debt securities typically do not provide any
      voting rights, except in cases when interest payments have not been made
      and the issuer is in default.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="38" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="575" style="border-style: none; border-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="38" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="575" style="border-style: none; border-width: medium"><u>
      Liquidity</u> -- Certain debt securities may be substantially less liquid
      than many other securities, such as U.S. government securities or common
      stocks.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Credit Risk</u>. Credit risk is the risk that an issuer of a preferred
      or debt security will become unable to meet its obligation to make
      dividend, interest and principal payments. In general, lower rated
      preferred or debt securities carry a greater degree of credit risk. If
      rating agencies lower their ratings of preferred or debt securities in the
      Fund's portfolio, the value of those obligations could decline, which
      could jeopardize the rating agencies' ratings of the preferred stock
      issued by the Fund. In addition, the underlying revenue source for a
      preferred or debt security may be insufficient to pay dividends, interest
      or principal in a timely manner. Because a primary source of income for
      the Fund is the dividend, interest and principal payments on the preferred
      or debt securities in which it invests, any default by an issuer of a
      preferred or debt security could have a negative impact on the Fund's
      ability to pay dividends to its investors. Even if the issuer does not
      actually default, adverse changes in the issuer's financial condition may
      negatively affect its credit rating or presumed creditworthiness. These
      developments would adversely affect the market value of the issuer's
      obligations or the value of credit derivatives if the Fund has sold credit
      protection.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Hedging Strategy Risk</u>. Certain of the investment techniques that
      the Fund may employ for hedging or, under certain circumstances, to
      increase income or total return, will expose the Fund to risks. Such
      investment techniques may include entering into interest rate and stock
      index futures contracts and options on interest rate and stock index
      futures contracts, purchasing and selling put and call options on
      securities and stock indices, purchasing and selling securities on a
      when-issued or delayed delivery basis and lending portfolio securities.
      The Fund intends to comply with regulations of the Securities and
      Exchange Commission (the &quot;SEC&quot;) involving &quot;covering&quot; or segregating
      assets in connection with the Fund's use of options and futures
      contracts.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      There are economic costs of hedging reflected in the pricing of futures,
      swaps, options and contracts related to options on positions in interest
      rate swaps which can be significant, particularly when long-term
      interest rates are substantially above short-term interest rates. There
      may be an imperfect correlation between changes in the value of the
      Fund's portfolio holdings and hedging positions entered into by the
      Fund, which may prevent the Fund from achieving the intended hedge or
      expose the Fund to risk of loss. In addition, the Fund's success in
      using hedge instruments is subject to the Adviser's ability to predict
      correctly changes in the relationships of such hedge instruments to the
      Fund's portfolio holdings, and there can be no assurance that the
      Adviser's judgment in this respect will be accurate. Consequently, the
      use of hedging transactions might result in a poorer overall performance
      for the Fund, whether or not adjusted for risk, than if the Fund had not
      hedged its portfolio holdings.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Derivatives Risk</u>. To the extent the Fund enters into derivatives
      transactions (such as futures contracts and options thereon, options and
      swaps), the Fund will be subject to increased risk of principal loss due
      to imperfect correlation or unexpected price or interest rate movements.
      The Fund also will be subject to credit risk with respect to the
      counterparties to the derivatives contracts purchased by the Fund. If a
      counterparty becomes bankrupt or otherwise fails to perform its
      obligations under a derivative contract due to financial difficulties,
      the Fund may experience significant delays in obtaining any recovery
      under the derivative contract in a bankruptcy or other reorganization
      proceeding. The Fund may obtain only a limited recovery or may obtain no
      recovery in such circumstances. As a general matter, dividends received
      on hedged stock positions are characterized as ordinary income and are
      not eligible for favorable tax treatment. In addition, use of
      derivatives may give rise to short-term capital gains and other income
      that would not qualify for payments by the Fund of qualified dividends.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Dividend Capture Risk</u>. The Fund may seek to increase its dividend
      income using a strategy called &quot;dividend capture.&quot; In a dividend capture
      trade, the Fund purchases stock of a particular issuer on or prior to
      the ex-dividend date for that stock. Because the Fund is the holder of
      the stock on the ex-dividend date, it is entitled to receive the
      dividend on the stock. After the ex-dividend date, the Fund seeks an
      opportunity to sell the stock and reinvest the proceeds in the stock of
      a different issuer on or prior to that stock's ex-dividend date. The use
      of dividend capture strategies exposes the Fund to increased trading
      costs and the potential for capital loss. Since 2004, the Fund has not
      made significant use of dividend captures but may decide to do so in the
      future.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Portfolio Turnover Risk</u>. The techniques and strategies
      contemplated by the Fund might result in a high degree of portfolio
      turnover. The Fund cannot accurately predict its securities portfolio
      turnover rate, but anticipates that its annual portfolio turnover rate
      will not exceed 100% (excluding turnover of securities having a maturity
      of one year or less) under normal market conditions, although it could
      be materially higher under certain conditions. A high turnover rate
      (100% or more) necessarily involves greater expenses to the Fund and may
      result in realization of net short-term capital gains.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Inflation Risk</u>. Inflation risk is the risk that the purchasing
      power of assets or income from investment will be worth less in the
      future as inflation decreases the value of money. As inflation
      increases, the real value of the Fund's preferred stock and common
      stock, and distributions thereon, can decline. In addition, during any
      periods of rising inflation, dividend rates of preferred stock issued by
      the Fund would likely increase, which would tend to further reduce
      returns to the Fund's common shareholders.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Tax Risk</u>. The Fund's investment program and the tax treatment of
      Fund distributions may be affected by Internal Revenue Service
      interpretations of the Internal Revenue Code of 1986, as amended (the
      &quot;IRC&quot;), and future changes in tax laws and regulations, including
      changes as a result of the &quot;sunset&quot; provisions that currently apply to
      the favorable tax treatment of certain qualified dividends. There can be
      no assurance that any portion of the Fund's income distributions will
      not be fully taxable as ordinary income. Additionally, in order for the
      Fund to avoid corporate-level income tax, the Fund must qualify each
      year as a regulated investment company under the IRC and distribute all
      of its net income. See Items 10.4 and 23. </td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Market Disruption Risk</u>. The war with Iraq and the continuing
      presence in that country of coalition forces have had a substantial
      impact on the U.S. and world economies and securities markets. The
      duration and nature of the war and occupation and the potential costs of
      rebuilding the Iraqi infrastructure and political systems cannot be
      predicted with any certainty. The war and occupation, terrorism and
      related geopolitical risks have led, and may in the future lead, to
      increased short-term market volatility and may have adverse long-term
      effects on U.S. and world economies and markets generally. Those events
      could also have an acute effect on individual issuers or related groups
      of issuers. These risks could also adversely affect securities markets,
      interest rates, auctions, secondary trading, ratings, credit risk,
      inflation, deflation and other factors relating to the Fund's stock.</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">&nbsp;</td>
    </tr>
    <tr>
      <td width="62" style="border-style: none; border-width: medium">&nbsp;</td>
      <td width="613" style="border-style: none; border-width: medium" colspan="2">
      <u>Anti-Takeover Provisions</u>. Certain provisions of the Fund's
charter and bylaws may be regarded as &quot;anti-takeover&quot; provisions because they
could have the effect of limiting the ability of other entities or persons to
acquire control of the Fund. See Item 10.1(f).</td>
    </tr>
  </table>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp; <font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Policies</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Share Price Data</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's common stock has been listed on the New York Stock Exchange since January 21, 1987 (trading symbol DNP). Since the
commencement of trading, the Fund's common stock has most frequently traded at a premium to net asset value, but has periodically traded at a slight discount. The following table shows the range of the market prices of the Fund's common stock, net asset value of the
Fund's shares corresponding to such high and low prices and the premium to net asset value presented by such high and low prices:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111" height="323">
<tr>
<td colspan="3" valign="bottom" width="161" height="30">
<p><b><u><font size="2" face="Times New Roman">Quarter Ended</font></u></b></p>
</td>
<td valign="bottom" width="12" height="30">
<p align="center">&nbsp;</td>
<td colspan="3" valign="bottom" width="118" height="30">
<p align="center"><b><u><font size="2" face="Times New Roman">Market Price</font></u></b></p>
</td>
<td valign="bottom" width="30" height="30">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="bottom" width="142" height="30">
<p align="center"><b><u><font size="2" face="Times New Roman">Net Asset Value at</font></u></b></p>
</td>
<td valign="bottom" width="34" height="30">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td colspan="3" valign="bottom" width="167" height="30">
<p align="center"><b><font size="2" face="Times New Roman">Market Premium (Discount)<br />
 <u>to Net Asset Value at</u></font></b></p>
</td>
</tr>

<tr>
<td valign="bottom" width="42" height="38">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom" width="21" height="38">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="98" height="38"></td>
<td valign="bottom" width="12" height="38">
<p align="center">&nbsp;</td>
<td valign="bottom" width="54" height="38">
<p align="center"><b><u><font size="2" face="Times New Roman">High</font></u></b></td>
<td valign="bottom" width="11" height="38">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom" width="53" height="38">
<p align="center"><b><u><font size="2" face="Times New Roman">Low</font></u></b></p>
</td>
<td valign="bottom" width="30" height="38">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="bottom" width="64" height="38">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>High</u></font></b></p>
</td>
<td valign="bottom" width="17" height="38">
<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="61" height="38">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>Low</u></font></b></p>
</td>
<td valign="bottom" width="34" height="38"></td>
<td valign="bottom" width="76" height="38">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>High</u></font></b></p>
</td>
<td valign="bottom" width="22" height="38">
<p align="center"><b><font size="2" face="Times New Roman">&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom" width="69" height="38">
<p align="center"><b><font size="2" face="Times New Roman">Market<br />
 <u>Low</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="1">
<b><font face="Times New Roman" size="1">&nbsp;</font></b></td>
<td valign="top" width="21" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="98" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="12" height="1"><font size="1">&nbsp;</font></td>
<td valign="top" width="54" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="11" height="1"><font size="1">&nbsp;</font></td>
<td valign="top" width="53" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="30" height="1"><font size="1">&nbsp;</font></td>
<td valign="top" width="64" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="17" height="1"><font size="1">&nbsp;</font></td>
<td valign="top" width="61" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="34" height="1"><font size="1">&nbsp;</font></td>
<td valign="top" width="76" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="22" height="1"><font size="1">&nbsp;</font></td>
<td valign="top" width="69" height="1">
<font face="Times New Roman" size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">2007</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">March 31</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">$11.31</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">$10.65</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">$10.38</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font size="2" face="Times New Roman">$9.89</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;8.96%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;7.68%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">2006</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">December 31</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.04</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.43</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;9.68</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">9.55</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">14.05%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">&nbsp;&nbsp;9.21%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">September 30</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.90</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;10.18</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;9.14</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">8.55</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">19.26%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">19.06%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">June 30</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;10.52</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;9.74</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;8.54</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">8.33</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">23.19%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">16.93%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">March 31</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.13</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;10.30</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;8.62</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">8.51</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">29.12%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">21.03%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">2005</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">December 31</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.70</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;10.18</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;8.80</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">8.46</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">32.95%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">20.33%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">September 30</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.80</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;11.19</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;9.18</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">9.08</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">28.54%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">23.24%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">June 30</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.80</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;10.66</font></p>
</td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;9.06</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">8.54</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">30.24%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">24.82%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15">
<p><font size="2" face="Times New Roman">March 31</font></p>
</td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15">
<p align="center"><font size="2" face="Times New Roman">&nbsp;11.93</font></p>
</td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15">
<p align="center"><font face="Times New Roman" size="2">10.24</font></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15" align="right">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;8.65</font></p>
</td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15">
<p align="center"><font face="Times New Roman" size="2">8.65</font></p>
</td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15">
<p align="center"><font face="Times New Roman" size="2">37.92%</font></p>
</td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15">
<p align="center"><font face="Times New Roman" size="2">18.38%</font></p>
</td>
</tr>

<tr>
<td valign="top" width="42" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="21" height="15">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="98" height="15"></td>
<td valign="top" width="12" height="15"></td>
<td valign="top" width="54" height="15"></td>
<td valign="top" width="11" height="15"></td>
<td valign="top" width="53" height="15"></td>
<td valign="top" width="30" height="15"></td>
<td valign="top" width="64" height="15"></td>
<td valign="top" width="17" height="15"></td>
<td valign="top" width="61" height="15"></td>
<td valign="top" width="34" height="15"></td>
<td valign="top" width="76" height="15"></td>
<td valign="top" width="22" height="15"></td>
<td valign="top" width="69" height="15"></td>
</tr>
</table>

<p><font face="Times New Roman">On April 13, 2007, the net asset value was $10.53,
trading prices ranged between $11.37
and $11.29 (representing a premium to net asset value of 7.98% and  7.22%, respectively) and the closing price was $11.34 (representing a
premium to net asset value of 7.69%).</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Development Companies</u></font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 9</font></u>. <u>Management</u></p>
  <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber18">
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman">1. </font>
      </td>
      <td width="82%" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman"> <u>General</u></font></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Board of Directors</u></font></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p align="left" style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of the Fund are managed under the direction of
      the board of directors.</font></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Adviser</u></font></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0; "><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The Fund's investment adviser is Duff &amp; Phelps Investment Management Co., 55
East Monroe Street, Suite 3600, Chicago, Illinois 60603. The Adviser (together
with its predecessor) has been in the investment advisory business for more
than 70 years and, as of December 31, 2006, had approximately $7.7 billion in
client accounts under discretionary management. The Adviser acts as adviser to
two other closed-end investment companies registered under the 1940 Act and to
three open-end investment companies registered under the 1940 Act. The Adviser
is a wholly owned subsidiary of Phoenix Investment Partners, Ltd. (&quot;PXP&quot;),
which is an indirect, wholly-owned subsidiary of The Phoenix Companies, Inc.
(&quot;PNX&quot;), a life insurance holding company whose securities are listed on the
New York Stock Exchange. Prior to May&nbsp;11, 1998, PXP was known as Phoenix Duff
&amp; Phelps Corporation. PXP, through its subsidiaries, provides investment
management, investment research, financial consulting and investment banking
services.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="text-indent: 50; margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0; "><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The Adviser is responsible for the management of the Fund's investment
portfolio, subject to the overall control of the board of directors of the
Fund.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="text-indent: 50; margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0; "><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Under the
      terms of an investment advisory agreement between the Fund and the
      Adviser (the &quot;Advisory Agreement&quot;), the Adviser receives from the Fund a
      quarterly fee at an annual rate of .60% of the average weekly net asset
      value of the Fund up to $1.5 billion and .50% of average weekly net
      assets in excess of $1.5 billion. The net assets for each weekly period
      are determined by averaging the net assets at the end of a week with the
      net assets at the end of the prior week. For purposes of the foregoing
      calculation, &quot;net assets&quot; are defined as the sum of (i) the aggregate
      net asset value of the Fund's common stock, (ii) the aggregate
      liquidation preference of the Fund's preferred stock and (iii) the
      aggregate proceeds to the Fund of any commercial paper issued by the
      Fund. A discussion regarding the basis for the board of directors'
      approving the Advisory Agreement is available in the Fund's Semi-Annual
      Report to Shareholders for the six months ended June 30, 2006 as filed
      with the SEC on Form N-CSR on August 28, 2006 (No. 811-4915).</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Under the terms of a service agreement among the Adviser, PXP and the
      Fund (the &quot;Service Agreement&quot;), PXP makes available to the Adviser the
      services, on a part-time basis, of its employees and various facilities
      to enable the Adviser to perform certain of its obligations to the Fund.
      However, the obligation of performance under the Advisory Agreement is
      solely that of the Adviser, for which PXP assumes no responsibility,
      except as described in the preceding sentence. The Adviser reimburses
      PXP for any costs, direct or indirect, fairly attributable to the
      services performed and the facilities provided by PXP under the Service
      Agreement. The Fund does not pay any fees pursuant to the Service
      Agreement.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">(c)<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
      <u>Portfolio Management</u></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>A team of investment professionals employed
      by the Adviser is responsible for the day-to-day management of the
      Fund's portfolio. The members of that investment team and their
      respective areas of responsibility and expertise are as follows:</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Nathan I. Partain, CFA, has led the Fund's
      portfolio management team since 1998 and has served on the Fund's
      portfolio management team since 1996. He has been President, Chief
      Executive Officer and Chief Investment Officer of the Fund since
      February 2001 (Executive Vice President and Chief Investment Officer
      from 1998 to 2001). Mr. Partain has been President and Chief Investment
      Officer of the Adviser since April 2005 (Executive Vice President from
      1997 to 2005), President and Chief Executive Officer of DTF Tax-Free
      Income Inc. (&quot;DTF&quot;) and Duff &amp; Phelps Utility and Corporate Bond Trust
      Inc., two other closed-end utilities oriented funds (&quot;DUC&quot;), since
      February 2004, and lead portfolio manager of Phoenix Global Utilities
      Fund, an open-end utilities oriented fund, since October 2004. He joined
      the Duff &amp; Phelps organization in 1987 and has served since then in
      positions of increasing responsibility. He is also a director of Otter
      Tail Corporation (since 1993).</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>T. Brooks Beittel, CFA has served on the
      Fund's portfolio management team and has been Secretary and a Senior
      Vice President of the Fund since January 1995 (Treasurer from January
      1995 to September 2002). He is also a member of the portfolio management
      teams of DUC and Phoenix Global Utilities Fund and has been Secretary of
      DTF and DUC since May 2005. Mr. Beittel concentrates his research on
      fixed-income securities. He joined the Duff &amp; Phelps organization in
      1986 and has served since then in positions of increasing
      responsibility.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Michael Schatt has served on the Fund's
      portfolio management team since 1996 and has been a Senior Vice
      President of the Fund since April 1998 (Vice President from January 1997
      to April 1998). Mr. Schatt has been a Senior Vice President of the
      Adviser since January 1997 and was a Managing Director of PXP from 1994
      to 1996. Mr. Schatt concentrates his research on REIT securities and is
      the senior portfolio manager for all REIT products managed by the
      Adviser. These products include the Phoenix-Duff &amp; Phelps Real Estate
      Securities Fund (PHRAX), the Phoenix-Duff &amp; Phelps Real Estate
      Securities Series sub-account of the Phoenix Edge Series annuity
      products, and various separate accounts. Before joining the Duff &amp;
      Phelps organization in 1994, Mr. Schatt spent four years as a director
      of the Real Estate Advisory Practice for Coopers &amp; Lybrand, LLC,
      advising foreign pension funds on the acquisition and disposition of
      U.S. real estate assets and assisting clients in evaluating public real
      estate investments as an alternative to private real estate investments.
      Prior to joining Coopers &amp; Lybrand, he had 10 years' experience in real
      estate finance.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Deborah A. Jansen, CFA, has served on the
      Fund's portfolio management team and has been a Senior Vice President of
      the Adviser since January 2001. She is also a member of the portfolio
      management team of Phoenix Global Utilities Fund. Ms. Jansen
      concentrates her research on the global electric and natural gas
      industries. Prior to joining the Adviser in 2001, Ms. Jansen was a
      Senior Vice President, Principal and Equity Portfolio Manager at Stein
      Roe and Farnham, Inc. from 1996 to 2000.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Connie M. Luecke, CFA, has served on the
      Fund's portfolio management team since 1996 and has been a Senior Vice
      President of the Adviser since January 1998 (Managing Director from 1996
      to 1998). She is also a member of the portfolio management team of
      Phoenix Global Utilities Fund. Ms. Luecke concentrates her research on
      the global telecommunications industries. She joined the Duff &amp; Phelps
      organization in 1990 and has served since then in positions of
      increasing responsibility.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Daniel J. Petrisko, CFA, has served on the
      Fund's portfolio management team since 2004 and has been a Senior Vice
      President of the Adviser since 1997 (Vice President from 1995 to 1997).
      He has been Chief Investment Officer of DUC since February 2004
      (Portfolio Manager from 2002 to 2004, Vice President since 2000). Mr.
      Petrisko assists Mr. Beittel with respect to the management of the
      Fund's fixed-income portfolio. He joined the Duff &amp; Phelps organization
      in 1995 and has served since then in positions of increasing
      responsibility.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Randle L. Smith, CFA, has served on the
      Fund's portfolio management team since 1996 and has been a Senior Vice
      President of the Adviser since January 1998 (Managing Director from 1996
      to 1998). He is also a member of the portfolio management team of
      Phoenix Global Utilities Fund. Mr. Smith concentrates his research on
      the global electric and natural gas industries. He joined the Duff &amp;
      Phelps organization in 1990 and has served since then in positions of
      increasing responsibility.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="text-indent: 50; margin-top:0; margin-bottom:0">&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top:0; margin-bottom:0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Please refer to the Statement of Additional
      Information (Item 21) for additional information about the Fund's
      portfolio managers, including the structure of and method of computing
      compensation, other accounts they manage and their ownership of
      securities of the Fund.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <font face="Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrator</u></font></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
<p style="margin-top: 0; margin-bottom: 0; "><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The Fund's administrator (the &quot;Administrator&quot;) is J.J.B. Hilliard, W.L. Lyons,
Inc., 500 West Jefferson Street, Louisville, Kentucky 40202. The Administrator
is a wholly-owned subsidiary of The PNC Financial Services Group, Inc. Under
the terms of an administration agreement (the &quot;Administration Agreement&quot;), the
Administrator provides all management and administrative services required in
connection with the operation of the Fund not required to be provided by the
Adviser pursuant to the Advisory Agreement, as well as the necessary office
facilities, equipment and personnel to perform such services. For its
services, the Administrator receives from the Fund a quarterly fee at annual
rates of .25% of the Fund's average weekly net assets up to $100 million, .20%
of the Fund's average weekly net assets from $100 million to $1.0 billion and
..10% of average weekly net assets over $1.0 billion. The net assets for each
weekly period are determined by averaging the net assets at the end of a week
with the net assets at the end of the prior week. For purposes of the
foregoing calculation, &quot;net assets&quot; are defined as the sum of (i) the
aggregate net asset value of the Fund's common stock, (ii) the aggregate
liquidation preference of the Fund's preferred stock and (iii) the aggregate
proceeds to the Fund of commercial paper issued by the Fund.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      (e)<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u>Custodian</u></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The Fund's
      custodian is The Bank of New York, Church Street Station, Post Office
      Box 11258, New York, New York 10286. The transfer agent and dividend
      disbursing agent for the Fund's common and preferred stock is The Bank
      of New York, Church Street Station, P.O. Box 11258, New York, New York
      10286. The Fund's auction agent is The Bank of New York, Church Street
      Station, P.O. Box 11258, New York, New York 10286.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <font face="Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u></font></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The Fund is
      responsible for all expenses not paid by the Adviser or the
      Administrator, including brokerage fees.</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      (g)<font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u>Affiliated Brokerage</u></td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="9%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
      <td width="82%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The Fund has
      paid, and in the future may pay, broker commissions to the
      Administrator. See Item 22.2.</td>
    </tr>
  </table>
  <p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;&nbsp;&nbsp;
  </font></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber19" width="675">

<tr>
<td valign="top" width="58" height="17">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="72" height="17">
<p style="margin-top: 0; margin-bottom: 0">2.</td>
<td valign="top" width="545" height="17">
<p style="margin-top: 0; margin-bottom: 0"><u><font face="Times New Roman">Non-resident Managers</font></u>.</p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="15">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
<td valign="top" width="72" height="15">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
<td valign="top" width="545" height="15">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" height="15">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="72" height="15">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="545" height="15">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58" height="16">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
<td valign="top" width="72" height="16">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
<td valign="top" width="545" height="16">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" height="16">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="72" height="16">
<p style="margin-top: 0; margin-bottom: 0">3.</td>
<td valign="top" width="545" height="16">
<p style="margin-top: 0; margin-bottom: 0"><u><font face="Times New Roman">Control Persons</font></u>.</p>
</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58" height="72">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="72" height="72">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="545" height="72">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not consider that any person &quot;controls&quot; the
Fund within the meaning of this item. For information concerning the Fund's
officers and directors, see Item 18. No person is known by the Fund to own of
record or beneficially five percent or more of any class of the Fund's
outstanding equity securities.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="2">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="675" colspan="3">
<p style="margin-top: 0; margin-bottom: 0"><u><font face="Times New Roman">Item 10</font></u>. &nbsp;&nbsp;<u>Capital Stock, Long-Term Debt, and Other Securities</u></td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;</font></td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">1. &nbsp;</font></td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0"><u><font face="Times New Roman">Capital Stock</font></u>.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="1">&nbsp;</font></td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;</font></td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Stock</u>.
Holders of common stock, $.001 par value per share, of the Fund are entitled
to dividends when and as declared by the board of directors, to one vote per
share in the election of directors (with no right of cumulation), and to equal
rights per share in the event of liquidation. They have no preemptive rights.
There are no redemption, conversion or sinking fund provisions. The shares are
not liable to further calls or to assessment by the Fund.</font></td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred Stock</u>.
Holders of remarketed preferred stock, $.001 par value per share, of the Fund
are entitled to receive dividends before the holders of the common stock and
are entitled to receive the liquidation value of their shares ($100,000 per
share) before any distributions are made to the holders of the common stock,
in the event the Fund is ever liquidated. Holders of auction preferred stock,
$.001 par value per share, of the Fund are entitled to receive dividends
before the holders of the common stock and are entitled to receive the
liquidation value of their shares ($25,000 per share) before any distributions
are made to the holders of the common stock, in the event the Fund is ever
liquidated. Each share of remarketed preferred stock is entitled to one vote
per share and each share of auction preferred stock is entitled to 1/4 vote per
share. The holders of the preferred stock have the right to elect two
directors of the Fund at all times and to elect a majority of the directors if
at any time dividends on the preferred stock are unpaid for two years. In
addition to any approval by the holders of the shares of the Fund that might
otherwise be required, the approval of the holders of a majority of the
outstanding shares of the preferred stock, voting separately as a class, will
be required under the 1940 Act to adopt any plan of reorganization that would
adversely affect the holders of preferred stock and to approve, among other
things, changes in the Fund's sub-classification as a closed-end investment
company, changes in its investment objectives or changes in its fundamental
investment restrictions.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">Subject to certain restrictions,
the Fund may, and under certain circumstances is required to, redeem shares of
its preferred stock at a price of $100,000 per share of remarketed preferred
stock and a price of $25,000 per share of auction preferred stock, plus
accumulated but unpaid dividends on each of the remarketed preferred stock and
the auction preferred stock. The shares of preferred stock are not liable to
further calls or to assessment by the Fund. There are no preemptive rights or
sinking fund or conversion provisions. The Fund, may, however, upon the
occurrence of certain events, authorize the exchange of its current remarketed
preferred stock or auction preferred stock on a share-for-share basis for a
separate series of authorized but unissued preferred stock having different
dividend privileges.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Managed
Distribution Plan</u>. On February 21, 2007. the Fund's board of directors
adopted a Managed Distribution Plan. The Managed Distribution Plan provides
for the Fund to make a monthly distribution to holders of its common stock of
6.5 cents per share, subject to the board's right to suspend, modify, or
terminate the Managed Distribution Plan without notice at any time.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">Under the Managed Distribution
Plan, the Fund will distribute all available investment income to
shareholders, consistent with the Fund's primary investment objective. If and
when sufficient investment income is not available on a monthly basis, the
Fund will distribute long-term capital gains and/or return capital to its
shareholders. Whenever any portion of any Fund distribution is derived from a
source other than net investment income, Section 19(a) of the 1940 Act and
Rule 19a-1 thereunder require the Fund to furnish shareholders with a written
statement disclosing what portion of the payment per share is derived from net
investment income, net short-term capital gains, net long-term capital gains
and return of capital.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">Section 19(b) of the 1940 Act and
Rule 19b-1 thereunder generally prohibit investment companies from
distributing long-term capital gains, as defined in the IRC, more often than
once in a twelve-month period. To the extent that the Fund's distributions of
net long-term capital gain for a taxable year are offset by the Fund's capital
loss carryovers, such distributions are not treated as long-term capital gain
dividends as defined in the IRC. Instead such distributions are treated as
additional ordinary dividends or as a return of capital, depending on whether
the Fund has undistributed earnings. To date, all of the Fund's distributions
of net long-term capital gain have been fully offset by the Fund's capital
loss carryovers, and therefore none of those distributions have constituted
long-term capital gain dividends as defined in the IRC. See Items 10.4 and 23.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">Funds that have adopted a Managed
Distribution Plan often seek exemptive relief from the SEC, permitting them to
distribute long-term capital gains more than once a year. In order to
potentially augment the sources from which the Fund's monthly distribution can
be paid after its capital loss carryovers have been fully utilized, the Fund
applied for such exemptive relief on April 11, 2007. If the granting of
exemptive relief is denied or delayed by the SEC, and the Fund still needs to
supplement its investment income from other sources after utilizing all of its
tax loss carryovers, the Fund's monthly shareholder distributions may need to
include a portion of return of capital in order to maintain the distribution
rate. Even if the Fund receives exemptive relief from the SEC, a return of
capital could occur if the Fund were to distribute more than its income and
net realized capital gains.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">A return of capital distribution
does not necessarily reflect the Fund's investment performance and should not
be confused with &quot;yield&quot; or &quot;income&quot;. Rather, a return of capital distribution
represents a reduction of a shareholder's principal investment in the Fund. To
the extent that the Fund uses capital gains and/or returns of capital to
supplement its investment income, shareholders should not draw any conclusions
about the Fund's investment performance from the amount of the Fund's
distributions or from the terms of the Managed Distribution Plan</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">The characterization of the Fund's
distributions in statements furnished pursuant to Section 19(a) of the 1940
Act and Rule 19a-1 thereunder based on U.S. generally accepted accounting
principles and may differ from the treatment of those distributions for tax
purposes. The determination of the character of all Fund distributions for tax
purposes (specifying which portion is ordinary income, qualifying dividend
income, short-or long-term capital gains, or return of capital) is made each
year-end and is reported to shareholders on Form 1099-DIV. Return of capital
is not taxable to shareholders in the year it is paid. Rather, shareholders
are required to reduce the cost basis of their shares by the amount of the
return of capital so that, when the shares are ultimately sold, they will have
properly accounted for the return of capital. Such an adjustment may cause a
shareholder's gain to be greater, or loss to be smaller, depending on the
sales proceeds received.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">The board of directors of the Fund
may amend, suspend or terminate the Managed Distribution Plan without prior
notice to shareholders if it deems such action to be in the best interests of
the Fund and its shareholders. For example, the board of directors might take
such action if the Managed Distribution Plan had the effect of shrinking the
Fund's assets to a level that was determined to be detrimental to Fund
shareholders. The suspension or termination of the Managed Distribution Plan
could have the effect of creating a trading discount (if the Fund's stock is
trading at or above net asset value) or widening an existing trading discount.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend
Reinvestment Plan</u>. Under the Fund's dividend reinvestment plan,
shareholders may elect to have all dividends and capital gains distributions
paid on their common stock automatically reinvested by The Bank of New York,
as agent for shareholders, in additional shares of common stock of the Fund.
Registered shareholders may participate in the plan. The plan permits a
nominee, other than a depository, to participate on behalf of those beneficial
owners for whom it is holding shares who elect to participate. However, some
nominees may not permit a beneficial owner to participate without transferring
the shares into the owner's name. Shareholders who do not elect to participate
in the plan will receive all distributions in cash paid by check mailed
directly to the shareholder (or, if the shareholder's shares are held in
street or other nominee name, then to such shareholder's nominee) by The Bank
of New York as dividend disbursing agent. Registered shareholders may also
elect to have cash dividends deposited directly into their bank accounts.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">When a dividend or distribution is
reinvested under the plan, the number of shares of common stock equivalent to
the cash dividend or distribution is determined as follows:</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="text-indent: 50; margin-left: 50; margin-top: 0; margin-bottom: 0">(i)
If shares of the common stock are trading at net asset value or at a premium
above net asset value at the valuation date, the Fund issues new shares of
common stock at the greater of net asset value or 95% of the then current
market price.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="text-indent: 50; margin-left: 50; margin-top: 0; margin-bottom: 0">
(ii) If shares of the common stock are trading at a discount from net asset
value at the valuation date, The Bank of New York receives the dividend or
distribution in cash and uses it to purchase shares of common stock in the
open market, on the New York Stock Exchange or elsewhere, for the
participants' accounts. Shares are allocated to participants' accounts at the
average price per share, plus commissions, paid by The Bank of New York for
all shares purchased by it. If, before The Bank of New York has completed its
purchases, the market price exceeds the net asset value of a share, the
average purchase price per share paid by The Bank of New York may exceed the
net asset value of the Fund's shares, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund.</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="72">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td valign="top" width="545">
<p style="margin-top: 0; margin-bottom: 0">The valuation date is the business
day immediately preceding the date of payment of the dividend or distribution.
On that date, the Administrator compares that day's net asset value per share
and the closing price per share on the New York Stock Exchange and determines
which of the two alternative procedures described above will be followed.</td>
</tr>

<tr>
<td valign="top" width="58">
&nbsp;</td>
<td valign="top" width="72">
&nbsp;</td>
<td valign="top" width="545">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="58">
&nbsp;</td>
<td valign="top" width="72">
&nbsp;</td>
<td valign="top" width="545">
The reinvestment shares are credited to the participant's plan account in the
Fund's stock records maintained by The Bank of New York, including a fractional
share to four decimal places. The Bank of New York will send participants
written confirmation of all transactions in the participant's plan account,
including information participants will need for tax records. Shares held in the
participant's plan account have full dividend and voting rights. Dividends and
distributions paid on shares held in the participant's plan account will also be
reinvested.</td>
</tr>

<tr>
<td valign="top" width="58">
&nbsp;</td>
<td valign="top" width="72">
&nbsp;</td>
<td valign="top" width="545">
&nbsp;</td>
</tr>

</table>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The cost of
administering the plan is borne by the Fund. There is no brokerage commission
on shares issued directly by the Fund. However, participants do pay a pro rata
share of brokerage commissions incurred on any open market purchases of shares
by The Bank of New York.<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The automatic
reinvestment of dividends and distributions does not relieve participants of
any income taxes that may be payable (or required to be withheld) on dividends
or distributions.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
If the closing market price of shares of the Fund's common stock should be
equal to or greater than their net asset value on the valuation date, the
participants in the plan would receive shares priced at the higher of net
asset value or 95% of the market price. Consequently they would receive more
shares at a lower per share price than if they had used the cash distribution
to purchase Fund shares on the payment date in the market at the market price
plus commission.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
If the market price should be less than net asset value on the valuation date,
the cash distribution for the plan participants would be used by The Bank of
New York to purchase the shares to be received by the participants, which
would be at a discount from net asset value unless the market price should
rise during the purchase period so that the average price and commission
exceeded net asset value as of the payment date. Also, since the Fund does not
redeem its shares, the price on resale may be less or more than the net asset
value.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
Plan participants may purchase additional shares of common stock through the
plan by delivering to The Bank of New York a check for at least $100, but not
more than $5,000, in any month. The Bank of New York will use such funds to
purchase shares in the open market or in private transactions. The purchase
price of such shares may be more than or less than net asset value per share.
The Fund will not issue new shares or supply treasury shares for such
voluntary additional share investment. Purchases will be made commencing with
the time of the first distribution payment following the second business day
after receipt of the funds for additional purchases, and may be aggregated
with purchases of shares for reinvestment of the distribution. Shares will be
allocated to the accounts of participants purchasing additional shares at the
average price per share, plus a service charge of $2.50 imposed by The Bank of
New York and a pro rata share of any brokerage commission (or equivalent
purchase costs) paid by The Bank of New York in connection with such
purchases. Funds sent to the bank for voluntary additional share reinvestment
may be recalled by the participant by written notice received by The Bank of
New York not later than two business days before the next dividend payment
date. If for any reason a regular monthly dividend is not paid by the Fund,
funds for voluntary additional share investment will be returned to the
participant, unless the participant specifically directs that such funds
continue to be held by The Bank of New York for subsequent investment.
Participants will not receive interest on voluntary additional funds held by
The Bank of New York pending investment.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
A shareholder may leave the plan at any time by written notice to The Bank of
New York. To be effective for any given distribution, notice must be received
by the Bank at least seven business days before the record date for that
distribution. When a shareholder leaves the plan: (i) such shareholder may
request that The Bank of New York sell such shareholder's shares held in such
shareholder's plan account and send such shareholder a check for the net
proceeds (including payment of the value of a fractional share, valued at the
closing price of the Fund's common stock on the New York Stock Exchange on the
date discontinuance is effective) after deducting The Bank of New York's $5.00
charge and any brokerage commission (or equivalent sale cost) or (ii) if no
request is made, such shareholder will receive a certificate for the number of
full shares held in such shareholder's plan account, along with a check for
any fractional share interest, valued at the closing price of the Fund's
common stock on the New York Stock Exchange on the date discontinuance is
effective. If and when it is determined that the only balance remaining in a
shareholder's plan account is a fraction of a single share, such shareholder's
participation will be deemed to have terminated, and The Bank of New York will
send to such shareholder a check for the value of such fractional share,
valued at the closing price of the Fund's common stock on the New York Stock
Exchange on the date discontinuance is effective.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The Fund may change, suspend or terminate the plan at any time upon mailing a
notice to participants.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">For more information regarding, and an authorization form for, the dividend
reinvestment plan, please contact The Bank of New York at 1-877-381-2537 or on
the World Wide Web at http://stock.bankofny.com.<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">
(e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman"><u>Capital Gains Distribution Reinvestment Plan</u>.
Unless otherwise indicated by a holder of shares of common stock of the Fund
that does not participate in the Fund's dividend reinvestment plan, all
distributions in respect of capital gains distributions on shares of common
stock held by such holder will be automatically invested by The Bank of New
York, as agent of the common shareholders participating in the plan, in
additional shares of common stock of the Fund. Distributions in respect of
capital gains distributions on shares of common stock that participate in the
Fund's dividend reinvestment plan will be reinvested in accordance with the
terms of such plan.</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">In any year in which the
Fund declares a capital gains distribution, the Fund after the declaration of
such dividend and prior to its payment, will provide to each registered holder
of Fund common stock that does not participate in the Fund's dividend
reinvestment plan a cash election card. A registered shareholder may elect to
receive cash in lieu of shares in respect of a capital gains distribution by
signing the cash election card in the name(s) of the registered shareholder(s),
and mailing the card to The Bank of New York.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">If a holder's shares of
common stock, or some of them, are registered in the name of a broker or other
nominee, and the holder wishes to receive a capital gains distribution in cash
in lieu of shares of common stock, such shareholder must exercise that
election through its nominee (including any depositor of shares held in a
securities depository).
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">When a distribution is reinvested under the plan, the number of reinvestment
shares is determined as follows:<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-left: 175; margin-top:0; margin-bottom:0"><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp; If, at the time of
valuation, the shares are being traded in the securities markets at net asset
value or at a premium over net asset value, the reinvestment shares are
obtained by The Bank of New York directly from the Fund, at a price equal to
the greater of net asset value or 95% of the then current market price,
without any brokerage commissions (or equivalent purchase costs).</font><p style="margin-top: 0; margin-bottom: 0; margin-left:175">
<p style="margin-top: 0; margin-bottom: 0; margin-left:175"><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="margin-left: 175; margin-top:0; margin-bottom:0"><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)&nbsp; If, at the time
of valuation, the shares are being traded in the securities markets at a
discount from net asset value, The Bank of New York receives the distribution
in cash, and uses it to purchase shares in the open market, including on the
New York Stock Exchange, or in private purchases. Shares of common stock are
allocated to participants at the average price per share, plus any brokerage
commissions (or equivalent transaction costs), paid by The Bank of New York
for all shares purchased by it in reinvestment of the distribution(s) paid on
a particular day.</font><p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The time of valuation is the close of trading on the New York Stock Exchange
on the most recent day preceding the date of payment of the dividend or
distribution on which that exchange is open for trading. As of that time, the
Administrator compares the net asset value per share as of the time of the
close of trading on the New York Stock Exchange on that day and the last
reported sale price per share on the New York Stock Exchange, and determines
which of the alternative procedures described above are to be followed.
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">If as of any day on which the last reported sale price of the Fund's shares on
the New York Stock Exchange is required to be determined pursuant to this
plan, no sales of the shares are reported on that exchange, the mean of the
bid prices and of the asked prices on that exchange as of the time of the
close of trading on the exchange will be substituted.
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">No certificates will be issued representing fractional shares, nor will The
Bank of New York purchase fractional shares in the market. The Bank of New
York will send to all registered holders of common stock that do not
participate in the Fund's dividend reinvestment plan certificates for all
shares of common stock purchased or issued pursuant to the capital gains
distribution plan and cash in lieu of fractional shares of common stock.
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Courier New">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The Fund may change, suspend or terminate the plan at any time upon mailing a
notice to participants.<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-takeover provisions of charter and bylaws</u>.
The Fund's charter includes provisions that could have the effect of limiting
the ability of other entities or persons to acquire control of the Fund or to
change the composition of its board of directors and could have the effect of
depriving common stockholders of an opportunity to sell their shares at a
premium over prevailing market prices by discouraging a third party from
seeking to obtain control of the Fund. The board of directors is divided into
three classes, each having a term of three years. At each annual meeting of
shareholders, the term of one class will expire. This provision could delay
for up to two years the replacement of a majority of the board of directors. A
director may be removed from office with or without cause only by vote of the
holders of at least 75% of the shares of preferred stock or of common stock,
as the case may be, entitled to be voted on the matter.</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">The Fund's charter requires the favorable vote of the holders of at least 75% of the shares of preferred stock and common stock of the Fund entitled to be voted on the matter, voting together as a single class, to approve,
adopt or authorize the following:</font></p>
<p style="margin-bottom: 0; margin-top:0; margin-left:125">
<ul>
  <li>
<p style="margin-bottom:12; margin-top:0; margin-left:125">a merger or
consolidation of the Fund with another corporation,</p>
  </li>
  <li>
<p style="margin-bottom:12; margin-top:0; margin-left:125">a sale of all or
substantially all of the Fund's assets (other than in the regular course of the Fund's investment activities), or</p>
  </li>
  <li>
<p style="margin-bottom:6; margin-top:0; margin-left:125"><font face="Times New Roman">a liquidation or
dissolution of the Fund, unless such action has been approved, adopted or
authorized by the affirmative vote of two-thirds of the total number of
directors fixed in accordance with the bylaws, in which case the affirmative
vote of the holders of a majority of the outstanding shares of preferred stock
and common stock entitled to be voted on the matter, voting together as a
single class, is required.</font></p>
  </li>
</ul>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">In addition, the holders of a majority of the outstanding shares of the preferred stock, voting separately as a class, would be required under the 1940 Act to adopt any plan of reorganization that would adversely affect the
holders of the preferred stock.</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Finally, conversion of
the Fund to an open-end investment company would require an amendment to the
charter. Such an amendment would require the favorable vote of the holders of
a at least 75% of the shares of preferred stock and common stock of the Fund
entitled to be voted on the matter, voting together as a single class, unless
such amendment has been approved, adopted or authorized by the affirmative
vote of two-thirds of the total number of directors fixed in accordance with
the bylaws, in which case the affirmative vote of the holders of a majority of
the outstanding shares of preferred stock and common stock entitled to be
voted on the matter, voting together as a single class, would be required.
Shareholders of an open-end investment company may require the company to
redeem their shares of common stock at any time (except in certain
circumstances as authorized by or under the 1940 Act) at their net asset
value, less such redemption charge, if any, as might be in effect at the time
of a redemption. In addition, conversion to an open-end investment company
would require redemption of all outstanding shares of the preferred stock.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The board of directors
has determined that the 75% voting requirements described above, which are
greater than the minimum requirements under Maryland law or the 1940 Act, are
in the best interests of the Fund. Reference should be made to the charter on
file with the SEC for the full text of these provisions.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The Fund's bylaws establish advance notice procedures for shareholder
proposals to be brought before an annual meeting of shareholders, and for
proposed nominations of candidates for election to the board of directors at
an annual or special meeting of shareholders. Generally, such notices must be
received by the Secretary of the Fund, in the case of an annual meeting, not
less than 90 days nor more than 120 days prior to the first anniversary of the
preceding year's annual meeting and, in the case of a special meeting, not
later than the close of business on the tenth day following the day on which
notice of the date of the special meeting was mailed or public announcement of
the date of the special meeting was made, whichever first occurs. Reference
should be made to the bylaws on file with the SEC for the detailed
requirements of these advance notice procedures.
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Under Maryland law, &quot;business combinations&quot; between a Maryland corporation and
an interested stockholder or an affiliate of an interested stockholder are
prohibited for five years after the most recent date on which the interested
stockholder becomes an interested stockholder. These business combinations
include a merger, consolidation, share exchange, or, in circumstances
specified in the statute, an asset transfer or issuance or reclassification of
equity Securities. An interested stockholder is defined as:<ul>
  <li>
  <p style="margin-top: 0; margin-bottom: 12; margin-left:125">any person who beneficially owns
  ten percent or more of the voting power of the corporation's shares; or</li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">an affiliate or associate of the
  corporation who, at any time within the two-year period prior to the date in
  question, was the beneficial owner of ten percent or more of the voting
  power of the then outstanding voting stock of the corporation.</li>
</ul>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">A person is not an
interested stockholder under the statute if the board of directors approved in
advance the transaction by which he otherwise would have become an interested
stockholder. However, in approving a transaction, the board of directors may
provide that its approval is subject to compliance, at or after the time of
approval, with any terms and conditions determined by the board.
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">After the five-year
prohibition, any business combination between the Maryland corporation and an
interested stockholder generally must be recommended by the board of directors
of the corporation and approved by the affirmative vote of at least:<ul>
  <li>
  <p style="margin-bottom: 12; margin-top:0; margin-left:125">80% of the votes entitled to be cast by holders
  of outstanding shares of voting stock of the corporation; and</li>
  <li>
  <p style="margin-bottom: 0; margin-top:0; margin-left:125">two-thirds of the votes entitled to be cast by
  holders of voting stock of the corporation other than shares held by the
  interested stockholder with whom or with whose affiliate the business
  combination is to be effected or held by an affiliate or associate of the
  interested stockholder.</li>
</ul>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">These super-majority vote requirements do not apply if the corporation's
common stockholders receive a minimum price, as defined under Maryland law,
for their shares in the form of cash or other consideration in the same form
as previously paid by the interested stockholder for its shares.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The statute permits various exemptions from its provisions, including business
combinations that are exempted by the board of directors before the time that
the interested stockholder becomes an interested stockholder.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The provisions of the Maryland control share acquisition statute described
below do not apply to a closed-end investment company, such as the Fund,
unless it has affirmatively elected to be subject to the statute by a
resolution of its board of directors. To date, the Fund has not made such an
election but may make such an election under Maryland law at any time. Any
such election, however, would be subject to the 1940 Act limitations discussed
below.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The Maryland control share acquisition statute provides that control shares of
a Maryland corporation acquired in a control share acquisition have no voting
rights except to the extent approved by a vote of two-thirds of the votes
entitled to be cast on the matter. Shares owned by the acquiror, by officers
or by directors who are employees of the corporation are excluded from shares
entitled to vote on the matter. Control shares are voting shares of stock
which, if aggregated with all other shares of stock owned by the acquiror or
in respect of which the acquiror is able to exercise or direct the exercise of
voting power (except solely by virtue of a revocable proxy), would entitle the
acquiror to exercise voting power in electing directors within one of the
following ranges of voting power:<ul>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">one-tenth or more but less than one-third,</li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">one-third or more but less than a majority, or</li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">a majority or more of all voting power.</li>
</ul>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Control shares do not include shares the acquiring person is then entitled to
vote as a result of having previously obtained stockholder approval. A control
share acquisition means the acquisition of control shares, subject to certain
exceptions.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">A person who has made or proposes to make a control share acquisition may
compel the board of directors of the corporation to call a special meeting of
stockholders to be held within 50 days of demand to consider the voting rights
of the shares. The right to compel the calling of a special meeting is subject
to the satisfaction of certain conditions, including an undertaking to pay the
expenses of the meeting. If no request for a meeting is made, the corporation
may itself present the question at any stockholders meeting.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">If voting rights are not approved at the meeting or if the acquiring person
does not deliver an acquiring person statement as required by the statute,
then the corporation may redeem for fair value any or all of the control
shares, except those for which voting rights have previously been approved.
The right of the corporation to redeem control shares is subject to certain
conditions and limitations. Fair value is determined, without regard to the
absence of voting rights for the control shares, as of the date of the last
control share acquisition by the acquiror or of any meeting of stockholders at
which the voting rights of the shares are considered and not approved. If
voting rights for control shares are approved at a stockholders meeting and
the acquiror becomes entitled to vote a majority of the shares entitled to
vote, all other stockholders may exercise appraisal rights. The fair value of
the shares as determined for purposes of appraisal rights may not be less than
the highest price per share paid by the acquiror in the control share
acquisition.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Section 18(i) of the 1940 Act provides that &quot;every share of stock
.. . . issued by a registered management company . . . shall be a voting stock
and have equal voting rights with every other outstanding voting stock &quot;
Therefore, the Fund is prevented by the 1940 Act from issuing a class of
shares with voting rights that vary within that class. There are currently
different views on whether or not the Maryland control share acquisition
statute conflicts with Section 18(i) of the 1940 Act. One view is that
implementation of the Maryland statute would conflict with the 1940 Act
because it would deprive certain shares of their voting rights. Another view
is that implementation of the Maryland statute would not conflict with the
1940 Act because it would limit the voting rights of stockholders who choose
to acquire shares of stock that put them within the specified percentages of
ownership rather than limiting the voting rights of the shares themselves.
Because of this uncertainty, the Fund will not elect to be subject to the
Maryland control share acquisition statute in the absence of a judgment of a
federal court of competent jurisdiction or the issuance of a rule or
regulation of the SEC or a published interpretation by the SEC or its staff
that the provisions of the Maryland statute are not inconsistent with the
provisions of the 1940 Act, or a change to the provisions of the 1940 Act
having the same effect.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Additionally, if the Fund elected to be subject to the Maryland Control Share
Acquisition Act, it would not apply (a) to shares acquired in a merger,
consolidation or share exchange if the Fund is a party to the transaction or
(b) to acquisitions approved or exempted by the charter or bylaws of the Fund.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Subtitle 8 of Title 3 of the Maryland General Corporation Law permits a
Maryland corporation with a class of equity securities registered under the
Exchange Act and at least three independent directors to elect to be subject,
by provision in its charter or bylaws or a resolution of its board of
directors and notwithstanding any contrary provision in the charter of bylaws,
to any or all of five provisions:<ul>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">a classified board;</li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">a two-thirds vote requirement for removing a director;</li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">a requirement that the number of directors be fixed only by vote of
  directors;</li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">a requirement that a vacancy on the board be filled only by the
  remaining directors and for the remainder of the full term of the class of
  directors in which the vacancy occurred; and </li>
  <li>
  <p style="margin-top: 0; margin-bottom: 0; margin-left:125">a majority requirement for the calling of a special meeting of
  stockholders.</li>
</ul>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">A corporation may
also adopt a charter provision or resolution of the board of directors that
prohibits the corporation from electing to be subject to any or all of the
provisions of the subtitle. At this time, the Fund has elected to be subject to
the provisions regarding filling of vacancies, but has not elected to be subject
to any other of these provisions. However, because the Fund's charter does not
include a provision prohibiting it from electing to be subject to any of these
provisions, the Fund's board of directors may make such an election at any time.
Through provisions in the Fund's charter unrelated to Subtitle 8, the Fund
already has a classified board and requires more than a two-thirds vote for the
removal of directors.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="Times New Roman">Long-Term Debt</font></u>.</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">Not applicable.</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="Times New Roman">General</font></u></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">Not applicable.</font></p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="Times New Roman">Taxes</font></u>. The Fund intends to continue to qualify as a regulated investment company under the
IRC, as it has in each year since the inception of its operations, so as to be relieved of
U.S. federal income tax on net investment income and net capital gains distributed to shareholders.</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Dividends paid by the Fund from its ordinary income and distributions of the
Fund's net realized short-term capital gains are taxable to shareholders as
ordinary income, except to the extent that a reduced capital gains rate
applies to certain qualified dividend income (&quot;QDI&quot;). Ordinary income
dividends treated as QDI are taxed at the same rates as long-term capital
gains. However, even though such QDI is taxed at the same rates as long-term
capital gains, such QDI will not be considered long-term capital gains for
other U.S. federal income tax purposes. For example, a shareholder generally
will not be permitted to offset ordinary income dividends with capital losses.
Short-term capital gain distributions will continue to be taxed at ordinary
income rates. So long as the Fund has capital loss carryovers, distributions
derived from capital gains in the Fund's portfolio may constitute ordinary
income, rather than capital gains, to shareholders.<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">Shareholders may be proportionately liable for taxes on income and gains of
the Fund but shareholders not subject to tax on their income will not be
required to pay tax on amounts distributed to them. The Fund will inform
shareholders of the amount and nature of the income or gains. Dividends from
ordinary income may be eligible for the dividends-received deduction available
to corporate shareholders. Under its charter, the Fund is required to
designate dividends paid on its remarketed preferred stock as qualifying for
the dividends-received deduction to the extent such dividends do not exceed
the Fund's qualifying income. In the event the Fund is required to allocate
all of its qualifying income to dividends on the remarketed preferred stock,
dividends payable on the common stock and the auction preferred stock will not
be eligible for the dividends-received deduction. Any distributions
attributable to the Fund's net realized long-term capital gains are taxable to
shareholders as long-term capital gains, regardless of the holding period of
shares of the Fund. Under current law, the maximum tax rate on long-term
capital gains is generally 35% for corporate shareholders and 15% for
non-corporate shareholders. Without future congressional action, the maximum
tax rate on long-term capital gains would return to 20% in 2011 for
non-corporate shareholders, and the maximum tax rate on QDI would move to
39.6% in 2011 for non-corporate shareholders.
<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125">The Fund intends to distribute substantially all its net investment income and
net realized capital gains in the year earned or realized. A dividend
reinvestment plan is available to all holders of common stock of the Fund.
Under the dividend reinvestment plan, all cash distributions to participating
shareholders are reinvested in additional shares of common stock. See Item
10.1(d).<p style="margin-top: 0; margin-bottom: 0; margin-left:125">&nbsp;<p style="margin-top: 0; margin-bottom: 0; margin-left:125"><font face="Times New Roman">
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font face="Times New Roman">Outstanding Securities</font></u>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
<tr>
<td valign="bottom" width="205" nowrap>
<p align="center"><font face="Times New Roman">(1)<br />
 <u>Title of Class</u></font></p>
</td>
<td valign="bottom" width="20" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="125" nowrap>
<p align="center"><font face="Times New Roman">(2)<br />
 <u>Amount Authorized</u></font></p>
</td>
<td valign="bottom" width="16" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="118" nowrap>
<p align="center"><font face="Times New Roman">(3)<br />
 Amount Held by<br />
 the Fund or for<br />
 <u>&nbsp;&nbsp;&nbsp;&nbsp;its Account&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
</td>
<td valign="bottom" width="15" nowrap>
<p align="center"><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="152" nowrap>
<p align="center"><font face="Times New Roman">(4)<br />
 Amount Outstanding<br />
 at 3/31/2007 Exclusive<br />
 of Amount Shown<br />
 <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
</td>
</tr>

<tr>
<td valign="top" width="205" nowrap>
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="bottom" width="20" nowrap></td>
<td valign="bottom" width="125" nowrap></td>
<td valign="bottom" width="16" nowrap></td>
<td valign="bottom" width="118" nowrap></td>
<td valign="bottom" width="15" nowrap></td>
<td valign="bottom" width="152" nowrap></td>
</tr>

<tr>
<td valign="top" width="205" nowrap>
<p><font face="Times New Roman">Common, $.001 par value</font></p>
</td>
<td valign="bottom" width="20" nowrap></td>
<td valign="bottom" width="125" nowrap>
<p align="right" style="margin-right: 20"><font face="Times New Roman">250,000,000</font></p>
</td>
<td valign="bottom" width="16" nowrap></td>
<td valign="bottom" width="118" nowrap>
<p align="center"><font face="Times New Roman">-0-</font></p>
</td>
<td valign="bottom" width="15" nowrap></td>
<td valign="bottom" width="152" nowrap>
<p align="right" style="margin-right: 25"><font face="Times New Roman">
227,170,556</font></p>
</td>
</tr>

<tr>
<td valign="top" width="205" nowrap>
&nbsp;</td>
<td valign="top" width="20" nowrap>&nbsp;</td>
<td valign="bottom" width="125" nowrap>
&nbsp;</td>
<td valign="bottom" width="16" nowrap>&nbsp;</td>
<td valign="bottom" width="118" nowrap>
&nbsp;</td>
<td valign="bottom" width="15" nowrap>&nbsp;</td>
<td valign="bottom" width="152" nowrap>
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="205" nowrap>
<p><font face="Times New Roman">Preferred, $.001 par value</font></p>
</td>
<td valign="top" width="20" nowrap></td>
<td valign="bottom" width="125" nowrap>
<p align="right" style="margin-right: 20"><font face="Times New Roman">100,000,000</font></p>
</td>
<td valign="bottom" width="16" nowrap></td>
<td valign="bottom" width="118" nowrap>
<p align="center"><font face="Times New Roman">-0-</font></p>
</td>
<td valign="bottom" width="15" nowrap></td>
<td valign="bottom" width="152" nowrap>
<p align="right" style="margin-right: 25">25,000</p>
</td>
</tr>

<tr>
<td valign="top" width="205" nowrap>
<p style="margin-left: 25"><font face="Times New Roman">Remarketed Preferred
Stock</font></td>
<td valign="top" width="20" nowrap>&nbsp;</td>
<td valign="bottom" width="125" nowrap>
<p align="right" style="margin-right: 20"><font face="Times New Roman">5,000</font></td>
<td valign="bottom" width="16" nowrap>&nbsp;</td>
<td valign="bottom" width="118" nowrap>
&nbsp;</td>
<td valign="bottom" width="15" nowrap>&nbsp;</td>
<td valign="bottom" width="152" nowrap>
<p align="right" style="margin-right: 25"><font face="Times New Roman">5,000</font></td>
</tr>

<tr>
<td valign="top" width="205" nowrap>
<p style="margin-left: 25"><font face="Times New Roman">Auction Preferred
Stock</font></td>
<td valign="top" width="20" nowrap>&nbsp;</td>
<td valign="bottom" width="125" nowrap>
<p align="right" style="margin-right: 20"><font face="Times New Roman">20,000</font></td>
<td valign="bottom" width="16" nowrap>&nbsp;</td>
<td valign="bottom" width="118" nowrap>
&nbsp;</td>
<td valign="bottom" width="15" nowrap>&nbsp;</td>
<td valign="bottom" width="152" nowrap>
<p style="margin-right: 25" align="right"><font face="Times New Roman">20,000</font></td>
</tr>
</table>
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Securities Ratings</u>.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 11</font></u>. <u>Defaults and Arrears on Senior Securities</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 12</font></u>. <u>Legal Proceedings</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;There are no pending legal proceedings to which the Fund, any subsidiary of the Fund, or the Adviser is a party.</font></p>

<p><u><font face="Times New Roman">Item 13</font></u>. <u>Table of Contents of the Statement of Additional Information</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</font></p>

<p align="center"><font face="Times New Roman">PART B&nbsp; INFORMATION REQUIRED
IN A STATEMENT OF ADDITIONAL INFORMATION</font></p>

<p><u><font face="Times New Roman">Item 14</font></u>. <u>Cover Page</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 15</font></u>. <u>Table of Contents</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 16</font></u>. <u>General Information and History</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the past five years, the Fund has not engaged in any business other than that of an investment company and has not been the
subject of any bankruptcy, receivership or similar proceedings, or any other material reorganization, readjustment or succession. The Fund's name was changed from Duff &amp; Phelps Utilities Income Inc. on April 23, 2002.</font></p>

<p><u><font face="Times New Roman">Item 17</font></u>. <u>Investment Objective and Policies</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item 8.2.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item 8.2.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item 8.2.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's portfolio turnover rate was 29.60% in 2006, 27.99% in 2005
and 43.71% in 2004. The portfolio turnover rate tends to be correlated with
the level of the Fund's dividend captures, which decreased in 2005 relative to
2004. The portfolio turnover rate could increase again if the Fund were to
increase its use of dividend captures; however, the Fund has no current plans
to do so. See Item 8.3, &quot;Risk Factors-Dividend Captures&quot; and &quot;Risk Factors
- -Portfolio Turnover Risk.&quot;</font></p>
<p style="page-break-before:always">
<p><u><font face="Times New Roman">Item 18</font></u>. <u>Management</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;&nbsp; Set forth below are the names and certain
biographical information about the directors and officers of the Fund. Except
as indicated in the table, directors are elected by the holders of the Fund's
common stock. The officers are elected at the annual meeting of the board of
directors of the Fund. All of the current directors of the Fund are classified
as independent directors because none of them are &quot;interested persons&quot; of the
Fund, as defined in the 1940 Act. The term &quot;Fund Complex&quot; refers to the Fund
and all other investment companies advised by affiliates of PXP.</font></p>

 <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <p align="left">
       <b><font size="2">Name, Address and Age</font></b>
     </td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 62; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Positions<br>
       Held with<br>
       Funds</font></b>
     </td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 78; height: 60; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Term of<br>
       Office<br>
       And Length of<br>
       Time Served</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 115; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Principal Occupation(s)<br>
       During Past 5 Years</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 74; height: 90; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Number of<br>
       Portfolios<br>
       In Fund<br>
       Complex<br>
       Overseen<br>
       By Director</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Other<br>
       Directorships<br>
       Held by the Director</font></b>
     </td>
   </tr>
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Francis E. Jeffries(1)(3)<br>
     c/o Duff &amp; Phelps<br>
     Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 76</font></p>
     <p align="left"><font size="2">&nbsp;</font></td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     and<br>
     Chairman<br>
     of the<br>
     Board</font></td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since<br>
     January<br>
     1987.<br>
     Term<br>
     expires 2008 </font>
     <p>&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Retired Chairman of the Board of PXP since
     May 1997; Chairman of the Board of the Fund since May 2005 (Vice Chairman
     April 2004-May 2005); Chairman of the Board of DTF since September 1991
     and DUC since November 1992 (President of DTF and DUC, January
     2000-February 2004); Chairman of the Board of PXP, November 1995-May
     1997; Chairman and Chief Executive Officer, Duff &amp; Phelps Corporation,
     June 1993- November 1995 (President and Chief Executive Officer, January
     1992-June 1993); Chairman of the Board of the Adviser, 1988-1993 </font>
     </td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">63</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Nancy Lampton<br>
     (3)(4)(5)<br>
     c/o Duff &amp; Phelps Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 64</font></td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     and Vice Chairman<br>
     of the<br>
     Board</font></td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since<br>
     October<br>
     1994. Term<br>
     expires<br>
     2009.</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Chairman and Chief Executive Officer,
     Hardscuffle Inc. (insurance holding company) since January 2000; Chairman
     and Chief Executive Officer, American Life and Accident Insurance Company
     of Kentucky since 1971</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">3</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Director, Constellation Energy Group, Inc.
     (public utility holding company); Advisory Board Member, Thorium Power,
     Inc. (designer of non-proliferative fuel for nuclear energy needs)</font></td>
   </tr>
 </table>
<p style="page-break-before:always">
 <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <p align="left">
       <b><font size="2">Name, Address and Age</font></b>
     </td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 62; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Positions<br>
       Held with<br>
       Funds</font></b>
     </td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 78; height: 60; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Term of<br>
       Office<br>
       And Length of<br>
       Time Served</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 115; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Principal Occupation(s)<br>
       During Past 5 Years</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 74; height: 90; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Number of<br>
       Portfolios<br>
       In Fund<br>
       Complex<br>
       Overseen<br>
       By Director</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Other<br>
       Directorships<br>
       Held by the Director</font></b>
     </td>
   </tr>
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Stewart E. Conner(4)<br>
     c/o Duff &amp; Phelps Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 65 </font></td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director </font></td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since<br>
     April<br>
     2004. Term<br>
     expires<br>
     2007. </font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Attorney, Wyatt Tarrant &amp; Combs LLP since
     1966 (Chairman, Executive Committee 2000-2004, Managing Partner
     1988-2000) </font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">1&nbsp; </font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Connie K. Duckworth<br>
     (2)(4)<br>
     c/o Duff &amp; Phelps Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 52</font></td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director </font></td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since<br>
     April<br>
     2002. Term <br>
     expires<br>
     2008. </font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Founder, Chairman and President, Arzu,
     Inc. (nonprofit corporation created to assist Afghan women through sale
     of homemade rugs) since August 2003; Member, Eight Wings Enterprises LLC
     (investor in early-stage businesses) 2002-2004; Advisory Director,
     Goldman Sachs &amp; Company, December 2000- December 2001 (Managing Director,
     December 1996-December 2000, Partner 1990-1996, Chief Operating Officer
     of Firmwide Diversity Committee 1990-1995) </font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">1 </font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Director, Smurfit-Stone Container
     Corporation (packaging manufacturer) and Nuveen Investments, Inc. and
     Frank Russell Company (investment services companies); Trustee,
     Northwestern Mutual Life Insurance Company; Director and Chairman,
     Evanston Northwestern Health Care Corporation; Member, Board of
     Overseers, Wharton School of the University of Pennsylvania; Director,
     Global Heritage Fund (archaeological conservation organization)</font></td>
   </tr>
 </table>

<p style="page-break-before:always">
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <p align="left">
       <b><font size="2">Name, Address and Age</font></b>
     </td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 62; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Positions<br>
       Held with<br>
       Funds</font></b>
     </td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 78; height: 60; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Term of<br>
       Office<br>
       And Length of<br>
       Time Served</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 115; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Principal Occupation(s)<br>
       During Past 5 Years</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 74; height: 90; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Number of<br>
       Portfolios<br>
       In Fund<br>
       Complex<br>
       Overseen<br>
       By Director</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Other<br>
       Directorships<br>
       Held by the Director</font></b>
     </td>
   </tr>
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Robert J. Genetski<br>
     (2)(5)<br>
     c/o Duff &amp; Phelps<br>
     Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 64&nbsp;&nbsp;&nbsp; </font></td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director</font></td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since April<br>
     2001. Term<br>
     expires<br>
     2007.</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">&nbsp;President, Robert Genetski &amp;
     Associates, Inc. (economic and financial consulting firm) since 1991;
     Senior Managing Director, Chicago Capital Inc. (financial services firm)
     1995-2001; former Senior Vice President and Chief Economist, Harris Trust
     &amp; Savings Bank, author of several books; regular contributor to the
     Nikkei Financial Daily</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">1</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Director,<br>
     Midwest Banc<br>
     Holdings, Inc.</font></td>
   </tr>
 </table>
<p style="page-break-before:always">
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <p align="left">
       <b><font size="2">Name, Address and Age</font></b>
     </td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 62; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Positions<br>
       Held with<br>
       Funds</font></b>
     </td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 78; height: 60; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Term of<br>
       Office<br>
       And Length of<br>
       Time Served</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 115; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Principal Occupation(s)<br>
       During Past 5 Years</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 74; height: 90; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Number of<br>
       Portfolios<br>
       In Fund<br>
       Complex<br>
       Overseen<br>
       By Director</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Other<br>
       Directorships<br>
       Held by the Director</font></b>
     </td>
   </tr>
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Christian H. Poindexter<br>
     (2)(3)<br>
     c/o Duff &amp; Phelps<br>
     Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 68 </font>
     </td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director </font>
     </td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since<br>
     May<br>
     2003. Term<br>
     expires<br>
     2009.</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Retired Executive Committee Chairman,
     Constellation Energy Group, Inc. (public utility holding company) since
     March 2003 (Executive Committee Chairman, July 2002-March 2003; Chairman
     of the Board, April 1999-July 2002; Chief Executive Officer, April
     1999-October 2001; President, April 1999-October 2000) Chairman,
     Baltimore Gas and Electric Company, January 1993-July 2002 (Chief
     Executive Officer January 1993-July 2000; President, March 1998- October
     2000; Director, 1988-2003) </font>
     </td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">1 </font>
     </td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Director, Mercantile Bankshares
     Corporation (bank holding company); Director, The Baltimore Life
     Insurance Company; Chairman Investment Committee, U.S. Naval Academy
     Foundation</font></td>
   </tr>
 </table>
<p style="page-break-before:always">
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <p align="left">
       <b><font size="2">Name, Address and Age</font></b>
     </td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 62; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Positions<br>
       Held with<br>
       Funds</font></b>
     </td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 78; height: 60; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Term of<br>
       Office<br>
       And Length of<br>
       Time Served</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 115; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Principal Occupation(s)<br>
       During Past 5 Years</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 74; height: 90; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Number of<br>
       Portfolios<br>
       In Fund<br>
       Complex<br>
       Overseen<br>
       By Director</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Other<br>
       Directorships<br>
       Held by the Director</font></b>
     </td>
   </tr>
   <tr>
     <td width="21%" valign="bottom" align="left" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="left" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
     <td width="17%" valign="bottom" align="left" style="border-style: none; border-width: medium">
     <p align="left">&nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="left" style="border-style: none; border-width: medium">
     <font size="2">Carl F. Pollard(1)(2)<br>
     c/o Duff &amp; Phelps<br>
     Investment<br>
     Management Co.<br>
     55 East Monroe Street<br>
     Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 68 </font></td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director </font></td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since April 2002. Term<br>
     expires<br>
     2008.&nbsp; </font></td>
     <td width="17%" valign="top" align="left" style="border-style: none; border-width: medium">
     <font size="2">Owner, Hermitage Farm L.L.C. (thoroughbred breeding) since
     January 1995; Chairman, Columbia Healthcare Corporation 1993-1994;
     Chairman and Chief Executive Officer, Galen Health Care, Inc,
     March-August 1993, President and Chief Operating Officer, Humana Inc.
     1991-1993 (previously Senior Executive Vice President, Executive Vice
     President and Chief Financial Officer)</font></td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">3 </font></td>
     <td width="17%" valign="top" align="left" style="border-style: none; border-width: medium">
     <font size="2">Chairman of the Board and Director, Churchill Downs
     Incorporated; Director, LifeCare Holdings, Inc. (hospital holding
     company)</font></td>
   </tr>
 </table>
<p style="page-break-before:always">
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <p align="left">
       <b><font size="2">Name, Address and Age</font></b>
     </td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 62; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Positions<br>
       Held with<br>
       Funds</font></b>
     </td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 78; height: 60; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Term of<br>
       Office<br>
       And Length of<br>
       Time Served</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 115; height: 45; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Principal Occupation(s)<br>
       During Past 5 Years</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="width: 74; height: 90; border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Number of<br>
       Portfolios<br>
       In Fund<br>
       Complex<br>
       Overseen<br>
       By Director</font></b>
     </td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     <div style="border-bottom-style: solid; border-bottom-width: 1">
       <b><font size="2">Other<br>
       Directorships<br>
       Held by the Director</font></b>
     </td>
   </tr>
   <tr>
     <td width="21%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="13%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="15%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
     <td width="17%" valign="bottom" align="center" style="border-style: none; border-width: medium">
     &nbsp;</td>
   </tr>
   <tr>
     <td width="21%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">David J. Vitale(1)(4)<br>
     c/o Duff &amp; Phelps<br>
     Investment<br>
     Management Co.<br>
     55 East Monroe Street Suite 3600<br>
     Chicago, IL 60603<br>
     Age: 60 </font>
     </td>
     <td width="13%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director </font>
     </td>
     <td width="15%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">Director<br>
     since April<br>
     2000. Term<br>
     expires<br>
     2009. </font>
     </td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Chief Administrative Officer, Chicago
     Public Schools since April 2003; Private investor November 2002-April
     2003; President and Chief Executive Officer, Board of Trade of the City
     of Chicago, Inc. March 2001-November 2002; Retired executive 1999-2001;
     Vice Chairman and Director, Bank One Corporation, 1998-1999; Vice
     Chairman and Director, First Chicago NBD Corporation, and President, The
     First National Bank of Chicago, 1995- 1998; Vice Chairman, First Chicago
     Corporation and The First National Bank of Chicago, 1993-1998 (Director,
     1992-1998; Executive Vice President, 1986-1993) </font>
     </td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <font size="2">3 </font>
     </td>
     <td width="17%" valign="top" align="center" style="border-style: none; border-width: medium">
     <p align="left"><font size="2">Director, UAL Corporation (airline holding
     company), ISO New England Inc. (not for profit independent system
     operator of New England's electricity supply), Ariel Capital Management,
     LLC, Ark Investment Corp. and Wheels, Inc. (automobile fleet management)</font></td>
   </tr>
 </table>
 <font face="Times New Roman">________________________</font>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top">
<p><font face="Times New Roman" size="2">(1)</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<font size="2">Member of the executive committee of the board of directors,
which has authority, with certain exceptions, to exercise the powers of the
board between board meetings.</font></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman" size="2">(2)</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<font size="2">Member of the audit committee of the board of directors, which
makes recommendations regarding the selection of the Fund's independent
registered public accounting firm and meets with representatives of that
accounting firm to determine the scope of and review the results of each
audit.</font></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman" size="2">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman" size="2">(3)</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<font size="2">Member of the nominating and governance committee of the board
of directors, which selects nominees for election as directors, recommends
individuals to be appointed by the board as Fund officers and members of board
committees and makes recommendations regarding other Fund governance and board
administration matters.</font></td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber5">
<tr>
<td valign="top" width="14">
&nbsp;</td>
<td valign="top" width="30">&nbsp;</td>
<td valign="top" width="632">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="14">
<font face="Times New Roman" size="2">(4)</font></td>
<td valign="top" width="30">&nbsp;</td>
<td valign="top" width="632">
<font size="2">Member of the contracts committee of the board of directors,
which makes recommendations regarding the Fund's contractual arrangements for
investment management and administrative services, including the terms and
conditions of such contracts. </font></td>
</tr>

<tr>
<td valign="top" width="14">
&nbsp;</td>
<td valign="top" width="30">&nbsp;</td>
<td valign="top" width="632">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="14">
<font face="Times New Roman" size="2">(5)</font></td>
<td valign="top" width="30">&nbsp;</td>
<td valign="top" width="632">
<font size="2">Elected by the holders of the Fund's preferred stock.</font></td>
</tr>

</table>

<p style="page-break-before:always">

<p><b><i><font size="2">Officers of the Fund</font></i></b></p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber6">
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" align="center" valign="bottom" height="44">
       <div style="border-bottom-style: solid; border-bottom-width: 1">
         <b><font size="2">Name, Address and Age</font></b>
       </td>
       <td width="4%" style="border-style: none; border-width: medium" align="center" valign="bottom" height="44">&nbsp;</td>
       <td width="31%" style="border-style: none; border-width: medium" align="center" valign="bottom" height="44">
       <div style="border-bottom-style: solid; border-bottom-width: 1">
         <b><font size="2">Positions Held with<br>
         Fund, Term of Office and Length of<br>
         Time Served</font></b>
       </td>
       <td width="4%" style="border-style: none; border-width: medium" align="center" valign="bottom" height="44">&nbsp;</td>
       <td width="36%" style="border-style: none; border-width: medium" align="center" valign="bottom" height="44">
       <div style="border-bottom-style: solid; border-bottom-width: 1">
         <b><font size="2">Principal Occupations During Past 5 Years</font></b>
       </td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" height="17">
       </td>
       <td width="31%" style="border-style: none; border-width: medium" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" height="17">
       </td>
       <td width="36%" style="border-style: none; border-width: medium" height="17">
       </td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="133">
       <font size="2">Nathan I. Partain<br>
       Duff &amp; Phelps<br>
       Investment Management Co.<br>
       55 East Monroe Street<br>
       Suite 3600<br>
       Chicago, Illinois 60603<br>
       Age: 50 </font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="133">&nbsp;</td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="133">
       <font size="2">President and Chief Executive Officer since February
       2001; Chief Investment Officer since January 1998 (Executive Vice
       President April 1998-February 2001, Senior Vice President January
       1997-April 1998)</font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="133">&nbsp;</td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="133">
       <font size="2">President and Chief Executive Officer, DTF and DUC since
       February 2004; President and Chief Investment Officer of the Adviser
       since April 2005 (Executive Vice President January 1997-April 2005);
       Director of Utility Research, PXP 1989-1996 (Director of Equity
       Research, 1993-1996 and Director of Fixed Income Research, 1993);
       Director, Otter Tail Corporation</font></td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="103">
       <font size="2">T. Brooks Beittel<br>
       Duff &amp; Phelps<br>
       Investment Management Co.<br>
       55 East Monroe Street<br>
       Suite 3600<br>
       Chicago, Illinois 60603<br>
       Age: 57 </font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="103">&nbsp;</td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="103">
       <font size="2">Secretary and Senior Vice President since January 1995
       (Treasurer January 1995-September 2002) </font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="103">&nbsp;</td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="103">
       <font size="2">Senior Vice President of the Adviser since 1993 (Vice
       President 1987-1993); Secretary of DUC and DTF since May 2005 </font>
       </td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="17">
       &nbsp;</td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       &nbsp;</td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="17">
       &nbsp;</td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       &nbsp;</td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="17">
       &nbsp;</td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="103">
       <font size="2">Michael Schatt<br>
       Duff &amp; Phelps<br>
       Investment Management Co<br>
&nbsp;55 East Monroe Street<br>
       Suite 3600<br>
       Chicago, Illinois 60603<br>
       Age: 60</font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="103">&nbsp;</td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="103">
       <font size="2">Senior Vice President since April 1998 (Vice President
       January 1997-April 1998)</font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="103">&nbsp;</td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="103">
       <font size="2">Senior Vice President of the Adviser since January 1997;
       Managing Director, PXP., 1994-1996 </font></td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="88">
       <font size="2">Joseph C. Curry, Jr.<br>
       Hilliard Lyons Investment<br>
       Management<br>
       500 West Jefferson Street<br>
       Louisville, Kentucky 40202<br>
       Age: 62</font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="88">&nbsp;</td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="88">
       <font size="2">Treasurer since September 2002; Senior Vice President
       since May 2006 (Vice President April 1988-May 2006)</font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="88">&nbsp;</td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="88">
       <font size="2">Senior Vice President, J.J.B. Hilliard, W.L. Lyons, Inc.
       since 1994 (Vice President 1982-1994); Vice President, Hilliard Lyons
       Trust Company; President, Hilliard-Lyons Government Fund, Inc. since
       1985; Vice President and Assistant Treasurer, Senbanc Fund since 1999
       </font></td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="17">
       </td>
     </tr>
     <tr>
       <td width="25%" style="border-style: none; border-width: medium" valign="top" height="16">
       <font size="2">Joyce B. Riegel<br>
       Duff &amp; Phelps<br>
       Investment Management Co.<br>
       55 East Monroe Street<br>
       Suite 3600<br>
       Chicago, Illinois 60603<br>
       Age: 52</font></td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="16">
       </td>
       <td width="31%" style="border-style: none; border-width: medium" valign="top" height="16">
       <font size="2">Chief Compliance Officer since February 2004 </font>
       </td>
       <td width="4%" style="border-style: none; border-width: medium" valign="top" height="16">
       </td>
       <td width="36%" style="border-style: none; border-width: medium" valign="top" height="16">
       <font size="2">Chief Compliance Officer of DUC and DTF since 2004;
       Chief Compliance Officer of the Adviser since August 2002; Vice
       President and Chief Compliance Officer, Stein Roe Investment Counsel
       LLC 2001-2002; Vice President and Compliance Officer, Stein Roe &amp;
       Farnham Incorporated 1996-2000 </font></td>
     </tr>
   </table>
 <p style="page-break-before:always">
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber7">
   <tr>
     <td width="25%" style="border-style: none; border-width: medium" valign="top">
     <font size="2">Dianna P. Wengler<br>
     Hilliard Lyons Investment<br>
     Management<br>
     500 West Jefferson Street<br>
     Louisville, Kentucky 40202<br>
     Age: 46</font></td>
     <td width="4%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
     <td width="31%" style="border-style: none; border-width: medium" valign="top">
     <font size="2">Vice President since May 2006 (Assistant Vice President
     April 2004-May 2006); Assistant Secretary since April 1988.</font></td>
     <td width="4%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
     <td width="36%" style="border-style: none; border-width: medium" valign="top">
     <font size="2">Vice President, J.J.B. Hilliard, W.L. Lyons, Inc. since
     1990; Vice President, Hilliard-Lyons Government Fund, Inc. since 1998</font></td>
   </tr>
   </table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

   <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber8">
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">2.</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">Included in Item 18.1.</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">3.</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">Not applicable.</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">4.</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">Not applicable.</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">5.</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">Included in Item 18.1.</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">6.</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">Included in Item 18.1.</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
     </tr>
     <tr>
       <td width="9%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
       <td width="7%" style="border-style: none; border-width: medium" valign="top">
       <p style="margin-top: 0; margin-bottom: 0">7.</td>
       <td width="84%" style="border-style: none; border-width: medium">
       <p style="margin-top: 0; margin-bottom: 0">The following table provides
       certain information relating to the equity securities beneficially
       owned, as of December 31, 2006, by each director (i) in the Fund and
       (ii) on an aggregate basis, in any registered investment companies
       overseen by the director within the same family of investment companies
       as the Fund.</td>
     </tr>
   </table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
<tr>
<td valign="bottom" width="157">
&nbsp;</td>
<td valign="bottom" width="16">
&nbsp;</td>
<td valign="bottom" width="188">
&nbsp;</td>
<td valign="bottom" width="16">
&nbsp;</td>
<td valign="bottom" width="303">
&nbsp;</td>
</tr>

<tr>
<td valign="bottom" width="157">
<p align="center"><b><font face="Times New Roman">Name of<br />
 <u>Director</u></font></b></p>
</td>
<td valign="bottom" width="16">
<p align="center"><b><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom" width="188">
<p align="center"><b><font face="Times New Roman">Dollar Range of Equity<br />
 <u>Securities in the Fund</u></font></b></p>
</td>
<td valign="bottom" width="16">
<p align="center"><b><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom" width="303">
<p align="center"><b><font face="Times New Roman">Aggregate Dollar Range of Equity<br />
 Securities in All Funds Overseen<br />
 or to be Overseen by Director or<br />
 Nominee in Family of Investment<br />
 <u>Companies</u></font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="157">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="16">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="188">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="16">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="303">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="157">
<p><b><i><font face="Times New Roman">Independent Directors</font></i></b></p>
</td>
<td valign="top" width="16"></td>
<td valign="top" width="188"></td>
<td valign="top" width="16"></td>
<td valign="top" width="303"></td>
</tr>

<tr>
<td valign="top" width="157">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" width="16"></td>
<td valign="top" width="188"></td>
<td valign="top" width="16"></td>
<td valign="top" width="303"></td>
</tr>

<tr>
<td valign="top" width="157" align="center">
<p align="left">Stewart E. Conner<br>
Connie K. Duckworth<br>
Robert J. Genetski<br>
Francis E. Jeffries<br>
Nancy Lampton<br>
Christian H. Poindexter<br>
Carl F.Pollard<br>
David J. Vitale</td>
<td valign="top" width="16" align="center">&nbsp;</td>
<td valign="top" width="188" align="center">
$10,001-$50,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
$50,001-$100,000</td>
<td valign="top" width="16" align="center">&nbsp;</td>
<td valign="top" width="303" align="center">
$10,001-$50,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
over $100,000<br>
$50,001-$100,000</td>
</tr>

</table>


</div>


<p align="left" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">As of December 31, 2006, none of the foregoing directors, or their immediate family members, owned any securities of the Adviser or any person (other than a registered investment company) directly or indirectly controlling,
controlled by or under common control with the Adviser.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">9.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">10.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">11.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">12.</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>
</table>
<p style="page-break-before:always">

<table border="0" cellspacing="0" cellpadding="0" width="675" style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber24">

<tr>
<td valign="top" width="55">&nbsp;</td>
<td valign="top" width="45">
<font face="Times New Roman">13.</font></td>
<td valign="top" width="575">
<font face="Times New Roman">The following table shows the compensation
paid by the Fund to the Fund's current directors during 2006:</font></td>
</tr>
</table>
<p style="margin-left: 25"><b><font face="Times New Roman">COMPENSATION TABLE</font></b> (1)(2)<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber9" height="301">
  <tr>
    <td width="9%" style="border-style: none; border-width: medium" height="71">&nbsp;</td>
    <td width="52%" style="border-style: none; border-width: medium" valign="bottom" nowrap height="71">
    <div style="width: 122; height: 19; border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin-top: 0; margin-bottom: 0">
      <b><font face="Times New Roman">Name of Director</font></b>
    </td>
    <td width="15%" style="border-style: none; border-width: medium" nowrap height="71" valign="bottom">
    <div style="width: 77; height: 76; border-bottom-style: solid; border-bottom-width: 1">
      <p align="center" style="margin-top: 0; margin-bottom: 0"><b><font face="Times New Roman">Aggregate<br />
 Compensation<br />
 from the<br />
 Fund</font></b>
      </td>
      <td width="4%" style="border-style: none; border-width: medium" nowrap height="71" valign="bottom">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="21%" style="border-style: none; border-width: medium" nowrap height="71" valign="bottom">
      <div style="border-bottom-style: solid; border-bottom-width: 1">
        <p align="center" style="margin-top: 0; margin-bottom: 0"><b>Total Compensation<br>
        From Fund and<br>
        Fund Complex Paid<br>
        to Directors</b>
      </td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="15%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17"></td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17"><b>
        <i>Independent Directors</i></b></td>
        <td width="15%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17"></td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="15%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17"></td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="52%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        Stewart E. Conner . . . . . . . . . . . . . . . . . . . . . . . . .</td>
        <td width="15%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">$&nbsp;&nbsp;43,000&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="21%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">$&nbsp;&nbsp;43,000&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17">
        Connie K. Duckworth. . . . . . . . . . . . . . . . . . . . . . . . .</td>
        <td width="15%" style="border-style: none; border-width: medium" height="17">
        <p align="right">43,000&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17">
        <p align="right">43,000&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="52%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        Robert J. Genetski. . . . . . . . . . . . . . . . . . . . . . . . .</td>
        <td width="15%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">&nbsp;&nbsp;40,000&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="21%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">40,000&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17">
        Francis E. Jeffries (2). . . . . . . . . . . . . . . . . . . . . . . .
        .</td>
        <td width="15%" style="border-style: none; border-width: medium" height="17">
        <p align="right">105,000&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17">
        <p align="right">270,500&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="52%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        Nancy Lampton(2). . . . . . . . . . . . . . . . . . . . . . . . .</td>
        <td width="15%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">42,500&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="21%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">95,620&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17">
        Christian H. Poindexter. . . . . . . . . . . . . . . . . . . . . . . .
        .</td>
        <td width="15%" style="border-style: none; border-width: medium" height="17">
        <p align="right">43,000&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17">
        <p align="right">43,000&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="52%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        Carl F. Pollard(2). . . . . . . . . . . . . . . . . . . . . . . . .</td>
        <td width="15%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">49,500&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">&nbsp;</td>
        <td width="21%" style="border-style: none; border-width: medium" bgcolor="#99CCFF" height="17">
        <p align="right">78,363&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="9%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="52%" style="border-style: none; border-width: medium" height="17">David
        J. Vitale(2). . . . . . . . . . . . . . . . . . . . . . . . .</td>
        <td width="15%" style="border-style: none; border-width: medium" height="17">
        <p align="right">47,500&nbsp;&nbsp;</td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17">
        <p align="right">88,000&nbsp;&nbsp;</td>
      </tr>
      <tr>
        <td width="61%" style="border-style: none; border-width: medium" colspan="2" height="17">
        __________________________</td>
        <td width="15%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
        <td width="21%" style="border-style: none; border-width: medium" height="17"></td>
      </tr>
    </table>

<p align="left" style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    <div align="left">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="56" height="171">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">(1)</font></p>
</td>
<td colspan="2" valign="top" width="641" height="171">
Prior to April 1, 2007, each director not affiliated with the Adviser received
an annual fee of $25,000 (and an additional $5,000 if the director served as
chairman of a committee of the board of directors) plus an attendance fee of
$2,000 for each meeting of the board of directors and $1,500 for each meeting
of a committee of the board of directors attended in person or by telephone.
Effective April 1, 2007, each director not affiliated with the Adviser will
receive an annual fee of $30,000 (plus an additional $7,500 for the chairman
of the audit committee and an additional $6,000 for the chairman of each other
committee of the board of directors) plus an attendance fee of $3,000 for each
meeting of the board of directors and $2,000 for each meeting of a committee
of the board of directors attended in person or by telephone. The chairman of
the board receives an additional fee of $50,000 annually. Directors and
officers affiliated with the Adviser receive no compensation from the Fund for
their services as such. In addition to the amounts shown in the table above,
all directors and officers who are not interested persons of the Fund, the
Adviser or the Administrator are reimbursed for the expenses incurred by them
in connection with their attendance at a meeting of the board of directors or
a committee of the board of directors. The Fund does not have a pension or
retirement plan applicable to directors or officers of the Fund.
</td>
</tr>

<tr>
<td valign="top" width="56">
&nbsp;</td>
<td colspan="2" valign="top" width="641">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="56">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">(2)</font></p>
</td>
<td colspan="2" valign="top" width="641">
The Fund Complex includes all funds that are advised by the Adviser or other
affiliates of PXP. Mr. Jeffries serves as a director or trustee of 62 other
funds in the Fund Complex, and each of Ms. Lampton, Mr. Pollard and Mr. Vitale
serves as a director of two other funds in the Fund Complex.</td>
</tr>

<tr>
<td valign="top" width="56">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td colspan="2" valign="top" width="641">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
</tr>

<tr>
<td valign="top" width="56">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">14.</font></p>
</td>
<td valign="top" width="594">
<u>Codes of Ethics</u>. Each of the Fund and the Adviser has adopted an
Amended and Restated Code of Ethics (collectively, the &quot;Codes&quot;) under Rule
17j-1 of the 1940 Act. The Codes impose significant restrictions on the
ability of personnel subject to the Codes to engage in personal securities
transactions. Among other things, the Codes generally prohibit covered
personnel from knowingly buying or selling securities (except for mutual
funds, U.S. government securities and money market instruments) that are being
purchased, sold or considered for purchase or sale by the Fund unless the
proposed purchases are approved in advance by the Adviser's compliance
officer. The Codes also contain certain reporting requirements and compliance
procedures. The Codes can be reviewed and copied at the Public Reference Room
of the SEC in Washington, D.C. Information on the operation of the Public
Reference Room may be obtained by calling the SEC at 1 202-942-8090. The Codes
are also available at the EDGAR Database on the SEC's Internet site at http://www.sec.gov.
Copies of the Codes may also be obtained, after paying a duplicating fee, by
electronic request at the following E mail address: publicinfo@sec.gov, or by
writing the SEC's Public Reference Section, 100 F Street, N.E, Washington,
D.C. 20549-0102. The SEC file number for documents filed by the Fund under the
1940 Act is 811-4915.</td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="675" style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber10">

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">15.</font></p>
</td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><u><font face="Times New Roman">Proxy Voting Policies and Procedures</font></u>.
The Fund has adopted proxy voting policies and procedures. The following is a
summary description of those policies and procedures, the full text of which
is available on the Fund's website at http://www.dnpselectincome.com. </p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
Subject to the right of the board of directors to give the Adviser written
instructions as to the voting or non-voting of proxies on any matter
presenting an actual or perceived conflict of interest as described below, the
Fund has delegated the voting of proxies with respect to securities owned by
it to the Adviser. The Adviser may delegate its proxy voting responsibilities
to a proxy committee established from time to time by the Adviser and may
engage one or more qualified, independent organizations to vote proxies on
behalf of the Fund, subject in each case to compliance with these policies and
procedures.
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
It is the intention of the Fund to exercise stock ownership rights in
portfolio holdings in a manner that is reasonably anticipated to further the
best economic interests of shareholders of the Fund. Accordingly, the Fund or
its delegate(s) endeavors to analyze and vote all proxies that are considered
likely to have financial implications, and, where appropriate, to participate
in corporate governance, shareholder proposals, management communications and
legal proceedings.
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
The Adviser will generally vote in favor of management recommendations on
routine matters. The Adviser will analyze and vote on non-routine matters,
including the adoption of anti-takeover measures, proxy contests for control,
contested elections of directors, corporate governance matters and executive
compensation matters, on a case-by-case basis, taking into account factors
appropriate to each such matter. The Adviser will generally vote against
shareholder proposals on social issues, except where the Adviser determines
that a different position would be in the clear economic interests of the Fund
and its shareholders. The Adviser may abstain from voting when it concludes
that the effect on shareholders' economic interests or the value of the
portfolio holding is indeterminable or insignificant.
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
In exercising its voting discretion, the Adviser will seek to avoid any actual
or perceived conflicts of interest between the interests of Fund shareholders,
on the one hand, and those of the Adviser or any affiliated person of the Fund
or the Adviser, on the other hand. The Adviser will notify the board of
directors of the Fund promptly after becoming aware that any actual or
potential conflict of interest exists, indicating how the Adviser proposes to
vote on the matter and its reasons for doing so. The board of directors may
decide to (i) vote pursuant to the recommendation of the delegate, (ii)
abstain from voting or (iii) rely on the recommendations of an established,
independent third party with qualifications to vote proxies, such as
Institutional Shareholder Services. The Adviser may not waive any conflict of
interest or vote any conflicted proxies without the prior written approval of
the board of directors or its duly authorized representative.</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
&nbsp;</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
<p style="margin-top: 0; margin-bottom: 0"><u>Item 19</u>. <u>Control Persons and Principal Holders of Securities</u></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
</td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">1.</font></p>
</td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">The Fund does not consider that any person "controls" the Fund within the meaning of this item. For information concerning the Fund's officers and directors, see Item 18.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">2.</font></p>
</td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">No person is known by the Fund to own of record or beneficially five percent or more of any class of the Fund's outstanding equity securities.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">3.</font></p>
</td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">As of December 31, 2006, the officers and
directors of the Fund owned in the aggregate 218,027 shares of Common Stock, representing less than 1% of the Fund's outstanding Common Stock.</font></p>
</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
&nbsp;</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
<p style="margin-top: 0; margin-bottom: 0"><u><font face="Times New Roman">Item 20</font></u>. <u>Investment Advisory and Other Services</u></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">1.</font></p>
</td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">The Adviser is a wholly-owned subsidiary of PXP, which is an indirect, wholly-owned subsidiary of
PNX.&nbsp; PXP and its subsidiaries provide investment
management services to institutional and private clients and to the life insurance subsidiaries of
PNX.</font></p>
</td>
</tr>

<tr>
<td valign="top" width="53">
&nbsp;</td>
<td colspan="5" valign="top" width="53">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td valign="top" width="53">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="5" valign="top" width="53">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">See Item 18 for the names and capacities of affiliated persons of the Fund who are also affiliated persons of the Adviser.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">For a discussion of the method of calculating the advisory fee under the Advisory Agreement, see Item 9.1(b). The investment advisory fees paid by the Fund totaled $15,976,021
in 2006, $14,771,365 in 2005 and $13,869,531 in 2004.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">2.</font></p>
</td>
<td valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">See Item 9.1(b) for a discussion of the Service Agreement.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p></td>
<td colspan="3" valign="top" width="47">
<p>3.</p>
</td>
<td valign="top" width="569">
<p>No fees, expenses or costs of the Fund were paid by persons other than the Adviser or the Fund.</p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td valign="top" width="47">
&nbsp;</td>
<td colspan="3" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">4.</font></p>
</td>
<td colspan="3" valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">See
Item 9.1(d) for a discussion of the Administration Agreement. The
administrative fees paid by the Fund totaled $3,945,204 in 2006, $3,704,273 in
2005 and $3,523,906 in 2004.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td valign="top" width="47">
&nbsp;</td>
<td colspan="3" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">5.</font></p>
</td>
<td colspan="3" valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td valign="top" width="47">
&nbsp;</td>
<td colspan="3" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">6.</font></p>
</td>
<td colspan="3" valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">See Item 9.1(e) for information about the Fund's custodian.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td valign="top" width="47">
&nbsp;</td>
<td colspan="3" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">7.</font></p>
</td>
<td colspan="3" valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">The Fund's independent public accountant is Ernst &amp; Young LLP, 233 South Wacker Drive, 16th Floor, Chicago, Illinois 60606. Ernst &amp; Young LLP performs the audit of the Fund's annual financial statements and provides
other audit-related and tax services to the Fund as pre-approved by the Fund's audit committee.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td valign="top" width="47">
&nbsp;</td>
<td colspan="3" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0"></td>
<td valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">8.</font></p>
</td>
<td colspan="3" valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0"><font face="Times New Roman">Not applicable.</font></p>
</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
&nbsp;</td>
<td colspan="4" valign="top" width="616">&nbsp;</td>
</tr>

<tr>
<td colspan="3" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0">
<u><font face="Times New Roman">Item 21</font></u>.</td>
<td colspan="4" valign="top" width="616">
<p style="margin-top: 0; margin-bottom: 0"><u>Portfolio Managers</u></td>
</tr>

<tr>
<td colspan="2" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td colspan="2" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="2" valign="top" width="59">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
<td colspan="3" valign="top" width="47">
<p style="margin-top: 0; margin-bottom: 0">1.
</td>
<td colspan="2" valign="top" width="569">
<p style="margin-top: 0; margin-bottom: 0">
<u>Other Accounts Managed</u></td>
</tr>

<tr>
<td colspan="2" valign="top" width="59">
&nbsp;</td>
<td colspan="3" valign="top" width="47">
&nbsp;</td>
<td colspan="2" valign="top" width="569">
&nbsp;</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be certain inherent conflicts of interest that arise
in connection with the portfolio managers' management of the Fund's
investments and the investments of any other accounts they manage. Such
conflicts could include aggregation of orders for all accounts managed by a
particular portfolio manager, the allocation of purchases across all such
accounts, the allocation of IPOs and any soft dollar arrangements that the
Adviser may have in place that could benefit the Fund and/or such other
accounts. The Adviser has adopted policies and procedures designed to address
any such conflicts of interest to ensure that all management time, resources
and investment opportunities are allocated equitably. There have been no
material compliance issues with respect to any of these policies and
procedures during the Fund's most recent fiscal year.</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
<p style="margin-top: 0; margin-bottom: 0">
</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
&nbsp;</td>
</tr>

<tr>
<td colspan="7" valign="top" width="675">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table
provides information as of December 31, 2006 regarding the other accounts
besides the Fund that are managed by the portfolio managers of the Fund
identified in Item 9.1.c of the Fund's prospectus. As noted in the table,
portfolio managers of the Fund may also manage or be members of management
teams for other mutual funds within the Phoenix fund complex or other similar
accounts. As of December 31, 2006, the Fund's portfolio managers did not
manage any accounts with respect to which the advisory fee is based on the
performance of the account, nor do they manage any hedge funds.</td>
</tr>

</table>
<p style="page-break-before:always">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111" id="AutoNumber11">

<tr>
<td valign="top" width="697">
&nbsp;</td>
</tr>

</table>
<table border="1" cellpadding="0" cellspacing="5" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" id="AutoNumber2" height="239">
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="26" valign="bottom">
    <font size="2">&nbsp;</font></td>
    <td width="24%" colspan="2" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="26" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:6.0pt;text-align:center;text-indent:0in">
    <b><font size="2">Registered Investment Companies (1)</font></b></td>
    <td width="24%" colspan="2" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center" height="26" valign="bottom">
    <b><font size="2">Other Pooled<br>
&nbsp;Investment Vehicles (2)</font></b></td>
    <td width="25%" colspan="2" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center" height="26" valign="bottom">
    <b><font size="2">Other Accounts (3)</font></b></td>
  </tr>
  <tr>
    <td width="27%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="44" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Name of
    <br>
    Portfolio Manager</font></b></td>
    <td width="11%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="45" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Number<br>
    of<br>
    Accounts</font></b></td>
    <td width="13%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="45" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Total<br>
    Assets (in millions)</font></b></td>
    <td width="11%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="45" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Number<br>
&nbsp;of<br>
    Accounts</font></b></td>
    <td width="13%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="45" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Total<br>
    Assets (in millions)</font></b></td>
    <td width="12%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="45" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Number<br>
    of<br>
    Accounts</font></b></td>
    <td width="13%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="45" valign="bottom">
    <p align="center" style="margin-top:0in;margin-bottom:0pt;text-align:center;text-indent:0in">
    <b><font size="2">Total<br>
    Assets (in millions)</font></b></td>
  </tr>
  <tr>
    <td width="27%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" height="17">
    <p style="margin-top: 0; margin-bottom: 3">
    <font size="2">Nathan I. Partain. . . . . . . . . . . .</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; border-top-color:inherit" height="17">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">1</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; border-top-color:inherit" align="center" height="17">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">$32.3</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; border-top-color:inherit" height="17">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; border-top-color:inherit" height="17">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; border-top-color:inherit" height="17">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in; border-top-color:inherit" height="17">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="16">
    <p style="margin-top: 0; margin-bottom: 3">
    <font size="2">T. Brooks Beittel. . . . . . . . . . . . </font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">2</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" align="center" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">$546.3</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="16">
    <p style="margin-top: 0; margin-bottom: 3">
    <font size="2">Michael Schatt. . . . . . . . . . . . . .</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">2</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" align="center" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">$1,651.1</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">1</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">$54.8</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">10</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">$365.3</font></td>
  </tr>
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="16">
    <p style="margin-top: 0; margin-bottom: 3">
    <font size="2">Deborah A. Jansen. . . .&nbsp; . . . .  . . </font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">1</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" align="center" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">$32.3</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
  </tr>
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="13">
    <font size="2">Randle L. Smith . . . . . . . . . . . . .</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">1</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" align="center" height="13">
    <font size="2">$32.3</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">-</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">-</font></td>
  </tr>
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="13">
    <font size="2">Daniel J. Petrisko . . . . . . . . . . . .</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">1</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" align="center" height="13">
    <font size="2">$514.1</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">-</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">9</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="13">
    <p align="center"><font size="2">$1,532.6</font></td>
  </tr>
  <tr>
    <td width="27%" style="border-style: none; border-width: medium" height="16">
    <p style="margin-top: 0; margin-bottom: 3">
    <font size="2">Connie M. Luecke. . . . . . . . . . . </font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">1</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" align="center" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">&nbsp;$32.3</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
    <td valign="top" style="width: 50.25pt; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">0</font></td>
    <td valign="top" style="width: .85in; border-left: medium none; border-right: medium none windowtext; border-top: medium none; border-bottom: medium none windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in" height="16">
    <p class="NEWL05Hg12af" align="center" style="margin-bottom:3;
  text-align:center;text-indent:0in; margin-top:0">
    <font size="2">-</font></td>
  </tr>
  </table>
    <p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    <div align="left">
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td style="border-style: none; border-width: medium" valign="top" width="42" colspan="2">(1)<p>&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium" valign="top">
    Registered Investment Companies include all open and closed-end mutual
    funds. For Registered Investment Companies, assets represent net assets of
    all open-end investment companies and gross assets of all closed-end
    investment companies.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" valign="top" width="42" colspan="2">(2)</td>
    <td width="655" style="border-style: none; border-width: medium">Other
    Pooled Investment Vehicles include, but are not limited to, securities of
    issuers exempt from registration under Section 3(c) of the 1940 Act, such as
    private placements and hedge funds.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" valign="top" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" valign="top" width="42" colspan="2">(3)</td>
    <td width="655" style="border-style: none; border-width: medium">Other
    Accounts include, but are not limited to, individual managed accounts,
    separate accounts, institutional accounts, pension funds and collateralized
    bond obligations, collateralized debt obligations.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" width="1"></td>
    <td style="border-style: none; border-width: medium" width="49">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">
    2.</td>
    <td width="655" style="border-style: none; border-width: medium"><u>
    Compensation </u></td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a description of the
    compensation structure, as of December&nbsp;31, 2006, of the Fund's portfolio
    managers identified in Item 9.1.c of the Fund's prospectus. The Fund's
    portfolio managers receive a competitive base salary, an incentive bonus
    opportunity and a benefits package. </td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    <p>&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Salary</u>. Each portfolio manager is
    paid a fixed base salary, which is determined by PXP and is designed to be
    competitive in light of the individual's experience and responsibilities.
    The management of PXP uses compensation survey results of investment industry
    compensation conducted by an independent third party in evaluating
    competitive market compensation for its investment management professionals.
    </td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    <p style="text-indent: 50">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Incentive Bonus</u>. The incentive bonus
    package for portfolio managers is based upon how well the individual
    manager meets or exceeds assigned goals and a subjective assessment of
    contribution to the team effort. Their incentive bonus also reflects an
    investment performance component. The performance component is based in
    part on achieving and/or exceeding income targets underlying the Fund's
    ability to pay common stock dividends, and in part on performance relative
    to a composite of the S&amp;P's Utilities Index and the Lehman Brothers
    Utility Bond Index reflecting the stock and bond ratio of the Fund. The
    performance component is further adjusted to reward investment personnel
    for managing within the stated framework and for not taking unnecessary
    risks. This ensures that investment personnel will remain focused on
    managing and acquiring securities that correspond to the Fund's mandate
    and risk profile. It also avoids the temptation for portfolio managers to
    take on more risk and unnecessary exposure to chase performance for
    personal gain.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive bonus compensation of the Fund's portfolio
    managers is currently comprised of two main components: 70% of the
    incentive bonus is based on formulaic calculation of investment
    performance measures, including the Fund's earnings per share and total
    return over a one-year period. The total return is compared to a composite
    of the Lehman Utility Bond Index and the S&amp;P Utility Market Price Index.
    Portfolio managers who manage more than one product may have other
    components in their formulaic calculation that are appropriate to the
    other products, weighted according to the proportion of the manager's time
    that is allocated to each specific product. The remaining 30% of the
    incentive bonus is based on the profitability of PNX, the ultimate parent
    of PXP and the Adviser.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to 2006, the incentive bonus compensation has been paid
    100% in cash. However, PNX has determined that 15% of the incentive bonus
    compensation for 2006 (payable in 2007) will be paid in PNX restricted
    stock units which will vest over a three-year period.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio managers' incentive bonus compensation is not
    based on the value of assets held in the Fund's portfolio, except to the
    extent that the level of assets in the Fund's portfolio affects the
    advisory fee received by the Adviser, and thus indirectly the
    profitability of PNX.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Long-Term Incentive Plan</u>. Portfolio managers may also
    receive PNX stock options and/or be granted PNX restricted stock at the
    discretion of the PNX board of directors. To date no portfolio manager of
    the Fund has received awards under the PNX restricted stock units
    long-term incentive plan. </td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="42">&nbsp;</td>
    <td width="655" style="border-style: none; border-width: medium">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Benefits</u>. Portfolio managers are eligible to
    participate in a deferred compensation plan to defer their compensation
    and realize tax benefits. Portfolio managers are also eligible to
    participate in broad-based plans offered generally to the firm's
    employees, including broad-based retirement, 401(k), health and other
    employee benefit plans.</td>
  </tr>
  </table>
<p style="margin-top: 0; margin-bottom: 0"><font size="1">&nbsp; </font></p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber12">
  <tr>
    <td style="border-style: none; border-width: medium" width="1"></td>
    <td style="border-style: none; border-width: medium" width="51">3.</td>
    <td width="624" style="border-style: none; border-width: medium" colspan="4">
    <p><u>
    Ownership of Securities </u></td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="624" style="border-style: none; border-width: medium" colspan="4">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="624" style="border-style: none; border-width: medium" colspan="4">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    following table sets forth the dollar range of equity securities in the
    Fund beneficially owned, as of December 31, 2006, by each of the portfolio
    managers identified in Item 9.1.c of the Fund's prospectus.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p align="center" style="margin-left: 50"><b>Name of<br>
    <u>Portfolio Manager</u></b></td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium">
    <p align="center"><b>Dollar Range of<br>
    <u>Equity Securities in the Fund</u></b></td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    &nbsp;</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    &nbsp;</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">T. Brooks Beittel</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    $1-$10,000</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">Deborah A. Jansen</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    None</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">Connie M. Luecke</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    $1-$10,000</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">Nathan I. Partain</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    $100,001-$500,000</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">Daniel J. Petrisko</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    None</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">Michael Schatt</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    $10,001-$50,000</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="255" style="border-style: none; border-width: medium">
    <p style="margin-left: 50">Randle L. Smith</td>
    <td width="22" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="211" style="border-style: none; border-width: medium" align="center">
    $50,001 to $100,000</td>
    <td width="136" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="2" width="51">&nbsp;</td>
    <td width="624" style="border-style: none; border-width: medium" colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="6" width="675">
    <u>Item 22</u>. <u>Brokerage Allocation and Other Practices</u></td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="6" width="675">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="6" width="675">
    <p style="margin-left: 52">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    The Adviser has discretion to select brokers and dealers to execute
    portfolio transactions initiated by the Adviser. The Fund paid brokerage
    commissions in the aggregate amount of $1,369,200, $799,719 and $1,667,497
    during 2006, 2005 and 2004, respectively, not including the gross
    underwriting spread on securities purchased in underwritten public
    offerings.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="6" width="675">
    <p style="margin-left: 52">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" colspan="6" width="675">
    <p style="margin-left: 52">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    The Fund did not pay any brokerage commissions during 2006, 2005 or 2004
    to any broker that (1) is an affiliated person of the Fund, (2) is an
    affiliated person of an affiliated person of the Fund or (3) has an
    affiliated person that is an affiliated person of the Fund or the Adviser.</td>
  </tr>
  </table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="675" id="AutoNumber13">
  <tr>
    <td style="border-style: none; border-width: medium" width="675">
    <p style="margin-left: 52">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" width="675">
    <p style="margin-left: 50">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    In selecting brokers or dealers to execute portfolio transactions and in
    evaluating the best net price and execution available, the Adviser is
    authorized to consider &quot;brokerage and research services&quot; (as those terms
    are defined in Section 28(e) of the Securities Exchange Act of 1934) that
    assist the Adviser in fulfilling its investment management
    responsibilities. The Adviser is also authorized to cause the Fund to pay
    to a broker or dealer who provides such brokerage and research services a
    commission for executing a portfolio transaction which is in excess of the
    amount of commission another broker or dealer would have charged for
    effecting that transaction. The Adviser must determine in good faith,
    however, that such commission was reasonable in relation to the value of
    the brokerage and research services provided, viewed in terms of either
    that particular transaction or the Adviser's overall responsibilities with
    respect to the accounts as to which the Adviser exercises investment
    discretion. It is possible that certain of the services received by the
    Adviser attributable to a particular transaction will benefit one or more
    other accounts as to which investment discretion is exercised by the
    Adviser. The Adviser does not direct the Fund's brokerage transactions to
    brokers for third party research services that the Adviser could purchase
    directly from a vendor. The Adviser does direct the Fund's brokerage
    transactions to brokers for proprietary research regarding the economy,
    industries, sectors of securities, individual companies, statistical
    information, taxation, political developments, legal developments and
    market action. Such research services are received primarily in the form
    of written reports, telephone contacts and personal meetings with
    securities analysts.</td>
  </tr>
  <p style="page-break-before:always">
  <tr>
    <td style="border-style: none; border-width: medium" width="675">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" width="675">
    <p style="margin-left: 50">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    During the last fiscal year, pursuant to agreements or understandings with
    brokers or otherwise through an internal allocation procedure, the Adviser
    directed certain of the Fund's brokerage transactions to certain brokers
    because of the research services provided by those brokers as described
    above. The aggregate principal amount of the transactions involved was
    $721,181,632 and the aggregate amount of the related commissions was
    $1,073,509.</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" width="675">
    &nbsp;</td>
  </tr>
  <tr>
    <td style="border-style: none; border-width: medium" width="675">
    <p style="margin-left: 52">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    The Fund has not acquired during its most recent fiscal year securities of
    its regular brokers or dealers as defined in Rule 10b-1 under the 1940
    Act, or their parents.</td>
  </tr>
  </table>
<p><u><font face="Times New Roman">Item 23</font></u>. <u>Tax Status</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to continue to
qualify as a regulated investment company under the IRC, as it has in each
year since the inception of its operations, so as to be relieved of U.S.
federal income tax on net investment income and net capital gains distributed
to shareholders.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid by the Fund from
its ordinary income and distributions of the Fund's net realized short-term
capital gains are taxable to shareholders as ordinary income, except to the
extent that a reduced capital gains rate applies to QDI. Ordinary income
dividends treated as QDI are taxed at the same rates as long-term capital
gains. However, even though such QDI is taxed at the same rates as long-term
capital gains, such QDI will not be considered long-term capital gains for
other U.S. federal income tax purposes. For example, a shareholder generally
will not be permitted to offset ordinary income dividends with capital losses.
Short-term capital gain distributions will continue to be taxed at ordinary
income rates. In addition, so long as the Fund has capital loss carryovers,
distributions derived from long-term capital gains in the Fund's portfolio may
constitute ordinary income, rather than capital gains, to shareholders.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends from ordinary income
may be eligible for the dividends-received deduction available to corporate
shareholders. Under its charter, the Fund is required to designate dividends
paid on its remarketed preferred stock as qualifying for the
dividends-received deduction to the extent such dividends do not exceed the
Fund's qualifying income. In the event the Fund is required to allocate all of
its qualifying income to dividends on the remarketed preferred stock,
dividends payable on the common stock and the auction preferred stock will not
be eligible for the dividends-received deduction. Any distributions
attributable to the Fund's net realized long-term capital gains are taxable to
shareholders as long-term capital gains, regardless of the holding period of
shares of the Fund. Under current law, the maximum tax rate on long-term
capital gains is generally 35% for corporate shareholders and 15% for
non-corporate shareholders. Without future congressional action, the maximum
tax rate on long-term capital gains would return to 20% in 2011 for
non-corporate shareholders, and the maximum tax rate on QDI would move to
39.6% in 2011 for non-corporate shareholders.</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to distribute substantially
all its net investment income and net realized capital gains in the year
earned or realized. A dividend reinvestment plan is available to all holders
of common stock of the Fund. Under the dividend reinvestment plan, all cash
distributions to participating shareholders are reinvested in additional
shares of common stock. See Item 10.1(d).</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2006, the Fund
had tax capital loss carryovers of $150,585,405, which will expire in 2011.</font></p>

<p><u><font face="Times New Roman">Item 24</font></u>. <u>Financial Statements</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The financial statements
listed below are incorporated herein by reference from the Fund's Annual
Report to Shareholders for the year ended December 31, 2006 as filed on Form
N-CSR with the Securities and Exchange Commission on March 2, 2007 (no.
811-4915). All other portions of the Annual Report to Shareholders are not
incorporated herein by reference and are not part of the Registration
Statement. A copy of the Annual Report to Shareholders may be obtained without
charge by writing to the Fund at its address at 55 East Monroe Street, Suite
3600, Chicago, Illinois 60603 or by calling the Administrator toll free at 888
878-7845.</p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of
independent public accountants</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of
Investments at December 31, 2006</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance Sheet at
December 31, 2006</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of
Operations for the year ended December 31, 2006</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Changes in Net Assets for the years
ended December 31, 2006 and 2005</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
- -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of
Cash Flows for the year ended December 31, 2006</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights - Selected Per Share Data
and Ratios</font></p>

<p align="center"><font face="Times New Roman">PART C:&nbsp; OTHER INFORMATION</font></p>

<p><u><font face="Times New Roman">Item 25</font></u>. <u>Financial Statements and Exhibits</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements</font></p>

<p><font face="Times New Roman"> <b>In Part B:</b></font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Report of independent public accountants</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Schedule of Investments at December 31, 2006</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Balance Sheet at December 31, 2006</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Statement of Operations for the year ended December 31, 2006</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Statement of Changes in Net Assets for the years ended December 31,
2006 and 2005</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Statement of Cash Flows for the year ended December 31, 2006</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Notes to Financial Statements</font></p>

<p style="margin-left: 110"><font face="Times New
Roman">Financial Highlights - Selected Per Share Data and Ratios</font></p>
<p style="page-break-before:always">
<p style="margin-left: 50"><font face="Times New Roman"> <b>In Part C:</b></font></p>

<p style="margin-left: 100"><font face="Times New
Roman">None</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border-left-width: 0; border-right-width: 0; border-top-width: 0" width="100%" bordercolor="#111111">
<tr>
<td valign="top" style="border-style: none; border-width: medium">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" style="border-style: none; border-width: medium">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" style="border-style: none; border-width: medium">
<p><font face="Times New Roman">&nbsp;a.1</font></p>
</td>
<td valign="top" style="border-style: none; border-width: medium">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" style="border-style: none; border-width: medium">
Articles of Amendment and Restatement filed May 11, 2006 (Incorporated by
reference from post-effective amendment no. 52 to Registrant's registration
statement under the Investment Company Act of 1940 on Form N-2, no. 811-04915)
</td>
</tr>

<tr>
<td valign="top" style="border-top-style: none; border-top-width: medium">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top" style="border-top-style: none; border-top-width: medium"></td>
<td valign="top" style="border-top-style: none; border-top-width: medium"></td>
<td valign="top" style="border-top-style: none; border-top-width: medium"></td>
<td valign="top" style="border-top-style: none; border-top-width: medium"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="left"><font face="Times New Roman">&nbsp;a.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
Articles Supplementary filed June 2, 2006 (Incorporated by reference from
post-effective amendment no. 52 to Registrant's registration statement under
the Investment Company Act of 1940 on Form N-2, no. 811-04915)
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">a.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
Form of Articles Supplementary Creating Series T and Series TH of Auction
Preferred Stock filed July 14, 2006 (Incorporated by reference from
post-effective amendment no. 53 to Registrant's registration statement under
the Investment Company Act of 1940 on Form N-2, no. 811-04915)
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">a.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
Certificate of Correction to Articles of Amendment and Restatement filed
August&nbsp;4, 2006</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">a.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
Certificate of Correction to Articles Supplementary filed August 4, 2006</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">b.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Bylaws (Incorporated by reference from post-effective amendment no. 52 to
Registrant's registration statement under the Investment Company Act of 1940
on Form N-2, no. 811-04915)</p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">c.</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">None</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">d.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Specimen common stock certificate (Incorporated by reference from Registrant's registration statement on Form N-2, no. 33-10421)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">d.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series A (Incorporated by reference from pre-effective amendment no. 2 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">d.3</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series B (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24101)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">d.4</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series C (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24100)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">d.5</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series D (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24102)</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">d.6</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series E (Incorporated by reference from pre-effective amendment no. 1 to Registrant's registration statement on Form N-2, no. 33-24099)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">d.7</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Form of certificate of Remarketed Preferred Stock, Series I (Incorporated by reference from pre-effective amendment no. 2 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
d.8</td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of certificate of Auction Preferred Stock, Series M (Incorporated by
reference from pre-effective amendment no. 1 to Registrant's registration
statement on Form N-2, no. 333-130598)
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">d.9</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of certificate of Auction Preferred Stock, Series W (Incorporated by
reference from pre-effective amendment no. 1 to Registrant's registration
statement on Form N-2, no. 333-130598)
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">d.10</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of certificate of Auction Preferred Stock, Series F (Incorporated by
reference from pre-effective amendment no. 1 to Registrant's registration
statement on Form N-2, no. 333-130598)
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">d.11</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of certificate of Auction Preferred Stock, Series T (Incorporated by
reference from post-effective amendment no. 52 to Registrant's registration
statement under the Investment Company Act of 1940 on Form N-2, no. 811-04915)</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">d.12</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of certificate of Auction Preferred Stock, Series TH (Incorporated by
reference from post-effective amendment no. 52 to Registrant's registration
statement under the Investment Company Act of 1940 on Form N-2, no. 811-04915)</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">e.</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Document setting forth the terms of Registrant's dividend reinvestment plan
(Incorporated by reference from post-effective amendment no. 46 to Registrant's
registration statement under the Investment Company Act of 1940 on Form N-2, no.
811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">f.</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">None</font></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">g.1</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Investment Advisory Agreement (Incorporated by reference from post-effective amendment no. 39 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">g.2</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Service Agreement (Incorporated by reference from post-effective amendment no. 39 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></td>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">g.3</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Administration Agreement (Incorporated by reference from post-effective amendment no. 39 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">h.</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Not applicable</font></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">i.</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Not applicable</font></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">j.1</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Custody Agreement (Incorporated by reference from post-effective amendment no. 45 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">j.2</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Foreign Custody Manager Agreement (Incorporated by reference from post-effective amendment no. 45 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">k.1</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Fund Accounting Agreement (Incorporated by reference from post-effective amendment no. 45 to Registrant's registration statement under the Investment Company Act of 1940 on Form N-2, no. 811-4915)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">k.2</font></p>
</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Form of Remarketing Agreement (Incorporated by reference from exhibit k.3 to pre-effective amendment no. 3 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">k.3</font></p>
</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Form of Paying Agent Agreement (Incorporated by reference from exhibit k.4 to pre-effective amendment no. 3 to Registrant's registration statement on Form N-2, no. 33-22933)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">k.4</font></p>
</td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of Amended and Restated Auction Agency Agreement (Incorporated by
reference from post-effective amendment no. 53 to Registrant's registration
statement under the Investment Company Act of 1940 on Form N-2, no. 811-04915)</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">k.5</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of Moody's Preferred Stock Guidelines (Incorporated by reference
from Exhibit k.11 to pre-effective amendment no. 1 to Registrant's
registration statement on Form N-2, no. 333-130598)</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">k.6</font></p>
</td>
<td valign="top">&nbsp;</td>
<td valign="top">
Form of Standard &amp; Poor's Preferred Stock Guidelines (Incorporated by
reference from Exhibit k.12 to pre-effective amendment no. 1 to Registrant's
registration statement on Form N-2, no. 333-130598)</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p align="left"><font face="Times New Roman">l.</font></p>
</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">m.</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
<p><font face="Times New Roman">n.</font></p>
</td>
<td valign="top" width="33"></td>
<td valign="top" width="503">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
&nbsp;</td>
<td valign="top" width="33">&nbsp;</td>
<td valign="top" width="503">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
<p><font face="Times New Roman">o.</font></p>
</td>
<td valign="top" width="33"></td>
<td valign="top" width="503">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
&nbsp;</td>
<td valign="top" width="33">&nbsp;</td>
<td valign="top" width="503">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
<p><font face="Times New Roman">p.</font></p>
</td>
<td valign="top" width="33"></td>
<td valign="top" width="503">
<p><font face="Times New Roman">Subscription Agreement for initial capital
(Incorporated by reference from Registrant's registration statement on Form
N-2, no. 33-10421)</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
&nbsp;</td>
<td valign="top" width="33">&nbsp;</td>
<td valign="top" width="503">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
<p><font face="Times New Roman">q.</font></p>
</td>
<td valign="top" width="33"></td>
<td valign="top" width="503">
<p><font face="Times New Roman">Not applicable</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
&nbsp;</td>
<td valign="top" width="33">&nbsp;</td>
<td valign="top" width="503">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
<p><font face="Times New Roman">r.1</font></p>
</td>
<td valign="top" width="33"></td>
<td valign="top" width="503">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Registrant</font></p>
</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
&nbsp;</td>
<td valign="top" width="33">&nbsp;</td>
<td valign="top" width="503">
&nbsp;</td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top" width="28">
<p><font face="Times New Roman">r.2</font></p>
</td>
<td valign="top" width="33"></td>
<td valign="top" width="503">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Duff &amp; Phelps Investment Management Co. (investment adviser to Registrant)</font></p>
</td>
</tr>
</table>

<p><u><font face="Times New Roman">Item 26</font></u>. <u>Marketing Arrangements</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 27</font></u>. <u>Other Expenses of Issuance and Distribution</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 28</font></u>. <u>Persons Controlled by or Under Common Control</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund does not consider that it is controlled, directly or indirectly, by any person. The information in Item 20 is incorporated
herein by reference.</font></p>

<p><u><font face="Times New Roman">Item 29</font></u>. <u>Number of Holders of Securities</u></p>
<center>

<div align="left">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" width="503">
<tr>
<td valign="bottom" width="248">
<p align="center"><u><font face="Times New Roman">Title of Class</font></u></p>
</td>
<td valign="bottom" width="83">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="172">
<p align="center"><font face="Times New Roman">Number of<br />
 Record Holders<br />
 <u>March 31, 2007</u></font></p>
</td>
</tr>

<tr>
<td valign="top" width="248">
<p><font face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="83"></td>
<td valign="top" width="172"></td>
</tr>

<tr>
<td valign="top" width="248">
<p><font face="Times New Roman">Common Stock, $.001 par value</font></p>
</td>
<td valign="top" width="83"></td>
<td valign="top" width="172">
<p align="center"><font face="Times New Roman">24,408</font></p>
</td>
</tr>

<tr>
<td valign="top" width="248"></td>
<td valign="top" width="83"></td>
<td valign="top" width="172"></td>
</tr>

<tr>
<td valign="top" width="248">
<p><font face="Times New Roman">Preferred Stock, $.001 par value</font></p>
</td>
<td valign="top" width="83"></td>
<td valign="top" width="172">
<p align="center"><font face="Times New Roman">1</font></p>
</td>
</tr>
</table>
</center>


<p><u><font face="Times New Roman">Item 30</font></u>. <u>Indemnification</u></p>

<p style="text-indent: 50">Maryland law permits a corporation to include in
its charter a provision limiting the liability of its directors and officers
to the corporation and its stockholders for money damages, except for
liability resulting from (a) actual receipt of an improper benefit or profit
in money, property or services or (b) active and deliberate dishonesty
established by a final judgment and which is material to the cause of action.
The Registrant's charter contains a provision which eliminates directors' and
officers' liability to the maximum extent permitted by Maryland law.</p>

<p style="text-indent: 50">Maryland law requires a corporation (unless its
charter provides otherwise, which the Registrant's charter does not) to
indemnify a director or officer who has been successful in the defense of any
proceeding to which he is made a party by reason of his service in that
capacity. Maryland law permits a corporation to indemnify its present and
former directors and officers, among others, against judgments, penalties,
fines, settlements and reasonable expenses actually incurred by them in
connection with any proceeding unless it is established that:</p>

  <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber16">
    <tr>
      <td width="12%" style="border-style: none; border-width: medium" valign="top">
      <ul>
        <li>
        <p style="margin-left: 25">&nbsp;</li>
      </ul>
      </td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top">
      the act or omission was material to the matter giving rise to the
      proceeding and (i) was committed in bad faith or (ii) was the result of
      active and deliberate dishonesty,</td>
    </tr>
    <tr>
      <td width="12%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-left: 25">&nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td width="12%" style="border-style: none; border-width: medium" valign="top">
      <ul>
        <li>
        <p style="margin-left: 25">&nbsp;</li>
      </ul>
      </td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top">
      the director or officer actually received an improper personal benefit
      in money, property or services or in the case of any criminal
      proceeding, the director or officer had reasonable cause to believe that
      the act or omission was unlawful.</td>
    </tr>
  </table>

<p style="text-indent: 50">A court may order indemnification if it determines
that the director or officer is fairly and reasonably entitled to
indemnification, even though the prescribed standard of conduct is not met.
However, indemnification for an adverse judgment in a suit by or in the right
of the corporation, or for a judgment of liability on the basis that personal
benefit was improperly received, is limited to expenses.</p>

<p style="text-indent: 50">In addition, Maryland law permits a corporation to
advance reasonable expenses to a director or officer upon receipt of (a) a
written affirmation by the director or officer of his good faith belief that
he has met the standard of conduct necessary for indemnification and (b) a
written undertaking by him or on his behalf to repay the amount paid or
reimbursed if it is ultimately determined that the standard of conduct was not
met.</p>

<p style="text-indent: 50">The Registrant's charter obligates it, to the
maximum extent permitted by Maryland law but subject to the exclusion required
by Section 17(h) of the Investment Company Act of 1940, to indemnify (a) any
present or former director or officer or (b) any director or officer who, at
the Registrant's request, serves another enterprise as a director or officer.
The Bylaws of the Registrant obligate it to provide advance of expenses to the
fullest extent permitted by Maryland law, except as limited by the Investment
Company Act of 1940. Additionally, the Registrant's Bylaws permit it to
indemnify any other employees or agents of the Registrant to the extent
authorized by the Registrant's Board of Directors.</p>

<p style="text-indent: 50">Insofar as indemnification for liabilities arising under the Securities Act of
1933 (the &quot;1933 Act&quot;) may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the 1933 Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person in connection with the securities being registered), the  Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the 1933 Act and will be governed by the final
adjudication of such issue.</p>

The Registrant, its directors and officers, the Adviser and persons affiliated
with them are insured under policies of insurance maintained by the Registrant
and the Adviser, within the limits and subject to the limitations of the
policies, against certain expenses in connection with the defense of actions,
suits or proceedings and certain liabilities that might be imposed as a result
of such actions, suits or proceedings, to which they are parties by reason of
being or having been such directors or officers. The policies expressly
exclude coverage for any director or officer whose personal dishonesty,
fraudulent breach of trust, lack of good faith, or intention to deceive or
defraud has been finally adjudicated or may be established or who willfully
fails to act prudently.

<p><u><font face="Times New Roman">Item 31</font></u>. <u>Business and Other Connections of Investment Adviser</u></p>

<p style="text-indent: 50"><font face="Times New Roman">Neither the Adviser,
nor any of its directors or executive officers, has at any time during the
past two years been engaged in any other business, profession, vocation or
employment of a substantial nature either for its or his own account or in the
capacity of director, officer, employee, partner or trustee, except as
indicated in this Registration Statement. </font></p>
<p style="page-break-before:always">
<p><u><font face="Times New Roman">Item 32</font></u>. <u>Location of Accounts and Records</u></p>

<p style="text-indent: 50"><font face="Times New Roman">All accounts, books
and other documents required to be maintained by Section 31 (a) of the
Investment Company Act of 1940 and the Rules promulgated thereunder are
maintained at the offices of the Fund (55 East Monroe Street, Suite 3600,
Chicago, Illinois 60603), the Adviser, the Administrator and the Fund's
custodian and transfer agents. See Items 9.1(b), 9.1(d) and 9.1(e) for the
addresses of the Adviser, the Administrator and the Fund's custodian, transfer
agent and auction agent.</font></p>

<p><u><font face="Times New Roman">Item 33</font></u>. <u>Management Services</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p><u><font face="Times New Roman">Item 34</font></u>. <u>Undertakings</u></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>

<p style="page-break-before:always">
<p align="center"><font face="Times New Roman">SIGNATURE</font></p>

<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this amendment to its registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, and State of Illinois, on April
27, 2007.</font></p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber17">
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium"><font face="Times New Roman">DNP SELECT INCOME FUND INC.</font></td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium"><font face="Times New Roman">By: <u>&nbsp;/s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium">
    <p style="margin-left: 24"><font face="Times New Roman">Nathan I. Partain</font></td>
  </tr>
  <tr>
    <td width="50%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-style: none; border-width: medium">
    <p style="margin-left: 24"><font face="Times New Roman">President and
    Chief Executive Officer</font></td>
  </tr>
</table>
<p style="page-break-before:always">
<p align="center"><font face="Times New Roman">EXHIBIT INDEX</font></p>

<div align="left">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="bottom">
<p><u><font face="Times New Roman">Exhibit&nbsp;No.</font></u></p>
</td>
<td valign="bottom">
<p align="center"><font face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom">
<p><u><font face="Times New Roman">Description</font></u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p><font face="Times New Roman">Sequential<br />
 <u>Page No.</u></font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New
Roman">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<font face="Times New Roman">a.4</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Certificate of Correction to Articles of
Amendment and Restatement<br>
filed August&nbsp;4, 2006</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
</tr>

<tr>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
</tr>

<tr>
<td valign="top">
<font face="Times New Roman">a.5</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">
<font face="Times New Roman">Certificate of Correction to Articles
Supplementary filed August 4, 2006</font></td>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">r.1</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of
Registrant</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
<p><font face="Times New Roman">r.2</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font face="Times New Roman">Amended and Restated Code of Ethics of Duff &amp;
Phelps Investment<br>
Management Co. (investment adviser to Registrant)</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top">
&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

</table>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>2
<FILENAME>exhibit_a4.htm
<TEXT>
<html>

<head>
<title>Exhibit a.4</title>
</head>

<body>

<p align="right"><b>Exhibit a.4</b></p>
<p align="center"><b>CERTIFICATE OF CORRECTION<br>
to<br>
ARTICLES OF AMENDMENT AND RESTATEMENT<br>
of<br>
DNP SELECT INCOME FUND INC.</b><br>
&nbsp;</p>
<p align="left" style="text-indent: 50">DNP Select Income Fund Inc., a
Maryland corporation (the &quot;<u>Corporation</u>&quot;), hereby certifies to the State
Department of Assessments and Taxation of Maryland (the &quot;<u>Department</u>&quot;)
that:</p>
<p align="left" style="text-indent: 50"><b>FIRST:&nbsp; </b>Articles
Supplementary of the Corporation, dated March 28, 2006 (the &quot;<u>Articles
Supplementary</u>&quot;), classifying previously authorized but unissued shares of
preferred stock as shares of Auction Preferred Stock, Series M, par value
$.001 per share, Auction Preferred Stock, Series W, par value $.001 per share,
and Auction Preferred Stock, Series F, par value $.001 per share, were filed
with the Department on March 29, 2006, the terms of the Articles Supplementary
were incorporated as Article Fifteenth of Articles of Amendment and
Restatement of the Corporation, dated May 11, 2006 (the &quot;<u>Articles of
Amendment and Restatement</u>&quot;), were filed with the Department on May 11,
2006, and Article Fifteenth of the Articles of Amendment and Restatement
requires correction as permitted by Section 1-207 of the Maryland General
Corporation Law.</p>
<p align="left" style="text-indent: 50"><b>SECOND:</b>&nbsp; (A) Section
2(d)(ii) of Part I of Article Fifteenth of the Articles of Amendment and
Restatement, as previously filed and to be corrected hereby, reads as follows:</p>
<p align="left" style="text-indent: 50; margin-left: 50">(ii)&nbsp;&nbsp;&nbsp;<i>Calculation
of Dividends</i>. The amount of dividends per share payable on shares of a
series of APS on any date on which dividends shall be payable on shares of
such series shall be computed by multiplying the Applicable Dividend Rate for
shares of such series in effect for such Dividend Period or Dividend Periods
or part thereof for which dividends have not been paid by a fraction, the
numerator of which shall be the number of days in such Dividend Period or
Dividend Periods or part thereof and the denominator of which shall be 365 if
such Dividend Period is a Standard Dividend Period and 360 in all other cases,
and applying the rate obtained against $25,000.</p>
<p align="left" style="text-indent: 50; margin-left: 9">(B) Section 2(d)(ii)
of Part I of Article Fifteenth of the Articles of Amendment and Restatement,
as corrected hereby, shall read as follows:</p>
<p align="left" style="text-indent: 50; margin-left: 50">(ii)&nbsp;&nbsp;&nbsp;<i>Calculation
of Dividends</i>. The amount of dividends per share payable on shares of a
series of APS on any date on which dividends shall be payable on shares of
such series shall be computed by multiplying the Applicable Dividend Rate for
shares of such series in effect for such Dividend Period or Dividend Periods
or part thereof for which dividends have not been paid by a fraction, the
numerator of which shall be the number of days in such Dividend Period or
Dividend Periods or part thereof and the denominator of which shall be 360,
and applying the rate obtained against $25,000.</p>
<p align="left" style="text-indent: 50"><b>THIRD: </b>The undersigned
President acknowledges this Certificate of Correction to be the corporate act
of the Corporation and as to all matters or facts required to be verified
under oath, the undersigned President acknowledges that to the best of his
knowledge, information and belief, these matters and facts are true in all
material respects and that this statement is made under the penalties for
perjury.</p>
<p align="left" style="text-indent: 50"><b>IN WITNESS WHEREOF</b>, DNP Select
Income Fund Inc. has caused these presents to be signed in its name and on its
behalf by its President and witnessed by its Secretary on August&nbsp;4, 2006.</p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">WITNESS:
    </td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">DNP
    SELECT INCOME FUND INC.</td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium"><u>/s/ T.
    Brooks Beittel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">By: <u>
    /s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">T. Brooks
    Beittel </td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">Nathan I.
    Partain </td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">Secretary
    </td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">President</td>
  </tr>
</table>
<p align="left" style="text-indent: 50">&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2A CHARTER
<SEQUENCE>3
<FILENAME>exhibit_a5.htm
<TEXT>
<html>

<head>
<title>Exhibit a.5</title>
</head>

<body>

<p align="right"><b>Exhibit a.5</b></p>
<p align="center"><b>CERTIFICATE OF CORRECTION<br>
to<br>
ARTICLES SUPPLEMENTARY<br>
of<br>
DNP SELECT INCOME FUND INC.</b></p>
<p style="text-indent: 50">DNP Select Income Fund Inc., a Maryland corporation
(the &quot;<u>Corporation</u>&quot;), hereby certifies to the State Department of
Assessments and Taxation of Maryland (the &quot;<u>Department</u>&quot;) that:</p>
<p style="text-indent: 50"><b>FIRST:</b> Articles Supplementary of the
Corporation, dated July 14, 2006 (the &quot;<u>Articles Supplementary</u>&quot;),
classifying previously authorized but unissued shares of preferred stock as
shares of Auction Preferred Stock, Series T, par value $.001 per share, and
Auction Preferred Stock, Series TH, par value $.001 per share, were filed with
the Department on July 14, 2006, and the Articles Supplementary require
correction as permitted by Section 1-207 of the Maryland General Corporation
Law.</p>
<p style="text-indent: 50"><b>SECOND:</b> (A) Section 2(d)(ii) of Part I of
the Articles Supplementary, as previously filed and to be corrected hereby,
reads as follows:</p>
<p style="text-indent: 50; margin-left: 50">(ii)<i>&nbsp;&nbsp;&nbsp;Calculation of Dividends</i>.
The amount of dividends per share payable on shares of a series of APS on any
date on which dividends shall be payable on shares of such series shall be
computed by multiplying the Applicable Dividend Rate for shares of such series
in effect for such Dividend Period or Dividend Periods or part thereof for
which dividends have not been paid by a fraction, the numerator of which shall
be the number of days in such Dividend Period or Dividend Periods or part
thereof and the denominator of which shall be 365 if such Dividend Period is a
Standard Dividend Period and 360 in all other cases, and applying the rate
obtained against $25,000.</p>
<p style="text-indent: 50">(B) Section 2(d)(ii) of Part I of the Articles
Supplementary, as corrected hereby, shall read as follows: </p>
<p style="text-indent: 50; margin-left: 50">(ii)&nbsp;&nbsp;&nbsp;<i>Calculation of Dividends</i>.
The amount of dividends per share payable on shares of a series of APS on any
date on which dividends shall be payable on shares of such series shall be
computed by multiplying the Applicable Dividend Rate for shares of such series
in effect for such Dividend Period or Dividend Periods or part thereof for
which dividends have not been paid by a fraction, the numerator of which shall
be the number of days in such Dividend Period or Dividend Periods or part
thereof and the denominator of which shall be 360, and applying the rate
obtained against $25,000.</p>
<p style="text-indent: 50"><b>THIRD:</b> The undersigned President
acknowledges this Certificate of Correction to be the corporate act of the
Corporation and as to all matters or facts required to be verified under oath,
the undersigned President acknowledges that to the best of his knowledge,
information and belief, these matters and facts are true in all material
respects and that this statement is made under the penalties for perjury.</p>
<p style="page-break-before:always">
<p style="text-indent: 50">&nbsp;I<b>N WITNESS WHEREOF</b>, DNP Select Income Fund
Inc. has caused these presents to be signed in its name and on its behalf by
its President and witnessed by its Secretary on August&nbsp;4, 2006.</p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">WITNESS:
    </td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">DNP
    SELECT INCOME FUND INC.</td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium"><u>/s/ T.
    Brooks Beittel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">By: <u>
    /s/ Nathan I. Partain&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">T. Brooks
    Beittel </td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">Nathan I.
    Partain </td>
  </tr>
  <tr>
    <td width="33%" style="border-style: none; border-width: medium">Secretary
    </td>
    <td width="10%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="57%" style="border-style: none; border-width: medium">President</td>
  </tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>4
<FILENAME>exhibit_r1.htm
<TEXT>
<html>

<head>
<title>Exhibit r.1</title>
</head>

<body>

<p align="right"><b><font face="Times New Roman">Exhibit r.1</font></b></p>

<p align="center"><font face="Arial"><b><u>DNP SELECT INCOME FUND INC.<br>
<br>
AMENDED AND RESTATED CODE OF ETHICS</u></b></font></p>

<p align="left"><font face="Arial">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicability</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amended and Restated Code of Ethics (the
&quot;<u>Code</u>&quot;), adopted by the Board
of Directors of DNP Select Income Fund Inc. (the &quot;<u>Fund</u>&quot;) pursuant to Rule
17j-1 under the Investment Company Act of 1940, as amended (the &quot;<u>Act</u>&quot;), establishes
rules of conduct for &quot;Covered Persons&quot; or &quot;Access Persons&quot; (each as defined in
this Code) of the Fund.&nbsp; For purposes of this Code, &quot;Covered Person&quot; or &quot;Access Person&quot; shall mean any director, officer or
&quot;Advisory Person&quot; of the
Fund or its investment adviser and &quot;Advisory Person&quot; of the Fund or its
investment adviser means:</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; any director, officer, general partner&nbsp; or employee of
the Fund or its investment adviser (or any company in a control relationship to
the Fund or its investment adviser) who, in connection with his or her regular
functions or duties, makes, participates in or obtains information regarding,
the purchase or sale of securities by the Fund, or whose functions relate to the
making of any recommendations with respect to the purchases or sales; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; any natural person in a control relationship to the Fund or
its investment adviser who obtains information concerning recommendations made
to the Fund with regard to the purchase or sale of securities by the Fund.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this
<u>Article I</u>, a person does not become a Covered Person
solely by reason of (i) normally assisting in the preparation of public reports
or receiving public reports, but not receiving information about <u>current</u>
recommendations or trading; or (ii) a single instance of obtaining knowledge of
<u>current</u> recommendations or trading activity, or infrequently and inadvertently
obtaining such knowledge.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">II.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Statement of General Principles</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general fiduciary principles that govern the personal trading activities
of a Covered Person are as follows:</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; the duty at all times to place the interests of the
shareholders of the Fund first;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; the requirement that all personal securities transactions be
conducted in a manner which does not interfere with the Fund's portfolio
transactions so as to avoid any actual or potential conflict of interest or any
abuse of an individual's position of trust and responsibility; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(C)&nbsp; the fundamental standard that Covered Persons should not take
inappropriate or unfair advantage of their relationship with the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-bottom: 12">
<font face="Arial">Covered Persons must adhere to these general principles as well as comply
with the Code's specific provisions.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibitions</u></font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; No Covered Person shall purchase or sell, directly or
indirectly, any security in which he has, or by reason of such transaction
acquires, any direct or indirect beneficial ownership (as defined in <u>Attachment
A</u> hereto) and which he knows at the time of such purchase or sale:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1)&nbsp; is being considered for purchase or sale by the Fund; or</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2)&nbsp; is being purchased or sold by the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">No Advisory Person shall purchase or sell a security when the Fund has a
pending purchase or sale of the same security until the Fund's order has been
completed or withdrawn.&nbsp; If the proposed personal trade is on the same side
as the completed Fund transaction, the personal trade cannot occur within two
days of the Fund transaction (i.e., neither at T or T + 1 calendar day).&nbsp;
If the proposed trade is on the opposite side of the completed Fund transaction
in that security, the personal trade cannot occur within three days after the
Fund transaction (i.e., T + 2 calendar days or later).</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">No Advisory Person who is entrusted with the day-to-day management of
the Fund's portfolio may directly or indirectly acquire or dispose of beneficial
ownership of a security within seven calendar days before or after the Fund
trades in that security.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">No Advisory Person shall profit in the purchase and sale or sale and
purchase, of the same (or equivalent) securities of an issuer within 60 calendar
days if the Fund purchases or sells the same (or equivalent) securities of such
issuer during such 60-day period.&nbsp; Any profit realized on such short-term
trades shall be disgorged.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">For purposes of <u>Article III(A)(1)</u>, a security is &quot;being considered for
purchase or sale&quot; when a recommendation to purchase or sell a security has been
made and communicated and, with respect to the person making the recommendation,
when such person receives information that would lead such person in his or her
normal course of business to consider making such a recommendation.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; No Covered Person shall recommend any
securities transaction by the Fund without having disclosed his interest, if
any, in such securities or the issuer of the securities, including without
limitation:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1)&nbsp; such person's direct or indirect beneficial ownership of
any securities of such issuer;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2)&nbsp; any contemplated transaction by such person in such
securities;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(3)&nbsp; any position with such issuer or its affiliates; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(4)&nbsp; any present or proposed business relationship between such
issuer or its affiliates and such person or any party in which such person has a
significant interest.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(C)&nbsp; No Covered Person shall, directly or indirectly in connection
with the purchase or sale of any securities held or to be acquired by the Fund:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1)&nbsp; employ any device, scheme or artifice to defraud the Fund;
or</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2)&nbsp; make to the Fund any untrue statement of a material fact
or omit to state to the Fund a material fact necessary in order to make the
statements made, in light of the circumstances under which they are made, not
misleading;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(3)&nbsp; engage in any act, practice or course of business which
operates or would operate as a fraud or deceit upon the Fund; or</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(4)&nbsp; engage in any manipulative practice with respect to the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(D)&nbsp; No Advisory Person shall purchase, directly or indirectly, or by
reason of such transaction acquire, any direct or indirect beneficial ownership
(as defined in <u>Attachment A</u> hereto) of any securities in an initial public
offering or a private placement transaction, without prior approval in
accordance with this Code.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(E)&nbsp; No Covered Person shall accept any gift or other thing of more than
<u>de minimis</u> value from any person or entity that does business with or on behalf
of the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(F)&nbsp; No Advisory Person shall engage in excessive trading or market
timing activities with respect to any mutual fund whether or not such mutual
fund is managed by the employer of such Advisory Person or by any affiliated
adviser/sub-adviser.&nbsp; For the purposes of the foregoing, &quot;market timing&quot;
shall be defined as a purchase and redemption, regardless of size, in and out of
the same mutual fund within any sixty (60) day period.&nbsp; The foregoing
restrictions shall not apply to Advisory Persons investing in mutual funds
through asset allocation programs, automatic reinvestment programs and any other
non-volitional investment vehicles.&nbsp; Advisory Persons shall provide annual
and quarterly certifications as to their compliance with this restriction.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(G)&nbsp; No Covered Person shall (i) purchase or sell the security of any
issuer on the basis of material nonpublic information about that security or
issuer, or (ii) divulge such information in breach of a duty of trust or
confidence that is owed directly, indirectly or derivatively, to the issuer of
that security, the shareholders of that issuer or any other person who is the
source of such information.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Code, the term
&quot;security&quot; shall have the meaning set
forth in Section 2(a)(36) of the Act, provided that the term &quot;security&quot; shall
not include direct obligations of the Government of the United States, bankers'
acceptances, bank certificates of deposit, commercial paper and high quality
short-term debt instruments, including repurchase agreements, and shares of
registered open-end investment companies, other than investment companies to
which the Fund's investment adviser or any company in a control relationship to
the Fund's investment adviser acts as the investment adviser or principal
underwriter.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>
Exempt Transactions</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prohibitions described in
<u>paragraph (A)</u> of <u>Article III</u> and the prior
approval requirements described in <u>Article V</u> shall not apply to:</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; purchases or sales effected in any account over which the
Covered Person has (i) no direct or indirect influence or control or (ii) given
discretionary investment authority to an independent third party;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; purchases or sales of securities of an issuer of the type in
which the Fund does not typically invest;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(C)&nbsp; purchases or sales that are non-volitional on the part of the
Covered Person;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(D)&nbsp; transactions effected pursuant to a program (including a
dividend reinvestment plan) in which regular periodic purchases (or withdrawals)
are made automatically in (or from) investment accounts in accordance with a
predetermined schedule and allocation (an &quot;Automatic Investment Plan&quot;);</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(E)&nbsp; purchases effected upon the exercise of rights issued by an
issuer <u>pro</u> <u>rata</u> to all holders of a class of its securities, to the extent such
rights were acquired from the issuer, and sales of such rights so acquired;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(F)&nbsp; purchases or sales for which the Covered Person has
received prior approval from the Chief Compliance Officer of the Fund's
investment adviser or such individual's designee (the &quot;<u>Compliance Officer</u>&quot;) in accordance
with this Code; or</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(G)&nbsp; purchase or sales of securities issued under an employee stock
purchase or incentive program of the Fund's investment adviser, unless such
purchases or sales are otherwise restricted.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prior Approval for Non-Exempt Transactions</u></font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; Only the following categories of Covered Persons are subject to the
prior approval requirements of this <u>Article V</u>:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) Any Advisory Person,</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) Any director of the Fund who is an &quot;interested person&quot; (as
defined in the Act) with respect to the Fund, and</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(3) Any director of the Fund, whether or not an &quot;interested person,&quot;
who at the time of the purchase or sale of a security either knows, or in the
ordinary course of fulfilling his or her official duties as a director of the
Fund should know, that such security is being purchased or sold by the Fund or
is being considered for purchase or sale by the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; No Covered Person who is otherwise subject to the prior approval
requirements of this <u>Article V</u> shall be required to obtain prior approval for
any personal securities transaction that is exempt under <u>Article IV</u> above or for
any purchase or sale of up to 500 shares of stock of an issuer that is included
in the calculation of the Standard &amp; Poor's 500 Composite Stock Index at the
time of such purchase or sale.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(C)&nbsp; Before engaging in a personal securities transaction (other
than a transaction exempted under <u>paragraph (B)</u> of this <u>Article V</u>), a Covered
Person who fits within any of the categories specified in <u>paragraph (A)</u> of this
<u>Article V</u> must submit to the Compliance Officer in writing a completed and
executed Personal Trading Request for Pre-Clearance (the form of which is
appended hereto as <u>Attachment B</u>), which shall set forth the details of the
proposed transaction.&nbsp; Approval of the transaction as described on such
form shall be evidenced by the signature of the Compliance Officer thereon.&nbsp;
A copy of all prior approval forms, with all required signatures, shall be
retained by the Compliance Officer.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(D)&nbsp; Upon receipt of a Personal Trading Request for Pre-Clearance,
the Compliance Officer shall have the sole discretion to pre-approve a personal
securities transaction, and thereby exempt such transaction from the
restrictions of this Code.&nbsp; The Compliance Officer shall make such
determination in accordance with the following:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) Prior approval shall be granted only if a purchase or sale of
securities is consistent with the purposes of this Code and Section 17(j) of the
Act.&nbsp; To illustrate, a purchase or sale shall be considered consistent with
those purposes if such purchase or sale is only remotely potentially harmful to
the Fund because such purchase or sale would be unlikely to affect a highly
institutional market, or because such purchase or sale is clearly not related
economically to the securities held, purchased or sold by the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) Prior approval shall take into account, among other factors:</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(a) whether the investment opportunity should be reserved for
the Fund and its shareholders and whether the opportunity is being offered to
the Covered Person by virtue of the Covered Person's position with the Fund;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(b) whether the amount or nature of the transaction or person
making it is likely to affect the price or market for the security;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(c) whether the Covered Person making the proposed purchase or
sale is likely to benefit from purchases or sales being made or being considered
by the Fund;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(d) whether the security proposed to be purchased or sold is one
that would qualify for purchase or sale by the Fund; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(e) whether the transaction is non-volitional on the part of the
individual, such as receipt of a stock dividend or a sinking fund call.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(E)&nbsp; In any case where the Compliance Officer determines to grant
prior approval for the acquisition by a Covered Person of securities in an
initial public offering or a private placement transaction, he or she shall
maintain a record of the reasons supporting such determination and retain such
record with the prior approval form in accordance with the provisions of <u>Article VII(I)(6)</u> below.&nbsp; In all other cases where prior approval is granted in
accordance with this Code, the Compliance Officer is not required to specify any
reason for such determination.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(F)&nbsp; If approval is given to the Covered Person in accordance with
this Code to engage in a securities transaction, the Covered Person is under an
affirmative obligation to disclose that position if such Covered Person plays a
material role in the Fund's subsequent investment decision regarding the same
issuer.&nbsp; In such circumstances, a review of the Fund's investment decision
to purchase securities of the issuer by investment personnel with no personal
interest in the issuer shall be conducted.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(G)&nbsp; Approval granted to the Covered Person in accordance with this
Code is only valid through the business day next following the day such approval
is given.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Reporting</u></font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; <u>Initial Holdings Reports</u>.&nbsp; Every Covered Person must submit a
report (a form of which is appended as <u>Attachment C</u>) to the Compliance Officer
not later than 10 days after the person becomes a Covered Person.&nbsp; The
report must contain the following information (current as of a date not more
than 45 days prior to the date the person becomes a Covered Person):</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) the title, number of shares and principal amount of each
security in which the Covered Person had any direct or indirect beneficial
ownership when the person became a Covered Person;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) the name of any broker, dealer or bank with whom the Covered
Person maintained an account in which any securities were held for the direct or
indirect benefit of the Covered Person as of the date the person became a
Covered Person; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(3) the date that the report is submitted by the Covered Person.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; <u>Quarterly Transaction Reports</u>.&nbsp; Every Covered Person must
submit a report (a form of which is appended as <u>Attachment D</u>) to the Compliance
Officer not later than 15 days after each calendar quarter containing:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) the following information about <u>any</u> transaction (other than a
transaction effected pursuant to an Automatic Investment Plan) during the
quarter in which the Covered Person had <u>any</u> direct or indirect beneficial
ownership:</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(a) the date of the transaction, the title, the interest rate
and maturity date (if applicable), the number of shares and the principal amount
of each security involved;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(b)&nbsp; the nature of the transaction (<u>i.e.</u>, purchase, sale or
any other type of acquisition or disposition);</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(c)&nbsp; the price at which the transaction was effected;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(d)&nbsp; the name of the broker, dealer or bank with or through
whom the transaction was effected;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(e)&nbsp; the date that the report is submitted by the Covered
Person;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) the following information about <u>any</u> account established by the
Covered Person in which <u>any</u> securities were held during the quarter for the
direct or indirect benefit of the Covered Person:</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(a) the name of the broker, dealer or bank with whom the Covered
Person established the account;</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(b) the date the account was established; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(c) the date that the report is submitted by the Covered Person.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(C)&nbsp; <u>Annual Holdings Reports</u>.&nbsp; Every Covered Person must submit a
report (a form of which is appended as <u>Attachment E</u>) to the Compliance Officer
not later than January 31 of each year containing the following information:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) the title, number of shares and principal amount of each
security in which the Covered Person had any direct or indirect beneficial
ownership as of December 31 of the preceding year;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) the name of any broker, dealer or bank with whom the Covered
Person maintains an account in which any securities are held for the direct or
indirect benefit of the Covered Person as of December 31 of the preceding year;
</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(3) the date that the report is submitted by the Covered Person; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(4) a certification by the Covered Person that he or she has read
and understood the Code and has complied with the Code's requirements.</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(D)&nbsp; <u>Exceptions from Reporting Requirements</u>.</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) A Covered Person shall not be required to include in any report
made under this <u>Article VI</u> any transactions effected for, and securities held
in, any account over which such person (i) does not have any direct or indirect
influence or control or (ii) has given discretionary authority to an independent
third party.</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) Any person who is a Covered Person by virtue of being a director
of the Fund, but who is not an &quot;interested person&quot; (as defined in the Act) with
respect to the Fund:</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(a) need not make an initial holdings report under <u>Article VI(A)</u>
above or an annual report under <u>Article VI(C)</u> above; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(b) need not make a quarterly transaction report under <u>Article VI(B)</u> above unless such person, at the time of any transaction during the
quarter, knew, or in the ordinary course of fulfilling his or her official
duties as a director of the Fund should have known, that the security such
person purchased or sold is or was purchased or sold by the Fund or was being
considered for purchase or sale by the Fund.</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(E) Any report submitted to comply with the requirements of this
<u>Article
VI</u> may contain a statement that the report shall not be construed as an
admission that the person making such report has any direct or indirect
beneficial ownership in the security to which the report relates.</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(F) A Covered Person will be deemed to have complied with the
requirements of <u>Article VI(B)</u> above by (i) causing to be sent to the Compliance
Officer duplicate monthly brokerage statements on all transactions required to
be reported thereunder, or (ii) providing to the Compliance Officer the
requisite information on all transactions required to be reported hereunder
through a transaction monitoring system, which may or may not be automated, each
within the requisite time period and in a manner acceptable to the Compliance
Officer.&nbsp; All Advisory Persons shall have duplicate monthly brokerage
statements sent directly to the Compliance Officer.</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(G) A Covered Person shall immediately report any violations or
potential violations of the Code of which he or she becomes aware to the
Compliance Officer.&nbsp; No Covered Person will be terminated from employment
or otherwise retaliated against for making such a report.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration and Procedural Matters</u></font></p>

<p align="left" style="margin-left: 50; margin-bottom: 12"><font face="Arial">The Compliance Officer shall:</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(A)&nbsp; furnish a copy of this Code to each Covered Person;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(B)&nbsp; notify each Covered Person of his or her obligation to file
reports as provided by this Code;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(C)&nbsp; report to the Board of Directors the facts contained in any
reports filed with the Compliance Officer pursuant to this Code when any such
report indicates that a Covered Person purchased or sold a security held or to
be acquired by the Fund;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(D)&nbsp; supervise the implementation of this Code by the Adviser and
the enforcement of the terms hereof by the Adviser;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(E)&nbsp; determine whether any particular securities transaction should
be exempted pursuant to the provisions of this Code;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(F)&nbsp; issue either personally or with the assistance of counsel as
may be appropriate, any interpretation of this Code which may appear consistent
with the objectives of Rule 17j-1 and this Code;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(G)&nbsp; conduct such inspections or investigations as shall reasonably
be required to detect and report any apparent violations of this Code to the
Board of Directors of the Fund or any Committee appointed by them to deal with
such information;</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(H) furnish to the Board of Directors, no later than August 31 of each
year, a written report that:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) describes any issues arising under this Code or related
procedures since the last report to the Board of Directors, including, but not
limited to:</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(a) information about material violations of this Code or
related procedures,</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(b) sanctions imposed in response to such material violations,</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(c) the number of reports filed with the Compliance Officer
pursuant to this Code during the preceding calendar year,</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(d) the failure during the preceding calendar year by any
Covered Person to file a report pursuant to this Code when such a report should
have been filed,</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(e) the number of such reports filed during the preceding
calendar year that indicated that a Covered Person purchased or sold a security
held or to be acquired by the Fund and</font></p>

<p align="left" style="text-indent: 50; margin-left: 150; margin-bottom: 12">
<font face="Arial">(f) such other matters as the Board of Directors may request;
and</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) certifies that the Fund has adopted procedures reasonably
necessary to prevent Covered Persons from violating this Code; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 50; margin-bottom: 12">
<font face="Arial">(I)&nbsp; maintain and cause to be maintained in an easily accessible
place, the following records:</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(1) a copy of any Code adopted pursuant to Rule 17j-1 which has been
in effect during the past five (5) years;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(2) a record of any violation of any such Code that occurred during
the current year and the past five (5) calendar years and of any action taken as
a result of such violation;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(3) a copy of each report made by a Covered Person during the
current year and the past five (5) calendar years as required by Rule 17j-1 and
<u>Article VI</u> of this Code, including any information provided in lieu of the
reports under <u>Article VI(F)</u> above;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(4) a list of all persons, currently or within the past five (5)
years, who are or were required to make reports pursuant to Rule 17j-1 under
<u>Article VI</u> above, or who are or were responsible for reviewing those reports,
together with an appropriate description of their title or employment;</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(5) a copy of each report made by the Compliance Officer pursuant to
<u>Article VII(H)</u> above during the current year and the past five (5) calendar
years; and</font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">(6) a record of any decision made during the current year and the
past five (5) calendar years by the Compliance Officer, and the reasons
supporting each such decision, to grant prior approval pursuant to <u>Article V</u> of
this Code for the acquisition by a Covered Person of securities in an initial
public offering or a private placement transaction.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">VIII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon discovering that a Covered Person has not complied with the
requirements of this Code, the Board of Directors of the Fund or the Fund's
investment adviser may impose on such Covered Person whatever sanctions the
Board deems appropriate, including, among other things, fines, a letter of
censure, suspension or termination of such Covered Person's position with the
Fund and/or restitution of an amount equal to the difference between the price
paid or received by the Fund and the more advantageous price paid or received by
such Covered Person.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors, in its discretion, may impose any of the sanctions
set forth in this <u>Article VIII</u> for any violations of the requirements of this
Code, including but not limited to, the filing by any Covered Person of any
false, incomplete or untimely reports contemplated by <u>Article VI</u> of the Code.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information obtained from any Covered Person hereunder shall be kept in
strict confidence, except that reports of securities transactions hereunder will
be made available to the Securities and Exchange Commission or any other
regulatory or self-regulatory organization only to the extent required by law or
regulation.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial"><br>
X.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Laws, Rules and Statements of Policy</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Code shall be interpreted as relieving any Covered
Person from acting in accordance with the provision of any applicable law, rule
or regulation or any other statement of policy or procedure governing the
conduct of such person adopted by the Fund.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">XI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Information</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any person has any question with regard to the applicability of the
provisions of this Code generally or with regard to any securities transaction
or transactions, he or she should consult the Compliance Officer.</font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">XII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Certification By Advisory Persons</u></font></p>

<p align="left" style="margin-bottom: 12"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Advisory Persons of the Fund must submit a certificate (the form of
which is included as Section III of <u>Attachment C</u>) that they have read and
understand this Code and recognize that as a Covered Person they are subject to
the terms of this Code.&nbsp; All Advisory Persons of the Fund shall agree to
certify on an annual basis that they have complied with the requirements of this
Code and that they have disclosed or reported all personal securities
transactions required to be disclosed or reported pursuant to the requirements
of this Code.</font></p>
<p align="left" style="margin-bottom: 12"><font face="Arial">Dated: August 18, 2006.</font></p>
<p style="page-break-before:always">
<p align="right"><font face="Arial"><u>Attachment A</u></font></p>
<b><font face="Arial">Certain Definitions</font></b></p>

<p><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &quot;beneficial ownership&quot; as used in the attached Code of Ethics (the &quot;<u>Code</u>&quot;)
is to be interpreted by reference to Rule 16a-1 under the Securities Exchange
Act of 1934, as amended (the &quot;<u>Rule</u>&quot;), except that the determination of direct or
indirect beneficial ownership for purposes of the Code must be made with respect
to all securities that a Covered Person has or acquires. Under the Rule, a
person is generally deemed to have beneficial ownership of securities if: (1)
the person, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares (a) voting power, which
includes the power to vote, or to direct the voting of, the securities and/or
(b) investment power, which includes the power to dispose of, or to direct the
disposition of, the securities; <u>and</u> (2) the person, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has
or shares a direct or indirect pecuniary interest in the securities. A person is
deemed to have voting and/or investment power with respect to securities within
the meaning of the Rule if the person has the right to acquire beneficial
ownership of the security within 60 days, including any right to acquire the
security; through the exercise of any option, warrant or right; through the
conversion of a security; pursuant to the power to revoke a trust, discretionary
account or similar arrangement; or pursuant to the automatic termination of a
trust, discretionary account or similar arrangement.</font></p>

<p><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term
&quot;pecuniary
interest&quot; in particular securities is generally defined in the Rule to mean the
opportunity, directly or indirectly, to profit or share in any profit derived
from a transaction in the securities. A person is deemed to have an &quot;indirect
pecuniary interest&quot; within the meaning of the Rule in any securities held by
members of the person's immediate family sharing the same household, the term &quot;immediate family&quot; including any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law, as well as
adoptive relationships. Under the Rule, an indirect pecuniary interest also
includes, among other things: a general partner's proportionate interest in the
portfolio securities held by a general or limited partnership; a person's right
to dividends that is separated or separable from the underlying securities; a
person's interest in certain trusts; and a person's right to acquire equity
securities through the exercise or conversion of any derivative security,
whether or not presently exercisable, the term &quot;derivative security&quot; being
generally defined as any option, warrant, convertible security, stock
appreciation right or similar right with an exercise or conversion privilege at
a price related to an equity security, or similar securities with, or value
derived from, the value of an equity security. For purposes of the Rule, a
person who is a shareholder of a corporation or similar entity is <u>not</u> deemed to
have a pecuniary interest in portfolio securities held by the corporation or
entity, so long as the shareholder is not a controlling shareholder of the
corporation or the entity and does not have or share investment control over the
corporation's or the entity's portfolio.</font></p>
<p style="page-break-before: always" align="right">
<font face="Arial"><u>Attachment B</u></font><p align="center">
<u><b><font face="Arial" size="4">Pre-Clearance Request for Personal Trading</font></b></u><div align="left">
  <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber9">
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" nowrap>
    <font size="1" face="Arial">&nbsp;</font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" nowrap>
    <font size="1" face="Arial">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" nowrap>
    <font size="1" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="18">
    <b><font face="Arial" size="2"><u>PERSONAL &amp; CONFIDENTIAL</u></font></b></td>
    <td width="14%" style="border-style: none; border-width: medium" height="18"></td>
    <td width="14%" style="border-style: none; border-width: medium" height="18"></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="18">
    <p align="left"><b><font face="Arial" size="2"><u>Fax:</u>&nbsp; Attn:
    Maureen/Joyce 312-630-2460</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium" valign="top" height="18"><b>
    <font face="Arial" size="2"><u>Questions</u>: </font></b></td>
    <td width="49%" style="border-style: none; border-width: medium" valign="top" height="18" colspan="3"><b>
    <font face="Arial" size="2">Maureen Carney&nbsp;&nbsp;(312) 630-4605</font></b></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" valign="top" height="18"></td>
  </tr>
  <tr>
    <td width="10%" style="border-style: none; border-width: medium" height="18"></td>
    <td width="46%" style="border-style: none; border-width: medium" height="18" colspan="3"><b>
    <font face="Arial" size="2">Joyce Riegel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 630-4641</font></b></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="18"></td>
  </tr>
  <tr>
    <td width="10%" style="border-style: none; border-width: medium" nowrap height="5">
    <font size="1" face="Arial Narrow">&nbsp;</font></td>
    <td width="18%" style="border-style: none; border-width: medium" nowrap height="5">
    <font size="1" face="Arial Narrow">&nbsp;</font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" nowrap height="5">
    <font size="1" face="Arial Narrow">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" nowrap height="5">
    <font size="1" face="Arial Narrow">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="18">
    <font face="Arial" size="2"><b>Office Code:&nbsp; DPIM Chicago</b></font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="18"></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="18"></td>
  </tr>
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="15">
    <font size="1">&nbsp;</font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="15">
    <font size="1">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="15">
    <font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%" style="border-style: none; border-width: medium" height="18"><b>
    <font face="Arial" size="2">Employee:</font></b></td>
    <td width="40%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" colspan="2" height="18"></td>
    <td width="4%" style="border-style: none; border-width: medium" height="17"></td>
    <td width="10%" style="border-style: none; border-width: medium" height="18"><b>
    <font face="Arial" size="2">Extension: </font></b></td>
    <td width="35%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
  </tr>
  <tr>
    <td width="12%" style="border-style: none; border-width: medium" height="17"></td>
    <td width="44%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" colspan="3" height="18">
    <p align="center"><font face="Arial" size="2">(Print Name)</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="17"></td>
  </tr>
  <tr>
    <td width="12%" style="border-style: none; border-width: medium" height="11">
    <font size="1" face="Arial">&nbsp;</font></td>
    <td width="44%" style="border-style: none; border-width: medium" colspan="3" height="11">
    <font size="1" face="Arial">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="11">
    <font size="1" face="Arial">&nbsp;</font></td>
  </tr>
</table>
</div>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber10">
  <tr>
    <td width="12%" style="border-style: none; border-width: medium"><b>
    <font face="Arial" size="2">I am a:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td width="19%" style="border-style: none; border-width: medium"><b>
    <font face="Arial" size="2">Portfolio Manager</font></b></td>
    <td width="4%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td width="23%" style="border-style: none; border-width: medium"><b>
    <font face="Arial" size="2">Advisory Person</font></b></td>
    <td width="3%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td width="25%" style="border-style: none; border-width: medium"><b>
    <font face="Arial" size="2">Access Person</font></b></td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber11" height="43">
  <tr>
    <td width="100%" style="border-style: none; border-width: medium" height="17"></td>
  </tr>
  <tr>
    <td width="100%" style="border-style: none; border-width: medium" height="14">
    <p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">In
    accordance with the Code of Ethics for the Fund, I hereby request
    pre-clearance for the following trade:</font></td>
  </tr>
  <tr>
    <td width="100%" style="border-style: none; border-width: medium" nowrap height="6">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;<font face="Arial" size="1">&nbsp;
    </font></td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber12" height="40">
  <tr>
    <td width="18%" style="border-style: none; border-width: medium" height="14" nowrap>
    <b><font face="Arial" size="2">Name of Security:&nbsp;</font></b></td>
    <td width="31%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="14" nowrap>
    </td>
    <td width="10%" style="border-style: none; border-width: medium" height="14" nowrap>
    <b><font face="Arial" size="2">&nbsp; Symbol</font></b></td>
    <td width="9%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="14" nowrap>
    </td>
    <td width="14%" style="border-style: none; border-width: medium" height="14" nowrap>
    <b><font face="Arial" size="2">&nbsp; # Shares</font></b></td>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="14" nowrap>
    </td>
    <td width="12%" style="border-style: none; border-width: medium" height="14" nowrap>
    </td>
  </tr>
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="14" colspan="7" align="center">
    <b><i><font face="Arial" size="2">stock (common or preferred); bonds
    (coupon/maturity); options (strike/expiration)</font></i></b></td>
  </tr>
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="6" colspan="7" align="center">
    </td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber13" height="24">
  <tr>
    <td width="13%" style="border-style: none; border-width: medium" height="14" align="center" nowrap>
    </td>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="14" align="center" nowrap>
    </td>
    <td width="18%" style="border-style: none; border-width: medium" height="14" align="center" nowrap>
    <p align="left"><i><b><font face="Arial" size="1">&nbsp; </font></b></i>
    <font face="Arial" size="2">Purchase</font></td>
    <td width="5%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="14" align="center" nowrap>
    </td>
    <td width="12%" style="border-style: none; border-width: medium" height="14" align="center" nowrap>
    <p align="left"><b><font face="Arial" size="1"><i>&nbsp; </i></font></b>
    <font face="Arial" size="2">Sale</font></td>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="14" align="center" nowrap>
    </td>
    <td width="16%" style="border-style: none; border-width: medium" height="14" align="center" nowrap>
    <p align="left"><font face="Arial" size="2">&nbsp; Short Sale</font></td>
    <td width="29%" style="border-style: none; border-width: medium" height="14" align="center" nowrap>
    </td>
  </tr>
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="6" align="center" colspan="8">
    </td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber14" height="27">
  <tr>
    <td width="17%" style="border-style: none; border-width: medium" height="18" align="center" valign="bottom">
    <p align="left"><font size="2" face="Arial">Name of Broker:</font></td>
    <td width="34%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="18" align="center">
    <p align="left"></td>
    <td width="7%" style="border-style: none; border-width: medium" height="18" align="center" valign="bottom">
    <p align="left"><font size="2" face="Arial">&nbsp;&nbsp;A/C#</font></td>
    <td width="25%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="18" align="center">
    </td>
    <td width="18%" style="border-style: none; border-width: medium" height="18" align="center">
    </td>
  </tr>
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="5" align="center" colspan="5">
    </td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber15">
  <tr>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="26" align="center" nowrap>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="66%" style="border-style: none; border-width: medium" height="26" align="center" valign="bottom" nowrap>
    <p align="left"><font face="Arial" size="2">&nbsp; Request pre-clearance
    for investment in the following Private Placement:&nbsp;</font></td>
    <td width="31%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="26" align="center" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" height="8" align="center" nowrap>
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="66%" style="border-style: none; border-width: medium" height="8" align="center" nowrap>
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="31%" style="border-style: none; border-width: medium" height="8" align="center" nowrap>
    <font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="25" align="center">&nbsp;</td>
    <td width="66%" style="border-style: none; border-width: medium" height="25" align="center" valign="bottom">
    <p align="left"><font face="Arial" size="2">&nbsp; Check here if proposed
    purchase is an (IPO) Initial Public Offering.</font></td>
    <td width="31%" style="border-style: none; border-width: medium" height="25" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" align="center" height="7">
    <font face="Arial" size="1">&nbsp; </font></td>
    <td width="66%" style="border-style: none; border-width: medium" align="center" height="7">
    <font face="Arial" size="1">&nbsp; </font></td>
    <td width="31%" style="border-style: none; border-width: medium" align="center" height="7">
    <font size="1">&nbsp;</font></td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber16">
  <tr>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="18" align="center">
    <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="37%" style="border-style: none; border-width: medium" align="left" height="18" nowrap>
    <p align="left"><font face="Arial" size="2">&nbsp; <i><b>Notification of
    New Brokerage A/C#&nbsp;</b></i></font></td>
    <td width="20%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="left" height="18" nowrap>
    </td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" height="18" nowrap>&nbsp;<font face="Arial"><font size="2">
    </font><b><i><font size="2">Name of Broker:</font></i></b></font></td>
    <td width="20%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="left" height="18" nowrap>
    </td>
  </tr>
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" height="10" align="center">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="37%" style="border-style: none; border-width: medium" align="left" height="10">
    <b><i><font face="Arial" size="1">&nbsp;</font></i></b></td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" height="10">
    <b><i><font face="Arial" size="1">&nbsp;</font></i></b></td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" height="10">
    <b><i><font face="Arial" size="1">&nbsp;</font></i></b></td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" height="10">
    <font size="1">&nbsp;</font></td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber17" height="59">
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" align="center" nowrap valign="bottom">
    </td>
    <td width="30%" style="border-style: none; border-width: medium" align="left" nowrap valign="bottom">
    <font face="Arial" size="2"><b><i>&nbsp;Date the account was opened:&nbsp;</i></b></font></td>
    <td width="47%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="left" nowrap colspan="2" valign="bottom">
    &nbsp;</td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" nowrap valign="bottom">
    </td>
  </tr>
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" align="center" nowrap height="5">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="30%" style="border-style: none; border-width: medium" align="left" nowrap height="5">
    <b><i><font face="Arial" size="1">&nbsp;</font></i></b></td>
    <td width="32%" style="border-style: none; border-width: medium" align="left" nowrap height="5">
    <b><i><font face="Arial" size="1">&nbsp;</font></i></b></td>
    <td width="15%" style="border-style: none; border-width: medium" align="left" nowrap height="5">
    <b><i><font face="Arial" size="1">&nbsp;</font></i></b></td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" nowrap height="5">
    <font size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="30" align="left" nowrap>
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="97%" style="border-style: none; border-width: medium" align="left" height="30" colspan="4" nowrap>
    <b><i><font size="2" face="Arial">&nbsp;&nbsp;I have requested that my broker
    provide duplicate confirmations and statements to Duff &amp; Phelps<br>
    &nbsp;&nbsp;Investment Management Co.'s Compliance Department.</font></i></b></td>
  </tr>
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" height="7" align="center">
    </td>
    <td width="97%" style="border-style: none; border-width: medium" align="left" height="7" colspan="4">
    </td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber18" height="138">
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="29" align="center" colspan="2">
    <p align="left"><font size="2" face="Arial">I certify that:</font></td>
  </tr>
  <tr>
    <td width="6%" style="border-style: none; border-width: medium" align="center">
    <font size="1" face="Arial">&nbsp;</font></td>
    <td width="95%" style="border-style: none; border-width: medium" align="left" height="9">
    <font size="1" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="6%" style="border-style: none; border-width: medium" align="center" valign="top">
    <p align="left"><font face="Arial" size="2">1.</font></td>
    <td width="95%" style="border-style: none; border-width: medium" align="left" valign="top" height="46">
    <font face="Arial" size="2">I have received and read the Code within the
    past year and believe that the consummation of this transaction is
    consistent with the Code's policy of requiring disclosure, detection and
    avoidance of conflicts of interest in personal trading activities.</font></td>
  </tr>
  <tr>
    <td width="6%" style="border-style: none; border-width: medium" align="center">
    <font size="1" face="Arial">&nbsp; </font>
    </td>
    <td width="95%" style="border-style: none; border-width: medium" align="left" height="3">
    <font size="1" face="Arial">&nbsp; </font>
    </td>
  </tr>
  <tr>
    <td width="6%" style="border-style: none; border-width: medium" align="center" valign="top">
    <p align="left"><font face="Arial" size="2">2.</font></td>
    <td width="95%" style="border-style: none; border-width: medium" align="left" height="30">
    <font face="Arial" size="2">If approved, I will execute the trade within 1
    business day of approval and have my broker deliver confirmation of the
    trade execution within 3 business days.</font></td>
  </tr>
  <tr>
    <td width="6%" style="border-style: none; border-width: medium" align="center">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="95%" style="border-style: none; border-width: medium" align="left" height="9">
    <font face="Arial" size="1">&nbsp;</font></td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber19" height="55">
  <tr>
    <td width="21%" style="border-style: none; border-width: medium" align="center" height="12" colspan="2">
    <p align="left"><font size="2" face="Arial">Employee Signature:</font></td>
    <td width="32%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="12"></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="12"></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="12">
    <p align="left"><font size="2" face="Arial">Date:</font></td>
    <td width="14%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="12"></td>
    <td width="20%" style="border-style: none; border-width: medium" align="center" colspan="2" height="12"></td>
  </tr>
  <tr>
    <td width="21%" style="border-style: none; border-width: medium" align="center" height="1" colspan="2">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="32%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="14%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="20%" style="border-style: none; border-width: medium" align="center" colspan="2" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="13%" style="border-style: none; border-width: medium" align="center" height="14">
    <p align="left"><b><font face="Arial" size="2">APPROVED:</font></b></td>
    <td width="40%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="14" colspan="2"></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="14"></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="14">
    <p align="left"><font face="Arial" size="2">Date:</font></td>
    <td width="14%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="14"></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="14">
    <p align="left"><font face="Arial" size="2">&nbsp;/ Time: </font></td>
    <td width="12%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="14"></td>
  </tr>
  <tr>
    <td width="21%" style="border-style: none; border-width: medium" align="center" height="1" colspan="2">
    <p align="left"><font face="Arial" size="1">&nbsp; </font></td>
    <td width="32%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="14%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp; </font></td>
    <td width="12%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="21%" style="border-style: none; border-width: medium" align="center" height="1" colspan="2">
    <p align="left"><b><font face="Arial" size="2">NOT APPROVED:</font></b></td>
    <td width="32%" style="border-style:none; border-width:medium; " align="center" height="1">
    </td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    </td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="14">
    <p align="left"><font face="Arial" size="2">Date:</font></td>
    <td width="14%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="14"></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="14">
    <p align="left"><font face="Arial" size="2">&nbsp;/ Time: </font></td>
    <td width="12%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:solid; border-bottom-width:1" align="center" height="14"></td>
  </tr>
</table>


<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber22" height="29">
  <tr>
    <td width="21%" style="border-style: none; border-width: medium" align="center" height="12">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="32%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium" align="center" height="12">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="12">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="12">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="14%" style="border-style: none; border-width: medium" align="center" height="12">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="12">
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="12%" style="border-style: none; border-width: medium" align="center" height="12">
    <font face="Arial" size="1">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="100%" style="border-style: none; border-width: medium" align="center" colspan="7" nowrap height="13">
    <p align="left" style="margin-top: 0; margin-bottom: 6"><b><font face="Arial" size="2">NOT&nbsp;APPROVED&nbsp;/&nbsp;REASON:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
  </tr>
</table>


<table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse; " bordercolor="#111111" width="100%" id="AutoNumber21" height="12">
  <tr>
    <td width="101%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1; border-top-style:none; border-top-width:medium" align="left">
    <font size="2" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="101%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" align="left">
    <font size="2" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="101%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" align="left">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="101%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" align="left">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="101%" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium" align="left">
    <font face="Arial Narrow" size="1">&nbsp;&nbsp;QST\Pre-Clear.Form (3/06)</font></td>
  </tr>
</table>
<p style="page-break-before: always;" align="right">
<font face="Arial"><u>Attachment C</u></font></p>
<p align="center">
<b><font face="Arial" size="2">INITIAL REPORT OF PERSONAL
SECURITIES HOLDINGS<br>
and CODE OF ETHICS CERTIFICATION</font></b></p>
</p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="63%" id="AutoNumber1" height="37">
  <tr>
    <td width="12%" height="17" style="border-style: none; border-width: medium">
    <b><font face="Arial" size="2">FROM:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td width="54%" height="17" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    </td>
  </tr>
  <tr>
    <td width="12%" height="19" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="54%" height="19" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <p align="center"><font face="Arial" size="2">Print Your Name<br>
&nbsp;</font></td>
  </tr>
</table>

<u><b><font face="Arial">Please provide the information requested under each
section:</font></b></u></p>

<hr noshade color="#000000">

<u><b><font face="Arial" size="2">Section I.</font></b></u></p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber2">
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">1. </font></td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">The following securities are owned by me or
    members of my immediate family.</font></td>
  </tr>
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">2.</font></td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">Please include securities such as private
    placements. You do not need to include open-end mutual funds unless you own
    the Phoenix funds.</font></td>
  </tr>
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">3.</font></td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">In lieu of completing the table, you may check
    the box at the bottom of the table. </font></td>
  </tr>
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">4.</font></td>
    <td width="2%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="93%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">If you hold <u><b>NO</b></u> securities, please
    write <b>&quot;NONE&quot;</b> in the table.</font></td>
  </tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0"><font size="1" face="Arial Narrow">&nbsp;</font></p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-left-width: 0; border-top-width: 0; border-bottom-width: 0" bordercolor="#111111" width="100%" id="AutoNumber30">
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-top-color: #111111; border-top-width: 1">
    <p align="center"><b><font size="2" face="Arial">&nbsp;NO. OF SHARES</font></b></td>
    <td width="50%" style="border-top-color: #111111; border-top-width: 1">
    <p align="center"><b><font face="Arial" size="2">NAME OF
    SECURITY</font></b></td>
    <td width="25%" style="border-top-color: #111111; border-top-width: 1">
    <p align="center"><b><font face="Arial" size="2">BROKER(S)</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp; <br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp; <br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="18%" style="border-left-style: solid; border-left-width: 1; border-bottom-color: #111111; border-bottom-width: 1">
    <font face="Arial" size="1">&nbsp;<br>
&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
  </tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&nbsp; <font size="1" face="Arial">
&nbsp;&nbsp;&nbsp;</font></p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
  <tr>
    <td width="5%" style="border-top:1px solid #111111; border-bottom:1px solid #111111; ">&nbsp;</td>
    <td width="95%" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium; border-left-style:solid; border-left-width:1">
    <p style="margin-left: 15"><font face="Arial" size="2">I certify that I have
    instructed my broker to provide duplicate confirmations and periodic
    brokerage statements directly to you and that, except as listed above, there
    are no other holdings to report.</font></td>
  </tr>
  <tr>
    <td width="5%" style="border-bottom:medium none #111111; border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-color: #111111; ">&nbsp;</td>
    <td width="95%" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
  </tr>
</table>
<p style="page-break-before:always">
<hr noshade color="#000000">
<p style="margin-top: 6"><u><b>
<font face="Arial" size="2">Section II.</font></b></u></p>
<p align="center"><u><b>
<font face="Arial" size="2">BROKERAGE ACCOUNT LISTING</font></b></u></p>
<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber6">
  <tr>
    <td width="7%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">
    <font face="Arial" size="2">1.&nbsp;&nbsp;&nbsp;</font></td>
    <td width="87%" valign="top" style="border-style: none; border-width: medium">
<font face="Arial" size="2">The following is a list of all my securities
    brokerage accounts. Be advised that the securities firms identified below
    have been instructed to provide duplicate confirmations and statements to
    the Compliance Officer, Duff &amp; Phelps Investment Management Co. If you need
    more space, please make and attach an additional copy of this form. Please
    print or type.</font></td>
  </tr>
  <tr>
    <td width="7%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="87%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="7%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">
<font face="Arial" size="2">&nbsp;2.&nbsp;&nbsp;&nbsp;</font></td>
    <td width="87%" valign="top" style="border-style: none; border-width: medium">
<font face="Arial" size="2">If you do not have a securities brokerage account,
    please write <u><b>"NONE"</b></u> in the table.</font></td>
  </tr>
  <tr>
    <td width="7%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">
&nbsp;</td>
    <td width="87%" valign="top" style="border-style: none; border-width: medium">
&nbsp;</td>
  </tr>
  <tr>
    <td width="7%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">
&nbsp;</td>
    <td width="87%" valign="top" style="border-style: none; border-width: medium">
&nbsp;</td>
  </tr>
</table>
<div align="left">
<table border="2" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber7">
  <tr>
    <td width="50%">
    <p style="margin: 3 5"><font face="Arial" size="2">NAME , ADDRESS, AND
    TELEPHONE NUMBER OF FIRM WHERE ACCOUNT IS HELD (e.g. Fidelity
    Investments)&nbsp; </font></td>
    <td width="15%">
    <p align="center" style="margin: 3 5"><font face="Arial" size="2">ACCOUNT<br>
    NUMBER </font></td>
    <td width="13%">
    <p align="center" style="margin: 3 5"><font face="Arial" size="2">MANAGED
    ACCOUNT? Y/N</font></td>
    <td width="27%">
    <p align="center" style="margin: 3 5"><font face="Arial" size="2">ACCOUNT
    NAMES<br>
&nbsp;(e.g. John Smith, IRA)</font></td>
  </tr>
  <tr>
    <td width="50%">
    <p style="margin: 3 5"><br>
&nbsp;</td>
    <td width="15%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="13%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="27%">
    <p style="margin: 3 5">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">
    <p style="margin: 3 5"><br>
&nbsp;</td>
    <td width="15%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="13%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="27%">
    <p style="margin: 3 5">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">
    <p style="margin: 3 5"><br>
&nbsp;</td>
    <td width="15%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="13%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="27%">
    <p style="margin: 3 5">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">
    <p style="margin: 3 5"><br>
&nbsp;</td>
    <td width="15%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="13%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="27%">
    <p style="margin: 3 5">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%">
    <p style="margin: 3 5"><br>
&nbsp;</td>
    <td width="15%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="13%">
    <p style="margin: 3 5">&nbsp;</td>
    <td width="27%">
    <p style="margin: 3 5">&nbsp;</td>
  </tr>
</table>
</div>
<p></p>
<p>&nbsp;</p>
<hr noshade color="#000000">

<p><u><b><font face="Arial" size="2">Section III.</font></b></u></p>

<p><font face="Arial" size="2">I certify that I have read and understood the <b>
Code of Ethics and Insider Trading Policy </b> and have complied, and shall continue to comply, with its terms.</font></p>

<p><font face="Arial" size=
"2">Signature:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<p><b><font face="Arial" size="2">After you sign and date this form, please return this form to:</font></b></p>

<p style="margin-left: 100"><font size="2" face="Arial">Maureen Carney<br>
Compliance Officer<br>
Duff &amp; Phelps Investment Management Co.<br>
55 E. Monroe Street, 36<sup>th</sup> Floor<br>
Chicago, IL 60603</font></p>

<p style="page-break-before: always"></p>

<p align="right"><u><font face="Arial">Attachment D</font></u></p>

<p align="center"><b><font face="Arial" color="#FF0000" size="2">PLEASE BE ADVISED,<br>
 ONLY EMAIL RESPONSES FOR QUARTERLY REPORTING WILL BE ACCEPTED</font></b></p>

<p align="center"><b><font face="Arial" color="black" size="2">QUARTERLY SECURITIES TRANSACTIONS REPORTING<br>
 For Period Ending:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 200</font></b><font face="Arial" color="black" size="2">__</font></p>

<p>
<font face="Arial" color="black" size="2">Please complete and return via email by
______________,<b> 200</b>__</font><b> </b>
<font face="Arial" color="black" size="2"><b>&nbsp;</b>to<br>
</font><font face="Arial" size="2" color="#000080"><b>Maureen Carney </b>or <b>
Code Reports</b>.<b> </b></font><font face="Arial" size="2">&nbsp;</font><font size="2" color="#000080" face="Arial"><u>E-Sign and date at the bottom</u>.</font></p>

<p><b>
<font face="Arial" color="black" size="2">Please put an &quot;X&quot; next to each
statement below that applies to you:</font></b></p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="675" id="AutoNumber8">
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">

<font face="Arial" color="black" size="2">____&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font face="Arial" size="2">From __<b>/1/06 to</b> __<b>/30/06,</b><font color="black"> neither I nor my immediate family members made
    reportable securities transactions.</font></font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">&nbsp;</td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">

<font face="Arial" color="black" size="2">____&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font face="Arial" size="2">From __<b>/1/06 to</b> __<b>/30/06,</b> <font color="black">
    I and/or my immediate family members made reportable
    </font></font><font color="black" face="Arial" size="2">securities transactions
    <b>through a broker</b>, and:</font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font size="2" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">
    &nbsp;</td>
    <td width="40" style="border-style: none; border-width: medium" valign="top">
    <font size="2">____</font></td>
    <td width="27" style="border-style: none; border-width: medium" valign="top">
    &nbsp;</td>
    <td width="555" style="border-style: none; border-width: medium" valign="top">
    <font face="Arial" size="2">A.&nbsp; I <b>have advised</b> Compliance of my brokerage account(s) and any
    brokerage account(s) of my immediate family member(s), and<b>&nbsp;I have
    instructed</b> the broker(s)
    to send duplicate confirms and statements to
    the Compliance Dept.</font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font size="2" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="36" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">____</font><p>&nbsp;</td>
    <td width="31" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="555" style="border-style: none; border-width: medium" valign="top">
    <font face="Arial" size="2">B.&nbsp; I <b>have <u>not</u> yet advised</b> Compliance of my brokerage account(s) or
    any brokerage account(s) of my immediate family members, and&nbsp;<b>I
    have not yet instructed</b> the broker(s)
    to send duplicate confirms and
    statements to the Compliance Dept. (<i><b>See below
    for
    additional instructions) </b></i> </font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="36" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="31" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="555" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
  </tr>
  </table>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="675" id="AutoNumber24">
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="41" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="29" style="border-style: none; border-width: medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="23" style="border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium" valign="top">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="418" style="border-style: solid; border-width: 1; " valign="top">
    <p style="margin-left: 5; margin-right: 5">
    <font size="2" face="Arial"><b>
    If you selected &quot;B&quot; above, </b>please list your transactions for the 1<sup>st</sup>
    quarter on the <font color="#FF0000"><b>Quarterly Securities Transactions
    Reporting Form Page 2 </b></font>and email your reply to</font><font size="2"><b><font face="Arial">
    <font color="#FF0000">Maureen Carney or Code Reports</font></font></b></font><font size="2" face="Arial" color="black">.</font></td>
    <td width="111" style="border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium" valign="top">
    &nbsp;</td>
  </tr>
  <tr>
    <td width="675" valign="top" style="border-style: none; border-width: medium" colspan="6">
    &nbsp;</td>
  </tr>
  </table>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="675" id="AutoNumber8">
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">

<font face="Arial" color="black" size="2">____&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font face="Arial" size="2">From __<b>/1/06 to</b> __<b>/30/06,</b> <font color="black">
    I and/or my immediate family members made reportable
    </font></font><font color="black" face="Arial" size="2">securities transactions </font>
    <font face="Arial" size="2">that would not be included on brokerage
    statement
    received by the Compliance Department such as my Phoenix-Fidelity SIP
    401(k)
    statement.&nbsp; <b><i>(See box below for additional instructions)</i></b></font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">

&nbsp;</td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    &nbsp;</td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">

&nbsp;</td>
    <td width="21" style="border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium">
    &nbsp;</td>
    <td width="489" style="border-style: solid; border-width: 1; ">
    <p style="margin-left: 5; margin-right: 5">
    <font size="2" face="Arial"><b>
    If you selected the above statement</b>, please complete the
    <font color="#FF0000"><b>Quarterly Securities Transactions Reporting Form
    Page 2 </b></font>and email your reply to</font><font size="2"><b><font face="Arial">
    <font color="#FF0000">Maureen Carney or Code Reports</font></font></b></font><font size="2" face="Arial" color="black">.</font></td>
    <td width="112" style="border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium; border-bottom-style:none; border-bottom-width:medium">
    &nbsp;</td>
  </tr>
  <tr>
    <td width="675" valign="top" style="border-style: none; border-width: medium" colspan="4">

&nbsp;</td>
  </tr>
</table>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="103%" id="AutoNumber25">
  <tr>
    <td width="8%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="92%" colspan="5" style="border-style: none; border-width: medium">
    <i><b><font size="2" face="Arial" color="#FF0000"><u>Transactions that
    would not be included on a brokerage statement received<br>
    by the Compliance Department</u>:</font></b></i></td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <i><b><font face="Arial" size="2">1.</font></b></i></td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="4">
    <i><font face="Arial" size="2">Phoenix affiliated open or closed end
    mutual fund transactions not included in
    any brokerage account statements, including your Phoenix-Fidelity SIP
    401(k)
    for which we do not request or require you to provide copies of confirms
    or statements to the Compliance Department</font></i></td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <i><b><font face="Arial" size="2">2.</font></b></i></td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="4">
    <i><font face="Arial" size="2">A direct purchase of stock from an issuer</font></i></td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <i><b><font face="Arial" size="2">3.</font></b></i></td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="4">
    <i><font face="Arial" size="2">A Private Placement transaction</font></i></td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <i><b><font face="Arial" size="2">4.</font></b></i></td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="4">
    <i><font face="Arial" size="2">A Limited Partnership transaction</font></i></td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <i><b><font face="Arial" size="2">5.</font></b></i></td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="4">
    <i><font face="Arial" size="2">Any securities received as a gift</font></i></td>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="4">&nbsp;</td>
  </tr>
  <tr>
    <td width="12%" valign="top" style="border-style: none; border-width: medium" colspan="2">
    <b><font face="Arial" size="2">Signature:</font></b></td>
    <td width="38%" valign="top" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td width="7%" valign="top" style="border-style: none; border-width: medium">
    <b><font face="Arial" size="2">&nbsp;&nbsp;Date:</font></b></td>
    <td width="26%" valign="top" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td width="23%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
</table>
<p style="page-break-before:always" align="center">
<font face="Arial"><b>QUARTERLY SECURITIES TRANSACTIONS REPORT - Page 2 of 2</b><br>
<font size="2">For Period Ending: _____________, <b>200__<br>
<br>
________________________________________<br>
<u>Please print or type your name</u></b></font></font><p align="left">
<font size="2">Please furnish, by _____________, <b><font color="#FF0000">
200__</font></b>, the following information for all security transactions
(purchases and sales) made from __/1/06 through __/30/06 that are subject to
the reporting requirements of the Fund's Code of Ethics but have not been
provided to the Compliance Department. <b><font color="#0000FF">(Access
Persons must include all Phoenix affiliated open and closed end mutual fund
transactions that would not be included in any brokerage statement(s) that the
Compliance Department would receive; this will include any Phoenix affiliated
mutual fund transactions in your Phoenix-Fidelity SIP 401(k) for which we do
not request or require copies of broker confirms or statements to be provided
to the Compliance Department).</font></b></font> <p align="left">
<font face="Arial"><b>PURCHASES</b></font><div align="left">
  <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber26">
    <tr>
      <td width="10%" valign="bottom">
      <p align="center"><font size="2">NO. OF<br>
      SHARES</font></td>
      <td width="24%" valign="bottom">
      <p align="center"><font size="2">NAME OF SECURITY</font></td>
      <td width="11%" valign="bottom">
      <p align="center"><font size="2">PRICE PER SHARE</font></td>
      <td width="13%" valign="bottom">
      <p align="center"><font size="2">TRADE<br>
      DATE</font></td>
      <td width="25%" valign="bottom">
      <p align="center"><font size="2">BROKER<br>
      (Name of Brokerage Firm)</font></td>
      <td width="17%" valign="bottom">
      <p align="center"><font size="2">DATE OF<br>
      PRE-<br>
      CLEARANCE<br>
      (if applicable)</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
  </table>
</div>
<p style="margin-top: 12; margin-bottom: 0">
<u><b><font face="Arial">SALES</font></b></u></p>
<div align="left">
  <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber27">
    <tr>
      <td width="10%" valign="bottom">
      <p align="center"><font size="2">NO. OF<br>
      SHARES</font></td>
      <td width="24%" valign="bottom">
      <p align="center"><font size="2">NAME OF SECURITY</font></td>
      <td width="11%" valign="bottom">
      <p align="center"><font size="2">PRICE PER SHARE</font></td>
      <td width="13%" valign="bottom">
      <p align="center"><font size="2">TRADE<br>
      DATE</font></td>
      <td width="25%" valign="bottom">
      <p align="center"><font size="2">BROKER<br>
      (Name of Brokerage Firm)</font></td>
      <td width="17%" valign="bottom">
      <p align="center"><font size="2">DATE OF<br>
      PRE-<br>
      CLEARANCE<br>
      (if applicable)</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
    <tr>
      <td width="10%" valign="bottom"><br>
&nbsp;</td>
      <td width="24%" valign="bottom">&nbsp;</td>
      <td width="11%" valign="bottom">&nbsp;</td>
      <td width="13%" valign="bottom">&nbsp;</td>
      <td width="25%" valign="bottom">&nbsp;</td>
      <td width="17%" valign="bottom">&nbsp;</td>
    </tr>
  </table>
</div>

<p style="margin-top: 12">

<font face="Arial" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><font face="Times New Roman">Signature:
____________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Date:&nbsp;_____________</font></p>
<p style="page-break-before:always">
<p style="page-break-before:always" align="left">
<p style="margin-top: 0px; margin-bottom: 6" align="right">&nbsp;</p>

<p style="margin-top: 0px; margin-bottom: 6" align="right"><u><font face="Arial" size="3">Attachment E</font></u></p>

<div align="left">

<table cellspacing="0" cellpadding="0" border="1" style="border-collapse: collapse" bordercolor="#111111" width="100%">
<tr height="37">
<td valign="top" height="37" style="border-style: solid; border-width: 1">
<p style="margin-top: 0px; margin-bottom: 0px" align="center"><b><font face="Arial" color="red" size="4">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" color="red">&nbsp;&nbsp;THIS
FORM MUST BE RETURNED IN PERSON WITH A MANUAL EXECUTION, FAXES AND EMAILS WILL
NOT BE ACCEPTED.</font></b></p>
</td>
</tr>
</table>
</div>
<p style="margin-top: 0px; margin-bottom: 0px" align="center"><b>
<font face="Arial" size="2">ANNUAL REPORT OF&nbsp;PERSONAL&nbsp;SECURITIES&nbsp;HOLDINGS<br>
 AND CODE OF ETHICS CERTIFICATION</font></b><font face="Arial"><br>
 <b>January  </b>__<b>, 200</b>__</font></p>

<p style="margin-top: 0px; margin-bottom: 0px"><font face="Arial" size="2"><b>
<br>
FROM:</b>&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________<b><u><br>
</u></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Print Your Name<br>
&nbsp;</font></p>



<p style="margin-bottom: 10px; margin-top:0"><b><font face="Arial" size="2">Please provide the information requested under each section.</font></b></p>

<p style="margin-top: 0px; margin-bottom: 0px"><u><b><font face="Arial" size="2">SECTION I -</font></b> <font face="Arial"><b><font size="2">Brokerage Account Listings:</font></b></font></u></p>

<table cellspacing="0" cellpadding="0" border="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top">
<p style="margin-bottom: 6"><font face="Arial" size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </td>
<td valign="top">
<p style="margin-bottom: 6"><font face="Arial" size="2">The following is a list of
<b>all</b> my securities brokerage accounts.&nbsp; Be advised that the securities firms identified
below <b>have been instructed</b> to provide duplicate confirmations and statements to DPIM Compliance.&nbsp;<i>
(If you need more space, there is an additional copy of this form attached.)</i>&nbsp; Please print or type.</font></td>
</tr>

<tr>
<td valign="top"><font face="Arial" size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> </td>
<td valign="top"><font face="Arial" size="2">If you do not have a securities brokerage account, please write "NONE" in the table.</font></td>
</tr>
</table>

<div align="left">

<table cellspacing="0" cellpadding="0" width="100%" border="1" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="315">
<p style="margin-left: 3"><b><font face="Arial" size="2">NAME , ADDRESS, AND TELEPHONE
 NUMBER
OF FIRM WHERE ACCOUNT IS HELD (e.g.
Fidelity Investments)</font></b></td>
<td valign="top" width="99">
<p align="center"><b><font face="Arial" size="2">ACCOUNT
 NUMBER</font></b></p>
</td>
<td valign="top" width="102">
<p align="center"><b><font face="Arial" size="2">MANAGED
 ACCOUNT?<br>
 Y/N</font></b></p>
</td>
<td valign="top" width="148">
<p align="left" style="margin-left: 3"><b><font face="Arial" size="2">ACCOUNT NAMES
 (e.g. John Smith,
IRA)</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="315">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;<br>
&nbsp;</font></p>
</td>
<td valign="top" width="99">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="148">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="315">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="99">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="148">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="315">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="99">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="148">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
</tr>
</table>
</div>
<p style="margin-bottom: 0px"><b><u><font face="Arial" size="2">SECTION II &ndash; Holdings:</font></u></b></p>

<div align="left">

<table cellspacing="0" cellpadding="0" border="0" width="100%" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top"><font face="Arial" size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> </td>
<td valign="top">
<p align="justify"><font face="Arial" size="2">The following securities are owned by me or members of my immediate family as of 12/31/200__.&nbsp; Please include securities such as private placements,
limited partnerships, securities received as a gift, direct purchases of stock
from an issuer.&nbsp; <b><font color="#FF0000"><u>You must include Phoenix
affiliated mutual funds not included in any received brokerage statements
including your Phoenix-Fidelity 401(k) account</u></font></b>.</font></td>
</tr>

<tr>
<td valign="top"><font face="Arial" size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> </td>
<td valign="top"><font face="Arial" size="2">In lieu of completing the table, you may check the box at the bottom of the table.</font></td>
</tr>

<tr>
<td valign="top"><font face="Arial" size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">
</font> </td>
<td valign="top"><font face="Arial" size="2">If you hold NO securities, please write "NONE" in the table.</font></td>
</tr>

<tr>
<td valign="top">&nbsp;</td>
<td valign="top">&nbsp;</td>
</tr>
</table>

</div>
<div align="left">

<table cellspacing="0" cellpadding="0" width="100%" border="1" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="96">
<p align="left"><b><font face="Arial" size="2">&nbsp;NUMBER<br>
&nbsp;OF SHARES</font></b></p>
</td>
<td valign="top" width="244">
<p align="left"><b><font face="Arial" size="2">&nbsp;NAME OF SECURITY</font></b></p>
</td>
<td valign="top" width="95">
<p align="left"><b><font face="Arial" size="2">&nbsp;PRINCIPAL<br>
 &nbsp;AMOUNT</font></b></p>
</td>
<td valign="top" width="229">
<p align="left"><b><font face="Arial" size="2">&nbsp;BROKER(S)</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="96">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="244">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="95">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="229">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="96">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="244">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="95">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="229">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
</tr>

</table>

</div>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber4">
  <tr>
    <td width="5%" style="border-top:medium none #111111; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-color:#111111">
    <font size="2">&nbsp;</font></td>
    <td width="95%" style="border-style:none; border-width:medium; ">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="5%" style="border-top:1px solid #111111; border-left-style:solid; border-left-width:1; border-right-style:solid; border-right-width:1; border-bottom-color:#111111">&nbsp;</td>
    <td width="95%" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium; ">
    <p style="margin-left: 15"><font face="Arial" size="2">I certify that I have
    instructed my broker to provide duplicate confirmations and periodic
    brokerage statements directly to you and that, except as listed above, there
    are no other holdings to report.</font></td>
  </tr>
</table>



<p style="margin-top: 0; margin-bottom:6" align="left"><b><font face="Arial" size="2"><br>
<u>SECTION III</u></font></b><font face="Arial"><b><font size="2"><u>&ndash; Execution</u>:<br>
</font></b> <font size="2">I certify that I have read and understood the <b>Code of Ethics
and Insider Trading Policy</b> and have complied, and shall continue to comply, with its terms.</font></font></p>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="84%" id="AutoNumber28">
  <tr>
    <td width="11%" style="border-style: none; border-width: medium" align="left"><font face="Arial" size=
"2">Signature:</font></td>
    <td width="39%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="left">&nbsp;</td>
    <td width="8%" style="border-style: none; border-width: medium" align="left"><font face="Arial" size=
"2">&nbsp;Date:</font></td>
    <td width="42%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="left">&nbsp;</td>
  </tr>
</table>

<p style="margin-top: 6; margin-bottom: 0" align="center"><b><font face="Arial" color="blue" size="3">After you sign and date this form, please return by January 31, 200__ to:</font></b></p>
<p align="center" style="margin-top: 6; margin-bottom: 0"><font face="Arial" size="2">Compliance Department - Maureen
Carney<br>
 Duff &amp; Phelps Investment Management Co.<br>
 55 East Monroe Street, 36th Floor<br>
 Chicago, IL 60603</font></p>
<p align="right" style="margin-top: 6"><font face="Times New Roman">1</font></p>
<p style="page-break-before: always"></p>

<p style="margin-top: 0px; margin-bottom: 0px" align="center"><font face="Arial" size="3"><br>
</font><b><font face="Arial" size="2">ANNUAL REPORT OF&nbsp;PERSONAL&nbsp;SECURITIES&nbsp;HOLDINGS<br>
 and CODE OF ETHICS CERTIFICATION</font><font face="Arial" size="3"><br>
</font> <font face="Arial">January </font></b>
<font face="Arial">___<b>, 200</b>__</font></p>



<p style="margin-bottom: 32" align="center"><u><b>
<font size="2" face="Arial">SECTION I -</font></b><font size="2"> </font> <font face="Arial">
<font size="2"><b>Brokerage Account(s) Listing:</b>&nbsp;&nbsp;</font><b><font size="2">(Additional
Form)</font></b></font></u></p>

<div align="left">

<table style="border-collapse: collapse" bordercolor="#111111" cellspacing="0" cellpadding="0" width="100%" bgcolor="#ffffff" border="2">
<tr>
<td valign="top" width="298">
<p style="margin-left: 3"><b><font face="Arial" size="2">NAME, ADDRESS, AND TELEPHONE<br>
 NUMBER OF FIRM WHERE ACCOUNT IS<br>
 HELD (e.g. Fidelity Investments)</font></b></p>
</td>
<td valign="top" width="102">
<p style="margin-left: 3"><b><font face="Arial" size="2">ACCOUNT<br>
 NUMBER</font></b></p>
</td>
<td valign="top" width="103">
<p style="margin-left: 3"><b><font face="Arial" size="2">MANAGED<br>
 ACCOUNT?<br>
 Yes / No</font></b></p>
</td>
<td valign="top" width="165">
<p style="margin-left: 3"><b><font face="Arial" size="2"><u>ACCOUNT NAMES</u><br>
 (e.g. John Smith,<br>
 IRA)</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="102">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="165">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>
</table>
</div>
<p style="margin-top: 0px; margin-bottom: 0px" align="right"><br>
2</p>
<p style="page-break-before:always">

<p style="margin-top: 0px; margin-bottom: 0px" align="center"><b><font face="Arial" size="2">ANNUAL&nbsp;REPORT OF&nbsp;PERSONAL&nbsp;SECURITIES&nbsp;HOLDINGS<br>
 and CODE OF ETHICS CERTIFICATION</font><font face="Arial" size="3"><br>
</font> <font face="Arial">January </font></b>
<font face="Arial">___<b>, 200</b>__</font></p>



<p style="margin-bottom: 24" align="center"><u><b><font face="Arial" size="2">SECTION II
- - Holdings:&nbsp; </font></b><font size="2" face="Arial"><b>Additional Form</b></font></u></p>

<div align="left">

<table style="border-collapse: collapse" bordercolor="#111111" cellspacing="0" cellpadding="0" width="100%" bgcolor="#ffffff" border="2">
<tr>
<td valign="top" width="298">
<p style="margin-left: 3"><b><font face="Arial" size="2">NUMBER OF<br>
SHARES</font></b></p>
</td>
<td valign="top" width="101">
<p style="margin-left: 3"><b><font face="Arial" size="2">NAME OF<br>
SECURITY</font></b></td>
<td valign="top" width="103">
<p style="margin-left: 3"><b><font face="Arial" size="2">PRINCIPAL<br>
AMOUNT</font></b></td>
<td valign="top" width="166">
<p style="margin-left: 3"><b><font face="Arial" size="2">BROKER(S)</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" width="298">
<p style="margin-bottom: 24px"><font face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="101">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="103">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
<td valign="top" width="166">
<p style="margin-bottom: 24px">&nbsp;</p>
</td>
</tr>
</table>

</div>

<p align="right">3</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>5
<FILENAME>exhibit_r2.htm
<TEXT>
<html>

<head>
<title>Exhibit r.2</title>
</head>
<body>
<p align="right"><b>Exhibit r.2</b></p>
<p align="center"><b><u>DUFF &amp; PHELPS INVESTMENT MANAGEMENT CO.<br>
<br>
AMENDED AND RESTATED<br>
CODE OF ETHICS
(August 30, 2006)</u></b></p>

<div align="left">
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
    <tr>
      <td width="6%" colspan="2" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">1.</td>
      <td width="94%" colspan="2" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0"><u>Standard of Business Conduct</u></p>

      </td>
    </tr>
    <tr>
      <td width="6%" colspan="2" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="3%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">A.&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">Statement of Ethical
Principles</td>
    </tr>
    <tr>
      <td width="6%" colspan="2" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" colspan="2" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0">The Adviser holds its employees to
a high standard of integrity and business practices. In serving their
respective shareholders and clients, the Adviser strives to avoid conflicts of
interest or the appearance of conflicts of interest in connection with the
personal trading activities of its employees and the securities transactions
in any managed account.</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">While
affirming their confidence in the integrity and good faith of all of their
employees, officers, trustees, and directors, the Adviser recognizes that the
knowledge of present or future portfolio transactions or the power to
influence portfolio transactions, if held by such individuals, could place
them in a position where their personal interests might conflict with the
interests of the managed account, if they were to trade in securities eligible
for investment by the managed account.</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">In view of the foregoing and of the
provisions of Section 204-2 under the Investment Advisers Act of 1940, as
amended, the Adviser has determined to adopt this Code of Ethics to specify
and prohibit certain types of transactions deemed to create conflicts of
interest (or at least the potential for or the appearance of such a conflict)
and to establish reporting requirements and enforcement procedures. When
Supervised Persons covered by the terms of this Code of Ethics engage in
personal securities transactions, they must adhere to the following general
principles as well as to the Code's specific provisions:</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">Supervised Persons
covered by the terms of this Code of Ethics must adhere to the following
general principles as well as to the Code's specific provisions:</p>

      </td>
    </tr>
    <tr>
      <td width="6%" colspan="2" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
&nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At all
times, the interests of Adviser Clients must be paramount;</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal
transactions must be conducted consistent with this Code of Ethics in a manner
that avoids any actual or potential conflict of interest; and</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
inappropriate advantage should be taken of any position of trust and
responsibility and;</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information concerning the identity of security
holdings and financial circumstances of clients is confidential.</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensure
that the investment management and overall business of the firm complies with
the policies of Duff &amp; Phelps, Phoenix Companies and applicable U.S. federal
and state securities laws and regulations.</p>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="margin-top: 0; margin-bottom: 0">f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supervised Persons are required
to adhere to the standards of business conduct in The Phoenix Companies Code
of Conduct.</p>

      </td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1" height="31">
    <tr>
      <td width="3%" style="border-style: none; border-width: medium" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" height="17">
      </td>
      <td width="2%" style="border-style: none; border-width: medium" height="17">
      </td>
      <td width="92%" style="border-style: none; border-width: medium" height="17">
      </td>
    </tr>
    <tr>
      <td width="3%" style="border-style: none; border-width: medium" height="17">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="3%" style="border-style: none; border-width: medium" height="17">
      <p style="margin-top: 0; margin-bottom: 0">B.&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" height="17">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="92%" style="border-style: none; border-width: medium" height="17">
      <p style="margin-top: 0; margin-bottom: 0">Unlawful Actions</td>
    </tr>
    <tr>
      <td width="3%" style="border-style: none; border-width: medium" height="1">
      <font size="2">&nbsp;</font></td>
      <td width="3%" style="border-style: none; border-width: medium" height="1">
      <font size="2">&nbsp;</font></td>
      <td width="2%" style="border-style: none; border-width: medium" height="1">
      <font size="2">&nbsp;</font></td>
      <td width="92%" style="border-style: none; border-width: medium" height="1">
      <font size="2">&nbsp;</font></td>
    </tr>
    </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber3">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="126%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to employ any device,
      scheme or artifice to defraud any client;</p>
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      <p style="margin-top: 0; margin-bottom: 0">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make any untrue
      statement of a material fact to any client or omit to state a material
      fact necessary in order to make the statements made to any client, in
      light of the circumstances under which they are made, not misleading;</p>
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      <p style="margin-top: 0; margin-bottom: 0">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to engage in any act,
      practice or course of business that operates or would operate as a fraud
      or deceit on any client; or to engage in any manipulative practice with
      respect to any client;</p>
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      <p style="margin-top: 0; margin-bottom: 0">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to divulge or act upon any
      material, non-public information, as such term is defined under relevant
      securities laws. </td>
    </tr>
    <tr>
      <td width="6%" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="126%" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      &nbsp;</td>
    </tr>
  </table>
</div>

<table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top: medium none #111111; border-bottom: medium none #111111">
    <p style="margin-top: 0; margin-bottom: 0">2.</td>
    <td width="94%" style="border-style: none; border-width: medium"><u>Definitions
    </u> </td>
  </tr>
</table>
<table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="100%" colspan="4" style="border-left: medium none #111111; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">
    <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    <p style="margin-top: 0; margin-bottom: 0">A.&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Supervised Persons&quot; include directors,
    officers, and partners of the adviser (or other persons occupying a
    similar status or performing similar functions); Employees of the adviser;
    and Any other person who provides advice on behalf of the adviser and is
    subject to the adviser's supervision and control.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">B.</td>
    <td width="83%" valign="top" style="border-style: none; border-width: medium">&quot;Access Person&quot; means any director, officer,
    general partners and partners of the adviser (or other persons occupying a
    similar status or performing similar functions) who has access to
    nonpublic information regarding any clients' purchase or sale of
    securities, or nonpublic information regarding the portfolio holdings of
    any fund the adviser or its control affiliates manage or is involved in
    making securities recommendations to clients, or has access to such
    recommendations that are non-public, or Advisory Person of the Adviser.
    The Compliance Department shall maintain a list of the Adviser's Access
    Persons.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">C. </td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Adviser&quot; means Duff &amp; Phelps Investment
    Management Co. </td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">D.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;&quot;Advisory Person&quot; means (i) any
    employee of the Adviser or of any company in a control relationship to the
    Adviser, who, in connection with his regular functions or duties, makes,
    participates in or obtains information regarding the purchase or sale of a
    security by the Adviser for the Client, or whose functions relate to the
    making of any recommendations with respect to such purchases or sales; and
    (ii) any natural person in a control relationship to the Adviser who
    obtains information concerning recommendations made to the Client with
    regard to the purchase or sale of a security. This grouping customarily
    includes the Portfolio Manager and other investment personnel comprising
    an investment team, such as an analyst or trader, who provide information
    and advice that enter into the investment decision to buy or sell a
    security for a Client. </td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">E.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">A security is &quot;being considered for purchase
    or sale&quot; when a recommendation to purchase or sell a security has been
    made and communicated and, with respect to the Advisory Person making the
    recommendation, when such person seriously considers making such a
    recommendation.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">F.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Beneficial ownership&quot; shall be interpreted
    in the same manner as it would be under Rule 16a-1(a)(2) under the
    Securities Exchange Act of 1934 in determining whether a person is the
    beneficial owner of a security for purposes of Section 16 of the
    Securities Exchange Act of 1934 and the rules and regulations thereunder.
    An Access person is presumed to be a beneficial owner of securities that
    are held by his or her immediate family members sharing the access
    person's household.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">G.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Client&quot; means each and every investment
    company, or series thereof, or other account managed by the Adviser,
    individually and collectively.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">H.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Control&quot; shall have the same meaning as that
    set forth in Section 2(a)(9) of the Investment Company Act, as amended.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">I. </td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Initial Public Offering&quot; means a public sale
    of an issue not previously offered to the public.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">J. </td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Managed Fund or Portfolio&quot; shall mean those
    Clients, individually and collectively, for whom the Portfolio Manager
    makes buy and sell decisions.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">K.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Portfolio Manager&quot; means the person (or one
    of the persons) entrusted with the day-to-day management of the Client's
    portfolio.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">L.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Private Placement&quot; or &quot;Limited Offering&quot;
    means an offering that is exempt from registration under the Securities
    Act of 1933 pursuant to Section 4(2) or Section 4(6) thereof, or pursuant
    to Rule 504, Rule 505 or Rule 506 thereunder.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">M.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Purchase or sale of a reportable security&quot;
    includes, among other things, the writing of an option or the purchase or
    sale of a security that is exchangeable for or convertible into, a
    security that is held or to be acquired for a Client.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">N. </td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&quot;Reportable security&quot; shall have the meaning
    set forth in Section 2(a)(36) of the Investment Company Act, as amended,
    and Rule 204A-1 as amended, including all ETFs and UIT ETFs except that it
    shall not include transactions and holdings in direct obligations of
    Government of the United States; money market instruments; bankers'
    acceptances, bank certificates of deposit, commercial paper, repurchase
    agreements and other high quality short-term debt instruments; shares of
    money market funds; transactions and holdings in shares of open-end mutual
    funds, unless the adviser or a control affiliate acts as the investment
    adviser or principal underwriter for the fund; and transactions in units
    of unit investment trust if the unit investment trust is invested
    exclusively in unaffiliated open-end mutual funds.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
</table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">3.</td>
      <td width="94%" colspan="2" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0"><u>Exempted Transactions</u></p>

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="94%" colspan="2" style="border-style: none; border-width: medium">
      The prohibitions of Section 4 of this Code shall not apply to:</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      &nbsp;</td>
    </tr>
  </table>
<table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    A.&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Purchases or sales of reportable securities effected in any account over
    which the Access Person has no direct or indirect influence or control in
    the reasonable estimation of the Compliance Officer.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    B. </td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Purchases or sales of reportable securities (1) not eligible for purchase
    or sale by the Client; or (2) specified from time to time by the
    Directors, subject to such rules, if any, as the Directors shall specify.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    C.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Purchases or sales which are non-volitional on the part of either the
    Access Person or the Client.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    D.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Purchases of shares of reportable securities necessary to establish an
    automatic dividend reinvestment plan or pursuant to an automatic dividend
    reinvestment plan, and the subsequent sales of such reportable securities.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    E.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Purchases of reportable securities effected upon the exercise of rights
    issued by an issuer pro rata to all holders of a class of its securities,
    to the extent such rights were acquired from such issuer, and sales of
    such rights so acquired.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    F.&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Purchases or sales of reportable securities issued under an employee stock
    purchase or incentive program unless otherwise restricted.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">
    G.&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    Transactions of reportable securities effected pursuant to an automatic
    investment plan. </td>
  </tr>
</table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber5">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium">
      &nbsp;</td>
      <td width="87%" style="border-style: none; border-width: medium">
      &nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">4.</td>
      <td width="94%" colspan="2" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0"><u>Prohibited Activities</u></p>

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
  </table>
<table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">A.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">IPO Rule: No Access Person may purchase any securities in an
Initial Public Offering, except with the prior approval of the Compliance
Department. This rule also applies to IPO's offered through the Internet.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">B.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">Private Placement Rule or &quot;Limited Offering&quot;: No Access Person may purchase
securities any in a Private Placement or Limited Offering unless such purchase
has been approved by the Compliance Department. Any such approved purchase
should be disclosed to the Client if that issuer's securities are being
considered for purchase or sale by the Client.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">C.</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">Pre-Clearance Rule: No
Access Person may purchase or sell a reportable security unless such purchase
or sale has been pre-cleared by the Compliance Department. Pre-clearance is
required prior to executing a trade through a personal brokerage account or an
Internet brokerage account. Pre-clearance is also required for transactions in
puts, calls, ETF's, UIT ETFs, closed-end funds, and other well-known stock
indices (e.g. the S&amp;P 500). Pre-clearance is valid through the next business
day (3 p.m. cst) following preclearance approval.</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="5%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="83%" valign="top" style="border-left-style: none; border-left-width: medium; border-right: medium none #111111; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
  </tr>
  <tr>
    <td width="6%" valign="top" style="border-left: medium none #111111; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td width="6%" valign="top" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="88%" valign="top" style="border-style: none; border-width: medium" colspan="2">
    Exceptions: The following reportable securities transactions do not
    require pre-clearance:</td>
  </tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&nbsp; </p>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
<p style="margin-top: 0; margin-bottom: 0" align="left">&nbsp;</p>

      </td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
1.</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
Purchases
or sales of up to 500 shares of reportable securities of issuers ranked in the
Standard &amp; Poor's 500 Composite Stock Index (S&amp;P 500) at the time of purchase
or sale. The Phoenix Companies Compliance Department maintains this list on
the Intranet web site and updates it after the end of each quarter. A paper
copy is available for review in the DPIM compliance department.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
2.</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
Purchase orders of reportable securities sent directly to the issuer via mail
(other than in connection with a Private Placement or Limited Offering) or
sales of such securities which are redeemed directly by the issuer via mail.

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
3.</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
Transactions of reportable securities effected pursuant to an automatic
investment plan.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
<b>Note: The Compliance Department may deny approval of any
transaction requiring preclearance under this Preclearance Rule, even if
nominally permitted under this Code of Ethics, if it is believed that denying
preclearance is necessary for the protection of the client or the Adviser. Any
such denial may be appealed to the Adviser's Counsel. The decision of Counsel
shall be final. </b>

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Order Rule: No Access Person may purchase or sell, directly or
indirectly, any reportable security in which he has, or by reason of such
transaction acquires, any direct or indirect beneficial ownership, when the
Client has a pending &quot;buy&quot; or &quot;sell&quot; order for that security of the same type
(i.e. buy or sell) as the proposed personal trade, until the Client's order is
executed or withdrawn.<p>Exceptions: The following reportable securities
transactions are exempt from the Open Order Rule:

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
1.</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
Purchases or sales of up to 500 shares of reportable securities of issuers
ranked in the Standard &amp; Poor's 500 Composite Stock Index (S&amp;P 500) at the
time of purchase or sale.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
2.</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
Purchases or sales of reportable securities approved by the Compliance
Department in his/her discretion.

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
<b>Any profits realized on a personal trade in violation of this Section 4D
must be disgorged.</b></td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="79%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackout Rule: If a Portfolio Manager's portfolio holds a reportable
security that is the subject of a proposed personal trade by that Portfolio
Manager, such personal trade may be permitted only as follows:</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
1.</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
If the proposed personal trade is on the same side as the last portfolio
transaction in that security, the personal trade cannot occur within two days
of such portfolio transaction (i.e. neither at T nor T + 1 calendar day).</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
2.</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
If the proposed personal trade is on the opposite side of the last portfolio
transaction in that security, the personal trade cannot occur unless (a) it is
more than two days after the portfolio transaction (i.e. T + 2 calendar days
or later) <i><b>and</b></i> (b) the pre-clearance request, if required, for
such personal transaction at the time of purchase or sale, is to the
reasonable satisfaction of the Compliance Department, and an explanation of
the reasons the portfolio is not effecting a similar transaction.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
3.</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
Portfolio Managers of Mutual Funds may not directly or indirectly acquire or
dispose of beneficial ownership in a covered security within seven calendar
days before and after the Fund portfolio trades in that security.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="88%" style="border-style: none; border-width: medium" valign="top" colspan="4">
<b>Any profits realized by a Portfolio Manager on a personal trade in
violation of this Section 4E must be disgorged.</b></td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="74%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
F.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
Holding Period Rule: Access Persons must hold each reportable security, for a
period of not less than sixty (60) days, whether or not the purchase of such
reportable security was an exempt transaction under any other provision of
Section 4.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
G.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
No Access Person shall accept any gift or other item (for the purpose of this
Code &quot;gifts&quot; include but are not limited to cash, merchandise, gifts, prizes,
travel expenses, meal and certain types of entertainment) of more than $100 in
value from any person or entity that does business with or on behalf of the
Client or the Adviser. All gifts and entertainment received or given must be
reported to the Compliance Department.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
H.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
No Advisory Person shall serve on the board of directors of a publicly traded
company without prior authorization from Counsel or the Compliance Department.
If board service is authorized, such Advisory Person shall have no role in
making investment decisions with respect to the publicly traded company.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
I.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
No Portfolio Manager shall engage in excessive trading or market timing
activities with respect to any mutual fund whether or not such mutual fund is
managed by such Adviser/Sub-advisor or any affiliated adviser/sub-advisor. For
the purposes of the foregoing, &quot;market timing&quot; shall be defined as a purchase
and redemption, regardless of size, in and out of the same mutual fund within
any sixty (60) day period. The foregoing restrictions shall not apply to
Portfolio Managers investing in mutual funds through asset allocation
programs, automatic reinvestment programs, and any other non-volitional
investment vehicles. Portfolio Managers shall provide quarterly certifications
as to their compliance with this restriction.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
J.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
No Supervised Person shall divulge or act upon any material, non-public
information, as such term is defined under relevant securities laws.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="3">
&nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">5.</td>
      <td width="94%" colspan="2" style="border-style: none; border-width: medium">
<p style="margin-top: 0; margin-bottom: 0"><u>Compliance Reporting Procedures</u></p>

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="92%" style="border-style: none; border-width: medium">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
A.&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
All Access Persons shall direct their brokers to supply, at the same time that
they are sent to the Access Person, a copy of the confirmation for each
personal reportable securities trade and a copy, at least quarterly, of an
account statement to the Compliance Department.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
B.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
Every Access Person shall report to the Adviser the information described in
Section 5C of this Code with respect to transactions in any reportable
security in which such Access Person has, or by reason of such transaction
acquires, any direct or indirect beneficial ownership in the reportable
security; provided, however, that an Access Person shall not be required to
make a report with respect to transactions effected for any account over which
such person does not have any direct or indirect influence. Additionally every
Access Persons must include Phoenix affiliated mutual fund transactions not
included in any received brokerage statements, including Phoenix-Fidelity 401K
for which the Adviser does not require broker confirms or statements</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
C.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
Every transaction report required pursuant to Section 5B above shall be made
not later than 15days after the end of the calendar quarter in which the
transaction to which the report relates was effected, and shall contain the
following information:

      </td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date of the transaction, the title and the number of shares, and
the principal amount of each reportable security involved;<p>(ii)&nbsp;&nbsp;&nbsp;&nbsp; The
nature of the transaction (i.e., purchase, sale, or any other type of
acquisition or disposition);</p>
<p>(iii)&nbsp;&nbsp;&nbsp;&nbsp;The price at which the transaction was effected;</p>
<p>(iv)&nbsp;&nbsp;&nbsp;&nbsp;The name of the broker, dealer or bank with or through whom the
transaction was effected; and</p>
<p>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date of approval of the transaction and the person who approved
it as required by Section 4B or C above.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
D.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
Each Access Person shall submit an Initial
Holdings and Annual Holdings report listing all personal reportable securities
holdings to the Compliance Department upon the commencement of service and
annually thereafter (the &quot;Initial Holdings Report&quot; and the &quot;Annual Holdings
Report&quot;, respectively). The information on the Initial Holdings Report must be
current as of a date not more than 45 days prior to the date the individual
becomes an Access Person. An Initial Holdings Report must be submitted to
Compliance no later than 10 days after becoming an Access Person. The Annual
Holdings Report holdings information shall be as of December 31 and include a
certification by the Access Person that he or she has read and understood the
Code of Ethics and has complied with the Code's requirements. The annual
report and certification will be submitted to the Compliance Department by
January 31. Annually, any Phoenix affiliated mutual fund, open or closed must
be disclosed including those held in the Access Person's Phoenix Fidelity 401K
plan. If the Access Person does not own any <u>Phoenix funds</u> in the
Phoenix Fidelity 401K plan he/she does not need to disclose the open-end
mutual fund holdings

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
Every &quot;Initial Holdings Report&quot; and &quot;Annual Holdings Report&quot; required pursuant
to Section 5D above shall contain the following information:</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top">
&nbsp;</td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber4" height="1170">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="54">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="54">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="54">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="54">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="54">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;i.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="54">
<p style="margin-top: 0; margin-bottom: 0">The title and type of reportable
security, and as applicable the exchange ticker symbol or CUSIP number, number
of shares, and principal amount of each reportable security in which the
access person has any direct or indirect beneficial ownership;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="19">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="19">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="19">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="52">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="52">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="52">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="52">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="52">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;ii.

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="52">
<p style="margin-top: 0; margin-bottom: 0">The name of any broker,, dealer or
bank with which the access person maintains an account in which any reportable
securities are held for the access person's direct or indirect benefit;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">iii.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">The date the access person submits
the report.

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">iv.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">For &quot;Annual Holdings Report&quot; only,
a certification by the access person that he or she has read and understood
the Code and has complied with the Code's requirements.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0"><u>Exceptions to reporting
requirements</u> (Quarterly Transactions and Initial and Annual Holdings):</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="40">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;i.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="40">
<p style="margin-top: 0; margin-bottom: 0">Any report with respect to
reportable securities held in accounts over which the access person had no
direct or indirect influence or control;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="34">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="34">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="34">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="34">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="34">
<p style="margin-top: 0; margin-bottom: 0">ii.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="34">
<p style="margin-top: 0; margin-bottom: 0">A transaction report with respect
to reportable securities transactions effected pursuant to an automatic
investment plan;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="51">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="51">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="51">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="51">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="51">
<p style="margin-top: 0; margin-bottom: 0">iii.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="51">
<p style="margin-top: 0; margin-bottom: 0">A transaction report if the report
would duplicate information contained in broker trade confirmations or account
statements received no later than 30 days after the end of the applicable
calendar quarter;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="55">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="55">
<p style="margin-top: 0; margin-bottom: 0">iv.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="55">
<p style="margin-top: 0; margin-bottom: 0">Any person who is an access person
by virtue of being a director of a Fund, but who is not an &quot;interested person&quot;
(as defined in the Investment Company Act of 1940) with respect to that Fund
need not make an initial or annual holdings report under 5D;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="131">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="131">
<p style="margin-top: 0; margin-bottom: 0">v.</td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="131">
<p style="margin-top: 0; margin-bottom: 0">Any person who is an access person
by virtue of being a director of a Fund, but who is not an &quot;interested person&quot;
(as defined in the Investment Company Act of 1940) with respect to that Fund
need not make a quarterly transaction report under 5C above unless such
person, at the time of any transaction during the quarter, knew, or in the
ordinary course of fulfilling his or her official duties as a director of the
Fund should have known, that the security such person purchased or sold is or
was purchased or sold by the Fund or was being considered for purchase or sale
by the Fund.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="77%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="62">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="62">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="62">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="62">
<p style="margin-top: 0; margin-bottom: 0">E.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="62">
<p style="margin-top: 0; margin-bottom: 0">Any report made under this Section
5 may contain a statement that the report shall not be construed as an
admission by the person making such report that he or she has any direct or
indirect beneficial ownership in the security to which the report relates.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="74">
<p style="margin-top: 0; margin-bottom: 0">F.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="74">
<p style="margin-top: 0; margin-bottom: 0">The Compliance Officer shall submit
an annual report to the Adviser's Fund Board of Directors that summarizes the
current Code of Ethics procedures, identifies any violations requiring
significant remedial action, and recommends appropriate changes to the Code,
if any.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      <font size="2">&nbsp;</font></td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      <font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="55">
<p style="margin-top: 0; margin-bottom: 0">G.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="55">
<p style="margin-top: 0; margin-bottom: 0">Any Access Person shall immediately
report any potential violation of this Code of which he or she becomes aware
to the Compliance Department. No employee will be terminated or otherwise
retaliated against for submitting any potential violations of this Code.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="71">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="71">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="71">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="71">
<p style="margin-top: 0; margin-bottom: 0">H.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="71">
<p style="margin-top: 0; margin-bottom: 0">The Adviser's Compliance Personnel
will review all reports and other information submitted under Section 5. This
review will include such comparisons with trading records of client accounts
as are necessary or appropriate to determine whether there have been any
violations of the Code.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="62">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="62">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="62">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="62">
<p style="margin-top: 0; margin-bottom: 0">I.</td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="62">
<p style="margin-top: 0; margin-bottom: 0">The Adviser's Compliance Personnel
will maintain a list of all Access Persons who are required to make reports
under the Code, and shall inform those Access Persons of their reporting
obligations.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="2%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="4%" style="border-style: none; border-width: medium" valign="top" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="18">
<p style="margin-top: 0; margin-bottom: 0">

      </td>
    </tr>
  </table>
  <table border="1" cellpadding="0" cellspacing="0" style="border-width:0; border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2" height="685">
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      6</td>
      <td width="94%" style="border-style: none; border-width: medium" valign="top" colspan="4" height="17">
      <u>Recordkeeping Requirements</u></td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">

      </td>
      <td width="83%" style="border-style: none; border-width: medium" valign="top" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="94%" style="border-style: none; border-width: medium" valign="top" colspan="4" height="17">
      The Adviser will maintain and cause to be maintained in an easily
      accessible place, the following records:</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="36">
      &nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="36">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="36">
      a</td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="36">
A copy of any Code of Ethics for the organization that is in effect, or at any
time within the past (5) years was in effect.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="36">
      &nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="36">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="36">
      b.</td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="36">
A record of any violation or of any action taken as a result of the violation
of any such Code that occurred during the current year and the past five (5)
calendar years;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="55">
      &nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="55">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="55">
      c.</td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="55">
A copy of each report made by an access person during the current year and the
past five (5) calendar years as required by Rule 17j-1 and/or Rule 204A-1 and
Section 5C and 5D of this Code, including any information provided in lieu of
the reports under Section 5C and 5D above;

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="74">
      &nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="74">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="74">
      d.</td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="74">
A list of all persons, currently or within the past five (5) years who are or
were required to make reports pursuant to Rule 17j-1 and/or Rule 204A-1 and
Section 5C and 5D above, or who are or were responsible for reviewing those
reports, together with an appropriate description of their title or
employment;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="36">
      &nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="36">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="36">
      e.</td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="36">
A copy of each report made by the Compliance Officer pursuant to Section 5F
above during the current year and the past five (5) calendar years;</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="74">
      &nbsp;</td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="74">
      &nbsp;</td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="74">
      &nbsp;f.</td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="74">
A record of any decision made during the current year and the past five (5)
calendar years by the Compliance Officer, and the reasons supporting each such
decision, to grant prior approval pursuant to Section 4A and 4B above for
acquisition by an access person of securities in an initial public offering or
a private placement transaction.</td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="3%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="5%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="86%" style="border-style: none; border-width: medium" valign="top" colspan="2" height="17">

      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      7.</td>
      <td width="94%" style="border-style: none; border-width: medium" valign="top" colspan="4" height="17">
      <u>Sanctions</u></td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="17">
      </td>
      <td width="94%" style="border-style: none; border-width: medium" valign="top" colspan="4" height="17">
      </td>
    </tr>
    <tr>
      <td width="6%" style="border-style: none; border-width: medium" valign="top" height="94">
      &nbsp;</td>
      <td width="94%" style="border-style: none; border-width: medium" valign="top" colspan="4" height="94">
      Upon
discovering a violation of this Code, the Parent of the Adviser or if
applicable the Fund's Board of Directors, in addition to any remedial action
already taken by the respective adviser or related entity, may impose such
sanctions as it deems appropriate (see under separate cover the currently
imposed sanctions), including, among other things, a letter of censure or
suspension or termination of employment, or suspension of personal trading
privileges for such period as it may deem appropriate.</td>
    </tr>
  </table>
  <p>&nbsp;</p>

<p style="margin-left: 100; margin-top: 0; margin-bottom: 12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
