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<SEC-DOCUMENT>0000902561-08-000078.txt : 20080428
<SEC-HEADER>0000902561-08-000078.hdr.sgml : 20080428
<ACCEPTANCE-DATETIME>20080428164810
ACCESSION NUMBER:		0000902561-08-000078
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080428
DATE AS OF CHANGE:		20080428

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:		08781696

	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>form_n2.htm
<TEXT>
<html>

<head>
<title>Form N-2</title>
</head>
<body>
  <table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber1">
    <tr>
      <td width="100%" style="border-style: none; border-width: medium">
      <p align="center">As filed with the
  Securities and Exchange Commission on April 28, 2008</td>
    </tr>
    <tr>
      <td width="100%" style="border-style: none; border-width: medium">
      <p align="right">Investment Company Act
  file no. 811-4915<br>
&nbsp;</td>
    </tr>
  </table>

    <hr size="2" width="100%" noshade color="green" align="left">

  <p  align="center" style="margin-top:5.0pt;text-align:center">
  <font size="5">
  <br>
  <b>SECURITIES AND EXCHANGE COMMISSION</b><br>
  Washington, D.C. 20549</font></p>

  <p  align="center" style="margin-bottom:12.0pt;text-align:center">
 ________<br>
  <br>
  <b>
  <font size="5">FORM N-2</font></b><br>
  ________</p>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p  align="center" style="margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center">REGISTRATION STATEMENT
      UNDER THE INVESTMENT COMPANY ACT OF 1940</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in">&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in">[X]</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p  align="center" style="margin-top:5.0pt;margin-right:0in;
  margin-bottom:5.0pt;margin-left:0in;text-align:center">Amendment No. 55</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in">&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in">[X]</td>
    </tr>
  </table>
  <p  align="center" style="margin-bottom:5.0pt;text-align:center">
  __________</p>

  <p  align="center" style="margin-top:5.0pt;text-align:center">
 DNP Select Income Fund Inc.<br>
  (Exact name of registrant as specified in charter)<br>
  _______</p>

  <p  align="center" style="margin-top:5.0pt;margin-right:0in;
margin-bottom:5.0pt;margin-left:0in;text-align:center">55 East Monroe Street,
  Suite 3600<br>
  Chicago, Illinois&nbsp; 60603<br>
  (Address of principal executive offices)<br>
  Registrant's telephone number: 312/368-5510</p>

    <div align="center">
      <center>

    <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" width="676">
      <tr>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      </tr>
      <tr>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">Nathan I.
        Partain</td>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">John R.
        Sagan, Esq.</td>
      </tr>
      <tr>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">
        DNP Select Income Fund Inc.</td>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">Mayer
        Brown LLP</td>
      </tr>
      <tr>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">55 East
        Monroe Street, Suite 3600</td>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">71 South
        Wacker Drive</td>
      </tr>
      <tr>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">Chicago,
        Illinois 60603</td>
        <td valign="top" style="width:338;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in" align="center">
        <p style="margin-top:0; margin-bottom:0">Chicago,
        Illinois&nbsp; 60606</td>
      </tr>
    </table>



      </center>
  </div>



  <p  align="center" style="margin-top:5.0pt;margin-right:0in;
margin-bottom:5.0pt;margin-left:0in;text-align:center">
 (Names and addresses of agents for service)</p>
  <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt;
margin-left:0in" align="left">It is proposed that this filing will become effective:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [X]
  immediately upon filing.</p>
  <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt;
margin-left:0in" align="left">[&nbsp;&nbsp;] This post-effective amendment designates a new effective
  date for a previously filed post-effective amendment.</p>



    <hr size="2" width="100%" noshade color="green" align="left">

  <p  align="center" style="margin-top:5.0pt;margin-right:0in;
margin-bottom:5.0pt;margin-left:0in;text-align:center"><p style="page-break-before:always"></p>
  <p  align="center" style="margin-top:5.0pt;margin-right:0in;
margin-bottom:5.0pt;margin-left:0in;text-align:center"><b>PART A:&nbsp;&nbsp;INFORMATION
  REQUIRED IN A PROSPECTUS</b></p>

  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 1</u>.&nbsp;&nbsp;<u>Outside Front Cover</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 2</u>.&nbsp;&nbsp;<u>Cover Pages; Other Offering Information</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 3</u>.&nbsp;&nbsp;<u>Fee Table and Synopsis</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</p>

  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td width="91%" colspan="2" valign="top" style="width: 91.38%; padding: 0in; background: #99CCFF">
      <p><b>Shareholder Transaction Expenses&nbsp; </b>
      </td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>Sales Load (as a percentage of offering price)</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">N/A&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>Dividend Reinvestment and Cash Purchase Plan Fees</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">(1)&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="91%" colspan="2" valign="top" style="width: 91.38%; padding: 0in; background: #99CCFF">
      <p><b>Annual Expenses (as a percentage of net
      assets attributable to common shares)</b></td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>Management Fees</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">0.80%&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>Interest Payments on Remarketed Preferred Stock</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">1.01%&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>Other Expenses</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">0.47%&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Expenses</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">2.54%&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>Distributions on Auction Preferred Stock</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">1.01%&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.18%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="82%" style="width:82.2%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="8%" style="width:8.62%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" valign="top" style="width: 9.18%; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="82%" valign="top" style="width: 82.2%; padding: 0in; background: #99CCFF">
      <p>&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</td>
      <td width="8%" valign="top" style="width: 8.62%; padding: 0in; background: #99CCFF">
      <p  align="right" style="text-align:right">3.55%&nbsp;</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td width="8%" nowrap valign="top" style="width:8.16%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="48%" nowrap valign="top" style="width:48.66%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="2%" nowrap valign="top" style="width:2.78%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.04%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="1%" nowrap valign="top" style="width:1.9%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.9%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="1%" nowrap valign="top" style="width:1.62%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.18%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="1%" nowrap valign="top" style="width:1.7%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.06%;padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="8%" nowrap valign="top" style="width:8.16%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="48%" nowrap valign="top" style="width:48.66%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="2%" nowrap valign="top" style="width:2.78%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.04%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="1%" nowrap valign="top" style="width:1.9%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.9%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="1%" nowrap valign="top" style="width:1.62%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.18%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="1%" nowrap valign="top" style="width:1.7%;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.06%;padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="8%" nowrap valign="top" style="width:8.16%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="48%" nowrap valign="top" style="width:48.66%;padding:0in 0in 0in 0in">
      <p>Example (2)</td>
      <td width="2%" nowrap valign="top" style="width:2.78%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.04%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">1 year</td>
      <td width="1%" nowrap valign="top" style="width:1.9%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.9%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">2 years</td>
      <td width="1%" nowrap valign="top" style="width:1.62%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.18%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">5 years</td>
      <td width="1%" nowrap valign="top" style="width:1.7%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.06%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">10 years</td>
    </tr>
    <tr>
      <td width="8%" style="width:8.16%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="48%" style="width:48.66%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" style="width:2.78%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="8%" style="width:8.04%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="1%" style="width:1.9%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="8%" style="width:8.9%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="1%" style="width:1.6%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="9%" style="width:9.0%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="2%" style="width:2.4%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="9%" style="width:9.06%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr style="height: 39.0pt">
      <td width="56%" nowrap colspan="2" valign="top" style="width:56.82%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p>You would pay the following expenses on a $1,000<br>
      investment, assuming a 5% annual return</td>
      <td width="2%" nowrap valign="top" style="width:2.78%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.04%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">$36</td>
      <td width="1%" nowrap valign="top" style="width:1.9%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="8%" nowrap valign="top" style="width:8.9%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">$72</td>
      <td width="1%" nowrap valign="top" style="width:1.62%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.18%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">$184</td>
      <td width="1%" nowrap valign="top" style="width:1.7%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="9%" nowrap valign="top" style="width:9.06%;padding:0in 0in 0in 0in;
  height:39.0pt">
      <p  align="center" style="text-align:center">$382</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
    <tr>
      <td width="8%" valign="top" style="width:8.0%;border:none;padding:0in 0in 0in 0in">
      <p>(1)&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="92%" valign="top" style="width:92.0%;border:none;padding:0in 0in 0in 0in">
      <p>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="width:8.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="92%" valign="top" style="width:92.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="8%" valign="top" style="width:8.0%;border:none;padding:0in 0in 0in 0in">
      <p>(2)&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="92%" valign="top" style="width:92.0%;border:none;padding:0in 0in 0in 0in">
      <p>This Example should not be considered a
      representation of future expenses, and actual expenses may be greater or
      lesser than those shown.</td>
    </tr>
    <tr>
      <td width="8%" valign="top" style="width:8.0%;border:none;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="92%" valign="top" style="width:92.0%;border:none;padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
  </table>

  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">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).</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 4</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Highlights</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 5</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan of Distribution</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 6</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Selling Shareholders</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 7</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u></p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-top:0;margin-right:0in;margin-bottom:12;
margin-left:0in" align="left"><u>Item 8</u>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>General Description of the Registrant</u></p>

  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>1.  </td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p><u>General</u></td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The Registrant, Select Income Fund Inc.
      (the &quot;Fund&quot;), is a corporation organized under the laws of the State of
      Maryland on November 26, 1986.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The Fund is a diversified closed-end investment company.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>2.</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p><u>Investment Objectives and Policies</u></td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p><u>Investment objectives</u></td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="100%" colspan="3" valign="top" style="width:100.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p><u>Principal investment strategies</u></td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="100%" colspan="3" valign="top" style="width:100.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p><u>Fundamental investment restrictions</u></td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="100%" colspan="3" valign="top" style="width:100.0%;border:none;
  padding:0in 0in 0in 0in">
      <p  style="margin-top:5.0pt;margin-right:0in;margin-bottom:
  5.0pt;margin-left:0in">&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:</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a)&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</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)&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);</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.)</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&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).</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The Fund may not invest for the purpose of exercising control over or
      management of any company.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&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;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="86%" valign="top" style="width:86.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&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.</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="93%" colspan="2" valign="top" style="width:93.0%;border:none;
  padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
  </table>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Other
  Significant Investment Policies</u></p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt; margin-top:0" align="left">&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.</p>

  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse" height="100%">
    <tr>
      <td width="63" style="width:47.2pt;" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="561" style="width:420.8pt;" height="19">
      <p style="margin-top: 0; margin-bottom: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Risk Factors</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="padding:0in; " height="133">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="561" valign="top" style="padding:0in; " height="133">
      <p style="margin-top: 0; margin-bottom: 0"><u>Leverage Risk</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 and
      indebtedness, if any. 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="167">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="167">
      <p style="margin-top: 0; margin-bottom: 0">As of December 31, 2007, 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 11, 2008, the dividend
      rate on the five series of remarketed preferred stock averaged 4.03% and
      the interest rate on the five series of auction preferred stock averaged
      4.07%. The Fund must experience an annual return of 1.33% on its portfolio
      in order to cover annual dividend payments on the Fund's preferred stock.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="133">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="133">
      <p style="margin-top: 0; margin-bottom: 0">In the event the Fund were ever to be liquidated, the
      holders of the Fund's indebtedness, if any, would be entitled to receive
      repayment of outstanding principal plus accumulated and unpaid interest
      thereon before any distribution is made to the Fund's stockholders, and
      the holders of shares of preferred stock would 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) before any distribution is made to holders of
      common stock.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="285">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="285">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    </table>
  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none">
    <tr style="height: 31.5pt">
      <td width="63" valign="top" style="width: 47.25pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt inset #111111; border-top: medium none; border-bottom: medium none; padding: 0in">
      <p>&nbsp;</td>
      <td width="224" valign="top" style="width: 168.1pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: 1.0pt solid #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  style="margin-left:3.0pt">Assumed annual return on
      portfolio (net of expenses)</td>
      <td width="74" style="width: 55.2pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: 1.0pt solid #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">-10.00%</td>
      <td width="63" style="width: 47.2pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: 1.0pt solid #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">-5.00%</td>
      <td width="62" style="width: 46.55pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: 1.0pt solid #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">0.00%</td>
      <td width="58" style="width: 43.3pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: 1.0pt solid #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">5.00%</td>
      <td width="81" style="width: 60.8pt; height: 31.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: 1.0pt solid #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">10.00%&nbsp;</td>
    </tr>
    <tr style="height: 25.5pt">
      <td width="63" valign="top" style="width: 47.25pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt inset #111111; border-top: medium none; border-bottom: medium none; padding: 0in">
      <p>&nbsp;</td>
      <td width="224" valign="top" style="width: 168.1pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  style="margin-left:3.0pt">Corresponding annual return
      to common stockholder</td>
      <td width="74" style="width: 55.2pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">-16.53%</td>
      <td width="63" style="width: 47.2pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">-9.37%</td>
      <td width="62" style="width: 46.55pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">-2.20</td>
      <td width="58" style="width: 43.3pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">4.96%</td>
      <td width="81" style="width: 60.8pt; height: 25.5pt; border-left: medium none; border-right: 1.0pt solid #111111; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">12.13%</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse" height="100%">
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="21">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="21">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="173">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="561" colspan="2" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="173">
      <p style="margin-top: 0; margin-bottom: 0"><u>Risks Associated with Recent Developments in the
      Use of Leverage</u>.&nbsp; The dividend rate for the Fund's preferred
      stock is normally set through a periodic auction or remarketing process.&nbsp;
      However, an auction can fail when there are insufficient clearing bids to
      purchase all of the shares that current holders wish to sell in an
      auction, and a remarketing can fail when the remarketing agent is unable
      to set a dividend rate that will clear the market of all of the shares
      that current holders wish to sell in a remarketing.&nbsp; A failed auction
      or remarketing means that the current holders retain their shares until
      the next periodic auction or remarketing, and the dividend rate for the
      next dividend period is automatically set to the maximum dividend rate
      permitted by the Fund's charter.&nbsp; <br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="210">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="210">
      <p style="margin-top: 0; margin-bottom: 0">Beginning in the week of February 11, 2008, the
      auctions and remarketings for the Fund's
      preferred stock have experienced successive failures. The Fund believes
      that these failures, which have been experienced by all closed-end funds,
      are related to general quality and liquidity concerns in the credit
      markets, and not to any problems with the creditworthiness of the Fund or
      its preferred stock.&nbsp; However, it is possible that future auctions or
      remarketings will continue to fail, and
      therefore holders of the Fund's preferred stock may not be able to obtain
      liquidity from the auction or remarketing process at all.&nbsp; Some
      broker-dealer auction or remarketing desks may try to facilitate secondary
      market trades apart from the auction or remarketing process.&nbsp;
      However, such a secondary market, if it does materialize, may not provide
      holders of the preferred stock with the degree of liquidity or share value
      that they desire.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="228">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="228">
      <p style="margin-top: 0; margin-bottom: 0">One implication of these auction and remarketing
      failures is that the cost of financing the Fund's leverage likely will be
      higher than it would have been if those costs were determined through a
      successful auction or remarketing process.&nbsp; As a result, the income
      that holders of common stock receive will likely be marginally lower than
      the income they would otherwise have received.&nbsp; At the present time,
      the earnings on the Fund's assets continue to exceed the dividend rates on
      the Fund's preferred stock, even based on the maximum dividend rates in
      the Fund's charter, with the result that the Fund's preferred stock
      leverage remains beneficial to the holders of its common stock.&nbsp;
      However, there is no assurance that this will continue to be the case in
      the future.&nbsp; If the Fund were to determine that its current leverage
      structure was no longer beneficial to the holders of common stock, it
      could modify or eliminate that leverage structure. It is possible that
      reducing or eliminating the Fund's leverage could negatively impact the
      income-generating capacity of the Fund.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" valign="top" style="width:47.2pt;padding:0in 0in 0in 0in" height="437">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" valign="top" style="width:420.8pt;padding:0in 0in 0in 0in" height="437">
      <p style="margin-top: 0; margin-bottom: 0">In the future, the Fund may seek to redeem its
      outstanding preferred stock and replace it with debt financed leverage.&nbsp;
      Because the Fund currently has a fundamental investment restriction which
      limits the Fund's aggregate borrowings to 15% of the value of the Fund's
      total assets, replacing all of the Fund's preferred stock with debt
      financed leverage would require approval of the Fund's shareholders for a
      change in that investment restriction.&nbsp; The use of debt leverage
      would also entail certain risks.&nbsp; During the past year the financial
      markets generally, and the credit markets in particular, have been
      experiencing substantial turbulence and volatility, both in the United
      States and worldwide.&nbsp; The current market situation has resulted in
      substantial reductions in available loans to a broad spectrum of
      businesses, heightened scrutiny by lenders of the creditworthiness of
      borrowers, more restrictive covenants imposed by lenders upon borrowers
      under credit and similar agreements and, in some cases, increased interest
      rates under commercial and other loans.&nbsp; Even if the Fund is able to
      obtain debt financing to replace its preferred stock leverage, the Fund
      may incur additional expense to do so, which may decrease its earnings, or
      it may become subject to covenants and other contractual provisions that
      restrict its operations.&nbsp; Moreover, any debt financing is likely to
      have a maturity of one year or less, which would mean that the Fund would
      be required to renew or replace its debt financing on a regular basis, and
      there is no guarantee that it would be able to do so.&nbsp; In addition,
      if the Fund utilized debt leverage, it would be required to maintain an
      asset coverage of 300% on any outstanding indebtedness, instead of the
      asset coverage of 200% that it is currently required to maintain on its
      preferred stock.&nbsp; If the Fund were unable to renew or replace a
      maturing debt facility or were unable to maintain the required 300% asset
      coverage, it could be required to deleverage
      and sell a portion of its investments at a time when it might be
      disadvantageous to do so.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="95" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="95" valign="top">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="133" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="133" valign="top">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="95" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="95" valign="top">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="95" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="95" valign="top">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="171" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="171" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="171" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="171" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="133" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="133" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="209" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="209" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top" height="187">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="187" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="padding:0in; " valign="top" height="340">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="padding:0in; " height="340" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="52" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="52" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><u>Debt Securities Risk</u>. In addition to credit
      risk, investment in debt securities carries certain risks, including:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="76" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="29" style="width:22.0pt;padding:0in 0in 0in 0in" height="76" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="532" style="width:398.75pt;padding:0in 0in 0in 0in" height="76" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="29" style="width:22.0pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="532" style="width:398.75pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="29" style="width:22.0pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="532" style="width:398.75pt;padding:0in 0in 0in 0in" height="38" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><u>Liquidity</u> -- Certain debt securities may be
      substantially less liquid than many other securities, such as U.S.
      government securities or common stocks.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top" height="264">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top" height="264">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="168" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="168" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top" height="168">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top" height="168">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="130" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="130" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" height="110" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" height="110" valign="top">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top" height="152">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top" height="152">
      <p style="margin-top: 0; margin-bottom: 0"><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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top" height="190">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top" height="190">
      <p style="margin-top: 0; margin-bottom: 0"><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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top" height="57">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top" height="57">
      <p style="margin-top: 0; margin-bottom: 0"><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).<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;">
      <p style="margin-top: 0; margin-bottom: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Policies</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">None.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;">
      <p style="margin-top: 0; margin-bottom: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Share Price Data</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td width="63" style="width:47.25pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="561" colspan="2" style="width:420.75pt;padding:0in 0in 0in 0in" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">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:</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr style="height: 22.5pt">
      <td width="172" colspan="3" valign="bottom" style="width:129.15pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="10" valign="bottom" style="width:.1in;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="133" colspan="3" valign="bottom" style="width:99.9pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="11" valign="bottom" style="width:8.1pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="140" colspan="3" valign="bottom" style="width:105.3pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="10" valign="bottom" style="width:.1in;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="148" colspan="3" valign="bottom" style="width:111.15pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
    </tr>
    <tr style="height: 22.5pt">
      <td width="172" colspan="3" valign="bottom" style="width:129.15pt;padding:0in;
  ">
        <p  style="border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>
        <u>
        Quarter Ended  </u>
        </b>
      </td>
      <td width="10" valign="bottom" style="width:.1in;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="133" colspan="3" valign="bottom" style="width:99.9pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>
        <u>
        Market Price  </u>
        </b>
      </td>
      <td width="11" valign="bottom" style="width:8.1pt;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="140" colspan="3" valign="bottom" style="width:105.3pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>
        <u>
        Net Asset Value at  </u>
        </b>
      </td>
      <td width="10" valign="bottom" style="width:.1in;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="148" colspan="3" valign="bottom" style="width:111.15pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>Market Premium (Discount)<br>
        <u>to Net Asset Value at </u>
        </b>
      </td>
    </tr>
    <tr style="height: 28.5pt">
      <td width="40" valign="bottom" style="width:30.0pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="19" valign="bottom" style="width:13.95pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="114" valign="bottom" style="width:85.2pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="10" valign="bottom" style="width:.1in;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="61" valign="bottom" style="width:45.9pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>
        <u>
        High  </u>
        </b>
      </td>
      <td width="8" valign="bottom" style="width:5.85pt;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="64" valign="bottom" style="width:48.15pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>
        <u>
        Low  </u>
        </b>
      </td>
      <td width="11" valign="bottom" style="width:8.1pt;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="74" valign="bottom" style="width:55.8pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>Market<br>
        <u>High </u>
        </b>
      </td>
      <td width="4" valign="bottom" style="width:3.0pt;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="62" valign="bottom" style="width:46.5pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>Market<br>
        <u>Low </u>
        </b>
      </td>
      <td width="10" valign="bottom" style="width:.1in;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="75" valign="bottom" style="width:56.0pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>Market<br>
        <u>High </u>
        </b>
      </td>
      <td width="8" valign="bottom" style="width:6.0pt;padding:0in;
  ">
      <p  align="center" style="text-align:center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="66" valign="bottom" style="width:49.15pt;padding:0in;
  ">
        <p  align="center" style="text-align: center; border: medium none; padding: 0in; margin-top:0; margin-bottom:0">
        <b>Market<br>
        <u>Low </u>
        </b>
      </td>
    </tr>
    <tr style="height: .75pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in;
  ">
      <p  align="center" style="text-align: center; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in;
  ">
      <p  style="margin-right: 6.3pt; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in;">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in;
  ">
      <p  style="margin-right: .05in; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in;
  ">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in;">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in;
  ">
      <p  style="margin-right: 3.15pt; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in;">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in;
  ">
      <p  style="margin-right: 2.45pt; margin-top:0; margin-bottom:0">&nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in;">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in;
  ">
      <p  style="margin-right: 2.25pt; margin-top:0; margin-bottom:0">&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center"><b>2008</b></td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      March 31</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      $11.13</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      $10.34</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      $9.27</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      $10.04</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      &nbsp;&nbsp;&nbsp;20.06%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      &nbsp;&nbsp;2.99%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" style="width:85.2pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:6.3pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" style="width:45.9pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="8" style="width:5.85pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" style="width:48.15pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="11" style="width:8.1pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" style="width:55.8pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:4.5pt;text-align:right">
      &nbsp;</td>
      <td width="4" style="width:3.0pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" style="width:46.5pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:3.15pt;text-align:right">
      &nbsp;</td>
      <td width="10" style="width:.1in;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" style="width:56.0pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:2.45pt;text-align:right">
      &nbsp;</td>
      <td width="8" style="width:6.0pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" style="width:49.15pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:2.25pt;text-align:right">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center"><b>2007</b></td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" style="width:85.2pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:6.3pt;text-align:left">
      December 31</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" style="width:45.9pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      10.85</td>
      <td width="8" style="width:5.85pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" style="width:48.15pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      10.40</td>
      <td width="11" style="width:8.1pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" style="width:55.8pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:4.5pt;text-align:right">
      10.22</td>
      <td width="4" style="width:3.0pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" style="width:46.5pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:3.15pt;text-align:right">
      10.49</td>
      <td width="10" style="width:.1in;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" style="width:56.0pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:2.45pt;text-align:right">
      6.16%</td>
      <td width="8" style="width:6.0pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" style="width:49.15pt;padding:0in 0in 0in 0in;height:11.25pt">
      <p  align="right" style="margin-right:2.25pt;text-align:right">
      (0.86%)</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 6.3pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      September 30</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      11.14</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      9.50</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      9.97</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      9.59</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      11.74%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      (0.94%)</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 6.3pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      June 30</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      11.43</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      10.60</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      10.56</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      9.93</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      8.24%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      6.75%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 6.3pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      March 31</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      11.31</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      10.65</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      10.38</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      9.89</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      8.96%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      7.68%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 6.3pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center"><b>2006</b></td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      December 31</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;11.04</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;10.43</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;&nbsp;&nbsp;9.68</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      9.55</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      14.05%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      &nbsp;&nbsp;9.21%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:6.3pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  style="margin-right:4.5pt">&nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:3.15pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:2.45pt;text-align:right">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:2.25pt;text-align:right">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      September 30</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;10.90</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;&nbsp;10.18</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;&nbsp;&nbsp;9.14</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      8.55</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      19.26%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      19.06%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:6.3pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  style="margin-right:4.5pt">&nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:3.15pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:2.45pt;text-align:right">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:2.25pt;text-align:right">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      June 30</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;10.52</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;&nbsp;9.74</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;&nbsp;&nbsp;8.54</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      8.33</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      23.19%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      16.93%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:6.3pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:.05in;text-align:right">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  style="margin-right:4.5pt">&nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:3.15pt;text-align:right">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:2.45pt;text-align:right">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="margin-right:2.25pt;text-align:right">
      &nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="center" style="text-align: center">&nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right">&nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: left; margin-right: 6.3pt">
      March 31</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;11.13</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: .05in">
      &nbsp;&nbsp;10.30</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 4.5pt">
      &nbsp;&nbsp;&nbsp;8.62</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 3.15pt">
      8.51</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.45pt">
      29.12%</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      <p  align="right" style="text-align:right">&nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      <p  align="right" style="text-align: right; margin-right: 2.25pt">
      21.03%&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td width="40" valign="top" style="width:30.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="19" valign="top" style="width:13.95pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="114" valign="top" style="width:85.2pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      &nbsp;</td>
      <td width="61" valign="top" style="width:45.9pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="8" valign="top" style="width:5.85pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="64" valign="top" style="width:48.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="11" valign="top" style="width:8.1pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="74" valign="top" style="width:55.8pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="4" valign="top" style="width:3.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      &nbsp;</td>
      <td width="62" valign="top" style="width:46.5pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="10" valign="top" style="width:.1in;padding:0in 0in 0in 0in;height:
  11.25pt">
      &nbsp;</td>
      <td width="75" valign="top" style="width:56.0pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
      <td width="8" valign="top" style="width:6.0pt;padding:0in 0in 0in 0in;height:
  11.25pt">
      &nbsp;</td>
      <td width="66" valign="top" style="width:49.15pt;padding:0in 0in 0in 0in;
  height:11.25pt">
      &nbsp;</td>
    </tr>
  </table>

  <p align="left" style="margin-top: 0; margin-bottom: 12">&nbsp;On April 11, 2008, the net
  asset value was $9.12, trading prices ranged between $10.97 and $10.80
  (representing a premium to net asset value of 20.29% and 18.42%, respectively)
  and the closing price was $10.84 (representing a premium to net asset value of
  18.92%).</p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business
  Development Companies</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 9</u>.&nbsp;&nbsp;<u>Management</u></p>

  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="width: 676; border-collapse: collapse; border: medium none" height="10713">
    <tr>
      <td colspan="2" style="width:40;border:medium none;" height="20">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td style="width:40;border:medium none;" height="20" valign="top">
      <p style="margin-top: 0; margin-bottom: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td colspan="3" style="width:596;border:medium none;" height="20">
      <p style="margin-top: 0; margin-bottom: 0"><u>General</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" style="width:40;border:medium none;padding:0in" height="20">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td style="width:40;border:medium none;padding:0in" height="20">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" style="width:596;border:medium none;padding:0in" height="20">
      <p>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Board of Directors</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" style="width:40;border:medium none;padding:0in" height="20">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td style="width:40;border:medium none;padding:0in" height="20">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" style="width:596;border:medium none;padding:0in" height="20">
      <p>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Investment Adviser</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="border:medium none;padding:
  0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="border:medium none;padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="border:medium none;
  padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2007, had approximately $7.3 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" style="width:40;border:medium none;padding:0in" valign="top" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td style="width:40;border:medium none;padding:0in" valign="top" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" style="width:596;border:medium none;padding:0in" valign="top" height="1">
      <p  style="margin-top:0; margin-bottom:0"></td>
    </tr>
    <tr>
      <td colspan="2" style="width:40;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td style="width:40;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" style="width:596;border:medium none;padding:0in" valign="top" height="1">
      <p  style="margin-top:0; margin-bottom:0"></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2007 as filed with the SEC on Form N-CSR on August 23, 2007 (No.
      811-4915).<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="151">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="151">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="151">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" style="width:40;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td style="width:40;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" style="width:596;border:medium none;padding:0in" height="19">
      <p>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Portfolio Management</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="56">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="56">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="56">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="208">
      <p class="MsoFooter" style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (Chief Investment Officer since 1998; Executive
      Vice President from 1998 to 2001; Senior Vice President from 1997 to
      1998). 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).<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 1987 and has served since then in positions of increasing
      responsibility.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" style="width:40;border:medium none;padding:0in" height="171">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td style="width:40;border:medium none;padding:0in" height="171">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" style="width:596;border:medium none;padding:0in" height="171">
      <p  style="margin-top:0; margin-bottom:0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geoffrey P.
      Dybas, CFA, has served on the Fund's portfolio
      management team since 1996 and has been a Senior Vice President of the
      Adviser since March 2004 (Vice President from 1998 to 2004). Mr.
      Dybas concentrates his research on
      REIT securities and has investment authority
      with respect to the Fund's REIT portfolio. He
      is also the Global Team Head&nbsp; for all REIT
      products managed by the Adviser. These products include the Phoenix Real
      Estate Securities Fund and the Phoenix International Real Estate
      Securities Fund, the Phoenix Real Estate Securities Series a series of the
      Phoenix Edge Series annuity product and various institutional separate
      accounts. He joined the Duff &amp; Phelps organization in 1995 and has served
      since then in positions of increasing responsibility.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="56">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="56">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="56">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrator</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="284">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="284">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="284">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's administrator (the
      &quot;Administrator&quot;) is J.J.B. Hilliard,
      W.L. Lyons, LLC, 500 West Jefferson Street,
      Louisville, Kentucky 40202. The Administrator is a&nbsp; subsidiary of HL
      Financial Services, LLC, which is a subsidiary of Houchens Industries,
      Inc.&nbsp; 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="18">
      <p>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Custodian</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's custodian is The Bank of New
      York, 1 Wall Street &#150; 25<sup>th</sup> Floor, New York, New York 10286. The
      transfer agent and dividend disbursing agent for the Fund's common and
      preferred stock is BNY Mellon Shareowner
      Services, 480 Washington Blvd, Jersey City, New Jersey 07310. The Fund's
      auction agent is The Bank of New York, 101 Barclay Street 7W, New York,
      New York 10286.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="18">
      <p>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="37">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is responsible for all expenses
      not paid by the Adviser or the Administrator, including brokerage fees.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="18">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="18">
      <p>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Affiliated Brokerage</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has paid, and in the future may
      pay, broker commissions to the Administrator. See Item 22.2.<br>
&nbsp;</td>
    </tr>
    <tr style="height: 12.75pt">
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in;height:17">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in;
  height:17">
      <p style="margin-top: 0; margin-bottom: 0">2.</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in;height:17">
      <p><u>Non-resident Managers</u>.<br>
&nbsp;</td>
    </tr>
    <tr style="height: 11.25pt">
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in;height:17">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in;
  height:17">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in;height:17">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.<br>
&nbsp;</td>
    </tr>
    <tr style="height: 12.0pt">
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in;height:17">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in;
  height:17">
      <p style="margin-top: 0; margin-bottom: 0">3.</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in;height:17">
      <p><u>Control Persons</u>.<br>
&nbsp;</td>
    </tr>
    <tr style="height: .75in">
      <td colspan="2" valign="top" style="width:40;border:medium none;padding:
  0in;height:74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:40;border:medium none;padding:0in;
  height:74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:596;border:medium none;
  padding:0in;height:74">
      <p style="margin-top: 0; margin-bottom: 0">&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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;
  padding:0in; " height="17">
      <p><u>Item 10</u>. &nbsp;&nbsp;<u>Capital Stock, Long-Term Debt,
      and Other Securities</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td style="width:39;border:medium none;" height="17">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  " height="17">
      <p style="margin-top: 0; margin-bottom: 0">1. &nbsp;</td>
      <td style="width:596;border:medium none;" height="17" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"><u>Capital Stock.</u><br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="93">
      <p style="margin-top: 0; margin-bottom: 0">(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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="321">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="321">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="321">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="169">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="169">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="169">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="74">
      <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" style="width:39;border:medium none;padding:0in" height="150">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="150">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="150">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="169">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="169">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="169">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="188" colspan="2">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="112">
      <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<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="188">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="132">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="132">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="132">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="226">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="226">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="226">
      <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 BNY Mellon Shareowner Services, 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 BNY Mellon Shareowner Services as dividend
      disbursing agent. Registered shareholders may also elect to have cash
      dividends deposited directly into their bank accounts.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="36" colspan="2">
      <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:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="55">
      <p  style="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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="188">
      <p  style="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, BNY Mellon Shareowner
      Services 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 BNY Mellon Shareowner
      Services for all shares purchased by it. If, before
      BNY Mellon Shareowner Services has completed its purchases, the
      market price exceeds the net asset value of a share, the average purchase
      price per share paid by BNY Mellon Shareowner
      Services 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="74" colspan="2">
      <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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="112">
      <p style="margin-top: 0; margin-bottom: 0">The reinvestment shares are credited to the
      participant's plan account in the Fund's stock records maintained by
      BNY Mellon Shareowner Services, including a
      fractional share to four decimal places. BNY
      Mellon Shareowner Services 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="74" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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
      BNY Mellon Shareowner Services.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="36">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="93">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="112">
      <p style="margin-top: 0; margin-bottom: 0">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 BNY Mellon
      Shareowner Services 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="74" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">Plan participants may purchase additional shares of
      common stock through the plan by delivering to BNY
      Mellon Shareowner Services a check for at least $100, but not more than
      $5,000, in any month. BNY Mellon Shareowner
      Services will use such funds to purchase shares in the open market or in
      private transactions.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="304">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="304">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="304">
      <p style="margin-top: 0; margin-bottom: 0">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 BNY
      Mellon Shareowner Services and a pro rata share of any brokerage
      commission (or equivalent purchase costs) paid by BNY
      Mellon Shareowner Services 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 BNY
      Mellon Shareowner Services 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 BNY
      Mellon Shareowner Services for subsequent investment. Participants will
      not receive interest on voluntary additional funds held by
      BNY Mellon Shareowner Services pending
      investment.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="321">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="321">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="321">
      <p style="margin-top: 0; margin-bottom: 0">A shareholder may leave the plan at any time by
      written notice to BNY Mellon Shareowner
      Services. To be effective for any given distribution, notice must be
      received by BNY Mellon Shareowner Services at
      least seven business days before the record date for that distribution.
      When a shareholder leaves the plan: (i) such
      shareholder may request that BNY Mellon
      Shareowner Services 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
      BNY Mellon Shareowner Services' $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 BNY Mellon Shareowner Services
      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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="36" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">The Fund may change, suspend or terminate the plan at
      any time upon mailing a notice to participants.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="55" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">For more information regarding, and an authorization
      form for, the dividend reinvestment plan, please contact
      BNY Mellon Shareowner Services at
      1-877-381-2537 or on the World Wide Web at <u>http://stock.bankofny.com</u>.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="131">
      <p style="margin-top: 0; margin-bottom: 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 BNY Mellon Shareowner Services, 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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="112" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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 BNY
      Mellon Shareowner Services.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="74" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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). <br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="36" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">When a distribution is reinvested under the plan, the
      number of reinvestment shares is determined as follows:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="93" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">&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 BNY
      Mellon Shareowner Services 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).<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="131">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="131" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">&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,
      BNY Mellon Shareowner Services 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 BNY Mellon Shareowner Services for all
      shares purchased by it in reinvestment of the distribution(s) paid on a
      particular day.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="112" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="74" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="93">
      <p style="margin-top: 0; margin-bottom: 0">No certificates will be issued representing
      fractional shares, nor will BNY Mellon
      Shareowner Services purchase fractional shares in the market.
      BNY Mellon Shareowner Services 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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="36">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="36" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">The Fund may change, suspend or terminate the plan at
      any time upon mailing a notice to participants.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="188">
      <p style="margin-top: 0; margin-bottom: 0">(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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="55" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="25">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="25">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="25">
      <p  style="margin-top:0; margin-bottom:0" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &#149;&nbsp;&nbsp;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="25">
      <p style="margin-top: 0; margin-bottom: 0">a merger or consolidation of the Fund with another corporation,<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="44">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="44">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="44">
      <p style="margin-top: 0; margin-bottom: 0">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp; &nbsp;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="44">
      <p style="margin-top: 0; margin-bottom: 0">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<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;&nbsp;&nbsp;&nbsp;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-bottom:0; margin-top:0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="55" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-bottom:0; margin-top:0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="226">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="226">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="226">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="74">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="74" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="169">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="169">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="169">
      <p style="margin-top: 0; margin-bottom: 0">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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="112">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="112" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="39" height="44">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="border:medium none;
  padding:0in" align="left" width="41" height="44">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="44" height="44">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &#149;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="552" height="44">
      <p style="margin-top: 0; margin-bottom: 0">any person who beneficially owns ten percent or more of the voting power
      of the corporation's shares; or<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="39" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="border:medium none;
  padding:0in" align="left" width="41" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="44" height="55">

        <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="552" height="55">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="93">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="93" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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. <br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="55">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="55" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
    <tr>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="39" height="38">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="border:medium none;
  padding:0in" align="left" width="41" height="38">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="44" height="38">

        <p style="margin-top: 0; margin-bottom: 0">&nbsp;   &nbsp;&nbsp;&nbsp; &nbsp;&#149;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="552" height="38">
      <p style="margin-top: 0; margin-bottom: 0">80% of the votes entitled to be cast by holders of outstanding shares of
      voting stock of the corporation; and<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="39" height="76">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="border:medium none;
  padding:0in" align="left" width="41" height="76">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="44" height="76">

        <p style="margin-top: 0; margin-bottom: 0">&nbsp;   &nbsp;&nbsp; &nbsp;&nbsp;&#149;</td>
      <td valign="top" style="border:medium none;padding:0in" align="left" width="552" height="76">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-bottom:0; margin-top:0"></td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="57">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="57" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="95">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="170">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="170">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="170" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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:<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;   &#149;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">one-tenth or more but less than one-third,<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   &#149;
       </td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">one-third or more but less than a majority, or<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp; &nbsp; &nbsp;   &#149;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">a majority or more of all voting power.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="57" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="113">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="113" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="208">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="208" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="283">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="283">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="283" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="76">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="76">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="76" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="95">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="95" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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:<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" colspan="2" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;
       </td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">a classified board;<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#149;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">a two-thirds vote requirement for removing a director;<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &#149;&nbsp;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">a requirement that the number of directors be fixed only by vote of
      directors;<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:44;border:medium none;padding:0in">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
      &#149;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in">
      <p style="margin-top: 0; margin-bottom: 0">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 <br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:44;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &#149;</td>
      <td valign="top" style="width:552;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">a majority requirement for the calling of a special meeting of
      stockholders.<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="151">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="151">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="151" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="19" colspan="2">
      <p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Long-Term Debt</u>.<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="19" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">Not applicable.<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="19" colspan="2">
      <p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>General.</u><br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="19">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="19" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">Not applicable.<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="57">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="57" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</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.<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="188">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="188" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="302">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="302">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="302" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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.<br>
&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="76">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="76">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="76" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">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).<br>
&nbsp;</td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="25">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="25">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>

      <td valign="top" style="width:596;border:medium none;padding:0in" height="25" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Outstanding Securities</u></td>
    </tr>

    <tr>
      <td valign="top" style="width:39;border:medium none;padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td colspan="3" valign="top" style="width:41;border:medium none;
  padding:0in" height="1">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
      <td valign="top" style="width:596;border:medium none;padding:0in" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0">
      </td>
    </tr>
    <tr height="0">
      <td width="39" style="border:none" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="1" style="border:none" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="40" style="border:none" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="1" style="border:none" height="1">
      <p style="margin-top: 0; margin-bottom: 0"></td>
      <td width="596" style="border:none" height="1" colspan="2">
      <p style="margin-top: 0; margin-bottom: 0"></td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td width="33%" nowrap valign="bottom" style="width:33.06%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">(1)<br>
      <u>Title of Class</u></td>
      <td width="2%" nowrap valign="bottom" style="width:2.28%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">(2)<br>
      <u>Amount Authorized</u></td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">(3)<br>
      Amount Held by<br>
      the Fund or for<br>
      <u>&nbsp;&nbsp;&nbsp;&nbsp;its Account&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">(4)<br>
      Amount Outstanding<br>
      at 3/31/2008 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></td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" nowrap valign="bottom" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p>Common, $.001 par value</td>
      <td width="2%" nowrap valign="bottom" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:15.0pt;text-align:right">
      250,000,000</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">-0-</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:18.75pt;text-align:right">
      229,550,009</td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" nowrap valign="top" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p>Preferred, $.001 par value</td>
      <td width="2%" nowrap valign="top" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:15.0pt;text-align:right">
      100,000,000</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">-0-</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:18.75pt;text-align:right">
      25,000</td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p  style="margin-left:18.75pt">Remarketed Preferred
      Stock</td>
      <td width="2%" nowrap valign="top" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:15.0pt;text-align:right">
      5,000</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:18.75pt;text-align:right">
      5,000</td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p  style="margin-left:18.75pt">Auction Preferred Stock</td>
      <td width="2%" nowrap valign="top" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:15.0pt;text-align:right">
      20,000</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:18.75pt;text-align:right">
      20,000</td>
    </tr>
    <tr>
      <td width="33%" nowrap valign="top" style="width:33.06%;padding:0in 0in 0in 0in">
      <p  style="margin-left:18.75pt">&nbsp;</td>
      <td width="2%" nowrap valign="top" style="width:2.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="20%" nowrap valign="bottom" style="width:20.58%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:15.0pt;text-align:right">
      &nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.7%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="17%" nowrap valign="bottom" style="width:17.24%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="1%" nowrap valign="bottom" style="width:1.48%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="23%" nowrap valign="bottom" style="width:23.64%;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:18.75pt;text-align:right">
      &nbsp;</td>
    </tr>
  </table>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities
  Ratings</u>.</p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 11</u>.&nbsp;&nbsp;<u>Defaults
  and Arrears on Senior Securities</u></p>

  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 12</u>.&nbsp;&nbsp;<u>Legal
  Proceedings</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 13</u>.&nbsp;&nbsp;<u>Table of
  Contents of the Statement of Additional Information</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
  applicable.</p>

  <p><p style="page-break-before:always"></p>
  <p  align="center" style="margin-bottom:12.0pt;text-align:center">
  <b>PART B: &nbsp;INFORMATION REQUIRED IN A <br>
  STATEMENT OF ADDITIONAL INFORMATION</b></p>

  <p  style="margin-bottom:12.0pt" align="left"><u>Item 14</u>.&nbsp;&nbsp;<u>Cover
  Page</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 15</u>.&nbsp;&nbsp;<u>Table of
  Contents</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 16</u>.&nbsp;&nbsp;<u>General
  Information and History</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 17</u>.&nbsp; <u>Investment Objective and Policies</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
  Item 8.2.</p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
  Item 8.2.</p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
  Item 8.2.</p>
  <p  style="margin-bottom:12.0pt" align="left">&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 22.34% in 2007, 29.60% in 2006 and 27.99%
  in 2005. The portfolio turnover rate tends to be correlated with the level of
  the Fund's dividend captures, which decreased beginning in 2005 relative to
  prior years. 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;</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 18</u>.&nbsp;&nbsp;<u>Management</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&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, with the exception of Mr.
  Partain, are classified as independent directors
  because none of them are &quot;interested persons&quot; of the Fund, as defined in the
  1940 Act. Mr. Partain is an &quot;interested person&quot; of
  the Fund, as defined in Section 2(a)(19) of the 1940 Act, by reason of his
  position as President and Chief Executive Officer of the Fund and President,
  Chief Investment Officer and employee of the Adviser. The term &quot;Fund Complex&quot;
  refers to the Fund and all other investment companies advised by affiliates of
  PXP.</p>
 <p style="page-break-before:always">
 <p align="left"><i><b>Independent Directors</b></i></p>
  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; border: medium none">
          <tr>
        <td colspan="2" valign="bottom" style="width:166;border:medium none;
   padding:0in; ">
        <p><u><b><font size="2">Name, Address and
        Age</font></b></u></td>
        <td valign="bottom" style="width:63;border:medium none;padding:0in; ">
        <p  align="center" style="text-align:center">
        <b>
        <font size="2">Positions<br>
        Held with<br>
        <u>Funds</u> </font> </b> </td>
        <td colspan="3" valign="bottom" style="width:106;border:medium none;
   padding:0in; ">
        <p  align="center" style="text-align:center">
        <b>
        <font size="2">Term of<br>
        Office<br>
        And Length of<br>
        <u>Time Served </u> </font> </b> </td>
        <td colspan="2" valign="bottom" style="width:114;border:medium none;
   padding:0in; ">
        <p  align="center" style="text-align:center">
        <b>
        <font size="2">Principal Occupation(s)<br>
        <u>During Past 5 Years</u> </font> </b> </td>
        <td colspan="3" valign="bottom" style="width:118;border:medium none;
   padding:0in; ">
        <p  align="center" style="text-align:center">
        <b>
        <font size="2">Number of<br>
        Portfolios<br>
        In Fund<br>
        Complex<br>
        Overseen<br>
        <u>By Director </u> </font> </b> </td>
        <td valign="bottom" style="width:109;border:medium none;padding:0in; ">
        <p  align="center" style="text-align:center">
        <b>
        <font size="2">Other<br>
        Directorships<br>
        Held by the <u>Director </u> </font> </b> </td>
      </tr>
        <tr>
      <td colspan="2" valign="bottom" style="width:166;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="bottom" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:114;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="bottom" style="width:109;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p><font size="2">Francis E. Jeffries<sup>(1)</sup><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: 77</font></p>
      </td>
      <td valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center">

      <font size="2">Director<br>
      and<br>
      Chairman<br>
      of the<br>
      Board</font></td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center">

      <font size="2">Director since<br>
      January 1987.<br>
      Term expires<br>
      2008.</font></p>
      </td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p><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 Sept. 1991
      and DUC since Nov. 1992 (President of
      DTF and DUC, Jan.
      2000-Feb. 2004); Chairman of the Board of PXP,
      Nov. 1995-May 1997; Chairman and Chief Executive Officer, Duff &amp; Phelps
      Corporation, June 1993- Nov. 1995 (President and Chief Executive Officer,
      Jan. 1992-June 1993); Chairman of the Board of the Adviser, 1988-1993</font></td>
      <td colspan="3" valign="top" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">58</font></td>
      <td valign="top" style="width:109;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="top" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="top" style="width:109;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p><font size="2">Nancy
      Lampton<sup>(3)(4)(5)</sup><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 valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director<br>
      and Vice Chairman<br>
      of the<br>
      Board</font></td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director since<br>
      October 1994. <br>
      Term expires<br>
      2009.</font></p>
      </td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p><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 colspan="3" valign="top" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">3</font></td>
      <td valign="top" style="width:109;border:medium none;padding:0in; ">
      <p><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>
    <tr>
      <td colspan="2" valign="bottom" style="width:166;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="bottom" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:114;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="bottom" style="width:109;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p><font size="2">Stewart E. Conner<sup>(4)<br>
      </sup>c/o Duff &amp; Phelps Investment Management Co.<br>
      55 East Monroe Street
      Suite 3600
      Chicago, IL 60603<br>
      Age: 66</font></td>
      <td valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director </font></td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director

      since<br>
      April&nbsp;
      2004.<br>
      Term expires<br>
      2010.</font></td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p><font size="2">Attorney, Wyatt
      Tarrant &amp; Combs LLP since 1966 (Chairman, Executive Committee 2000-2004,
      Managing Partner 1988-2000)</font></td>
      <td colspan="3" valign="top" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">1&nbsp; </font></td>
      <td valign="top" style="width:109;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="top" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="top" style="width:109;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p><font size="2">Connie K. Duckworth<sup>(2)(4)<br>
      </sup>c/o Duff &amp; Phelps Investment
      Management Co.<br>
      55 East Monroe Street<br>
&nbsp;Suite 3600<br>
      Chicago, IL 60603<br>
      Age: 53</font></td>
      <td valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director </font></td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director
      since<br>
      April&nbsp;
      2002.<br>
      Term&nbsp;expires<br>
      2008.</font></td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p><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 colspan="3" valign="top" style="width:118;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">1 </font></td>
      <td valign="top" style="width:109;border:medium none;padding:0in; ">
      <p><font size="2">Director,
      Smurfit-Stone Container Corporation (packaging manufacturer) 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>
    <tr>
      <td colspan="2" valign="bottom" style="width:166;border:medium none;
  padding:0in; ">
      <p>&nbsp;</td>
      <td valign="bottom" style="width:63;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:105;border:medium none;
  padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:115;border:medium none;
  padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:116;border:medium none;
  padding:0in">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:111;border:medium none;
  padding:0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:166;border:medium none;
  padding:0in; ">
      <p><font size="2">Robert J.
      Genetski<sup>(2)(5)<br>
      </sup>
      c/o Duff &amp; Phelps
      Investment
      Management Co.<br>
      55 East Monroe Street<br>
      Suite 3600<br>
      Chicago, IL 60603<br>
      Age: 65&nbsp;&nbsp;&nbsp;</font></td>
      <td valign="top" style="width:63;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director</font></td>
      <td colspan="2" valign="top" style="width:105;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director since<br>
      April 2001.<br>
      Term expires<br>
      2010.</font></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in; ">
      <p><font size="2">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 colspan="2" valign="top" style="width:116;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">1</font></td>
      <td colspan="2" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><font size="2">Director, Midwest Banc Holdings, Inc.</font></td>
    </tr>
    <tr>
      <td valign="bottom" style="width:165;border:medium none;padding:0in">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:114;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:116;border:medium none;
  padding:0in">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:111;border:medium none;
  padding:0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:165;border:medium none;padding:0in">
      <p><font size="2">Christian H.
      Poindexter<sup>(2)(3)<br>
      </sup>c/o Duff &amp; Phelps
      Investment
      Management Co.<br>
      55 East Monroe Street<br>
      Suite 3600<br>
      Chicago, IL 60603
      Age: 69</font></td>
      <td colspan="2" valign="top" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">Director </font></td>
      <td colspan="3" valign="top" style="width:106;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director since<br>
      May
      2003. <br>
      Term expires<br>
      2009.</font></p>
      </td>
      <td colspan="2" valign="top" style="width:114;border:medium none;
  padding:0in; ">
      <p><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 colspan="2" valign="top" style="width:116;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">3 </font></td>
      <td colspan="2" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><font size="2">Director, The
      Baltimore Life Insurance Company; Chairman Investment Committee, U.S.
      Naval Academy Foundation</font></td>
    </tr>
    <tr>
      <td valign="bottom" style="width:165;border:medium none;padding:0in">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:105;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:115;border:medium none;
  padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:116;border:medium none;
  padding:0in">
      <p>&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:111;border:medium none;
  padding:0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:165;border:medium none;padding:0in">
      <p><font size="2">Carl F. Pollard<sup>(1)(2)<br>
      </sup>
      c/o Duff &amp; Phelps
      Investment
      Management Co.<br>
      55 East Monroe Street<br>
      Suite 3600<br>
      Chicago, IL 60603
      Age: 69 </font></td>
      <td colspan="2" valign="top" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">Director </font></td>
      <td colspan="2" valign="top" style="width:105;border:medium none;
  padding:0in; ">
      <p  align="center" style="text-align:center">

      <font size="2">Director
      since<br>
      April 2002.<br>
      Term
      expires<br>
      2008.</font></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in; ">
      <p><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 colspan="2" valign="top" style="width:116;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">3 </font></td>
      <td colspan="2" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><font size="2">Chairman of the Board
      and Director, Churchill Downs Incorporated</font></td>
    </tr>
    <tr>
      <td valign="bottom" style="width:165;border:medium none;padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="bottom" style="width:104;border:medium none;padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:115;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="2" valign="bottom" style="width:117;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td colspan="3" valign="bottom" style="width:111;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:165;border:medium none;padding:0in">
      <p><font size="2">David J. Vitale<sup>(1)(4)<br>
      </sup>
      c/o Duff &amp; Phelps
      Investment
      Management Co.<br>
      55 East Monroe Street<br>
      Suite 3600<br>
      Chicago, IL 60603
      Age: 61</font></td>
      <td colspan="2" valign="top" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">Director </font></td>
      <td valign="top" style="width:104;border:medium none;padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">Director
      &nbsp;since<br>
      April
      2000.<br>
      Term expires<br>
      2009.</font></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in">
      <p><font size="2">Senior Advisor to the
      CEO, Chicago Public Schools since April 2007; Chief Administrative
      Officer, Chicago Public Schools April 2003&#150; April 2007; 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 colspan="2" valign="top" style="width:117;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">3 </font></td>
      <td colspan="3" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><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>
    <tr>
      <td valign="top" style="width:165;border:medium none;padding:0in">
      <p><font size="2">&nbsp;</font></td>
      <td colspan="2" valign="top" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">&nbsp;</font></td>
      <td valign="top" style="width:104;border:medium none;padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">&nbsp;</font></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
      <td colspan="2" valign="top" style="width:117;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">&nbsp;</font></td>
      <td colspan="3" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="4" valign="top" style="width:333;border:medium none;
  padding:0in">
      <p><i><b>Interested Director</b></i></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
      <td colspan="2" valign="top" style="width:117;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">&nbsp;</font></td>
      <td colspan="3" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="4" valign="top" style="width:333;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
      <td colspan="2" valign="top" style="width:117;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">&nbsp;</font></td>
      <td colspan="3" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" style="width:165;border:medium none;padding:0in">
      <p><font size="2">Nathan I.
      Partain<br>
      Duff &amp; Phelps<br>
      Investment<br>
      Management Co.<br>
      55 East Monroe Street<br>
      Suite 3600<br>
      Chicago, IL 60603<br>
      Age: 51</font></td>
      <td colspan="2" valign="top" style="width:64;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">President, Chief Executive Officer and
      Director</font></td>
      <td valign="top" style="width:104;border:medium none;padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">Director since<br>
      May 2007.<br>
      Term<br>
      expires 2010.</font></p>
      <p  align="center" style="text-align:center">
      <font size="2">&nbsp;</font></td>
      <td colspan="3" valign="top" style="width:115;border:medium none;
  padding:0in">
      <p><font size="2">President and Chief
      Executive Officer of the Fund since February 2001 (Chief Investment
      Officer since January 1998; Executive Vice President, April 1998&#150;February
      2001; Senior Vice President January 1997&#150;April 1998); President and Chief
      Investment Officer of the Adviser since April 2005 (Executive Vice
      President 1997&#150;2005); President and Chief Executive Officer of
      DTF and DUC since
      February 2004; Director of Utility Research, Duff &amp; Phelps Investment
      Research Co. 1989&#150;1996 (Director of Equity Research, 1993&#150;1996 and
      Director of Fixed Income Research, 1993)</font></td>
      <td colspan="2" valign="top" style="width:117;border:medium none;
  padding:0in">
      <p  align="center" style="text-align:center">

      <font size="2">3</font></td>
      <td colspan="3" valign="top" style="width:111;border:medium none;
  padding:0in">
      <p class="MsoFootnoteText"><font size="2">Director, Otter Tail Corporation (manages
      diversified operations in the electric, plastics, manufacturing, health
      services, food ingredient processing and other business operations
      sectors)</font></td>
    </tr>
    <tr height="0">
      <td width="165" style="border:none"><font size="2">&nbsp;</font></td>
      <td width="1" style="border:none"></td>
      <td width="63" style="border:none"><font size="2">&nbsp;</font></td>
      <td width="104" style="border:none"><font size="2">&nbsp;</font></td>
      <td width="1" style="border:none"></td>
      <td width="1" style="border:none"></td>
      <td width="113" style="border:none"><font size="2">&nbsp;</font></td>
      <td width="1" style="border:none"></td>
      <td width="116" style="border:none"><font size="2">&nbsp;</font></td>
      <td width="1" style="border:none"></td>
      <td width="2" style="border:none"></td>
      <td width="109" style="border:none"><font size="2">&nbsp;</font></td>
    </tr>
  </table>

  <p align="left" style="margin-top: 0; margin-bottom: 0">______________</p>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p><font size="2">(1)</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><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. The executive committee did not meet during 2007.</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p style="margin:0in;margin-bottom:.0001pt">

      <font size="2">&nbsp;</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p><font size="2">(2)</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><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. The audit committee met
      twice during 2007.</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p style="margin:0in;margin-bottom:.0001pt">

      <font size="2">&nbsp;</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p><font size="2">(3)</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><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. The nominating and governance committee met twice
      during 2007.</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p style="margin:0in;margin-bottom:.0001pt">

      <font size="2">&nbsp;</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p><font size="2">(4)</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><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. The contracts committee met twice during 2007.</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="2%" valign="top" style="width:2.5%;padding:0in 0in 0in 0in">
      <p><font size="2">(5)</font></td>
      <td width="4%" valign="top" style="width:4.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="93%" valign="top" style="width:93.22%;padding:0in 0in 0in 0in">
      <p><font size="2">Elected by the holders
      of the Fund's preferred stock.</font></td>
    </tr>
  </table>



  <p  style="margin-bottom:12.0pt" align="left"><b><i>Officers of the Fund</i></b></p>
  <p  style="margin-bottom:12.0pt" align="left">Information about Nathan I.
  Partain, the President and Chief Executive Officer
  of the Fund, is provided above under the caption &quot;Interested Director.&quot;&nbsp;
  Information about the other officers of the Fund follows.</p>

  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr style="height: 12.75pt">
      <td width="30%" valign="bottom" style="width: 30.58%; height: 12.75pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Name, Address and Age</font></b></td>
      <td width="4%" valign="bottom" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="28%" valign="bottom" style="width: 28.84%; height: 12.75pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Positions Held with<br>
      Fund, Term of Office<br>
      and Length of Time Served</font></b></p>
      </td>
      <td width="3%" valign="bottom" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="32%" valign="bottom" style="width: 32.7%; height: 12.75pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Principal Occupations<br>
      During Past 5 Years</font></b></td>
    </tr>
    <tr style="height: 12.75pt">
      <td width="30%" style="width: 30.58%; height: 12.75pt; border: medium none; padding: 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="4%" style="width:4.04%;padding:0in 0in 0in 0in;height:12.75pt">
      <p>&nbsp;</td>
      <td width="28%" style="width: 28.84%; height: 12.75pt; border: medium none; padding: 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="3%" style="width:3.84%;padding:0in 0in 0in 0in;height:12.75pt">
      <p>&nbsp;</td>
      <td width="32%" style="width: 32.7%; height: 12.75pt; border: medium none; padding: 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr style="height: 77.25pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:77.25pt">
      <p><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: 58 </font>  </td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:77.25pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:77.25pt">
      <p class="MsoFootnoteText"><font size="2">Secretary and Senior Vice President since
      January 1995 (Treasurer January 1995-September 2002) </font>  </td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:77.25pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:77.25pt">
      <p><font size="2">Executive Vice
      President of the Adviser since 2008 (Senior Vice President 1993-2008, Vice
      President 1987-1993); Secretary of DUC and
      DTF since May 2005 </font>  </td>
    </tr>
    <tr style="height: 12.75pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
    </tr>
    <tr style="height: 66.0pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:66.0pt">
      <p><font size="2">Joseph C. Curry, Jr.<br>
      Hilliard Lyons Investment<br>
      Management<br>
      500 West Jefferson Street<br>
      Louisville, Kentucky 40202<br>
      Age: 63</font></td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:66.0pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:66.0pt">
      <p><font size="2">Treasurer since
      September 2002; Senior Vice President since May 2006 (Vice President April
      1988-May 2006)</font></td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:66.0pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:66.0pt">
      <p><font size="2">Senior Vice President,
      J.J.B. Hilliard, W.L.
      Lyons, Inc. since 1994 (Vice President 1982-1994); President,
      Hilliard-Lyons Government Fund, Inc. since 1986; Vice President and
      Assistant Treasurer, Senbanc Fund since 1999 </font>

      </td>
    </tr>
    <tr style="height: 12.75pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:12.75pt">
      <p>&nbsp;</td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p><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: 53</font></td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p><font size="2">Chief Compliance
      Officer since February 2004 </font>  </td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p class="MsoFootnoteText"><font size="2">Senior Vice President and Chief Compliance
      Officer of the Adviser since 2004 (Vice President and Compliance Officer
      of the Adviser 2002&#150;2004), Chief Compliance Officer of
      DTF and DUC since
      2003. Vice President and Chief Compliance Officer, Stein Roe Investment
      Counsel LLC 2001&#150;2002</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p><font size="2">Dianna P.
      Wengler<br>
      Hilliard Lyons Investment
      Management<br>
      500 West Jefferson Street<br>
      Louisville, Kentucky 40202<br>
      Age: 47</font></td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p><font size="2">Vice President since
      May 2006 (Assistant Vice President April 2004-May 2006); Assistant
      Secretary since April 1988.</font></td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p>&nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:12.0pt">
      <p class="MsoFootnoteText"><font size="2">Vice President, J.J.B.
      Hilliard, W.L. Lyons, Inc. since 1990;
      Treasurer, Hilliard-Lyons Government Fund, Inc. since 1988 (Vice President
      since 1985)</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="30%" valign="top" style="width:30.58%;padding:0in 0in 0in 0in;
  height:12.0pt">
      &nbsp;</td>
      <td width="4%" valign="top" style="width:4.04%;padding:0in 0in 0in 0in;
  height:12.0pt">
      &nbsp;</td>
      <td width="28%" valign="top" style="width:28.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      &nbsp;</td>
      <td width="3%" valign="top" style="width:3.84%;padding:0in 0in 0in 0in;
  height:12.0pt">
      &nbsp;</td>
      <td width="32%" valign="top" style="width:32.7%;padding:0in 0in 0in 0in;
  height:12.0pt">
      &nbsp;</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>2.</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>Included in Item 18.1.</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>3.</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>4.</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>5.</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>Included in Item 18.1.</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>6.</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>Included in Item 18.1.</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      <p>7.</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      <p>The following table provides certain information
      relating to the equity securities beneficially owned, as of December 31,
      2007, 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>
    <tr>
      <td width="9%" style="width:9.0%;border:none;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="7%" valign="top" style="width:7.0%;border:none;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="84%" style="width:84.0%;border:none;padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td width="176" valign="bottom" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="16" valign="bottom" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="bottom" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="16" valign="bottom" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="bottom" style="width:2.5in;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="176" valign="bottom" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>Name of<br>
      <u>Director</u></b></td>
      <td width="16" valign="bottom" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
      <td width="176" valign="bottom" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>Dollar
      Range of Equity<br>
      <u>Securities in the Fund</u></b></td>
      <td width="16" valign="bottom" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
      <td width="240" valign="bottom" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>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></b></td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p><b><i>Independent Directors</i></b></td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Stewart E. Conner</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">$10,000 -
      $50,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">$10,001 -
      $50,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Connie K. Duckworth</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Robert J. Genetski</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Francis E. Jeffries</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Nancy Lampton</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Christian H. Poindexter</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Carl F.Pollard</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>David J. Vitale</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">$50,000 -
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">$50,001 -
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p><b><i>Interested Director</i></b></td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p>Nathan I. Partain</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
    </tr>
    <tr>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="176" valign="top" style="width:132.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="16" valign="top" style="width:12.0pt;padding:0in 0in 0in 0in">
      &nbsp;</td>
      <td width="240" valign="top" style="width:2.5in;padding:0in 0in 0in 0in">
      &nbsp;</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>As of December 31, 2007, 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.</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>9.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>10.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>11.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>12.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="56" valign="top" style="width:42.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="44" valign="top" style="width:33.2pt;padding:0in 0in 0in 0in">
      <p>13.</td>
      <td width="524" valign="top" style="width:392.8pt;padding:0in 0in 0in 0in">
      <p>The following table shows the compensation paid by
      the Fund to the Fund's current directors during 2007:</td>
    </tr>
    <tr>
      <td width="56" valign="top" style="width:42.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="44" valign="top" style="width:33.2pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="524" valign="top" style="width:392.8pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
  </table>
  <p  align="center" style="text-align:center;page-break-after:avoid; margin-top:0; margin-bottom:0">
  <b>COMPENSATION TABLE </b>(1)(2)</p>
  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
    <tr>
      <td width="7%" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" nowrap valign="bottom" style="width:50.96%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="15%" nowrap valign="bottom" style="width:15.82%;border:none;
  padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="2%" nowrap valign="bottom" style="width:2.96%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" nowrap valign="bottom" style="width:22.3%;border:none;
  padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" nowrap valign="bottom" style="width:50.96%;border:none;
  padding:0in 0in 0in 0in">
      <p><b>Name of Director</b></td>
      <td width="15%" nowrap valign="bottom" style="width:15.82%;border:none;
  padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>Aggregate<br>
      Compensation<br>
      from the<br>
      Fund</b></td>
      <td width="2%" nowrap valign="bottom" style="width:2.96%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" nowrap valign="bottom" style="width:22.3%;border:none;
  padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center"><b>Total
      Compensation<br>
      From Fund and<br>
      Fund Complex Paid<br>
      to Directors</b></td>
    </tr>
    <tr>
      <td width="7%" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="15%" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p><b><i>Independent Directors</i></b></td>
      <td width="15%" valign="top" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="15%" valign="top" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width: 7.98%; border: medium none; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width: 50.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p>Stewart E. Conner . . . . . . . . . . . . . . . . . .
      . . . . . . .</td>
      <td width="15%" valign="top" style="border: medium none; padding: 0in; background: #99CCFF" align="left">
      <p  align="right" style="margin-right:25;">
      $&nbsp;&nbsp;53,750</td>
      <td width="2%" valign="top" style="width: 2.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:7.8pt;text-align:right">&nbsp;</td>
      <td width="22%" valign="top" style="width: 22.3%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:46;text-align:right">
      $&nbsp;&nbsp;53,750</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p>Connie K. Duckworth. . . . . . . . . . . . . . . . .
      . . . . .  </td>
      <td width="15%" valign="top" style="border:medium none;padding:0in; " align="left">
      <p  align="right" style="margin-right:25;">
      50,750</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:7.8pt;text-align:right">
      &nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:46;text-align:right">
      50,750</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width: 7.98%; border: medium none; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width: 50.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p>Robert J. Genetski. . . .
      . . . . . . . . . . . . . . . . . . . . .</td>
      <td width="15%" valign="top" style="border: medium none; padding: 0in; background: #99CCFF" align="left">
      <p  align="right" style="margin-right:25;">
      50,250</td>
      <td width="2%" valign="top" style="width: 2.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:7.8pt;text-align:right">&nbsp;</td>
      <td width="22%" valign="top" style="width: 22.3%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:46;text-align:right">
      50,250</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p>Francis E. Jeffries (2). . . . . . . . . . . . . . .
      . . . . . . .  </td>
      <td width="15%" valign="top" style="border:medium none;padding:0in; " align="left">
      <p  align="right" style="margin-right:25;">
      112,732</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:7.8pt;text-align:right">
      &nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:46;text-align:right">
      279,000</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width: 7.98%; border: medium none; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width: 50.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p>Nancy Lampton (2). . . .
      . . . . . . . . . . . . . . . . . . . .  </td>
      <td width="15%" valign="top" style="border: medium none; padding: 0in; background: #99CCFF" align="left">
      <p  align="right" style="margin-right:25;">
      59,232</td>
      <td width="2%" valign="top" style="width: 2.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:7.8pt;text-align:right">&nbsp;</td>
      <td width="22%" valign="top" style="width: 22.3%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:46;text-align:right">
      118,500</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p>Christian H. Poindexter. . . . . . . . . . . . . . .
      . . . . . .  </td>
      <td width="15%" valign="top" style="border:medium none;padding:0in; " align="left">
      <p  align="right" style="margin-right:25;">
      50,750</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:7.8pt;text-align:right">
      &nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="margin-right:46;text-align:right">
      50,750</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width: 7.98%; border: medium none; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width: 50.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p>Carl F. Pollard (2). . . . . . . . . . . . . . . . .
      . . . . . . . .</td>
      <td width="15%" valign="top" style="border: medium none; padding: 0in; background: #99CCFF" align="left">
      <p  align="right" style="margin-right:25; margin-top:0; margin-bottom:0">
      56,857</td>
      <td width="2%" valign="top" style="width: 2.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width: 22.3%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="right" style="margin-right:46">108,100</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p>David J. Vitale (2). . . . . . . . . . . . . . . . . . . . . . . . .</td>
      <td width="15%" valign="top" style="border:medium none;padding:0in; " align="left">
      <p  align="right" style="margin-right:25">53,732</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="text-align:right; margin-right:46">108,000</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p><i>&nbsp;</i></td>
      <td width="15%" valign="top" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="text-align:right">&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width:7.98%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.96%;border:none;padding:0in 0in 0in 0in">
      <p><b><i>Interested Director</i></b></td>
      <td width="15%" valign="top" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="right" style="text-align:right">&nbsp;</td>
    </tr>
    <tr>
      <td width="58%" colspan="2" valign="top" style="width:58.92%;border:none;
  padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="15%" valign="top" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="2%" valign="top" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="22%" valign="top" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="7%" valign="top" style="width: 7.98%; border: medium none; padding: 0in; background: #99CCFF">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width: 50.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p>Nathan I. Partain. . . .
      . . . . . . . . . . . . . . . . . . . . .</td>
      <td width="15%" valign="top" style="width: 15.82%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="center" style="text-align:center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      0</td>
      <td width="2%" valign="top" style="width: 2.96%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="22%" valign="top" style="width: 22.3%; border: medium none; padding: 0in; background: #99CCFF">
      <p  align="center" style="text-align:center">&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</td>
    </tr>
    <tr>
      <td width="58%" colspan="2" style="width:58.92%;border:none;padding:0in 0in 0in 0in">
      <p>________________</td>
      <td width="15%" style="width:15.82%;border:none;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="2%" style="width:2.96%;border:none;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td width="22%" style="width:22.3%;border:none;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;</td>
    </tr>
    </table>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="width: 676; border-collapse: collapse">
    <tr style="height: 128.25pt">
      <td valign="top" style="width:60;padding:0in;
  height:128.25pt">
      <p>(1)</td>
      <td colspan="4" valign="top" style="width:616;padding:0in;
  height:128.25pt">
      <p>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 has received 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" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:616;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>(2)</td>
      <td colspan="4" valign="top" style="width:616;padding:0in; ">
      <p>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 60 other funds in the Fund
      Complex, and each of Ms. Lampton, Mr.
      Partain, Mr. Pollard and Mr. Vitale serves as
      a director of two other funds in the Fund Complex.</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:616;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>14.</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>15.</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p><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>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>16.</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p><u>Proxy Voting Policies and Procedures</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.</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>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 valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>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 valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>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 valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:34;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:582;padding:0in; ">
      <p>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="5" valign="top" style="width:676;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="5" valign="top" style="width:676;padding:0in; ">
      <p  style="page-break-after:avoid"><u>Item 19</u>. <u>
      Control Persons and Principal Holders of Securities</u></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>1.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>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.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>2.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>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.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>3.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>As of December 31, 2007, the officers and directors
      of the Fund owned in the aggregate 223,648 shares of Common Stock,
      representing less than 1% of the Fund's outstanding Common Stock.</td>
    </tr>
    <tr>
      <td colspan="5" valign="top" style="width:676;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="5" valign="top" style="width:676;padding:0in; ">
      <p><u>Item 20</u>. <u>Investment Advisory and Other
      Services</u></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>1.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>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.</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="3" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="3" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>See Item 18 for the names and capacities of
      affiliated persons of the Fund who are also affiliated persons of the
      Adviser.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>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 $18,035,407 in 2007, $15,976,021 in
      2006 and $14,771,365 in 2005.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>2.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>See Item 9.1(b) for a discussion of the Service
      Agreement.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>3.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>No fees, expenses or costs of the Fund were paid by
      persons other than the Adviser or the Fund.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>4.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>See Item 9.1(d) for a discussion of the
      Administration Agreement. The administrative fees paid by the Fund totaled
      $4,357,081 in 2007, $3,945,204 in 2006 and $3,704,273 in 2005.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>5.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>6.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>See Item 9.1(e) for information about the Fund's
      custodian.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>7.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>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.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>8.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>Not applicable.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="3" valign="top" style="width:616;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p><u>Item 21</u>.</td>
      <td colspan="3" valign="top" style="width:616;padding:0in; ">
      <p><u>Portfolio Managers</u></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>1.</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p><u>Other Accounts Managed</u></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:60;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="2" valign="top" style="width:40;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:576;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="5" valign="top" style="width:676;padding:0in; ">
      <p>&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="5" valign="top" style="width:676;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="5" valign="top" style="width:676;padding:0in; ">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides
      information as of December 31, 2007 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, 2007, 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>

    <tr>
      <td colspan="5" valign="top" style="width:676;padding:0in; ">
      &nbsp;</td>
    </tr>

    <tr height="0">
      <td width="60" style="border:none"></td>
      <td width="1" style="border:none"></td>
      <td width="34" style="border:none"></td>
      <td width="6" style="border:none"></td>
      <td width="576" style="border:none"></td>
    </tr>
  </table>
  <table border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none" height="193">
    <tr style="height: 19.5pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:29">
      <p>&nbsp;</td>
      <td width="28%" colspan="2" valign="top" style="width: 28.58%; height: 29; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Registered Investment<br>
      Companies (1)</font></b></td>
      <td width="26%" colspan="2" valign="top" style="width: 26.92%; height: 29; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Other Pooled&nbsp;Investment Vehicles (2)</font></b></td>
      <td width="27%" colspan="2" valign="top" style="width: 27.22%; height: 29; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Other Accounts (3)</font></b></td>
    </tr>
    <tr style="height: 33.75pt">
      <td width="17%" valign="top" style="width: 17.28%; height: 30; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Name of

      Portfolio Manager</font></b></td>
      <td width="14%" valign="top" style="width: 14.88%; height: 30; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Number

      of
      &nbsp;Accounts</font></b></td>
      <td width="13%" valign="top" style="width: 13.7%; height: 31; border-left: medium none; border-right: medium none; border-top: 1.0pt inset #111111; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Total &nbsp;Assets<br>
&nbsp;(in millions)</font></b></td>
      <td width="13%" valign="top" style="width: 13.42%; height: 30; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Number
      &nbsp;of
      Accounts</font></b></td>
      <td width="13%" valign="top" style="width: 13.5%; height: 30; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Total
      &nbsp;Assets<br>
      (in millions)</font></b></td>
      <td width="13%" valign="top" style="width: 13.62%; height: 30; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Number
      &nbsp;of
      &nbsp;Accounts</font></b></td>
      <td width="13%" valign="top" style="width: 13.6%; height: 30; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid #111111; padding: 0in">
      <p  align="center" style="text-align:center">
      <b>
      <font size="2">Total
      &nbsp;Asset<br>
&nbsp;(in millions)</font></b></td>
    </tr>
    <tr style="height: 12.75pt">
      <td width="17%" valign="top" style="width: 17.28%; height: 15; border: medium none; padding: 0in">
      <p><font size="2">Nathan I.
      Partain</font></td>
      <td width="14%" valign="top" style="width: 14.88%; height: 15; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width: 13.7%; height: 15; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
      <p  align="center" style="text-align:center">

      <font size="2">$0</font></td>
      <td width="13%" valign="top" style="width: 13.42%; height: 15; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width: 13.5%; height: 15; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
      <td width="13%" valign="top" style="width: 13.62%; height: 15; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width: 13.6%; height: 15; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:14">
      <p><font size="2">T. Brooks
      Beittel</font></td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">2</font></td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$574.4</font></td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:14">
      <p><font size="2">Geoffrey P.
      Dybas</font></td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">3</font></td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$1,216.8</font></td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">1</font></td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$46.3</font></td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">10</font></td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$337.1</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:14">
      <p><font size="2">Deborah A. Jansen. </font>

      </td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$0</font></td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
    </tr>
    <tr style="height: 9.75pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:13">
      <p><font size="2">Randle L. Smith </font>

      </td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">1</font></td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$69.0</font></td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
    </tr>
    <tr style="height: 9.75pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:13">
      <p><font size="2">Daniel J.
      Petrisko </font>  </td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">1</font></td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$505.4</font></td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">8</font></td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:13; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">$1,622.9</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:14">
      <p><font size="2">Connie M. Luecke .</font></td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">1</font></td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">&nbsp;$69.0</font></td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">0</font></td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:14; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      <p  align="center" style="text-align:center">

      <font size="2">-</font></td>
    </tr>
    <tr style="height: 12.0pt">
      <td width="17%" valign="top" style="width:17.28%;border:medium none;padding:0in;
  height:17">
      &nbsp;</td>
      <td width="14%" valign="top" style="width:14.88%;border:medium none;height:17; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      &nbsp;</td>
      <td width="13%" valign="top" style="width:13.7%;border:medium none;height:17; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      &nbsp;</td>
      <td width="13%" valign="top" style="width:13.42%;border:medium none;height:17; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      &nbsp;</td>
      <td width="13%" valign="top" style="width:13.5%;border:medium none;height:17; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      &nbsp;</td>
      <td width="13%" valign="top" style="width:13.62%;border:medium none;height:17; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      &nbsp;</td>
      <td width="13%" valign="top" style="width:13.6%;border:medium none;height:17; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
      &nbsp;</td>
    </tr>
  </table>
  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" style="width: 676; border-collapse: collapse; border: medium none">
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>(1)</p>
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>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 colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>(2)</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>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 colspan="6" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>(3)</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>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 valign="top" style="width:20;border:medium none;padding:0in; " colspan="6">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation </u></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <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, 2007, 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 colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <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 colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <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 Utility Market Price
      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 colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <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. Fifteen percent of such
      compensation was payable in PNX restricted
      stock units, which vest over a three-year period, commencing on the award
      date.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&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 colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&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 colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&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>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      &nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      &nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership of Securities</u></td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&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, 2007, by each of the portfolio managers identified in Item
      9.1.c of the Fund's prospectus.</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center"><b>Name of<br>
      <u>Portfolio Manager</u></b></td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center"><b>Dollar
      Range of<br>
      <u>Equity Securities in the Fund</u></b></td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">&nbsp;</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">T. Brooks
      Beittel</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">$1-$10,000</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">Geoffrey P.
      Dybas</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">None</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">Deborah A. Jansen</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">None</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">Connie M.
      Luecke</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">$1-$10,000</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">Nathan I.
      Partain</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">Over
      $100,000</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">Daniel J.
      Petrisko</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">None</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:268;border:medium none;padding:0in; ">
      <p  style="margin-left:75">Randle L. Smith</td>
      <td valign="top" style="width:22;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td valign="top" style="width:222;border:medium none;padding:0in; ">
      <p  align="center" style="text-align:center">$50,001 to
      $100,000</td>
      <td valign="top" style="width:113;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" valign="top" style="width:51;border:medium none;padding:0in; ">
      <p>&nbsp;</td>
      <td colspan="4" valign="top" style="width:625;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p><u>Item 22</u>. <u>Brokerage Allocation and Other
      Practices</u></td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:39.0pt">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 $764,965 in 2007, $1,369,200,
      $799,719 and $1,667,497 during 2006 and 2005 respectively, not including
      the gross underwriting spread on securities purchased in underwritten
      public offerings.</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      &nbsp;</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:39.0pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The Fund did not pay any brokerage commissions during 2007, 2006 or 2005
      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>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      &nbsp;</td>
    </tr>
    <tr style="page-break-inside: avoid">
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:38.9pt">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>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:38.9pt">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:38.9pt">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 $617,322,519 and the aggregate amount of the related commissions was
      $608,718.</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:38.9pt">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:38.9pt">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>
    <tr>
      <td colspan="6" valign="top" style="width:676;border:medium none;padding:
  0in; ">
      <p  style="margin-left:38.9pt">&nbsp;</td>
    </tr>

    <tr height="0">
      <td width="20" style="border:none"></td>
      <td width="31" style="border:none"></td>
      <td width="268" style="border:none"></td>
      <td width="22" style="border:none"></td>
      <td width="222" style="border:none"></td>
      <td width="113" style="border:none"></td>
    </tr>
  </table>



  <p  style="margin-bottom:12.0pt; margin-top:0" align="left"><u>Item 23</u>. <u>Tax
  Status</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt" align="left">&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).</p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December
  31, 2007, the Fund had tax capital loss carryovers of $30,440,479, which will
  expire in 2011.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 24</u>. <u>Financial
  Statements</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial
  statements listed below are incorporated herein by reference from the Fund's
  Annual Report to Shareholders for the year ended December 31, 2007 as filed on
  Form N-CSR with the Securities and Exchange Commission on March 4, 2008 (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 align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  -&nbsp;&nbsp;&nbsp;&nbsp;Report of independent public accountants</p>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  -&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments at December 31, 2007</p>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  -&nbsp;&nbsp;&nbsp;&nbsp;Balance Sheet at December 31, 2007</p>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  -&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations for the year ended December 31, 2007</p>
  <p align="left">&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, 2007
  and 2006</p>
  <p align="left">&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, 2007</p>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  -&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements</p>
  <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  -&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights - Selected Per Share Data and Ratios</p>

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

  <p  align="center" style="text-align:center"><b>PART C:&nbsp;
  OTHER INFORMATION</b></p>
  <p  style="margin-bottom:12.0pt"><u>Item 25</u>. <u>Financial
  Statements and Exhibits</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&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</p>
  <p  style="margin-bottom:12.0pt" align="left"><b>In Part B:</b></p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Report of independent public accountants</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Schedule of Investments at December 31, 2007</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Balance Sheet at December 31, 2007</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Statement of Operations for the year ended December 31, 2007</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Statement of Changes in Net Assets for the years ended
  December 31, 2007 and 2006</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Statement of Cash Flows for the year ended December 31, 2007</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Notes to Financial Statements</p>
  <p  style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:82.5pt" align="left">Financial Highlights - Selected Per Share Data and Ratios</p>
  <p  style="margin-bottom:12.0pt" align="left"><b>In Part C:</b></p>
  <p  style="page-break-after:avoid" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</p>

  <p  style="page-break-after:avoid" align="left">&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</p>

  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;a.1</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;a.2</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>a.3</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>a.4</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Certificate of Correction to Articles of Amendment
      and Restatement filed August&nbsp;4, 2006 (Incorporated by reference from
      post-effective amendment no. 54 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="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>a.5</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Certificate of Correction to Articles Supplementary
      filed August 4, 2006 (Incorporated by reference from post-effective
      amendment no. 54 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="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>b.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>c.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>None</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.1</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Specimen common stock certificate (Incorporated by
      reference from Registrant's registration statement on Form N-2, no.
      33-10421)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.2</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.3</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.4</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.5</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.6</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.7</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.8</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.9</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.10</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.11</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>d.12</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>e.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>f.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>None</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>g.1</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>g.2</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>g.3</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>h.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>i.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>j.1</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>j.2</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>k.1</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>k.2</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>k.3</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>k.4</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>k.5</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>k.6</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>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" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>l.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>m.</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>n.</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>o.</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>p.</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>Subscription Agreement for initial capital
      (Incorporated by reference from Registrant's registration statement on
      Form N-2, no. 33-10421)</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>q.</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>Not applicable</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>r.1</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>Amended and Restated Code of Ethics of Registrant
      </td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>r.2</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>Amended and Restated Code of Ethics of Duff &amp; Phelps
      Investment Management Co. (investment adviser to Registrant) (Incorporated
      by reference from post-effective amendment no. 54 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="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="28" valign="top" style="width:21.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="32" valign="top" style="width:24.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="452" valign="top" style="width:339.0pt;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
  </table>



  <p  style="margin-bottom:12.0pt" align="left"><u>Item 26</u>.&nbsp;&nbsp;<u>Marketing
  Arrangements</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 27</u>.&nbsp;&nbsp;<u>Other
  Expenses of Issuance and Distribution</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 28</u>.&nbsp;&nbsp;<u>Persons
  Controlled by or Under Common Control</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&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.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 29</u>.&nbsp;&nbsp;<u>Number
  of Holders of Securities</u></p>

  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td width="49%" valign="bottom" style="width:49.3%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:left; margin-left:60"><u>Title of
      Class</u></td>
      <td width="16%" valign="bottom" style="width:16.5%;padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="34%" valign="bottom" style="width:34.2%;padding:0in 0in 0in 0in">
      <p  align="center">Number of<br>
      Record Holders<br>
      <u>March 31, 2008</u></td>
    </tr>
    <tr>
      <td width="49%" valign="top" style="width:49.3%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td width="16%" valign="top" style="width:16.5%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="34%" valign="top" style="width:34.2%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
    </tr>
    <tr>
      <td width="49%" valign="top" style="width:49.3%;padding:0in 0in 0in 0in">
      <p align="left">Common Stock, $.001 par value</td>
      <td width="16%" valign="top" style="width:16.5%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="34%" valign="top" style="width:34.2%;padding:0in 0in 0in 0in" align="center">
      <p  align="center">20,722</td>
    </tr>
    <tr>
      <td width="49%" valign="top" style="width:49.3%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="16%" valign="top" style="width:16.5%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="34%" valign="top" style="width:34.2%;padding:0in 0in 0in 0in" align="center">
      <p align="left">&nbsp;</td>
    </tr>
    <tr>
      <td width="49%" valign="top" style="width:49.3%;padding:0in 0in 0in 0in">
      <p align="left">Preferred Stock, $.001 par value</td>
      <td width="16%" valign="top" style="width:16.5%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="34%" valign="top" style="width:34.2%;padding:0in 0in 0in 0in" align="center">
      <p  align="center">1</td>
    </tr>
    <tr>
      <td width="49%" valign="top" style="width:49.3%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="16%" valign="top" style="width:16.5%;padding:0in 0in 0in 0in">
      <p align="left">&nbsp;</td>
      <td width="34%" valign="top" style="width:34.2%;padding:0in 0in 0in 0in" align="center">
      <p  align="center" style="text-align:left">&nbsp;</td>
    </tr>
  </table>



  <p  style="margin-bottom:12.0pt" align="left"><u>Item 30</u>. <u>
  Indemnification</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
    <tr>
      <td width="12%" valign="top" style="width:12.0%;border:none;padding:0in 0in 0in 0in">
      <p  style="text-indent: -.25in; margin-left: 54.75pt">
     &#149;&nbsp;</td>
      <td width="88%" valign="top" style="width:88.0%;border:none;padding:0in 0in 0in 0in">
      <p>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%" valign="top" style="width:12.0%;border:none;padding:0in 0in 0in 0in">
      <p  style="margin-left:18.75pt">&nbsp;</td>
      <td width="88%" valign="top" style="width:88.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="12%" valign="top" style="width:12.0%;border:none;padding:0in 0in 0in 0in">
      <p  style="text-indent: -.25in; margin-left: 54.75pt">
      &#149;
      &nbsp;</td>
      <td width="88%" valign="top" style="width:88.0%;border:none;padding:0in 0in 0in 0in">
      <p>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="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 31</u>.&nbsp;&nbsp;<u>Business
  and Other Connections of Investment Adviser</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 32</u>.&nbsp;&nbsp;<u>Location
  of Accounts and Records</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</p>
  <u>Item 33</u>.&nbsp;&nbsp;<u>Management Services</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
  <p  style="margin-bottom:12.0pt" align="left"><u>Item 34</u>.&nbsp;&nbsp;<u>Undertakings</u></p>
  <p  style="margin-bottom:12.0pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</p>
    <p  align="center" style="margin-bottom:12.0pt;text-align:center">
  <p style="page-break-before:always">
    <p align="center">
  <b>SIGNATURE</b></p>
  <p  style="margin-bottom:12.0pt" align="left">&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 28,
  2008.</p>

  <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse; border: medium none">
    <tr>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>DNP SELECT INCOME FUND INC.</td>
    </tr>
    <tr>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></td>
    </tr>
    <tr>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p  style="margin-left:.25in">Nathan I. Partain</td>
    </tr>
    <tr>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="50%" valign="top" style="width:50.0%;border:none;padding:0in 0in 0in 0in">
      <p  style="margin-left:.25in">President and Chief
      Executive Officer</td>
    </tr>
  </table>
  <p  align="center" style="text-align: center; margin-bottom: .4in">
  &nbsp;</p>
  <p style="page-break-before:always">
  <p  align="center" style="text-align: center; margin-bottom: .4in">
  <b>EXHIBIT INDEX</b></p>
  <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100.0%; border-collapse: collapse">
    <tr>
      <td valign="bottom" style="padding:0in 0in 0in 0in">
      <p><u>Exhibit&nbsp;No.</u></td>
      <td valign="bottom" style="padding:0in 0in 0in 0in">
      <p  align="center" style="text-align:center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
      <td valign="bottom" style="padding:0in 0in 0in 0in">
      <p><u>Description</u></td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Sequential<br>
      <u>Page No.</u></td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>r.1</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>Amended and Restated Code of Ethics of Registrant</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="66%" valign="top" style="width:66.28%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td width="0%" valign="top" style="width:.8%;padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
      <td valign="top" style="padding:0in 0in 0in 0in">
      <p>&nbsp;</td>
    </tr>
  </table>
  <p  style="margin-bottom: .4in">&nbsp;</p>
  <p  style="margin-bottom: .4in">&nbsp;

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2R CODE ETH
<SEQUENCE>2
<FILENAME>exh_r1.htm
<TEXT>
<html>
<head>
<title>Exhibit r.1</title>
</head>
<body>
<p align="right"><u><b><font face="Arial">Exhibit r.1</font></b></u></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: 50; margin-bottom: 12">
<font face="Arial">(E)&nbsp; 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: 50; margin-bottom: 12">
<font face="Arial">(F)&nbsp; 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: 50; margin-bottom: 12">
<font face="Arial">(G)&nbsp; 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; </font></p>

<p align="left" style="text-indent: 50; margin-left: 100; margin-bottom: 12">
<font face="Arial">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">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 16, 2007.</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><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" height="161">
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" nowrap height="14">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" nowrap height="14">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" nowrap height="14">
    <font size="2" face="Arial">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="16">
    <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="16">
    <font size="2">&nbsp;</font></td>
    <td width="14%" style="border-style: none; border-width: medium" height="16">
    <font size="2">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="16">
    <p align="left"><b><font face="Arial" size="2"><u>Fax:</u>&nbsp; Attn:
    Jean/Joyce 312-630-2460</font></b></td>
  </tr>
  <tr>
    <td width="7%" style="border-style: none; border-width: medium" valign="top" height="16"><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="16" colspan="3"><b>
    <font face="Arial" size="2">Jean Guilfoyle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (312) 630-4605</font></b></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" valign="top" height="16">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="10%" style="border-style: none; border-width: medium" height="6">
    <font size="2">&nbsp;</font></td>
    <td width="46%" style="border-style: none; border-width: medium" height="6" 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="6">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="10%" style="border-style: none; border-width: medium" nowrap height="14">
    <font size="2" face="Arial Narrow">&nbsp;</font></td>
    <td width="18%" style="border-style: none; border-width: medium" nowrap height="14">
    <font size="2" face="Arial Narrow">&nbsp;</font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" nowrap height="14">
    <font size="2" face="Arial Narrow">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" nowrap height="14">
    <font size="2" face="Arial Narrow">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="16">
    <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="16">
    <font size="2">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="16">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="13">
    <font size="2">&nbsp;</font></td>
    <td width="28%" style="border-style: none; border-width: medium" colspan="2" height="13">
    <font size="2">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="13">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%" style="border-style: none; border-width: medium" height="16"><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="16">
    <font size="2">&nbsp;</font></td>
    <td width="4%" style="border-style: none; border-width: medium" height="15">
    <font size="2">&nbsp;</font></td>
    <td width="10%" style="border-style: none; border-width: medium" height="16"><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="16">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%" style="border-style: none; border-width: medium" height="16">
    <font size="2">&nbsp;</font></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="17">
    <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="16">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%" style="border-style: none; border-width: medium" height="14">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="44%" style="border-style: none; border-width: medium" colspan="3" height="14">
    <font size="2" face="Arial">&nbsp;</font></td>
    <td width="45%" style="border-style: none; border-width: medium" colspan="2" height="14">
    <font size="2" 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="Times New Roman">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">
    <font face="Times New Roman">&nbsp;</font></td>
    <td width="19%" style="border-style: none; border-width: medium"><b>
    <font face="Times New Roman">Portfolio Manager</font></b></td>
    <td width="4%" style="border-style: none; border-width: medium">
    <font face="Times New Roman">&nbsp;</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">
    <font face="Times New Roman">&nbsp;</font></td>
    <td width="23%" style="border-style: none; border-width: medium"><b>
    <font face="Times New Roman">Advisory Person</font></b></td>
    <td width="3%" style="border-style: none; border-width: medium">
    <font face="Times New Roman">&nbsp;</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">
    <font face="Times New Roman">&nbsp;</font></td>
    <td width="25%" style="border-style: none; border-width: medium"><b>
    <font face="Times New Roman">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">
    <font size="2">&nbsp;</font></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 Duff &amp; Phelps Investment Management
    Co. and the Phoenix Funds, 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>
    <font size="2">&nbsp;</font></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>
    <font size="2">&nbsp;</font></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>
    <font size="2">&nbsp;</font></td>
    <td width="12%" style="border-style: none; border-width: medium" height="14" nowrap>
    <font size="2">&nbsp;</font></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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">
    <font size="2">&nbsp;</font></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>
    <font size="2">&nbsp;</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>
    <font size="2">&nbsp;</font></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="2">&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>
    <font size="2">&nbsp;</font></td>
    <td width="12%" style="border-style: none; border-width: medium" height="14" align="center" nowrap>
    <p align="left"><b><font face="Arial" size="2"><i>&nbsp; </i></font></b>
    <font face="Arial" size="2">Sale</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>
    <font size="2">&nbsp;</font></td>
    <td width="15%" 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>
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="6" align="center" colspan="8">
    <font size="2">&nbsp;</font></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="15%" 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="36%" 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"><font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></td>
    <td width="18%" style="border-style: none; border-width: medium" height="18" align="center">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="101%" style="border-style: none; border-width: medium" height="5" align="center" colspan="5">
    <font size="2">&nbsp;</font></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="64%" 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="33%" 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>
    <font size="2">&nbsp;</font></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="64%" style="border-style: none; border-width: medium" height="8" align="center" nowrap>
    <font face="Arial" size="1">&nbsp;</font></td>
    <td width="33%" 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">
    <font size="2">&nbsp;</font></td>
    <td width="64%" 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="33%" style="border-style: none; border-width: medium" height="25" align="center">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="4%" style="border-style: none; border-width: medium" align="center" height="7">
    <font face="Arial" size="2">&nbsp; </font></td>
    <td width="64%" style="border-style: none; border-width: medium" align="center" height="7">
    <font face="Arial" size="2">&nbsp; </font></td>
    <td width="33%" style="border-style: none; border-width: medium" align="center" height="7">
    <font size="2">&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="35%" 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="22%" 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>
    <font size="2">&nbsp; </font>
    </td>
    <td width="17%" style="border-style: none; border-width: medium" align="left" height="18" nowrap>
    <font size="2">&nbsp;</font><font face="Arial"><font size="2">
    </font><b><i><font size="2">Name of Broker:</font></i></b></font></td>
    <td width="23%" 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>
    <font size="2">&nbsp; </font>
    </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="35%" 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="22%" 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="17%" 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="23%" 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">
    <font size="2">&nbsp;</font></td>
    <td width="29%" 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="48%" 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">
    <font size="2">&nbsp;</font></td>
    <td width="20%" style="border-style: none; border-width: medium" align="left" nowrap valign="bottom">
    <font size="2">&nbsp; </font>
    </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="29%" 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="33%" 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">
    <font size="2">&nbsp;</font></td>
    <td width="97%" style="border-style: none; border-width: medium" align="left" height="7" colspan="4">
    <font size="2">&nbsp;</font></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="18%" 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="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" align="center" height="12">
    <font size="2">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="12">
    <font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></td>
    <td width="20%" style="border-style: none; border-width: medium" align="center" colspan="2" height="12"></td>
  </tr>
  <tr>
    <td width="18%" style="border-style: none; border-width: medium" align="center" height="1" colspan="2">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="35%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="14%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="20%" style="border-style: none; border-width: medium" align="center" colspan="2" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="12%" 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="41%" 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">
    <font size="2">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="14">
    <font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="18%" style="border-style: none; border-width: medium" align="center" height="1" colspan="2">
    <p align="left"><font face="Arial" size="2">&nbsp; </font></td>
    <td width="35%" 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="2">&nbsp; </font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="6%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="14%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp; </font></td>
    <td width="12%" style="border-style: none; border-width: medium" align="center" height="1">
    <font face="Arial" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="18%" 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="35%" style="border-style:none; border-width:medium; " align="center" height="1">
    <font size="2">&nbsp;</font></td>
    <td width="8%" style="border-style: none; border-width: medium" align="center" height="1">
    <font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></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="17%" style="border-style: none; border-width: medium" align="center" height="12">
    <b><font face="Arial" size="1">&nbsp;</font></b></td>
    <td width="36%" 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="2">&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" valign="bottom">
    <p align="center"><b><font face="Arial">&nbsp;<br>
    NO. OF SHARES</font></b></td>
    <td width="50%" style="border-top-color: #111111; border-top-width: 1" valign="bottom">
    <p align="center"><b><font face="Arial">NAME OF
    SECURITY</font></b></td>
    <td width="25%" style="border-top-color: #111111; border-top-width: 1" valign="bottom">
    <p align="center"><b><font face="Arial">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">
    &nbsp;</td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    &nbsp;</td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    &nbsp;</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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp; </font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    &nbsp;</td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    &nbsp;</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">
    &nbsp;</td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp; </font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <font size="5">&nbsp;</font></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <font size="5">&nbsp;</font></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 size="5">&nbsp;</font></td>
    <td width="50%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&nbsp;</font></b></td>
    <td width="25%" style="border-bottom-color: #111111; border-bottom-width: 1">
    <b><font face="Arial" size="5">&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">Jean Guilfoyle<br>
Compliance Administrator<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>Jean Guilfoyle </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>/__/__ to</b> __<b>/__/__,</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">
    <font size="2">&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font size="2">&nbsp;</font></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>/__/__ to</b> __<b>/__/__,</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">
    <font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></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 Department.</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><font size="2">&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 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 member(s), and&nbsp;<b>I
    have not yet instructed</b> the broker(s)
    to send duplicate confirms and
    statements to the Compliance Department. (<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 color="#FF0000" face="Arial">Jean Guilfoyle or Code Reports</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">
    <font size="2">&nbsp;</font></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>/__/__ to</b> __<b>/__/__,</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">

<font size="2">&nbsp;</font></td>
    <td width="622" style="border-style: none; border-width: medium" colspan="3">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="53" valign="top" style="border-style: none; border-width: medium">

<font size="2">&nbsp;</font></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">
    <font size="2">&nbsp;</font></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 color="#FF0000" face="Arial">Jean Guilfoyle or Code Reports</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">

<font size="2">&nbsp;</font></td>
  </tr>
</table>

<table border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-width: 0" bordercolor="#111111" width="100%" id="AutoNumber25">
  <tr>
    <td width="10%" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></td>
    <td width="90%" colspan="4" 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="10%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <i><b><font face="Arial" size="2">1.&nbsp;&nbsp;&nbsp;</font></b></i></td>
    <td width="86%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <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="10%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></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="86%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <i><font face="Arial" size="2">A direct purchase of stock from an issuer</font></i></td>
  </tr>
  <tr>
    <td width="10%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></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="86%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <i><font face="Arial" size="2">A Private Placement transaction</font></i></td>
  </tr>
  <tr>
    <td width="10%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></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="86%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <i><font face="Arial" size="2">A Limited Partnership transaction</font></i></td>
  </tr>
  <tr>
    <td width="10%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp; </font></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="86%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <i><font face="Arial" size="2">Any securities received as a gift</font></i></td>
  </tr>
  <tr>
    <td width="10%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></td>
    <td width="4%" valign="top" style="border-style: none; border-width: medium">
    <font size="2">&nbsp;</font></td>
    <td width="86%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="62%" valign="top" style="border-style: none; border-width: medium" colspan="3">
    <font face="Arial">
    <b>Signature:</b> ____________________________________</font></td>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">
    <b><font face="Arial">&nbsp;&nbsp;Date:</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>
  </tr>
  <tr>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">
    &nbsp;</td>
    <td width="54%" valign="top" style="border-style: none; border-width: medium" colspan="2">
    &nbsp;</td>
    <td width="8%" valign="top" style="border-style: none; border-width: medium">
    &nbsp;</td>
    <td width="38%" valign="top" 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">&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 __/__/__ through __/__/__ that are subject to
the reporting requirements of the Duff &amp; Phelps Investment Management Co. Code
of Ethics but have not been provided to the Compliance Department.&nbsp; <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">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp; </font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp; </font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp; </font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp; </font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp; </font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp; </font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp; </font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp; </font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp; </font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></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">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="10%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2"><br>
&nbsp;</font></td>
      <td width="24%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="11%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="13%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="25%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
      <td width="17%" valign="bottom">
      <p style="margin-top: 5; margin-bottom: 5"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
</div>

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

<font face="Arial" size="2"><b><br>
&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,<br>
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>
 </font>___________<font face="Arial">_<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="3" style="border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="315" style="border-style: solid; border-width: 1">
<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" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p align="center"><b><font face="Arial" size="2">ACCOUNT
 NUMBER</font></b></p>
</td>
<td valign="top" width="102" style="border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p align="center"><b><font face="Arial" size="2">MANAGED
 ACCOUNT?<br>
 Y/N</font></b></p>
</td>
<td valign="top" width="148" style="border-right: 1px solid #111111; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<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" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;<br>
&nbsp;</font></p>
</td>
<td valign="top" width="99" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="102" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="148" style="border-right: 1px solid #111111; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="315" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="99" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="102" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="148" style="border-right: 1px solid #111111; border-bottom-style: solid; border-bottom-width: 1">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="315" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom: 1px solid #111111">
<p style="margin-bottom: 24px"><font size="2" face="Arial"><br>
&nbsp;</font></p>
</td>
<td valign="top" width="99" style="border-right-style: solid; border-right-width: 1; border-bottom: 1px solid #111111">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="102" style="border-right-style: solid; border-right-width: 1; border-bottom: 1px solid #111111">
<p style="margin-bottom: 24px"><font face="Arial" size="2">&nbsp;</font></p>
</td>
<td valign="top" width="148" style="border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">
<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
_____________.&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-width:0; border-collapse: collapse" bordercolor="#111111">
<tr>
<td valign="top" width="96" style="border-left-width: 2; border-top-width: 2; border-bottom-width: 2">
<p align="left"><b><font face="Arial" size="2">&nbsp;NUMBER<br>
&nbsp;OF SHARES</font></b></p>
</td>
<td valign="top" width="244" style="border-left-style: solid; border-left-width: 1; border-top-width: 2; border-bottom-width: 2">
<p align="left"><b><font face="Arial" size="2">&nbsp;NAME OF SECURITY</font></b></p>
</td>
<td valign="top" width="95" style="border-left-style: solid; border-left-width: 1; border-top-width: 2; border-bottom-width: 2">
<p align="left"><b><font face="Arial" size="2">&nbsp;PRINCIPAL<br>
 &nbsp;AMOUNT</font></b></p>
</td>
<td valign="top" width="229" style="border-left-style: solid; border-left-width: 1; border-right-width: 2; border-top-width: 2; border-bottom-width: 2">
<p align="left"><b><font face="Arial" size="2">&nbsp;BROKER(S)</font></b></p>
</td>
</tr>

<tr>
<td valign="top" width="96" style="border-left-width: 2; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;<br>
&nbsp;</font></p>
</td>
<td valign="top" width="244" style="border-left-style: solid; border-left-width: 1; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td valign="top" width="95" style="border-left-style: solid; border-left-width: 1; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td valign="top" width="229" style="border-left-style: solid; border-left-width: 1; border-right-width: 2; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top" width="96" style="border-left-width: 2; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;<br>
&nbsp;</font></p>
</td>
<td valign="top" width="244" style="border-left-style: solid; border-left-width: 1; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td valign="top" width="95" style="border-left-style: solid; border-left-width: 1; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td valign="top" width="229" style="border-left-style: solid; border-left-width: 1; border-right-width: 2; border-top-width: 2; border-bottom-width: 2">
<p style="margin-bottom: 24px"><font size="2" face="Arial">&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="50%" 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="12%" style="border-style: none; border-width: medium" align="left"><font face="Arial" size=
"2">&nbsp;Date:</font></td>
    <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" 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  </b>
___________<b> to:</b></font></p>
<p align="center" style="margin-top: 6; margin-bottom: 0"><font face="Arial" size="2">
Compliance Department - Jean Guilfoyle<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> </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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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> </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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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"><br>
&nbsp;</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>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
