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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950136-06-007686.txt : 20060913
<SEC-HEADER>0000950136-06-007686.hdr.sgml : 20060913
<ACCEPTANCE-DATETIME>20060913154517
ACCESSION NUMBER:		0000950136-06-007686
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061025
FILED AS OF DATE:		20060913
DATE AS OF CHANGE:		20060913
EFFECTIVENESS DATE:		20060913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000880161
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06434
		FILM NUMBER:		061088556

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUS
		CENTRAL INDEX KEY:			0000876982
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06346
		FILM NUMBER:		061088557

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INVESTMENT TRUS
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885125
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06591
		FILM NUMBER:		061088558

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INVESTMENT TRUST II
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCO
		CENTRAL INDEX KEY:			0000894146
		IRS NUMBER:				133701273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07344
		FILM NUMBER:		061088559

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER CALIFORNIA INSURED MUNICIPAL INCO
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL CALIFORNIA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		061088560

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19930211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST II
		DATE OF NAME CHANGE:	19930112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0000861185
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06053
		FILM NUMBER:		061088561

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		(212) 869-6397

	MAIL ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLSTATE MUNICIPAL PREMIUM INCOME TRUST II
		DATE OF NAME CHANGE:	19901202
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>file1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>
<PRE><PAGE>



              Schedule 14A Information required in proxy statement.
                            Schedule 14A Information
                Proxy Statement Pursuant to Section 14(a) of the
              Securities and Exchange Act of 1934 (Amendment No. )

Filed by the Registrant                        [X]
Filed by a Party other than the Registrant     [ ]

Check the appropriate box:

[ ]    Preliminary Proxy Statement
[ ]    Preliminary Additional Materials
[ ]    Confidential, for Use of the Commission Only (as permitted by
       Rule 14a-6(e)(2))
[X]    Definitive Proxy Statement
[ ]    Definitive Additional Materials
[ ]    Soliciting Material Pursuant to Section 240.149-11(c) or Section 240.14

       Morgan Stanley Insured Municipal Trust
       Morgan Stanley Insured Municipal Bond Trust
       Morgan Stanley Insured Municipal Income Trust
       Morgan Stanley California Insured Municipal Income Trust
       Morgan Stanley Quality Municipal Income Trust
       Morgan Stanley Quality Municipal Investment Trust

       ------------------------------------------
       (Name of Registrant as Specified in its Charter)

       Lou Anne D. McInnis
- --------------------------------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement)

    Payment of Filing Fee (check the appropriate box):

[X]    No fee required.
[ ]    Fee computed on table below per Exchange Act Rules 14a-6(j)(4) and 0-11.

1)  Title of each class of securities to which transaction applies:

2)  Aggregate number of securities to which transaction applies:

3)  Per unit price or other underlying value of transaction computed pursuant to
    Exchange Act Rule 0-11:

    Set forth the amount on which the filing fee is calculated and state how it
    was determined.

4)  Proposed maximum aggregate value of transaction:

5)  Fee previously paid:

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
    0-11(a)(2) and identify the filing for which the offsetting fee was paid
    previously. Identify the previous filing by registration statement number,
    or the Form or Schedule and the date of its filing.

1)  Amount Previously paid:

2)  Form, Schedule or Registration Statement No.:

3)  Filing Party:

4)  Date Filed:


</PRE>



<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:11pt;  width: 480pt; text-align: center; font-style: normal; line-height: 11.5pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">MORGAN
STANLEY INSURED MUNICIPAL TRUST<br>MORGAN STANLEY INSURED MUNICIPAL
BOND TRUST<br>MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<br>MORGAN
STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<br>MORGAN STANLEY
QUALITY MUNICIPAL INCOME TRUST<br>MORGAN STANLEY QUALITY MUNICIPAL
INVESTMENT TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 480pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">NOTICE OF ANNUAL MEETINGS OF
SHAREHOLDERS<br>TO BE HELD OCTOBER 25, 2006</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Annual Meetings of Shareholders
(&lsquo;&lsquo;Meeting(s)&rsquo;&rsquo;) of <font style="font-size: 8pt">MORGAN STANLEY
INSURED MUNICIPAL TRUST, MORGAN STANLEY INSURED MUNICIPAL BOND TRUST,
MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST, MORGAN STANLEY
CALIFORNIA INSURED MUNICIPAL INCOME TRUST, MORGAN STANLEY QUALITY
MUNICIPAL INCOME TRUST </font>and <font style="font-size: 8pt">MORGAN STANLEY QUALITY
MUNICIPAL INVESTMENT TRUST </font>(individually, a
&lsquo;&lsquo;Trust&rsquo;&rsquo; and, collectively, the
&lsquo;&lsquo;Trusts&rsquo;&rsquo;), unincorporated business trusts
organized under the laws of the Commonwealth of Massachusetts, will be
held jointly in Conference Room 1B, 5<sup style="vertical-align:top;">th</sup> Floor, at 1221
Avenue of the Americas, New York, New York 10020, on October 25, 2006
at 9:00  a.m., New York City time, for the following
purposes:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Matters to be Voted on By All Shareholders:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.&nbsp;&nbsp;&nbsp;&nbsp;For <font style="font-size: 8pt">MORGAN STANLEY INSURED
MUNICIPAL TRUST, MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
</font>and <font style="font-size: 8pt">MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT
TRUST</font>, to elect two Trustees to serve until the year 2007
Annual Meeting, one Trustee to serve until the year 2008 Annual Meeting
and four Trustees to serve until the year 2009 Annual Meeting of each
Trust and for <font style="font-size: 8pt">MORGAN STANLEY INSURED MUNICIPAL BOND TRUST,
MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST</font> and <font style="font-size: 8pt">MORGAN
STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST</font>, to elect one
Trustee to serve until the year 2007 Annual Meeting, one Trustee to
serve until the year 2008 Annual Meeting and three Trustees to serve
until the year 2009 Annual Meeting of each Trust or, in each case,
until their successors shall have been elected and qualified; and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.&nbsp;&nbsp;&nbsp;&nbsp;To transact such other business as may
properly come before the Meetings or any adjournments thereof.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Matters to be Voted on only by Preferred Shareholders:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For <font style="font-size: 8pt">MORGAN STANLEY INSURED MUNICIPAL TRUST, MORGAN STANLEY
QUALITY MUNICIPAL INCOME TRUST</font> and <font style="font-size: 8pt">MORGAN STANLEY
QUALITY MUNICIPAL INVESTMENT TRUST,</font> to elect one Trustee to
serve until the year 2007 Annual Meeting and one Trustee to serve until
the year 2009 Annual Meeting of each Trust or, in each case, until his
successor shall have been elected and qualified; and for <font style="font-size: 8pt">MORGAN
STANLEY INSURED MUNICIPAL BOND TRUST, MORGAN STANLEY INSURED MUNICIPAL
INCOME TRUST </font>and <font style="font-size: 8pt">MORGAN STANLEY CALIFORNIA INSURED
MUNICIPAL INCOME TRUST</font>, to elect one Trustee to serve until the
year 2009 Annual Meeting of each Trust or in each case until his
successor shall have been elected and qualified.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders of
record of each Trust as of the close of business on August 25, 2006 are
entitled to notice of and to vote at the Meeting. If you cannot be
present in person, your management would greatly appreciate your
filling in, signing and returning the enclosed proxy promptly in the
envelope provided for that purpose. Alternatively, if you are eligible
to vote telephonically by touchtone telephone or electronically on the
Internet (as discussed in the enclosed Joint Proxy Statement) you may
do so in lieu of attending the Meetings in person.</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In the event that holders of a majority of
a Trusts' shares issued and outstanding and entitled to vote
(a  &lsquo;&lsquo;Quorum&rsquo;&rsquo;) are not present in person
or by proxy, or the vote required to approve or reject any proposal is
not obtained at the Meeting of any Trust, the persons named as proxies
may propose one or more adjournments of the Meeting to permit further
solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the applicable
Trust&rsquo;s shares present in person or by proxy at the Meeting. The
persons named as proxies will vote in favor of such adjournment those
proxies which have been received by the date of the Meetings.</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="center" width="317"><img src="spacer.gif" height="1" width="317"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="center"><font style="font-size: 7pt">MARY E.
MULLIN</font>
<br>
<font style="font-size: 10pt;"><font style="font-weight: normal; font-style: italic">Secretary</font></font></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">September
13, 2006<br>New York, New York</p>
<div style="border: 1px solid #00000; padding: 5px; width: 456pt; margin-top: 6pt; margin-bottom: 6pt; background: #ffffff;">
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 480pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 0pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">IMPORTANT</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 480pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:0pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">You can help avoid the necessity and expense of sending
follow-up letters to ensure a Quorum by promptly returning the enclosed
Proxy. If you are unable to be present in person, please fill in, sign
and return the enclosed Proxy in order that the necessary Quorum may be
represented at the Meetings. The enclosed envelope requires no postage
if mailed in the United States. Certain shareholders will be able to
vote telephonically by touchtone telephone or electronically on the
Internet by following instructions contained on their proxy cards or on
the enclosed Voting Information
Card.</p>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page3"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">MORGAN
STANLEY INSURED MUNICIPAL TRUST<br>MORGAN STANLEY INSURED MUNICIPAL
BOND TRUST<br>MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST<br>MORGAN
STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST<br>MORGAN STANLEY
QUALITY MUNICIPAL INCOME TRUST<br>MORGAN STANLEY QUALITY MUNICIPAL
INVESTMENT TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">1221 Avenue of the Americas, New York, New
York
10020</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">JOINT
PROXY
STATEMENT</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:11pt;  width: 456pt; text-align: center; font-style: normal; line-height: 13pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Annual
Meetings of Shareholders</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">October 25, 2006</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Joint Proxy Statement is furnished in connection with
the solicitation of proxies by the Boards of Trustees (the
&lsquo;&lsquo;Board(s)&rsquo;&rsquo;) of <font style="font-size: 8pt">MORGAN STANLEY INSURED
MUNICIPAL TRUST (&lsquo;&lsquo;IMT&rsquo;&rsquo;), MORGAN STANLEY
INSURED MUNICIPAL BOND TRUST (&lsquo;&lsquo;IMB&rsquo;&rsquo;), MORGAN
STANLEY INSURED MUNICIPAL INCOME TRUST
(&lsquo;&lsquo;IIM&rsquo;&rsquo;), MORGAN STANLEY CALIFORNIA INSURED
MUNICIPAL INCOME TRUST (&lsquo;&lsquo;IIC&rsquo;&rsquo;), MORGAN
STANLEY QUALITY MUNICIPAL INCOME TRUST</font>
(&lsquo;&lsquo;IQI&rsquo;&rsquo;) and <font style="font-size: 8pt">MORGAN STANLEY QUALITY
MUNICIPAL INVESTMENT TRUST (&lsquo;&lsquo;IQT&rsquo;&rsquo;)
</font>(individually, a &lsquo;&lsquo;Trust&rsquo;&rsquo; and,
collectively, the &lsquo;&lsquo;Trusts&rsquo;&rsquo;), for use at the
Annual Meetings of Shareholders of the Trusts to be held jointly on
October 25, 2006 (the &lsquo;&lsquo;Meeting(s)&rsquo;&rsquo;), and at
any adjournments thereof. The first mailing of this Joint Proxy
Statement is expected to be made on or about September 14, 2006.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the enclosed form of proxy is properly executed and returned in
time to be voted at the Meetings, the proxies named therein will vote
the shares (&lsquo;&lsquo;Shares&rsquo;&rsquo;) represented by the
proxy in accordance with the instructions marked thereon. Unmarked
proxies submitted by shareholders of a Trust
(&lsquo;&lsquo;Shareholders&rsquo;&rsquo;) will be voted for each of
the nominees for election as Trustee to be elected by all Shareholders
of that Trust, and, if the Shareholder holds preferred shares of the
Trust, for the nominee for election as Trustee to be elected by only
the preferred shareholders (&lsquo;&lsquo;Preferred
Shareholders&rsquo;&rsquo;), with respect to that Trust set forth in
the attached Notice of Annual Meetings of Shareholders. A proxy may be
revoked at any time prior to its exercise by any of the following:
written notice of revocation to the Secretary of the Trusts, execution
and delivery of a later dated proxy to the Secretary of the Trusts
(whether by mail or, as discussed below, by touchtone telephone or the
Internet) (if returned and received in time to be voted), or attendance
and voting at the Meetings. Attendance at the Meetings will not in and
of itself revoke a proxy.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders of record of each Trust
as of the close of business on August 25, 2006, the record date for the
determination of Shareholders entitled to notice of and to vote at the
Meetings (the &lsquo;&lsquo;Record Date&rsquo;&rsquo;), are entitled to
one vote for each Share held and a fractional vote for a fractional
Share. No person was known to beneficially own more than 5% of
the outstanding Shares of any of the Trusts on that date. The
percentage ownership of Shares of each Trust changes from time to time
depending on purchases and sales by Shareholders and the total number
of Shares outstanding.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page4"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The table below sets forth the total number
of Common Shares and Preferred Shares outstanding for each Trust as of
the Record Date:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="343"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="13.78"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="19"></td>
<td><img src="spacer.gif" height="1" width="13.78"></td>
<td><img src="spacer.gif" height="1" width="13.78"></td>
<td><img src="spacer.gif" height="1" width="35"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="35"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of Trust</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of
Common<br>Shares Outstanding<br>as of<br>August 25, 2006<br>(Record
Date)</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of Preferred<br>Shares Outstanding<br>as
of<br>August 25, 2006<br>(Record
Date)</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IMT</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">18,004,935</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">2,600</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">4,089,598</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">600</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IIM</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">21,516,066</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">3,100</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">10,936,628</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,300</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IQI</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">24,265,309</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">4,160</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">14,504,845</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">2,100</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
cost of soliciting proxies for the Meeting of each Trust, consisting
principally of printing and mailing expenses, will be borne by each
respective Trust. The solicitation of proxies will be by mail, which
may be supplemented by solicitation by mail, telephone or otherwise
through Trustees, officers of the Trusts or officers and regular
employees of Morgan Stanley Investment Advisors Inc.
(&lsquo;&lsquo;Morgan Stanley Investment Advisors&rsquo;&rsquo; or the
&lsquo;&lsquo;Investment Adviser&rsquo;&rsquo;), Morgan Stanley Trust
(&lsquo;&lsquo;Transfer Agent&rsquo;&rsquo;), Morgan Stanley Services
Company Inc. (&lsquo;&lsquo;Morgan Stanley Services&rsquo;&rsquo; or
the &lsquo;&lsquo;Administrator&rsquo;&rsquo;) and/or Morgan Stanley DW
Inc. (&lsquo;&lsquo;Morgan Stanley DW&rsquo;&rsquo;), without special
compensation therefor. In addition, each Trust may employ Computershare
Fund Services, Inc. (&lsquo;&lsquo;Computershare&rsquo;&rsquo;) to make
telephone calls to Shareholders to remind them to vote. Each Trust may
also employ Computershare as proxy solicitor if it appears that the
required number of votes to achieve a Quorum will not be received.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders will be able to vote their shares by touchtone
telephone or by Internet by following the instructions on the proxy
card or on the Voting Information Card accompanying this Joint Proxy
Statement. To vote by touch tone telephone or by Internet, Shareholders
can access the website or call the toll-free number listed on the proxy
card or noted in the enclosed voting instructions. To vote by touch
tone telephone or by Internet, Shareholders will need the number that
appears on the proxy card in the shaded box.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In certain
instances, the Transfer Agent and/or Computershare may call
Shareholders to ask if they would be willing to have their votes
recorded by telephone. The telephone voting procedure is designed to
authenticate Shareholders&rsquo; identities, to allow Shareholders to
authorize the voting of their shares in accordance with their
instructions and to confirm that their instructions have been recorded
properly. No recommendation will be made as to how a Shareholder should
vote on any proposal other than to refer to the recommendations of the
Board. The Trusts have been advised by counsel that these procedures
are consistent with the requirements of applicable law. Shareholders
voting by telephone in this manner will be asked for their social
security number or other identifying information and will be given an
opportunity to authorize proxies to vote their shares in accordance
with their instructions. To ensure that the Shareholders&rsquo;
instructions have been recorded correctly, they will receive a
confirmation of their instructions in the mail. A special toll-free
number set forth in the confirmation will be available in case the
information contained in the confirmation is incorrect. Although a
Shareholder&rsquo;s vote may be taken by telephone, each Shareholder
will receive a copy of this Joint Proxy Statement and may vote by mail
using the enclosed proxy card or by touchtone telephone or the Internet
as set forth above. The last proxy vote received in time to be voted,
whether by proxy card, touchtone telephone or Internet, will be the
vote that is counted and will revoke all previous votes by the
Shareholder. With respect to these series, Computershare will be paid a
project management fee as well as telephone solicitation expenses
incurred </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page5"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
for reminder calls, outbound telephone voting,
confirmation of telephone votes, inbound telephone contacts, obtaining
Shareholders' telephone numbers, and providing additional
materials upon Shareholder request, at an estimated cost of $2,000,
which would be borne by each respective Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Joint Proxy
Statement is being used in order to reduce the preparation, printing,
handling and postage expenses that would result from the use of a
separate proxy statement for each Trust and, because Shareholders may
own Shares of more than one Trust, to potentially avoid burdening
Shareholders with more than one proxy statement. Shares of a Trust are
entitled to one vote each at the respective Trust&rsquo;s Meeting. To
the extent information relating to common ownership is available to the
Trusts, a Shareholder that owns record shares in two or more of the
Trusts will receive a package containing a Joint Proxy Statement and
proxy cards for the Trusts in which such Shareholder is a record owner.
If the information relating to common ownership is not available to the
Trusts, a Shareholder that beneficially owns shares in two or more
Trusts may receive two or more packages each containing a Joint Proxy
Statement and a proxy card for each Trust in which such Shareholder is
a beneficial owner. If the proposed election of Trustees are approved
by Shareholders of one Trust and disapproved by Shareholders of other
Trusts, the proposals will be implemented for the Trust that approved
the proposals and will not be implemented for any Trust that did not
approve the proposals. Thus, it is essential that Shareholders
complete, date, sign and return <font style="font-weight: normal; font-style: italic">each</font> enclosed proxy card or vote
by telephone or Internet as indicated in each Trust&rsquo;s proxy
card.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Only one copy of this Joint Proxy Statement will be
delivered to multiple Shareholders sharing an address unless we have
received contrary instructions from one or more of the Shareholders.
Upon written or oral request, we will deliver a separate copy of this
Joint Proxy Statement to a Shareholder at a shared address to which a
single copy of this Joint Proxy Statement was delivered. Should any
Shareholder wish to receive a separate proxy statement or should
Shareholders sharing an address wish to receive a single proxy
statement in the future, please contact (800) 869-NEWS (toll-free).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ELECTION OF TRUSTEES FOR EACH TRUST</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each Trust currently
has nine Trustees. The Trustees have proposed to add four new Trustees
to the Board of Trustees&mdash;Frank L. Bowman, Kathleen A. Dennis,
Michael F. Klein and W. Allen Reed. At the Meetings, pursuant to each
Trust&rsquo;s Declaration of Trust, eight nominees for IMT, IQI and IQT
and six nominees for IMB, IIM and IIC are standing for election to each
Trust&rsquo;s Board of Trustees by the holders of the Common Shares and
the Preferred Shares of each respective Trust voting together as a
single class. Additionally, pursuant to each respective Trust&rsquo;s
Declaration of Trust and the Investment Company Act of 1940, as amended
(the &lsquo;&lsquo;1940 Act&rsquo;&rsquo;), one Trustee for IMT, IQI
and IQT is to be elected to the Board of Trustees of each respective
Trust by the holders of the Preferred Shares of each of those Trusts
voting separately as a single class, all as set forth
below:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page6"></a><img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 3px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="293"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="293"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMT,
IQI and IQT&mdash;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMB, IIM and
IIC&mdash;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until
the year 2007 Annual Meeting</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until the year 2007 Annual
Meeting</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By all Shareholders:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By all
Shareholders:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F.
Klein</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank L. Bowman</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W.
Allen Reed</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By
only Preferred Shareholders:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael E.
Nugent</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until
the year 2008 Annual Meeting</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until the year 2008 Annual
Meeting</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By all
Shareholders:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By all
Shareholders:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank L. Bowman</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen A.
Dennis</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until
the year 2009 Annual Meeting</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until the year 2009 Annual
Meeting</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By all
Shareholders:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By all
Shareholders:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen A. Dennis</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne E. Hedien</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F.
Klein</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph J. Kearns</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W. Allen
Reed</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus
Reid</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By only
Preferred Shareholders:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By only Preferred
Shareholders:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Manuel H. Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael E.
Nugent</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Seven of the current nine Trustees (Michael
Bozic, Edwin J. Garn, Wayne E. Hedien, Dr. Manuel H. Johnson, Joseph J.
Kearns, Michael E. Nugent and Fergus Reid) are
&lsquo;&lsquo;Independent Trustees,&rsquo;&rsquo; that is, Trustees who
are not &lsquo;&lsquo;interested persons&rsquo;&rsquo; of the Trusts,
as that term is defined in the 1940 Act. The other two current
Trustees, Charles A. Fiumefreddo and James F. Higgins, are
&lsquo;&lsquo;interested trustees,&rsquo;&rsquo; that is, Trustees who
are &lsquo;&lsquo;interested persons&rsquo;&rsquo; (as that term is
defined in the 1940 Act) of the Trusts and Morgan Stanley Investment
Advisors and thus, are <font style="font-weight: normal; font-style: italic">not</font> Independent Trustees. The four new
Trustee nominees will be Independent Trustees upon their election to
the Board of each Trust. The nominees for election as Trustee have been
proposed by the Trustees now serving, or, in the case of the nominees
for positions as Independent Trustees, by the Independent Trustees now
serving.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The nominees of the Boards of Trustees for election as
Trustee of each Trust are listed below. It is the intention of the
persons named in the enclosed form of proxy, unless instructed by proxy
to withhold authority to vote for the nominees, to vote all validly
executed proxies for the election of the following nominees: for IMT,
IQI and IQT&mdash;Frank L. Bowman, Kathleen A. Dennis, Wayne E. Hedien,
Dr. Manuel H. Johnson, Joseph J. Kearns, Michael F. Klein, W. Allen
Reed and Fergus Reid; and for IMB, IIM and IIC&mdash;Frank L. Bowman,
Kathleen A. Dennis, Edwin J. Garn, Michael F. Klein, Michael E. Nugent
and W. Allen Reed. Should any of the nominees become unable or
unwilling to accept nomination or election, the persons named in the
proxy will exercise their voting power in favor of such person or
persons as the Boards may recommend or, in the case of an Independent
Trustee nominee, as the Independent Trustees of each Trust may
recommend. All of the nominees have consented to being named in this
Joint Proxy Statement and to serve if elected. The Trusts know of no
reason why any of the said nominees would be unable or unwilling to
accept nomination or election. With respect to each Trust, the election
of the nominees listed above to be elected by all Shareholders requires
the approval of a majority of the shares of the Trust represented and
entitled to vote at the Meeting (Common Shares and Preferred Shares
voting together as a single class). The election of the nominees listed
above to be elected by only the Preferred </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page7"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Shareholders of each Trust requires the
approval of a majority of the Preferred Shares of the Trust represented
and entitled to vote at the Meeting (voting separately as a single
class).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the provisions of the Declaration of
Trust of each Trust, in certain cases as amended, the Trustees are
divided into three separate classes, each class having a term of three
years. The term of office of one of each of the three classes will
expire each year.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of each Trust previously has
determined that any nominee for election as Trustee for each Trust will
stand for election as Trustee and serve as Trustee in one of the three
classes of Trustees as follows: Class I&mdash;Messrs. Bowman, Bozic,
Fiumefreddo and Higgins; Class II&mdash;Ms. Dennis and Messrs. Hedien,
Johnson, Kearns and Reid; and Class III&mdash;Messrs. Garn, Klein,
Nugent and Reed. Each nominee will, if elected, serve a term of up to
approximately three years running for the period assigned to that class
and terminating at the date of the Annual Meeting of Shareholders so
designated by the Boards, or any adjournments thereof. In addition,
pursuant to each Trust&rsquo;s Declaration of Trust and the 1940 Act,
the Board of each Trust previously determined that one each of the
Class I Trustees and Class II Trustees will be designated to be elected
by the Preferred Shareholders voting separately. In this regard,
Charles A. Fiumefreddo and Manuel H. Johnson serve as Trustees of each
Trust&rsquo;s Board of Trustees on behalf of the Preferred
Shareholders, the terms of each to expire with his designated Class. As
a consequence of this method of election, the replacement of a majority
of each of the Boards could be delayed for up to two years. In
accordance with the above, one Trustee in Class I, four Trustees in
Class II and two Trustees in Class III for IMT, IQI and IQT and one
Trustee in Class I, one Trustee in Class II and four Trustees in Class
III for IMB, IIM and IIC are standing for election at the Meetings and
will, if elected, serve until the Annual Meetings for each Trust as set
forth above or in each case, until their successors shall have been
elected and qualified.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The current Trustees of the Trust also
serve as trustees for all of the funds advised by the Investment
Adviser (the &lsquo;&lsquo;Retail Funds&rsquo;&rsquo;) and certain of
the funds advised by Morgan Stanley Investment Management Inc. and
Morgan Stanley AIP GP LP (the &lsquo;&lsquo;Institutional
Funds&rsquo;&rsquo;). The table below sets forth the following
information as of December 31, 2005, unless otherwise noted, regarding
the nominees for election as Trustee, and each of the other Trustees
(both the Independent Trustees and the Interested Trustees), as well as
the executive officers of the Trusts, and each of their age, address,
term of office and length of time served, their principal business
occupations during the past five years, the number of portfolios in the
Fund Complex (defined below) overseen by each Trustee or nominee
Trustee and other directorships, if any, held by the Trustees. The Fund
Complex includes all open-end and closed-end funds (including all of
their portfolios) advised by the Investment Adviser and any funds that
have an investment adviser that is an affiliated person of the
Investment Adviser (including, but not limited to, Morgan Stanley
Investment Management Inc.).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page8"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Independent
Nominees for
Trustee</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="139"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="44"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="44"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="3.00"></td>
<td><img src="spacer.gif" height="1" width="17"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="14"></td>
<td><img src="spacer.gif" height="1" width="17"></td>
<td><img src="spacer.gif" height="1" width="3.00"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="123"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Independent Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>
Held with<br> the Trusts</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length of<br> Time<br>
Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During<br> Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Portfolios<br> in Fund<br> Complex<br>
Overseen<br> by Trustee<br> or Nominee<br>for Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other
Directorships Held<br> by Trustee</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank L. Bowman (61)<br>c/o Kramer
Levin Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">N/A</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President
and Chief Executive Officer of the Nuclear Energy Institute (since
February  2005) (policy organization); formerly variously,
Admiral in the U.S. Navy, Director of Naval Nuclear Propulsion Program
and Deputy Administrator &ndash; Naval Reactors in the National Nuclear
Security Administration at the U.S. Department of Energy (1996-2004),
Honorary Knight Commander of the Most Excellent Order of the British
Empire.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="left" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">187</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">**</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of the National Energy Foundation, the U.S. Energy Association, the
American Council for Capital Formation and the Armed Services YMCA of
the USA.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen A. Dennis
(52)<br>c/o Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the
Independent Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">N/A</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President, Cedarwood
Associates (since 2006) (mutual fund consulting); formerly, Senior
Managing Director of Victory Capital Management
(1993-2006).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="left" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">187</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">**</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin
J. Garn (73)<br> 1031 N. Chartwell Court<br> Salt Lake City, UT
84103</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>January<br>1993</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consultant; Director or Trustee
of the Retail Funds (since January 1993) and the Institutional Funds
(since July 2003); member of the Utah Regional Advisory Board of
Pacific Corp. (utility company); formerly Managing Director of Summit
Ventures LLC (lobbying and consulting firm) (2000-2004); United States
Senator (R-Utah) (1974-1992) and Chairman, Senate Banking Committee
(1980-1986), Mayor of Salt Lake City, Utah (1971-1974), Astronaut,
Space Shuttle Discovery (April 12-19, 1985), and Vice Chairman,
Huntsman Corporation (chemical company).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="left" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">197</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of Franklin Covey (time management systems), BMW Bank of North America,
Inc. (industrial loan corporation), Escrow Bank USA (industrial loan
corporation), United Space Alliance (joint venture between Lockheed
Martin and the Boeing Company) and Nuskin Asia Pacific (multilevel
marketing); member of the board of various civic and charitable
organizations.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne
E. Hedien (72)<br> c/o Kramer Levin Naftalis &amp;<br> Frankel
LLP<br> Counsel to the<br> Independent Trustees<br> 1177 Avenue of
the Americas<br> New York, NY 10036<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> September<br>
1997<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Retired; Director or Trustee of the Retail Funds
(since September 1997) and the Institutional Funds (since July 2003);
formerly associated with the Allstate Companies (1966-1994), most
recently as Chairman of The Allstate Corporation (March 1993-December
1994) and Chairman and Chief Executive Officer of its wholly-owned
subsidiary, Allstate Insurance Company (July 1989-December 1994).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="center" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">197</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 5pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of The PMI Group<br> Inc. (private mortgage<br>
insurance); Trustee and<br> Vice Chairman of The<br> Field Museum of
Natural<br> History; director of various other business and charitable
organizations.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr. Manuel H.
Johnson (57)<br> c/o Johnson Smick Group, Inc.<br> 888 16th
Street,<br> NW Suite 740<br> Washington, D.C. 20006<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> July 1991<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Senior Partner, Johnson Smick International, Inc., a
consulting firm; Chairman of the Audit Committee and Director or
Trustee of the Retail Funds (since July 1991) and the Institutional
Funds (since July 2003); Co-Chairman and a founder of the Group of
Seven Council (G7C), an international economic commission; formerly
Vice Chairman of the Board of Governors of the Federal Reserve System
and Assistant Secretary of the U.S.Treasury.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="center" valign="top" colspan="4"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">197</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of NVR, Inc.<br> (home construction); Director of KFX
Energy; Director of RBS Greenwich Capital Holdings (financial holding
company).</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This is
the earliest date the Trustee began serving the Retail or Institutional
Funds. Trustees are elected every three years or until his or her
successor is elected.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">**</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">As of August 1,
2006.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page9"></a><img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="139"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="44"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="51"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="3.00"></td>
<td><img src="spacer.gif" height="1" width="17"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="14"></td>
<td><img src="spacer.gif" height="1" width="17"></td>
<td><img src="spacer.gif" height="1" width="3.00"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="123"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Independent Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>
Held with<br> the Trusts</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length of<br> Time<br>
Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During<br> Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Portfolios<br> in Fund<br> Complex<br>
Overseen<br> by Trustee<br> or Nominee<br>for Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other
Directorships Held<br> by Trustee</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph J. Kearns
(63)<br> c/o Kearns &amp; Associates LLC<br> PMB754<br> 23852
Pacific Coast Highway<br> Malibu, CA 90265<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> August 1994<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President, Kearns &amp; Associates LLC (investment
consulting); Deputy Chairman of the Audit Committee and Director or
Trustee of the Retail Funds (since July 2003) and the Institutional
Funds (since August 1994); previously Chairman of the Audit Committee
of the Institutional Funds (October 2001-July 2003); formerly CFO of
the J. Paul Getty Trust.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="left" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">198</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of Electro
Rent<br> Corporation (equipment<br> leasing), The Ford Family<br>
Foundation, and the UCLA<br> Foundation.<br>
</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F. Klein (47)<br>c/o
Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the Independent
Trustees<br>1177 Avenue of the Americas<br>New York, NY
10036<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">N/A</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chief Operating Officer
and Managing Director, Aetos Capital, LLC (since March 2000); Managing
Director, Morgan Stanley &amp; Co. Inc. and Morgan Stanley Dean Witter
Investment Management and President, Morgan Stanley Institutional Funds
(June 1998-March 2000); Principal, Morgan Stanley &amp; Co. Inc. and
Morgan Stanley Dean Witter Investment Management, (August 1997 to
December 1999).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="left" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">187**</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of certain investment
funds managed or sponsored by Aetus Capital
LLC.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
E. Nugent (70)<br> c/o Triumph Capital, L.P.<br> 445 Park Avenue<br>
New York, NY 10022<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman<br> of the<br> Board<br>
and<br> Nominee/<br>Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> July 1991<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General Partner of Triumph Capital, L.P., a private investment
partnership; Chairman of the Board (since July 2006) and Director or
Trustee of the Retail Funds (since July 1991) and the Institutional
Funds (since July 2001); formerly Chairman of the Insurance Committee
(until July 2006) and Vice President, Bankers Trust Company and BT
Capital Corporation (1984-1988).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="left" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">197</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W.
Allen Reed (60)<br>c/o Kramer Levin Naftalis &amp; Frankel
LLP<br>Counsel to the Independent Trustees<br>1177 Avenue of the
Americas<br>New York, NY
10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">N/A</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President and CEO of General
Motors Asset Management, Chairman and Chief Executive Officer of the GM
Trust Bank and Corporate Vice President of General Motors Corporation
(August  1994 to December
2005).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="center" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">187</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">**</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of GMAC (financial services), GMAC Insurance Holdings, iShares, Inc.
(Exchange Traded Funds), and Temple-Inland Industries (Packaging,
Banking and Forest Products); member of the Board of Executives of the
New York Stock Exchange, the Investment Advisory Committee for the New
York State Retirement System and the Morgan Stanley Capital
International Editorial Board; Director of various investment fund
advisory boards.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus Reid
(73)<br> c/o Lumelite Plastics<br> Corporation<br> 85 Charles Colman
Blvd.<br> Pawling, NY 12564<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> June 1992<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman of Lumelite
Plastics<br> Corporation; Chairman of the Governance Committee and
Director or Trustee of the Retail Funds (since July 2003) and the
Institutional Funds (since June 1992).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="center" style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top">198</td>
<td style="font-size: 7pt;  line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 8pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;top:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee
and Director of certain investment companies in the JPMorgan Funds
complex managed by J.P. Morgan Investment Management
Inc.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This is the
earliest date the Trustee began serving the Retail or Institutional
Funds. Trustees are elected every three years or until his or her
successor is elected.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">**</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">As of August 1,
2006.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page10"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Independent
Incumbent
Trustees</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="139"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="44"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="49"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="123"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Independent Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>
Held with<br> the Trusts</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length of<br> Time<br>
Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During<br> Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Portfolios<br> in Fund<br> Complex<br>
Overseen<br> by Trustee<br> or Nominee<br>for Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other
Directorships Held<br> by Trustee</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael Bozic (65)<br> c/o Kramer
Levin Naftalis &amp;<br> Frankel LLP<br> Counsel to the<br>
Independent Trustees<br> 1177 Avenue of the Americas<br> New York, NY
10036<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> April
1994</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Private Investor; Chairman of the Insurance Committee
(since July 2006), Director of the Retail Funds (since April 1994) and
the Institutional Funds (since July 2003); formerly Vice Chairman of
Kmart Corporation (December 1998- October 2000), Chairman and Chief
Executive Officer of Levitz Furniture Corporation (November 1995-
November 1998) and President and Chief Executive Officer of Hills
Department Stores (May 1991-July 1995); formerly variously Chairman,
Chief Executive Officer, President and Chief Operating Officer
(1987-1991) of the Sears Merchandise Group of Sears, Roebuck &amp;
Co.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">197</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of various business
organizations.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee began serving the Retail or
Institutional Funds. Trustees are elected every three years or until
his or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustees who are
affiliated with the Investment Adviser or affiliates of the Investment
Adviser (as set forth below) and executive officers of the Trusts,
their age, address, term of office and length of time served, their
principal business occupations during the past five years, the number
of portfolios in the Fund Complex overseen by each Management Trustee
(as of December 31, 2005) and the other directorships, if any, held by
the Trustee, are shown below.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Interested Incumbent
Trustees</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="139"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="44"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="123"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Management Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>
Held with<br> the Trusts</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length of<br> Time<br>
Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During<br> Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Portfolios<br> In Fund<br> Complex<br> Overseen
By<br> Management<br> Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships Held<br>
by Trustee</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Charles A.
Fiumefreddo (73)**<br> c/o Morgan Stanley Trust<br> Harborside
Financial Center<br> Plaza Two<br> Jersey City, NJ 07311</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> July 1991<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director or
Trustee of the Retail Funds (since July 1991) and the Institutional
Funds (since July 2003); formerly Chairman of the Board of the Retail
Funds (July 1991-July 2006) and the Institutional Funds (July 2003-July
2006) and Chief Executive Officer of the Retail Funds (until September
2002).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">197</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James F. Higgins
(57)<br> c/o Morgan Stanley Trust<br> Harborside Financial
Center<br> Plaza Two<br> Jersey City, NJ 07311<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> June<br> 2000<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director or Trustee of the Retail Funds (since June 2000) and
the Institutional Funds (since July 2003); Senior Advisor of Morgan
Stanley (since August 2000).<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">197</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of AXA
Financial, Inc. and The Equitable Life Assurance Society of the United
States (financial services).<br>
</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee began serving the Retail or
Institutional Funds. Trustees are elected every three years or until
his or her successor is elected.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">**</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Mr.
Fiumefreddo has decided to resign as Trustee, effective September 30,
2006.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page11"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:2pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Officers of the
Funds</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 2px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="144"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="90"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="98"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="239"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Executive Officer</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>
Held with<br> the Trusts</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length<br> of Time<br>
Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During<br> Past 5
Years</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ronald E. Robison
(67)<br> 1221 Avenue of the Americas<br> New York, NY 10020<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President and<br> Principal Executive<br> Officer<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President since September 2005<br> and
Principal<br>Executive Officer<br>since May 2003<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President (since September 2005) and Principal Executive
Officer (since May 2003) of funds in the Fund Complex; President (since
September 2005) and Principal Executive Officer (since May 2003) of the
Van Kampen Funds; Managing Director, Director and/or Officer of the
Investment Adviser and various entities affiliated with the Investment
Adviser; Director of Morgan Stanley SICAV (since May 2004). Formerly,
Executive Vice President (July 2003 to September 2005) of funds in the
Fund Complex and the Van Kampen Funds; President and Director of the
Institutional Funds (March 2001 to July 2003); Chief Global Operating
Officer of Morgan Stanley Investment Management Inc.; Chief
Administrative Officer of the Investment Adviser; Chief Administrative
Officer of Morgan Stanley Services Company
Inc.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">J.
David Germany (51)<br>Morgan Stanley Investment Management Ltd.<br>25
Cabot Square<br>Canary Wharf, London<br> United Kingdom E144QA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since February 2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing
Director and (since December 2005) Chief Investment Officer &ndash;
Global Fixed Income of Morgan Stanley Investment Management; Managing
Director and Director of Morgan Stanley Investment Management Ltd.;
Vice President (since February 2006) of the Retail and Institutional
Funds.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dennis
F. Shea (53)<br>1221 Avenue of the Americas<br>New York, NY
10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since February 2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and (since February 2006) Chief Investment
Officer &ndash; Global Equity of Morgan Stanley Investment Management;
Vice President (since February 2006) of the Retail and Institutional
Funds. Formerly, Managing Director and Director of Global Equity
Research at Morgan
Stanley.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Barry Fink (51)<br>
1221 Avenue of the Americas<br> New York, NY 10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice
President<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since February<br> 1997<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing
Director and General Counsel of Morgan Stanley Investment Management;
Managing Director of the Investment Adviser and various entities
affiliated with the Investment Adviser; Vice President of the Retail
Funds and (since July 2003) the Institutional Funds. Formerly,
Secretary, General Counsel and/or Director of the Investment Adviser
and various entities affiliated with the Investment Adviser; Secretary
and General Counsel of the Retail Funds.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Amy R. Doberman (44)<br>1221 Avenue of
the Americas<br> New York, NY 10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since July 2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and General Counsel, U.S.
Investment Management of Morgan Stanley Investment Management (since
July 2004); Vice President of the Retail Funds and the Institutional
Funds (since July 2004); Vice President of the Van Kampen Funds (since
August 2004); Secretary (since February 2006) and Managing Director
(since July 2004) of the Investment Adviser and various entities
affiliated with the Investment Adviser. Formerly, Managing Director and
General Counsel &ndash; Americas, UBS Global Asset Management (July
2000 to July 2004).</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Carsten
Otto (42)<br>1221 Avenue of the Americas<br>New York, NY 10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chief Compliance<br> Officer</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since October<br> 2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and U.S. Director of Compliance for Morgan
Stanley Investment Management (since October 2004); Managing Director
and Chief Compliance Officer of Morgan Stanley Investment Management.
Formerly, Assistant Secretary and Assistant General Counsel of the
Retail
Funds.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
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<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
is the earliest date the Officer began serving the Retail Funds. Each
Officer serves an indefinite term, until his or her successor is
elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page12"></a><img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 2px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="144"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="90"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="98"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="239"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Executive Officer</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>
Held with<br> the Trusts</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length<br> of Time<br>
Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During<br> Past 5
Years</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Stefanie V.
Chang Yu (39)<br> 1221 Avenue of the Americas<br> New York, NY
10020<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since December
1997</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Executive Director of the Investment Adviser and various
entities affiliated with the Investment Adviser; Vice President of the
Retail Funds (since July 2002) and the Institutional Funds (since
December 1997). Formerly, Secretary of various entities affiliated with
the Investment
Adviser.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Francis J. Smith
(40)<br>c/o Morgan Stanley Trust<br> Harborside Financial
Center,<br> Plaza Two,<br> Jersey City, NJ 07311<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Treasurer and<br> Chief Financial<br> Officer<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Treasurer since<br> July 2003 and<br> Chief Financial<br>
Officer since<br> September 2002<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Executive Director of
the Investment Adviser and various entities affiliated with the
Investment Adviser; Treasurer and Chief Financial Officer of the Retail
Funds (since July 2003). Formerly, Vice President of the Retail Funds
(September 2002 to July 2003).</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Mary E. Mullin (39)<br> 1221 Avenue
of the Americas<br> New York, NY 10020<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Secretary</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since June 1999<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 4pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Executive Director of the Investment
Adviser and various entities affiliated with the Investment Adviser;
Secretary of the Retail Funds (since July 2003) and the Institutional
Funds (since June
1999).</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
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<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
is the earliest date the Officer began serving the Retail or
Institutional Funds. Each Officer serves an indefinite term, until his
or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For each Trustee, the
dollar range of equity securities beneficially owned by the Trustees in
the Trusts and in the Family of Investment Companies (Family of
Investment Companies includes all of the registered investment
companies advised by the Investment Adviser, Morgan Stanley Investment
Management Inc. and Morgan Stanley AIP GP LP) as of December 31, 2005
is shown below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="126"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="227"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="225"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Dollar Range of Equity Securities in the
Trusts<br>(As of December 31, 2005)</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Aggregate Dollar Range of
Equity Securities in<br> All Registered Investment Companies
Overseen<br> by Trustee in Family of Investment<br> Companies (As of
June 30,
2006)</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-weight: bold; font-style: normal;">Independent:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank L.
Bowman</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
Bozic</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen A.
Dennis</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne E.
Hedien</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr.
Manuel H. Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph J. Kearns<sup style="vertical-align:top;">(1)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F. Klein</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael E. Nugent</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W. Allen
Reed</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus
Reid<sup style="vertical-align:top;">(1)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-weight: bold; font-style: normal;">Interested:</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Charles A.
Fiumefreddo</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James F. Higgins</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><sup style="vertical-align:top;">(1)</sup></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes
the total amount of compensation deferred by the Trustee at his
election pursuant to a deferred compensation plan. Such deferred
compensation is placed in a deferral account and deemed to be invested
in one or more of the Retail Funds or Institutional Funds (or portfolio
thereof) that are offered as investment options under the plan. As of
December 31, 2005, the value (including interest) of the deferral
accounts for Messrs. Kearns and Reid was $786,542 and $766,622,
respectively, pursuant to the deferred compensation plan.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As to each Independent Trustee and his immediate family
members, no person owned beneficially or of record securities in an
investment adviser or principal underwriter of the Trusts, or a person
(other than a registered investment company) directly or indirectly
controlling, controlled by or under common control with an investment
adviser or principal underwriter of the Trusts as of the record
date.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Independent Trustees and the Committees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Law
and regulation establish both general guidelines and specific duties
for the Independent Trustees. Seven Trustees have no affiliation or
business connection with the Investment Adviser or any of </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page13"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
its affiliated persons and do not own stock
or other securities issued by the Investment Adviser&rsquo;s parent
company, Morgan Stanley. These are the
&lsquo;&lsquo;disinterested&rsquo;&rsquo; or
&lsquo;&lsquo;independent&rsquo;&rsquo; Trustees. The Retail Funds seek
as Independent Trustees individuals of distinction and experience in
business and finance, government service or academia; these are people
whose advice and counsel are in demand by others and for whom there is
often competition. To accept a position on the Retail Funds&rsquo;
Boards, such individuals may reject other attractive assignments
because the Retail Funds make substantial demands on their time. All of
the Independent Trustees serve as members of the Audit Committee. In
addition, four Trustees, including three Independent Trustees, serve as
members of the Insurance Committee, and three Independent Trustees
serve as members of the Governance Committee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Independent Trustees are charged with recommending to the full Board
approval of management, advisory and administration contracts, and
distribution and underwriting agreements; continually reviewing Fund
performance; checking on the pricing of portfolio securities, brokerage
commissions, transfer agent costs and performance, and trading among
funds in the same complex; and approving fidelity bond and related
insurance coverage and allocations, as well as other matters that arise
from time to time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of Trustees of each Trust
has a separately-designated standing Audit Committee established in
accordance with Section 3(a)(58)(A) of the Securities Exchange Act of
1934, as amended. Each Audit Committee is charged with recommending to
the full Board the engagement or discharge of the Trusts&rsquo;
independent registered public accounting firm; directing investigations
into matters within the scope of the independent registered public
accounting firms&rsquo; duties, including the power to retain outside
specialists; reviewing with the independent registered public
accounting firm the audit plan and results of the auditing engagement;
approving professional services provided by the independent registered
public accounting firm and other accounting firms prior to the
performance of such services; reviewing the independence of the
independent registered public accounting firm; considering the range of
audit and non-audit fees; reviewing the adequacy of each Trust&rsquo;s
system of internal controls; and preparing and submitting Committee
meeting minutes to the full Board.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The members of the Audit
Committee of each Trust are currently Michael Bozic, Edwin J. Garn,
Wayne E. Hedien, Dr. Manuel H. Johnson, Joseph J. Kearns, Michael E.
Nugent and Fergus Reid. None of the members of the Trusts&rsquo; Audit
Committees is an &lsquo;&lsquo;interested person,&rsquo;&rsquo; as
defined under the 1940 Act, of any of the Trusts (with such
disinterested Trustees being &lsquo;&lsquo;Independent
Trustees&rsquo;&rsquo; or individually, &lsquo;&lsquo;Independent
Trustee&rsquo;&rsquo;). Each Independent Trustee is also
&lsquo;&lsquo;independent&rsquo;&rsquo; from each Trust under the
listing standards of the New York Stock Exchange, Inc. (NYSE). The
current Chairman of the Audit Committees of each of the Trusts is Dr.
Manuel H. Johnson. The current Deputy Chairman of the Audit Committee
of each of the Trusts is Mr. Joseph J. Kearns. The Board of Trustees
for each Trust has adopted a formal written charter for the Audit
Committee which sets forth the Audit Committee&rsquo;s responsiblities.
A copy of the Audit Committee Charter is attached to this Joint Proxy
Statement as Appendix A.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of Trustees of each Trust
also has a Governance Committee. The Governance Committee identifies
individuals qualified to serve as Independent Trustees on each
Trust&rsquo;s Board and on committees of such Board and recommends such
qualified individuals for nomination by the Trusts&rsquo; Independent
Trustees as candidates for election as Independent Trustees, advises
each Trust&rsquo;s Board with respect to Board composition, procedures
and committees, develops and recommends to each Trust&rsquo;s Board a
set of corporate governance principles applicable to the Trusts,
monitors and makes recommendations on corporate governance matters and
policies and procedures of the Trusts&rsquo; Board of Trustees and any
Board committees and oversees periodic evaluations of the Trusts&rsquo;
Board and its committees. The members of the Governance Committee of
each Trust are currently Michael Bozic, Edwin J. Garn and Fergus Reid,
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page14"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
each of whom is an Independent Trustee. The
current Chairman of the Governance Committee is Fergus Reid. The Board
of Trustees for each Trust has adopted a formal written charter for the
Governance Committee which sets forth the Governance Committee&rsquo;s
responsibilities. A copy of the Governance Committee Charter is
attached to this Joint Proxy Statement as Appendix B. The Governance
Committee Charter is not available on the Trusts' website.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trusts do not have a separate nominating committee. While each
Trust&rsquo;s Governance Committee recommends qualified candidates for
nominations as Independent Trustees, the Board of Trustees of each
Trust believes that the task of nominating prospective Independent
Trustees is important enough to require the participation of all
current Independent Trustees, rather than a separate committee
consisting of only certain Independent Trustees. Accordingly, each
current Independent Trustee (Michael Bozic, Edwin J. Garn, Wayne E.
Hedien, Dr. Manuel H. Johnson, Joseph J. Kearns, Michael E. Nugent and
Fergus Reid), for all Trusts participates in the election and
nomination of candidates for election as Independent Trustees for the
respective Trusts for which the Independent Trustee serves. Persons
recommended by each Trust&rsquo;s Governance Committee as candidates
for nomination as Independent Trustees shall possess such knowledge,
experience, skills, expertise and diversity so as to enhance the
Board's ability to manage and direct the affairs and business of
the Trusts, including, when applicable, to enhance the ability of
committees of the Board to fulfill their duties and/or to satisfy any
independence requirements imposed by law, regulation or any listing
requirements of the NYSE. While the Independent Trustees of each of the
Trusts expect to be able to continue to identify from their own
resources an ample number of qualified candidates for each
Trust&rsquo;s Board as they deem appropriate, they will consider
nominations from Shareholders to the Board. Nominations from
Shareholders should be in writing and sent to the Independent Trustees
as described below under the caption &lsquo;&lsquo;Shareholder
Communications.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Finally, the Boards have
formed an Insurance Committee to review and monitor the insurance
coverage maintained by the Trusts. The Insurance Committee currently
consists of Messrs. Bozic, Fiumefreddo, Hedien and Nugent. Messrs.
Bozic, Hedien and Nugent are Independent Trustees. The current Chairman
of the Insurance Committee is Mr. Michael Bozic.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following
chart sets forth the number of meetings of the Board, the Independent
Trustees, the Audit Committee, the Insurance Committee and the
Governance Committee of each Trust during its most recent fiscal year.
For the 2005 fiscal year, each Trustee, except for Messrs. Bowman,
Klein and Reed and Ms. Dennis who did not serve as Trustee of the
Trusts during this time, attended at least seventy-five percent of the
aggregate number of meetings of the Board and any committee on which he
served held during the time such Trustee was a member of the Board.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Number of Board and Committee Meetings Held During Last Fiscal
Year</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 3px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="234"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="3.60"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="47"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="3.60"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="13"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="3.59"></td>
<td><img src="spacer.gif" height="1" width="25"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="25"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of Trust</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Fiscal<br> Year-End</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Board of<br>
Trustees<br> Meetings</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Independent<br> Trustees<br>
Meetings</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Audit<br> Committee<br>
Meetings</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Insurance<br>Committee<br>Meetings</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Governance<br>Committee<br>Meetings</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IMT</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">10/31/05</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">13</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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</td>
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<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">7</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
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</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">6</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">10/31/05</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">13</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">7</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">6</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IIM</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">10/31/05</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">13</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">7</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">6</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">10/31/05</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">13</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
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<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">7</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
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<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">6</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IQI</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">10/31/05</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
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</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">13</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
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<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">7</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
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<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">6</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
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<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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</div>
</td>
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<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">10/31/05</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">13</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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</div>
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
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<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">7</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
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</div>
</td>
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">6</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For
annual meetings, Trustees may but are not required to attend the
meetings; and for each Trust&rsquo;s last annual shareholder meeting,
no Trustees attended the meeting.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page15"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Advantages of Having Same
Individuals as Independent Trustees for the Retail Funds and
Institutional Funds</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Independent Trustees and the
Trusts&rsquo; management believe that having the same Independent
Trustees for each of the Retail Funds and Institutional Funds avoids
the duplication of effort that would arise from having different groups
of individuals serving as Independent Trustees for each of the funds or
even of sub-groups of funds. They believe that having the same
individuals serve as Independent Trustees of all the Retail Funds and
Institutional Funds tends to increase their knowledge and expertise
regarding matters which affect the Fund Complex generally and enhances
their ability to negotiate on behalf of each fund with the funds&rsquo;
service providers. This arrangement also precludes the possibility of
separate groups of Independent Trustees arriving at conflicting
decisions regarding operations and management of the funds and avoids
the cost and confusion that would likely ensue. Finally, having the
same Independent Trustees serve on all fund boards enhances the ability
of each fund to obtain, at modest cost to each separate fund, the
services of Independent Trustees of the caliber, experience and
business acumen of the individuals who serve as Independent Trustees of
the Retail Funds and Institutional Funds.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholder
Communications</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders may send communications to each
Trust&rsquo;s Board of Trustees. Shareholders should send
communications intended for each Trust&rsquo;s Board by addressing the
communications directly to that Board (or individual Board members)
and/or otherwise clearly indicating in the salutation that the
communication is for the Board (or individual Board members) and by
sending the communication to either the Trust&rsquo;s office or
directly to such Board member(s) at the address specified for each
Trustee previously noted. Other shareholder communications received by
the Trust not directly addressed and sent to the Trust&rsquo;s Board
will be reviewed and generally responded to by management, and will be
forwarded to the Board only at management&rsquo;s discretion based on
the matters contained therein.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Share Ownership by Trustees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustees have adopted a policy pursuant to which each Trustee
and/or his or her spouse is required to invest at least $100,000 in any
of the funds in the Morgan Stanley Retail and Institutional Funds on
whose boards the Trustee serves. In addition, the policy contemplates
that the Trustees will, over time, increase their aggregate investment
in the funds above the $100,000 minimum requirement. The Trustees may
allocate their investments among specific funds in any manner they
determine is appropriate based on their individual investment
objectives. Any future Trustee will be given a one year period
following his or her election within which to comply with the
foregoing. As of the date of this Joint Proxy Statement, each Trustee
is in compliance with the policy. As of June 30<sup style="vertical-align:top;">th</sup>, 2006, the
total value of the investments by the Trustees and/or their spouses in
shares of the Morgan Stanley Retail Funds and Institutional Funds was
approximately $28.8 million. This amount includes compensation deferred
by the Trustee at his election pursuant to a deferred compensation
plan. Such deferred compensation is placed in a deferral account and
deemed to be invested in one or more of the Retail Funds or
Institutional Funds (or portfolio thereof) that are offered as
investment options under the plan.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of the Record Date for
these Meetings, the aggregate number of shares of each Trust owned by
the Trust&rsquo;s officers and Trustees as a group was less than one
percent of each Trust&rsquo;s outstanding shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Section 16(a)
Beneficial Ownership Reporting Compliance</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Section 16(a) of the
Securities Exchange Act of 1934 requires that each Trust&rsquo;s
executive officers and Trustees, and beneficial owners of more than
10% of its shares, make certain filings on a timely basis under
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page16"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Section 16(a) of the Exchange Act. Based
solely on each Trust&rsquo;s review of copies of such reports of
ownership furnished to the Trusts, the Trusts believe that during the
past fiscal year all of its officers, Trustees and greater than
10% beneficial holders complied with all applicable filing
requirements.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Compensation of Independent Trustees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each
Independent Trustee receives an annual fee of $180,000 for serving the
Retail Funds and Institutional Funds. Prior to October 1, 2005, each
Independent Trustee received an annual retainer fee of $168,000 for
serving the Retail Funds and Institutional Funds. In addition, each
Independent Trustee received $2,000 for attending each of the four
quarterly board meetings and two performance meetings that occur each
year, so that an Independent Trustee who attended all six meetings
received total compensation of $180,000 for serving the Trusts.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Chairman of the Audit Committee receives an additional annual
retainer fee of $60,000. Other Committee Chairmen and the Deputy
Chairman of the Audit Committee receive an additional annual retainer
fee of $30,000. The aggregate compensation paid to each Independent
Trustee is paid by the Retail Funds and Institutional Funds, and is
allocated on a pro rata basis among each of the operational
funds/portfolios of the Retail Funds and Institutional Funds based on
the relative net assets of each of the funds/portfolios. As of July 1,
2006, Mr. Fiumefreddo resigned as Chairman of the Boards of the Retail
Funds and the Institutional Funds and was succeeded by Mr. Nugent.
Prior to July 1, 2006, Mr.  Fiumefreddo received an annual fee
for his services as Chairman of the Boards of the Retail Funds and the
Institutional Funds and for administrative services provided to each
Board. As of July 1, 2006, Mr. Nugent receives the annual fee of
$360,000 for his services.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trusts also reimburse the
Trustees for travel and other out-of-pocket expenses incurred by them
in connection with attending such meetings. Trustees of the Trusts who
are employed by the Investment Adviser or an affiliated company receive
no compensation or expense reimbursement from the Trusts for their
services as Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Effective April 1, 2004, the Trusts began a
Deferred Compensation Plan (the &lsquo;&lsquo;DC Plan&rsquo;&rsquo;),
which allows each Independent Trustee to defer payment of all, or a
portion, of the fees he or she receives for serving on the Board of
Trustees throughout the year. Each eligible Trustee generally may elect
to have the deferred amounts credited with a return equal to the total
return on one or more of the Retail Funds or Institutional Funds (or
portfolios thereof) that are offered as investment options under the DC
Plan. At the Trustee&rsquo;s election, distributions are either in one
lump sum payment, or in the form of equal annual installments over a
period of five years. The rights of an eligible Trustee and the
beneficiaries to the amounts held under the DC Plan are unsecured and
such amounts are subject to the claims of the creditors of the
Trusts.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior to April 1, 2004, the Institutional Funds
maintained a similar Deferred Compensation Plan (the
&lsquo;&lsquo;Prior DC Plan&rsquo;&rsquo;), which also allowed each
Independent Trustee to defer payment of all, or a portion, of the fees
he or she received for serving on the Board of Trustees throughout the
year. The DC Plan amends and supersedes the Prior DC Plan and all
amounts payable under the Prior DC Plan are now subject to the terms of
the DC Plan (except for amounts paid during the calendar year 2004
which will remain subject to the terms of the Prior DC Plan).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following table shows aggregate compensation payable to each of
the Trustees from each Trust for the fiscal year ended October 31, 2005
and the aggregate compensation payable to each of the Trust&rsquo;s
Trustees by the Fund Complex (which includes all of the Retail and
Institutional Funds) for the calendar year ended December 31, 2005.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page17"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Compensation</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="140"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="33"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="3"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="33"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="33"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="18"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="4.20"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="34"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total
compensation from</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4" rowspan="2"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of portfolios<br>in the Fund
Complex<br>from which the Trustee<br>received
compensation</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4" rowspan="2"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total compensation<br>from the Fund<br>
Complex<sup style="vertical-align:top;">(6)</sup></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of Independent
Trustee</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">IMT<sup style="vertical-align:top;">(6)</sup></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">IMB<sup style="vertical-align:top;">(6)</sup></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">IIM<sup style="vertical-align:top;">(6)</sup></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">IIC<sup style="vertical-align:top;">(6)</sup></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">IQI<sup style="vertical-align:top;">(6)</sup></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">IQT<sup style="vertical-align:top;">(6)</sup></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
Bozic<sup style="vertical-align:top;">(1)(3)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">510</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">112</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">616</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">272</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">733</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">413</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">180,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn<sup style="vertical-align:top;">(1)(3)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">504</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">112</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">608</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">272</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">724</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">408</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">178,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Wayne E.
Hedien<sup style="vertical-align:top;">(1)(2)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">510</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">112</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">616</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">272</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">733</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">413</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">180,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr. Manuel H.
Johnson<sup style="vertical-align:top;">(1)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">679</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">151</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">820</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">367</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">976</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">550</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">240,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Joseph J.
Kearns<sup style="vertical-align:top;">(1)(4)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">597</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">138</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">721</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">336</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">859</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">484</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">171</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">217,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael E.
Nugent<sup style="vertical-align:top;">(1)(2)(5)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">594</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">131</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">718</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">320</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">854</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">482</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">210,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Fergus
Reid<sup style="vertical-align:top;">(1)(3)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">594</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">131</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">718</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">320</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">854</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">482</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">171</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">215,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #cceeff;">Name
of Interested Trustee</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: bold; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: bold; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Charles A.
Fiumefreddo<sup style="vertical-align:top;">(2)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,015</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">234</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,225</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">570</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,458</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">822</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">360,000</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">James F.
Higgins</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">0</td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Member
of the Audit Committee. Dr. Johnson is the Chairman of the Audit
Committee and Mr. Kearns is the Deputy Chairman of the Audit
Committee.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Member of
the Insurance Committee. Mr. Bozic is the current Chairman of the
Insurance Committee. Prior to July 1, 2006, Mr. Nugent was the Chairman
of the Insurance Committee.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(3)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Member of the Governance
Committee. Mr. Reid is the Chairman of the Governance
Committee.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(4)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes
amounts deferred at the election of the Trustee under the DC
Plan.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(5)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">As of July 1,
2006, Mr. Fiumefreddo resigned as Chairman of the Board of the Retail
Funds and was succeeded by Mr. Nugent. As a result, Mr. Nugent receives
an annual fee for his services as Chairman of the Board of the Retail
Funds and the Institutional Funds from that
date.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(6)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Because the
funds in the Fund Complex have different fiscal year ends, the amounts
shown in these columns are presented on a calendar year
basis.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior to December 31, 2003, 49 of the Retail Funds
(the &lsquo;&lsquo;Adopting Funds&rsquo;&rsquo;), including the Trusts,
had adopted a retirement program under which an Independent Trustee who
retired after serving for at least five years as an Independent Trustee
of any such fund (an &lsquo;&lsquo;Eligible Trustee&rsquo;&rsquo;)
would have been entitled to retirement payments based on factors such
as length of service, upon reaching the eligible retirement age. On
December 31, 2003, the amount of accrued retirement benefits for each
Eligible Trustee was frozen, and will be payable, together with a
return of 8% per annum, at or following each such Eligible
Trustee&rsquo;s retirement as shown in the table below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
following tables illustrate the retirement benefits accrued to the
Trusts&rsquo; Independent Trustees by the Trusts for the fiscal year
ended October  31, 2005 and the Adopting Funds for the calendar
year ended December 31, 2005, and the estimated retirement benefits for
the Independent Trustees, to commence upon their retirement, from the
Trusts as of October 31, 2005 and from the Adopting Funds as of
December 31, 2005. Only the Trustees listed below participated in the
retirement program.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
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<td><img src="spacer.gif" height="1" width="1"></td>
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<td><img src="spacer.gif" height="1" width="0"></td>
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<td><img src="spacer.gif" height="1" width="0"></td>
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<td><img src="spacer.gif" height="1" width="14"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="14"></td>
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<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="40"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Retirement
Benefits Accrued as Trust Expenses</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of Independent
Trustee:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>IMT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>IIM</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>IQI</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By
all<br>Adopting Funds</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
Bozic</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">420</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">422</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">419</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">422</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">422</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">420</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">19,439</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(76</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(74</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(76</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(74</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(74</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(76</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(10,738</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)<sup style="vertical-align:top;">(1)</sup>
</div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Wayne E.
Hedien</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">809</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">815</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">815</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">815</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">815</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">809</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">37,860</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr. Manuel H.
Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">434</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">435</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">434</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">435</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">435</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">434</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">19,701</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael E.
Nugent</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">820</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">824</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">819</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">824</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">824</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">820</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">35,471</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="191"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="6.40"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="40"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Estimated
Annual Benefits Upon Retirement<sup style="vertical-align:top;">(2)</sup></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of Independent
Trustee:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>IMT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>IIM</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>IQI</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From
all<br>Adopting Funds</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
Bozic</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">46,871</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">46,917</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Wayne E.
Hedien</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">40,020</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr. Manuel H.
Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">68,630</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael E.
Nugent</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">61,377</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><sup style="vertical-align:top;">(1)</sup></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Mr.
Garn's retirement expense is negative due to the fact that his
retirement date has been extended to October 31, 2007, and therefore
the expense has been
overaccrued.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><sup style="vertical-align:top;">(2)</sup></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Total
compensation accrued under the retirement plan, together with a return
of 8% per annum, will be paid annually commencing upon
retirement and continuing for the remainder of the Trustee&rsquo;s
life.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Assuming a Quorum is present, approval of the
Proposal with respect to each Trust will require the affirmative vote
of a majority of the Trusts' shares represented in person or by
proxy at the Meeting and entitled to vote at the
Meeting.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of Trustees of each Trust unanimously
recommends that Shareholders vote FOR the election of each of the
Trustees nominated for election.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The Investment Adviser</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley Investment Advisors Inc. serves as each Trust&rsquo;s
investment adviser pursuant to an investment advisory agreement. Morgan
Stanley Investment Advisors maintains its offices at 1221 Avenue of the
Americas, New York, New York 10020. Morgan Stanley Investment Advisors
is a wholly-owned subsidiary of Morgan Stanley, a preeminent global
financial services firm that maintains leading market positions in each
of its three primary businesses&mdash;securities, asset management and
credit services.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Principal Executive Officers of Morgan
Stanley Investment Advisors are Owen D. Thomas, President and Chief
Executive Officer, Ronald E. Robison, Managing Director, Chief
Administrative Officer and Director, and Barry Fink, Managing Director,
Secretary and Director. Mr. Thomas is currently a Managing Director of
Morgan Stanley. The principal occupations of Messrs. Robison and Fink
are described under the section &lsquo;&lsquo;Election of
Trustees.&rsquo;&rsquo; The business address of the Executive Officers
and other Directors is 1221 Avenue of the Americas, New  York,
New York 10020.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley Services, a wholly owned
subsidiary of the Investment Adviser, serves as the Administrator of
each Trust pursuant to an administration agreement. The Investment
Adviser and the Administrator serve in various investment management,
advisory, management and administrative capacities to investment
companies and pension plans and other institutional and individual
investors. The address of the Administrator is that of the Investment
Adviser set forth above.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley has its offices at 1585
Broadway, New York, New York 10036. Morgan Stanley is a full service
securities firm engaged in securities trading and brokerage activities,
as well as providing </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">18</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page19"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
investment banking, research and analyses,
financing and financial advisory services. There are various lawsuits
pending against Morgan Stanley involving material amounts which, in the
opinion of its management, will be resolved with no material effect on
the consolidated financial position of the company.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit Committee Report</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">At a meeting held on
October 27, 2005, the Board of Trustees of each Trust, including a
majority of the Independent Trustees, acting on the recommendation of
the Audit Committee of the Trust, selected Deloitte &amp; Touche LLP to
act as the independent registered public accounting firm for the Trust
for the fiscal year ended October 31, 2006.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee
of each Trust has reviewed and discussed the financial statements of
each Trust with management as well as with Deloitte &amp; Touche LLP,
the independent registered public accounting firm for each Trust. In
the course of its discussions, the Audit Committee also discussed with
Deloitte &amp; Touche LLP any relevant matters required to be discussed
under Statement on Auditing Standards No. 61. Based on this review, the
Audit Committee recommended to the Board of Trustees of each Trust that
each Trust&rsquo;s audited financial statements be included in each
Trust&rsquo;s Annual Report to Shareholders for the most recent fiscal
year for filing with the Securities and Exchange Commission.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Audit Committee of each Trust has received the written disclosures and
the letter from Deloitte &amp; Touche LLP required under Independence
Standards Board No.  1 and has discussed with the independent
registered public accounting firm their independence.</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">The Audit Committee</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">Dr. Manuel H.
Johnson (Chairman)<br>Joseph J. Kearns (Deputy Chairman)<br>Michael
Bozic<br>Edwin J. Garn<br>Wayne E. Hedien<br>Michael E.
Nugent<br>Fergus Reid</td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Representatives from Deloitte &amp;
Touche LLP are not expected to be present at the Meetings but are
expected to be available by telephone. Deloitte &amp; Touche LLP will
have the opportunity to make a statement if they desire to do so and
the representatives from Deloitte &amp; Touche LLP, if available, will
respond to appropriate questions from
shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page20"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">FEES BILLED BY THE INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate fees for professional services billed by Deloitte
&amp; Touche LLP in connection with the annual audit and review of
financial statements of IMT, IMB, IIM, IIC, IQI and IQT for the fiscal
years ended October  31, 2004 and October  31, 2005 are set
forth below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="478"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="7.75"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.75"></td>
<td><img src="spacer.gif" height="1" width="7.75"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2005</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IMT</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">28,989</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">30,448</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">28,989</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">30,448</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IIM</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">28,989</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">30,448</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">28,989</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">30,448</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IQI</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">26,761</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">28,108</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">26,761</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">28,108</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit-Related
Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate audit-related fees billed by Deloitte &amp;
Touche LLP related to the annual audit of each Trust&rsquo;s financial
statements for their respective fiscal years ended October 31, 2004 and
2005, for the translation of financial statements for data verification
and agreed-upon procedures related to asset securitizations and
agreed-upon procedures engagements are set forth below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="481"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2005</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IMT</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,752</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">6,105</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5,752</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">6,105</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IIM</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,752</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">6,105</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5,752</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">6,105</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IQI</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,752</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">6,105</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5,752</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">6,105</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Tax
Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate fees billed by Deloitte &amp; Touche LLP in
connection with tax compliance, tax advice and tax planning for
each Trust for their respective fiscal years ended October 31, 2004 and
2005, which represent fees paid for the review of the Federal, state
and local tax returns for each Trust are set forth below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="481"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2005</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IMT</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">4,455</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,026</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IMB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">4,455</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5,026</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IIM</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">4,455</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,026</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IIC</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">4,455</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5,026</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">IQI</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">4,455</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,026</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">IQT</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">4,455</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5,026</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">All
Other Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There were no fees billed by Deloitte &amp; Touche
LLP for any other products and services not set forth above for each
Trust for the respective fiscal years ended October 31, 2004 and
2005.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page21"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit Committee Pre-approval</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each Trust&rsquo;s Audit Committee&rsquo;s policy is to review and
pre-approve all auditing and non-auditing services to be provided to
the Trust by the Trust&rsquo;s independent registered public accounting
firm. The Audit Committee Audit and Non-Audit Pre-Approval Policy and
Procedures requires each Trust&rsquo;s Audit Committee to either
generally pre-approve certain services without consideration of
specific case-by-case services, or requires the specific pre-approval
of services by the Audit Committee or its delegate. Under the Policy,
unless a type of service has received general pre-approval, it will
require specific pre-approval by the Audit Committee if it is to be
provided by the independent registered public accounting firm. Any
services that are generally pre-approved may require specific
pre-approval by the Audit Committee if the services exceed pre-approved
cost levels or budgeted amounts. All of the audit-related and the tax
services described above for which Deloitte &amp; Touche LLP billed
each of the Trusts&rsquo; fees for the fiscal year ended October 31,
2005 were pre-approved by each Trust&rsquo;s Audit Committee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Aggregate Non-Audit Fees paid by the Investment Advisor and
Affiliated Entities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate fees billed for professional
services rendered by Deloitte &amp; Touche LLP for all other services
provided to the Investment Adviser and to any entities controlling,
controlled by or under common control with the Investment Adviser for
the fiscal years ended October 31, 2004 and 2005 amounted to
approximately $5.6  million  and $6.5 million,
respectively. Such services for the 2004 and 2005 fiscal years
included: (i)  audit-related fees of approximately $5.0 million
and $5.1 million, respectively, for the issuance of a report under
Statement on Accounting Standards No. 70 titled &lsquo;&lsquo;Reports
on the Processing of Transactions by Service
Organizations&rsquo;&rsquo; and (ii) all other fees of approximately
$545,000 and $1.5 million, respectively, related to services such as
tax, performance attestation, operational control reviews and the
provision of educational seminars.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee of each
Trust has considered whether the provision of non-audit services and
the provision of services to affiliates of the Investment Advisor is
compatible with maintaining the independence of Deloitte &amp; Touche
LLP.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ADDITIONAL INFORMATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In the event that the
necessary Quorum to transact business or the vote required to approve
or reject any proposal for any Trust is not obtained at the Meeting of
any Trust, the persons named as proxies may propose one or more
adjournments of the Meeting of the applicable Trust to permit further
solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the applicable
Trust&rsquo;s shares present in person or by proxy at the Meeting. The
persons named as proxies will vote in favor of such adjournment those
proxies which have been received by the date of the Meeting.
Abstentions and broker &lsquo;&lsquo;non-votes&rsquo;&rsquo; will not
count in favor of or against any such vote for adjournment.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Abstentions and, if applicable, broker
&lsquo;&lsquo;non-votes&rsquo;&rsquo; will not count as votes in favor
of any proposal, and broker &lsquo;&lsquo;non-votes&rsquo;&rsquo; will
not be deemed to be present at the Meeting of any Trust for purposes of
determining whether a particular proposal to be voted upon has been
approved. Broker &lsquo;&lsquo;non-votes&rsquo;&rsquo; are shares held
in street name for which the broker indicates that instructions have
not been received from the beneficial owners or other persons entitled
to vote and for which the broker does not have discretionary voting
authority.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SHAREHOLDER PROPOSALS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Proposals of security
holders intended to be presented at the next Annual Meeting of
Shareholders of each respective Trust must be received no later than
May 14, 2007 for each Trust for inclusion in the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page22"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
proxy statement and proxy for that meeting.
The mere submission of a proposal does not guarantee its inclusion in
the proxy materials or its presentation at the meeting. Certain rules
under the federal securities laws must be met.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">REPORTS TO
SHAREHOLDERS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each Trust&rsquo;s most recent Annual
Report for the Trust&rsquo;s most recent fiscal year end and the most
recent Semi-Annual Report succeeding the Annual Report, have been
previously sent to Shareholders and are available without charge upon
request from Morgan Stanley Trust, Harborside Financial Center, Plaza
Two, 2nd Floor, Jersey City, New Jersey 07311 (telephone
1-800-869-NEWS) (toll-free).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">INTEREST OF CERTAIN PERSONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley, Morgan Stanley Investment Advisors, Morgan Stanley
DW, Morgan Stanley Services, and certain of their respective Directors,
Officers, and employees, including persons who are Trustees or Officers
of the Trusts, may be deemed to have an interest in certain of the
proposals described in this Joint Proxy Statement to the extent that
certain of such companies and their affiliates have contractual and
other arrangements, described elsewhere in this Joint Proxy Statement,
pursuant to which they are paid fees by the Trusts, and certain of
those individuals are compensated for performing services relating to
the Trusts and may also own shares of Morgan Stanley. Such companies
and persons may thus be deemed to derive benefits from the approvals by
Shareholders of such proposals.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">OTHER BUSINESS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
management of the Trusts knows of no other matters which may be
presented at the Meetings. However, if any matters not now known
properly come before the Meetings, it is the intention of the persons
named in the enclosed form of proxy, or their substitutes, to vote all
shares that they are entitled to vote on any such matter, utilizing
such proxy in accordance with their best judgment on such
matters.</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="285"><img src="spacer.gif" height="1" width="285"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">By Order of the Board of
Trustees</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 12pt;" valign="top" align="center" width="222"><img src="spacer.gif" height="1" width="222"></td>
<td style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 12pt;" valign="top" align="center"><font style="font-size: 7pt">MARY E.
MULLIN</font>
<br>
<font style="font-size: 10pt;"><font style="font-weight: normal; font-style: italic">Secretary</font></font></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pageA-1"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">APPENDIX</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">CHARTER<br> OF THE<br> AUDIT COMMITTEE<br> OF THE<br> MORGAN
STANLEY RETAIL AND INSTITUTIONAL FUNDS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">AS ADOPTED ON JULY 31,
2003</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of Directors/Trustees of the investment
companies advised or managed by Morgan Stanley Investment Advisors
Inc., Morgan Stanley Investment Management Inc., Morgan Stanley
Investments LP and Morgan Stanley AIP GP LP listed on the attached
Exhibit 1 (each a &lsquo;&lsquo;Fund&rsquo;&rsquo; and,
collectively, the &lsquo;&lsquo;Funds&rsquo;&rsquo;) has
adopted and approved this charter for the audit committee of the Board
of each Fund (the &lsquo;&lsquo;Audit
Committee&rsquo;&rsquo;).</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Structure And Membership of the Audit
Committee</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">1.01. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Independent Directors and
Trustees</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each member of the Audit Committee shall be an
independent director or trustee. A person shall be considered to be
independent if he or she: (a) is independent as defined in New York
Stock Exchange Listed Company Standard 303.01 (2) and (3); (b) is a
&lsquo;&lsquo;disinterested person&rsquo;&rsquo; as defined in Section
2(a)(19) of the Investment Company Act of 1940; and (c) does not
accept, directly or indirectly, any consulting, advisory or other
compensatory fee from any of the Funds or their investment advisor or
any affiliated person of the advisor, other than fees from the Funds
for serving as a member of the Funds&rsquo; Boards or Committees of the
Boards.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">1.02. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Financially Literate</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each member of the Audit Committee shall be
&lsquo;&lsquo;financially literate,&rsquo;&rsquo; as such term is
interpreted by the Fund&rsquo;s Board in its business judgment.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">1.03. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Audit Committee Financial Expert</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee shall determine whether at least one member of
the Audit Committee is an &lsquo;&lsquo;audit committee financial
expert,&rsquo;&rsquo; as that term is defined in the General
Instructions of Form N-SAR, sub-item 102P3(b)(6).</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">2.
&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Auditor Independence</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">An independent public
accounting firm may serve as a Fund&rsquo;s auditor (the
&lsquo;&lsquo;Auditor&rsquo;&rsquo;) only if it complies
with all of the following independence requirements, subject to such
exceptions, not prohibited by law, as the Audit Committee may
allow.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">2.01. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Independence Certification</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Auditor shall: (i) at least annually, submit
to the Audit Committee a certification of its independence, delineating
all relationships between the Auditor and the Fund, consistent with
Rule 2-01 of Regulation S-X under the Securities Act of 1933 and
Independence Standards Board Standard No. 1, and (ii) actively engage
in a dialogue with the Audit Committee with respect to any disclosed
relationships or services that may affect the objectivity and
independence of such independent accountants, including relationships
with or services provided to the Fund&rsquo;s other service
providers.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-2"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">2.02. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Employment
Relationships</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">(a)&nbsp;&nbsp;&nbsp;&nbsp;&lsquo;&lsquo;Cooling
Off&rsquo;' Period</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The lead partner, the concurring
partner, and any other member of the audit engagement team who provided
more than ten hours of audit, review or attest services for a Fund, may
not accept a financial reporting oversight role with any entity in the
Fund Complex within one year after the commencement of audit procedures
for a Fund.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(b)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 418pt">Definitions</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">&ldquo;audit engagement
team&rsquo;&rsquo; means all partners, principals, shareholders and
professional employees participating in an audit, review, or
attestation engagement for any of the Funds, including audit partners
and all persons who consult with members of the team during the
engagement regarding technical or industry-specific issues,
transactions or events.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">&ldquo;audit
partner&rsquo;&rsquo; means a partner of the Auditor who is a member of
the audit engagement team and has responsibility for decision-making on
significant audit, accounting and reporting matters that affect the
financial statements of a Fund or who maintains regular contact with
the Funds&rsquo; management and the Audit Committee.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">&ldquo;financial reporting
oversight role&rsquo;&rsquo; means a role in which a person is in a
position to, or does, exercise influence over the contents of the
financial statements of any of the Funds or anyone who prepares
them.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">&ldquo;Fund
Complex&rsquo;&rsquo; includes the Funds, their investment advisor and
persons controlling, controlled by, or under common control with, the
investment adviser.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">2.03. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Partner
Rotation</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The lead partner and the concurring partner of the
Auditor may not perform any audit, review or attest services for a Fund
after five consecutive years of service for any entity in the Fund
Complex and, after rotating out, may not again provide audit services
for any Fund until a &lsquo;&lsquo;time-out&rsquo;&rsquo; period of
five more years has elapsed.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Other audit partners are required
to rotate out after seven years of consecutive service for any entity
in the Fund Complex and may not return until after a two-year time-out
period.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">2.04. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Compensation for Sales
Activities</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">No audit partner, other than a specialty partner, of
the Auditor may receive compensation at any point during the engagement
period based on the procurement of engagements with any entity in the
Fund Complex to provide any products or services other than audit,
review or attest services.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">2.05. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Prohibited
Non-Audit Services</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Neither the Auditor nor any person associated
with the Auditor may provide any of the following non-audit services to
any of the Funds:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">bookkeeping or other services
relating to the accounting records or financial statements of a
Fund;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">financial information
systems design and implementation;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">appraisal or valuation
services, fairness opinions, or contribution-in-kind reports;</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-3"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">actuarial
services;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">internal audit
outsourcing services;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">management functions or human
resources;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">broker or
dealer, investment adviser, or investment banking services;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">legal and expert services
unrelated to the audit;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 418pt">any
other service that the Public Company Accounting Oversight Board (the
&lsquo;&lsquo;PCAOB&rsquo;&rsquo;) determines, by
regulation, is impermissible.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">3.
&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Registration with PCAOB</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Auditor must be
registered with the PCAOB or become registered when the PCAOB is
prepared to accept registrations.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Regulatory Action</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Promptly upon
initiation against it of any inquiry or investigation by a governmental
authority the Auditor shall provide information to the Audit Committee
regarding any material issues raised in such inquiry or investigation
and any steps taken to deal with them.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">5.
&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Duties and Powers of Audit Committee</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">5.01.
&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">The Audit Committee shall have the duty and power
to:</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">make recommendations to
the Board regarding selection of the Auditor;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">oversee and evaluate the work
of the Auditor;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">require the
Auditor to report directly to the Audit Committee;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">determine the compensation of
the Auditor for audit and non-audit services provided to the Funds and
decide whether to continue to retain the services of the Auditor or to
terminate them;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">pre-approve
all audit, non-audit and attest services provided to the Funds and any
non-audit services provided to the investment adviser of the Funds or
to any other entity in the Fund Complex as required by the
Sarbanes-Oxley Act of 2002 (the &lsquo;&lsquo;S-O
Act&rsquo;&rsquo;) and rules promulgated by the Securities and
Exchange Commission (the
&lsquo;&lsquo;SEC&rsquo;&rsquo;) under the S-O Act, or
establish policies and procedures pursuant to which any of such
services is pre-approved (which are attached hereto as Appendix B);
provided that such policies and procedures are detailed as to the
particular service and do not delegate any of the Audit
Committee&rsquo;s responsibilities to management but may delegate
pre-approval authority to one or more of its members (except with
respect to the annual audit of each Fund required by the Securities
Exchange Act of 1934 (the &lsquo;&lsquo;Exchange
Act&rsquo;&rsquo;)); and provided further, that pre-approval of
services may be waived pursuant to a de minimis exception allowed by
SEC rules, as construed by the Boards&rsquo; independent counsel;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">consider whether any services
rendered by the Auditor to the investment adviser and other entities in
the Fund Complex, which were not pre-approved, is compatible with
maintaining the Auditor&rsquo;s independence;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">review the independence
requirements applicable to the Auditor as set forth in section 2 above
to satisfy itself that the Auditor is independent under the standards
set forth therein;</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-4"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">require
the Auditor to report quarterly to the Audit Committee: (a) all
critical accounting policies and practices; (b) any changes in
accounting or auditing procedures, principles, practices, standards or
financial reporting; (c) any alternative treatments of financial
information within generally accepted accounting principles that the
Auditor has discussed with management, the ramifications of the use of
any such alternative treatment or disclosure, and the treatment
preferred by the Auditor; (d) any material issues raised by the most
recent internal quality-control review, or peer review, of the Auditor,
or by inquiry or investigation by governmental or professional
authorities, within the preceding five years, respecting one or more
independent audits carried out by the Auditor, and any steps taken to
deal with any such issue; (e) any other written communications between
the Auditor and management, including any management letter or schedule
of unadjusted differences; and (f) all non-audit services provided to a
non-Fund entity in the Fund Complex which were not pre-approved and
associated fees; provided that, if the report is not made within 90
days of the filing of a Fund&rsquo;s financial statements with the SEC,
the Auditor shall provide an update of any changes;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">review and discuss with the
Auditor: (a) matters required to be communicated by the Auditor to the
Audit Committee pursuant to the Statement of Auditing Standards Nos. 61
and 90 and any other standards established by the PCAOB; including,
without limitation, any adjustment to a Fund&rsquo;s financial
statements recommended by the Auditor, or any other results of any
audit; (b) any problems or difficulties encountered in the course of
the audit; and (c) any areas of substantial risk in accurate reporting
of financial results and operations of the Funds;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">review arrangements for annual
and special audits and the scope of such audits with the Fund&rsquo;s
independent accountants;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">review and discuss the
Fund&rsquo;s audited financial statements with Fund management;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">review final drafts of
closed-end Fund annual financial statements, discuss with management
and the Auditor and decide whether to recommend that the statements,
with or without any revisions, be included in the Fund&rsquo;s annual
report;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">to cause to be
prepared and to review and submit any report, including any
recommendation of the Audit Committee, required by SEC rules to be
included in the Fund&rsquo;s proxy statement;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">review legal and regulatory
matters presented by counsel and the Fund&rsquo;s independent
accountants that may have a material impact on the Fund&rsquo;s
financial statements;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">consider with the Auditor their
comments with respect to the quality and adequacy of the Fund&rsquo;s
accounting and financial reporting policies, practices and internal
controls and management&rsquo;s responses thereto, including, without
limitation, the effect on the Fund of any recommendation of changes in
accounting principles or practices by management or the Auditor;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">receive reports from the
principal executive officer and the principal financial officer, or
persons performing similar functions, regarding: (i) all significant
deficiencies in the design or operation of a Fund&rsquo;s internal
controls that could adversely affect the Fund&rsquo;s ability to
record, process, summarize, and report financial data and have
identified for the Auditor any material weaknesses in internal
controls; (ii) any fraud, whether or not material, that involves Fund
management or other employees who have a significant role in the
Fund&rsquo;s </td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-5"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 388pt">
internal controls; and (iii) whether or not
there were significant changes in the Fund&rsquo;s internal controls or
in other factors that could significantly affect the Fund&rsquo;s
internal controls subsequent to the date of their evaluation, including
any corrective actions with regard to significant deficiencies and
material weaknesses;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">establish procedures for the
receipt, retention and treatment of complaints received by a Fund
regarding accounting, internal accounting controls or auditing
matters;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">establish
procedures for the confidential, anonymous submission by employees and
officers of Funds of concerns regarding any questionable accounting or
audit matter (with such procedures to be established upon the
SEC&rsquo;s promulgation of final rules governing such procedures
pursuant to the S-O Act);</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">establish procedures for the
resolution of disagreements between management of a Fund and the
Fund&rsquo;s Auditor regarding financial reporting;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">require inside and outside
counsel to report to the Audit Committee evidence of any material
violation of securities law or breach of fiduciary duty or similar
violation by a Fund or any agent of a Fund;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">report its actions to the
Boards of Directors/Trustees of the Funds, make and keep minutes of its
meetings and provide copies thereof to the Boards;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="512"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 50pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 388pt">perform such other functions
consistent with this Audit Committee Charter, the Fund&rsquo;s Articles
of Incorporation, the Fund&rsquo;s By-laws, or the Fund&rsquo;s
partnership agreement, as applicable, and applicable law, as the Audit
Committee or the Board of Directors/Trustees deems necessary or
appropriate.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">5.02. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Authority to Engage
Independent Counsel and Advisers</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee is
authorized to: (a) engage independent counsel, which may also be
counsel to the Funds&rsquo; independent directors/trustees, and other
advisers, as it determines to be necessary to carry out its duties; and
(b) require the Funds to provide appropriate funding, as determined by
the Audit Committee, for payment of compensation to the Auditor, the
independent counsel and other advisers.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="539"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 48pt">5.03.
&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 408pt">Scope of Audit Committee Responsibility</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In
fulfilling their responsibilities under this Audit Committee Charter,
it is recognized that members of the Audit Committee are not full-time
employees of the Fund. As such, it is not the duty or responsibility of
the Audit Committee or its members to conduct &lsquo;&lsquo;field
work&rsquo;&rsquo; or other types of auditing or accounting reviews or
procedures. Each member of the Audit Committee shall be entitled to
rely on (i) the integrity of those persons and organizations inside and
outside the Fund from which the Audit Committee receives information
and (ii) the accuracy of the financial and other information provided
to the Audit Committee by such persons or organizations, absent actual
knowledge to the contrary (which actual knowledge shall be promptly
reported to the Board of Directors/Trustees).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Fund management is
responsible for maintaining appropriate systems for accounting. The
Auditor is responsible for conducting a proper audit of the
Fund&rsquo;s financial statements and is ultimately accountable to the
Audit Committee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-6"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">6. &nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Meetings of
the Audit Committee</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee shall meet at least
twice each calendar year, including to approve the scope of the
proposed audit of a Fund&rsquo;s financial statements by the Auditors
and to review the report of the Auditors following such audit. The
Audit Committee shall hold special meetings at such times as the Audit
Committee believes appropriate. Members of the Audit Committee may
participate in a meeting of the Audit Committee by means of conference
call or similar communications equipment by means of which all persons
participating in such meeting can hear each other.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">7.
&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Review of Charter</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 30pt; background-color: #ffffff">(a)&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee shall review and assess the adequacy of this Charter
annually.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 10pt; background-color: #ffffff">(b)&nbsp;&nbsp;&nbsp;&nbsp;Any changes to this Charter
must be recommended by the Audit Committee and approved by the
Board.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pageA-7"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">AUDIT
COMMITTEE<br> AUDIT AND NON-AUDIT SERVICES<br> PRE-APPROVAL POLICY
AND PROCEDURES<br> OF THE<br> MORGAN STANLEY RETAIL AND INSTITUTIONAL
FUNDS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">AS ADOPTED JULY 31,
2003<sup style="vertical-align:top;">1</sup>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">1.&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT OF PRINCIPLES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee
of the Board is required to review and, in its sole discretion,
pre-approve all Covered Services to be provided by the Independent
Auditors to the Fund and Covered Entities in order to assure that
services performed by the Independent Auditors do not impair the
auditor&rsquo;s independence from the Fund.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The SEC has issued
rules specifying the types of services that an independent auditor may
not provide to its audit client, as well as the audit committee&rsquo;s
administration of the engagement of the independent auditor. The
SEC&rsquo;s rules establish two different approaches to pre-approving
services, which the SEC considers to be equally valid. Proposed
services either: may be pre-approved without consideration of specific
case-by-case services by the Audit Committee (&lsquo;&lsquo;general
pre-approval&rsquo;&rsquo;); or require the specific pre-approval of
the Audit Committee or its delegate (&lsquo;&lsquo;specific
pre-approval&rsquo;&rsquo;). The Audit Committee believes that the
combination of these two approaches in this Policy will result in an
effective and efficient procedure to pre-approve services performed by
the Independent Auditors. As set forth in this Policy, unless a type of
service has received general pre-approval, it will require specific
pre-approval by the Audit Committee (or by any member of the Audit
Committee to which pre-approval authority has been delegated) if it is
to be provided by the Independent Auditors. Any proposed services
exceeding pre-approved cost levels or budgeted amounts will also
require specific pre-approval by the Audit Committee.<br>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
appendices to this Policy describe the Audit, Audit-related, Tax and
All Other services that have the general pre-approval of the Audit
Committee. The term of any general pre-approval is 12 months from the
date of pre-approval, unless the Audit Committee considers and provides
a different period and states otherwise. The Audit Committee will
annually review and pre-approve the services that may be provided by
the Independent Auditors without obtaining specific pre-approval from
the Audit Committee. The Audit Committee will add to or subtract from
the list of general pre-approved services from time to time, based on
subsequent determinations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The purpose of this Policy is to set
forth the policy and procedures by which the Audit Committee intends to
fulfill its responsibilities. It does not delegate the Audit
Committee&rsquo;s responsibilities to pre-approve services performed by
the Independent Auditors to management.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Fund&rsquo;s
Independent Auditors have reviewed this Policy and believes that
implementation of the Policy will not adversely affect the Independent
Auditors&rsquo; independence.</p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><sup style="vertical-align:top;">1</sup></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
Audit Committee Audit and Non-Audit Services Pre-Approval Policy and
Procedures (the &lsquo;&lsquo;Policy&rsquo;&rsquo;),
adopted as of the date above, supercedes and replaces all prior
versions that may have been adopted from time to
time.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-8"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">2.&nbsp;&nbsp;&nbsp;&nbsp;Delegation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As provided in
the Act and the SEC&rsquo;s rules, the Audit Committee may delegate
either type of pre-approval authority to one or more of its members.
The member to whom such authority is delegated must report, for
informational purposes only, any pre-approval decisions to the Audit
Committee at its next scheduled meeting</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">3.&nbsp;&nbsp;&nbsp;&nbsp;Audit
Services</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The annual Audit services engagement terms and fees
are subject to the specific pre-approval of the Audit Committee. Audit
services include the annual financial statement audit and other
procedures required to be performed by the Independent Auditors to be
able to form an opinion on the Fund&rsquo;s financial statements. These
other procedures include information systems and procedural reviews and
testing performed in order to understand and place reliance on the
systems of internal control, and consultations relating to the audit.
The Audit Committee will approve, if necessary, any changes in terms,
conditions and fees resulting from changes in audit scope, Fund
structure or other items.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition to the annual Audit
services engagement approved by the Audit Committee, the Audit
Committee may grant general pre-approval to other Audit services, which
are those services that only the Independent Auditors reasonably can
provide. Other Audit services may include statutory audits and services
associated with SEC registration statements (on Forms N-1A, N-2, N-3,
N-4, etc.), periodic reports and other documents filed with the SEC or
other documents issued in connection with securities offerings.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee has pre-approved the Audit services in Appendix
B.1. All other Audit services not listed in Appendix B.1 must be
specifically pre-approved by the Audit Committee (or by any member of
the Audit Committee to which pre-approval has been delegated).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">4.&nbsp;&nbsp;&nbsp;&nbsp;Audit-related Services</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Audit-related services are
assurance and related services that are reasonably related to the
performance of the audit or review of the Fund&rsquo;s financial
statements and, to the extent they are Covered Services, the Covered
Entities or that are traditionally performed by the Independent
Auditors. Because the Audit Committee believes that the provision of
Audit-related services does not impair the independence of the auditor
and is consistent with the SEC&rsquo;s rules on auditor independence,
the Audit Committee may grant general pre-approval to Audit-related
services. Audit-related services include, among others, accounting
consultations related to accounting, financial reporting or disclosure
matters not classified as &lsquo;&lsquo;Audit services&rsquo;&rsquo;;
assistance with understanding and implementing new accounting and
financial reporting guidance from rulemaking authorities; agreed-upon
or expanded audit procedures related to accounting and/or billing
records required to respond to or comply with financial, accounting or
regulatory reporting matters; and assistance with internal control
reporting requirements under Forms N-SAR and/or N-CSR.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit
Committee has pre-approved the Audit-related services in Appendix B.2.
All other Audit-related services not listed in Appendix B.2 must be
specifically pre-approved by the Audit Committee (or by any member of
the Audit Committee to which pre-approval has been delegated).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">5.&nbsp;&nbsp;&nbsp;&nbsp;Tax Services</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee believes that the
Independent Auditors can provide Tax services to the Fund and, to the
extent they are Covered Services, the Covered Entities, such as tax
compliance, tax planning </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-9"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
and tax advice without impairing the
auditor&rsquo;s independence, and the SEC has stated that the
Independent Auditors may provide such services.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the
preceding paragraph, the Audit Committee has pre-approved the Tax
Services in Appendix B.3. All Tax services in Appendix B.3 must be
specifically pre-approved by the Audit Committee (or by any member of
the Audit Committee to which pre-approval has been
delegated).<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">6.&nbsp;&nbsp;&nbsp;&nbsp;All Other Services</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit
Committee believes, based on the SEC&rsquo;s rules prohibiting the
Independent Auditors from providing specific non-audit services, that
other types of non-audit services are permitted. Accordingly, the Audit
Committee believes it may grant general pre-approval to those
permissible non-audit services classified as All Other services that it
believes are routine and recurring services, would not impair the
independence of the auditor and are consistent with the SEC&rsquo;s
rules on auditor independence.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee has
pre-approved the All Other services in Appendix B.4. Permissible All
Other services not listed in Appendix B.4 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit
Committee to which pre-approval has been delegated).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">7.&nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval Fee Levels or Budgeted Amounts</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pre-approval fee levels or budgeted amounts for all services to be
provided by the Independent Auditors will be established annually by
the Audit Committee. Any proposed services exceeding these levels or
amounts will require specific pre-approval by the Audit Committee. The
Audit Committee is mindful of the overall relationship of fees for
audit and non-audit services in determining whether to pre-approve any
such services.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">8.&nbsp;&nbsp;&nbsp;&nbsp;Procedures</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All requests or
applications for services to be provided by the Independent Auditors
that do not require specific approval by the Audit Committee will be
submitted to the Fund&rsquo;s Chief Financial Officer and must include
a detailed description of the services to be rendered. The Fund&rsquo;s
Chief Financial Officer will determine whether such services are
included within the list of services that have received the general
pre-approval of the Audit Committee. The Audit Committee will be
informed on a timely basis of any such services rendered by the
Independent Auditors. Requests or applications to provide services that
require specific approval by the Audit Committee will be submitted to
the Audit Committee by both the Independent Auditors and the
Fund&rsquo;s Chief Financial Officer, and must include a joint
statement as to whether, in their view, the request or application is
consistent with the SEC&rsquo;s rules on auditor independence.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee has designated the Fund&rsquo;s Chief Financial
Officer to monitor the performance of all services provided by the
Independent Auditors and to determine whether such services are in
compliance with this Policy. The Fund&rsquo;s Chief Financial Officer
will report to the Audit Committee on a periodic basis on the results
of its monitoring. Both the Fund&rsquo;s Chief Financial Officer and
management will immediately report to the chairman of the Audit
Committee any breach of this Policy that comes to the attention of the
Fund&rsquo;s Chief Financial Officer or any member of management.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">9.&nbsp;&nbsp;&nbsp;&nbsp;Additional Requirements</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee has
determined to take additional measures on an annual basis to meet its
responsibility to oversee the work of the Independent Auditors and to
assure the auditor&rsquo;s independence </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageA-10"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
from the Fund, such as reviewing a formal
written statement from the Independent Auditors delineating all
relationships between the Independent Auditors and the Fund, consistent
with Independence Standards Board No. 1, and discussing with the
Independent Auditors its methods and procedures for ensuring
independence.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">10.&nbsp;&nbsp;&nbsp;&nbsp;Covered Entities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Covered
Entities include the Fund&rsquo;s investment adviser(s) and any entity
controlling, controlled by or under common control with the
Fund&rsquo;s investment adviser(s) that provides ongoing services to
the Fund(s). Beginning with non-audit service contracts entered into on
or after May  6, 2003, the Fund&rsquo;s audit committee must
pre-approve non-audit services provided not only to the Fund but also
to the Covered Entities if the engagements relate directly to the
operations and financial reporting of the Fund. This list of Covered
Entities would include:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Morgan Stanley Retail Funds<br>
Morgan Stanley Investment Advisors Inc.<br> Morgan Stanley &amp; Co.
Incorporated<br> Morgan Stanley DW Inc.<br> Morgan Stanley Investment
Management<br> Morgan Stanley Investments LP<br> Van Kampen Asset
Management Inc.<br> Morgan Stanley Services Company, Inc.<br> Morgan
Stanley Distributors Inc.<br> Morgan Stanley Trust FSB<br> Morgan
Stanley Institutional Funds<br> Morgan Stanley Investment Management
Inc.<br> Morgan Stanley Investments LP<br> Morgan Stanley &amp; Co.
Incorporated<br> Morgan Stanley Distribution, Inc.<br> Morgan Stanley
AIP GP LP<br> Morgan Stanley Alternative Investment Partners
LP</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="pageB-1"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">APPENDIX
B</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 180pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">JOINT GOVERNANCE COMMITTEE CHARTER<br>OF THE<br>
MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 120pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">AS ADOPTED ON JULY 31, 2003<br> AND AS AMENDED
ON<br> APRIL 22, 2004</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-2"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">MISSION
STATEMENT</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance Committee (the
&lsquo;&lsquo;Governance Committee&rsquo;&rsquo;) is a
committee of the Board of Trustees/Directors (referred to herein as the
&lsquo;&lsquo;Trustees&rsquo;&rsquo; and collectively as
the &lsquo;&lsquo;Board&rsquo;&rsquo;) of each Fund
listed in the attached Exhibit
A<sup style="vertical-align:top;">1</sup>
.. The purpose of the Governance Committee is to: (1) evaluate the
suitability of potential candidates for election to the Board and
recommend candidates for nomination by the Independent Trustees (as
defined below); (2) develop and recommend to the Board a set of
corporate governance principles applicable to the Fund, monitor
corporate governance matters and make recommendations to the Board and
act as the administrative committee with respect to Board policies and
procedures, and committee policies and procedures; and (3) oversee
periodic evaluations of the Board and any committees of the Board.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">COMPOSITION</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Governance Committee shall be comprised of three or more Trustees of
the Board. Governance Committee members shall be designated by the full
Board, and the manner of selection of the Governance Committee chair
shall also be designated by the full Board.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each member of the
Governance Committee shall be an independent director or trustee. A
person shall be considered to be independent if he or she: (a) is
independent as defined in New York Stock Exchange Listed Company
Standard 303.01 (2) and (3); (b) is a &lsquo;&lsquo;disinterested
person&rsquo;&rsquo; as defined in Section 2(a)(19) of the Investment
Company Act of 1940, as amended; and (c) does not accept, directly or
indirectly, any consulting, advisory or other compensatory fee from any
of the Funds or their investment advisor or any affiliated person of
the advisor, other than fees from the Funds for serving as a member of
the Funds&rsquo; Boards or Committees of the Boards. Such independent
directors or trustees are referred to herein as the
&lsquo;&lsquo;Independent Trustees.&rsquo;&rsquo;</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">MEETING OF THE GOVERNANCE
COMMITTEE</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance Committee shall fix its own
rules of procedure, which shall be consistent with the Fund&rsquo;s
organizational documents and this Governance Committee Charter. The
Governance Committee shall meet at such times as may be determined as
appropriate by the Committee. The Governance Committee, in its
discretion, may ask Trustees, members of management or others, whose
advice and counsel are sought by the Governance Committee, to attend
its meetings (or portions thereof) and to provide such pertinent
information as the Governance Committee requests.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance
Committee shall cause to be maintained minutes of all meetings and
records to those meetings and provide copies of such minutes to the
Board and the Fund.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">AUTHORITY</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Governance Committee shall have the authority to carry out its duties
and responsibilities as set forth in this Governance Committee
Charter.</p>
<table cellpadding="0" cellspacing="0" border="0" width="60">
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="60"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><sup style="vertical-align:top;">1</sup></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
Joint Governance Committee Charter has been adopted by each Fund.
Solely for the sake of clarity and simplicity, this Joint Governance
Committee Charter has been drafted as if there is a single Fund, a
single Governance Committee and a single Board. The terms
&lsquo;&lsquo;Governance Committee,&rsquo;&rsquo;
&lsquo;&lsquo;Trustees&rsquo;&rsquo; and
&lsquo;&lsquo;Board&rsquo;&rsquo; mean the Governance Committee,
Trustees and the Board of each Fund, respectively, unless the context
otherwise requires. The Governance Committee, Trustees and the Board of
each Fund, however, shall act separately and in the best interests of
its respective Fund.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-3"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">GOALS,
DUTIES AND RESPONSIBILITIES OF THE GOVERNANCE COMMITTEE</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In carrying out its duties and responsibilities, the Governance
Committee&rsquo;s policies and procedures will remain flexible, so that
it may be in a position to react or respond to changing circumstances
or conditions. The following are the duties and responsibilities of the
Governance Committee:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">a.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt"><u>Board Candidates
and Nominees</u></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The Governance Committee
shall have the following goals and responsibilities with respect to
Board candidates and nominees:</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">i.</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">evaluate the suitability
of potential trustee/director candidates proposed by Trustees,
shareholders or others;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">ii.</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">recommend, for
nomination by the Independent Trustees, candidates for election as an
Independent Trustee by the shareholders or appointment by the Board, as
the case may be, pursuant to the Fund&rsquo;s organizational documents.
Persons recommended by the Governance Committee shall possess such
knowledge, experience, skills, expertise and diversity so as to enhance
the Board&rsquo;s ability to manage and direct the affairs and business
of the Fund, including, when applicable, to enhance the ability of
committees of the Board to fulfill their duties and/or to satisfy any
independence requirements imposed by law, regulation or any listing
requirements of the New York Stock Exchange
(&lsquo;&lsquo;NYSE&rsquo;&rsquo;) as applicable to the Fund; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">iii.</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">review the suitability
for continued service as a trustee/director of each Independent Trustee
when his or her term expires and at such other times as the Governance
Committee deems necessary or appropriate, and to recommend whether or
not the Independent Trustee should be re-nominated by the Independent
Trustees.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">b.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt"><u>Corporate
Governance</u></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The Governance Committee
shall have the following goals and principles with respect to Board
corporate governance:</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">i.</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">monitor corporate
governance principles for the Fund, which shall be consistent with any
applicable laws, regulations and listing standards, considering, but
not limited to, the following:</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="71"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 54pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">(1)</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">trustee/director
qualification standards to reflect the independence requirements of the
Sarbanes-Oxley Act of 2002, as amended
(&lsquo;&lsquo;SOX&rsquo;&rsquo;) and the rules thereunder, the
Investment Company Act of 1940, as amended (&lsquo;&lsquo;the 1940
Act&rsquo;&rsquo;), and the NYSE;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="71"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 54pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">(2)</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">trustee/director
duties and responsibilities;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="71"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 54pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">(3)</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">trustee/director
access to management, and, as necessary and appropriate, independent
advisers; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="71"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 54pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">(4)</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 402pt">trustee/director
orientation and continuing education;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">ii.</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">review periodically the
corporate governance principles adopted by the Board to assure that
they are appropriate for the Fund and comply with the requirements of
SOX, the 1940 Act and the NYSE, and to recommend any desirable changes
to the Board;</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-4"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">iii.</td>
<td style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">consider
other corporate governance issues that arise from time to time, and to
develop appropriate recommendations for the Board; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">c.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt"><u>Periodic Evaluations</u></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The Governance Committee shall be responsible
for overseeing the evaluation of the Board as a whole and each
Committee. The Governance Committee shall establish procedures to allow
it to exercise this oversight function.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">In
conducting this review, the Governance Committee shall evaluate whether
the Board appropriately addresses the matters that are or should be
within its scope pursuant to the set of corporate governance principles
adopted by the Governance Committee. The Governance Committee shall
address matters that the Governance Committee considers relevant to the
Board&rsquo;s performance, including at least the following: the
adequacy, appropriateness and quality of the information and
recommendations presented by management of the Fund to the Board, and
whether the number and length of meetings of the Board were adequate
for the Board to complete its work in a thorough and thoughtful
manner.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The Governance Committee shall
report to the Board on the results of its evaluation, including any
recommended changes to the principles of corporate governance, and any
recommended changes to the Fund&rsquo;s or the Board&rsquo;s or a
Committee&rsquo;s policies or procedures. This report may be written or
oral.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">EVALUATION OF THE
GOVERNANCE COMMITTEE</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance Committee shall, on
an annual basis, evaluate its performance under this Joint Governance
Committee Charter. In conducting this review, the Governance Committee
shall evaluate whether this Joint Governance Committee Charter
appropriately addresses the matters that are or should be within its
scope. The Governance Committee shall address matters that the
Governance Committee considers relevant to its performance, including
at least the following: the adequacy, appropriateness and quality of
the information and recommendations presented by the Governance
Committee to the Board, and whether the number and length of meetings
of the Governance Committee were adequate for the Governance Committee
to complete its work in a thorough and thoughtful manner.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Governance Committee shall report to the Board on the results of its
evaluation, including any recommended amendments to this Joint
Governance Committee Charter, and any recommended changes to the
Fund&rsquo;s or the Board&rsquo;s policies or procedures. This report
may be written or oral.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top: 12pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20.04pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:bold;color:#000000;font-size: 10pt; padding-top:12pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">INVESTIGATIONS AND STUDIES; OUTSIDE
ADVISERS</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance Committee may conduct or
authorize investigations into or studies of matters within the
Governance Committee&rsquo;s scope of responsibilities, and may retain,
at the Fund&rsquo;s expense, such independent counsel or other advisers
as it deems necessary.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-5"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Exhibit A</u>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Fund List</u>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">MORGAN STANLEY<br> RETAIL AND
INSTITUTIONAL FUNDS<br> at<br> August 24, 2006</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<u>RETAIL FUNDS</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: italic">Open-End Retail
Funds</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Taxable Money Market Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Assets Government Securities
Trust<br> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Assets Institutional Government
Securities Trust<br>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Assets Institutional Money
Trust<br> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Assets Money Trust<br>
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Liquid Asset Fund Inc.<br>
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley U.S. Government Money Market Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Tax-Exempt Money Market Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Assets California Tax-Free Trust<br>
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active Assets Tax-Free Trust<br>
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley California Tax-Free Daily Income
Trust<br> 10.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley New York Municipal Money Market
Trust<br> 11.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Tax-Free Daily Income Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Equity Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">12.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
Aggressive Equity Fund<br> 13.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Allocator
Fund<br> 14.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley American Franchise Fund*<br>
15.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital Opportunities Trust<br>
16.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Developing Growth Securities Trust<br>
17.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Dividend Growth Securities Inc.<br>
18.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Equally-Weighted S&amp;P 500 Fund<br>
19.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley European Equity Fund Inc.&nbsp;&nbsp;&nbsp;&nbsp;<br>
20.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Financial Services Trust<br> 21.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Focus Growth Fund<br> 22.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Fundamental
Value Fund<br> 23.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Global Advantage Fund<br>
24.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Global Dividend Growth
Securities<br>25.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Global Utilities Fund<br>
26.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Growth Fund</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">* Have not
commenced operations or ceased operations</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-6"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">27.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Health
Sciences Trust<br>28.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Strategies
Fund<br> 29.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Income Builder Fund<br>
30.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley International Fund<br>31.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley International SmallCap Fund<br> 32.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
International Value Equity Fund<br> 33.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Japan
Fund<br> 34.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Mid-Cap Value
Fund<br>35.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Multi-Asset Class Fund<br>
36.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Nasdaq-100 Index Fund<br> 37.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Natural Resource Development Securities
Inc.<br>38.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Pacific Growth Fund Inc.<br>
39.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Real Estate Fund<br> 40.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
S&amp;P 500 Index Fund<br> 41.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Small-Mid Special
Value Fund<br> 42.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Special Growth Fund<br>
43.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Special Value Fund<br> 44.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Technology Fund<br>45.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Total Market Index
Fund<br> 46.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Total Return Trust<br>
47.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Utilities Fund<br> 48.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
Value Fund</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Balanced Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">49.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Balanced Growth Fund<br>
50.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Balanced Income Fund</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Asset
Allocation Fund</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">51.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Strategist
Fund</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Taxable Fixed-Income Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">52.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Convertible Securities Trust<br>
53.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Flexible Income Trust<br> 54.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley High Yield Securities Inc.<br> 55.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Income
Trust<br> 56.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Limited Duration Fund<br>
57.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Limited Duration U.S. Treasury Trust<br>
58.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Mortgage Securities Trust<br>
59.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Total Return Income Securities Fund*<br>
60.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley U.S. Government Securities Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Tax-Exempt Fixed-Income Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">61.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley California Tax-Free Income Fund<br>
62.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Limited Term Municipal Trust</p>
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<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">* Have not commenced operations or ceased
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-7"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">63.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley New York
Tax-Free Income Fund<br> 64.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Tax-Exempt
Securities Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Special Purpose Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">65.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Select Dimensions Investment
Series</p>
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<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
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<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Balanced Growth
Portfolio</td>
</tr>
</table>
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<td><img src="spacer.gif" height="1" width="30"></td>
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<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Capital Opportunities
Portfolio</td>
</tr>
</table>
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<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Developing Growth
Portfolio</td>
</tr>
</table>
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<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Dividend Growth
Portfolio</td>
</tr>
</table>
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<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Equally-Weighted
S&amp;P 500 Portfolio</td>
</tr>
</table>
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<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Flexible
Income Portfolio</td>
</tr>
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<td><img src="spacer.gif" height="1" width="30"></td>
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<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Focus Growth
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Global Equity
Portfolio</td>
</tr>
</table>
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<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Growth Portfolio</td>
</tr>
</table>
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<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Money Market Portfolio</td>
</tr>
</table>
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<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Utilities Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">66.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Variable Investment
Series</p>
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<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Aggressive Equity
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Dividend Growth
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Equity Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">European Equity
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Global Advantage
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Global Dividend Growth
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">High Yield
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Income Builder
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Information
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Limited Duration
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Money Market
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Income Plus
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">S&amp;P 500 Index
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Strategist
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="541"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 23pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 410pt">Utilities Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: bold; font-style: italic"><u>Closed-End Retail Funds</u></font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Taxable Fixed-Income Closed-End Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">67.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Government Income Trust<br>
68.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Income Securities Inc.<br> 69.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Prime Income Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>Tax-Exempt Fixed-Income
Closed-End Funds</u>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">70.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
California Insured Municipal Income Trust<br> 71.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
California Quality Municipal Securities<br> 72.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
Insured California Municipal Securities</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">* Have not
commenced operations or ceased operations</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-8"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">73.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Insured
Municipal Bond Trust<br> 74.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Insured Municipal
Income Trust<br>75.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Insured Municipal
Securities<br> 76.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Insured Municipal
Trust<br>77.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Municipal Income Opportunities
Trust<br>78.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Municipal Income Opportunities Trust
II<br> 79.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Municipal Income Opportunities Trust
III<br>80.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Municipal Premium Income Trust<br>
81.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley New York Quality Municipal Securities<br>
82.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Quality Municipal Income Trust<br>
83.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Quality Municipal Investment Trust<br>
84.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Quality Municipal Securities</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<u>INSTITUTIONAL FUNDS</u>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: bold; font-style: italic">Open-End Institutional
Funds</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional
Fund, Inc.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Active Portfolios</font>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Active International Allocation
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Emerging Markets
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Emerging Markets Debt
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Focus Equity
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Global Franchise
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Global Real Estate
Portfolio*</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Global Value Equity
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International Growth
Equity Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International
Equity Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International
Magnum Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International
Small Cap Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Large Cap
Relative Value Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Money
Market Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Municipal Money
Market Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Small Company
Growth Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Systematic
Active Large Cap Core Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Systematic Active Small Cap Core
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Systematic Active Small
Cap Growth Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Systematic
Active Small Cap Value Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">U.S. Large Cap Growth Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">U.S. Real Estate Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Fund Trust</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Active Portfolios</font>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Advisory Foreign Fixed Income II
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Advisory Foreign Fixed
Income Portfolio</td>
</tr>
</table>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">* Have not commenced
operations or ceased operations</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-9"></a>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Advisory Mortgage
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Balanced
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Core Fixed Income
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Core Plus Fixed Income
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Equities Plus
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">High Yield
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Intermediate Duration
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International Fixed
Income Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Investment Grade
Fixed Income Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Limited
Duration Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Long Duration
Fixed Income Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Mid-Cap
Growth Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Municipal
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">U.S. Mid-Cap Value
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">U.S. Small-Cap Value
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Value Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Inactive Portfolios</font>*:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Advisory Portfolio Series-1</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Advisory Portfolio Series-2</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Universal Institutional Funds, Inc.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Active Portfolios</font>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Core Plus Fixed Income Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Emerging Markets Debt Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Emerging Markets Equity Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Equity and Income Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Equity Growth Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Global Franchise Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Global Real Estate Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Global Value Equity Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International Growth Equity
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International Magnum
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Mid-Cap Growth
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Small Company Growth
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">U.S. Mid-Cap Value
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">U.S. Real Estate
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Value Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Inactive Portfolios*</font>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Balanced Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Core Equity Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">International Fixed Income
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Investment Grade Fixed
Income Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Multi-Asset
Class Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Targeted Duration
Portfolio</td>
</tr>
</table>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">* Have not commenced
operations or ceased operations</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="pageB-10"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley
Institutional Liquidity Funds</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Active
Portfolios</font>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Government
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Money Market
Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Prime Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Tax-Exempt Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Treasury Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Inactive Portfolios*</font>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Government Securities Portfolio</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 3pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:3pt; padding-bottom: 3pt; text-align: left; font-style: normal; width: 397pt">Treasury Securities Portfolio</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: bold; font-style: italic">Closed-End Institutional Funds</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Asia-Pacific Fund,
Inc.<br> 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eastern Europe Fund, Inc.<br>
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Emerging Markets Debt Fund, Inc.<br>
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Emerging Markets Fund, Inc.<br>
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Global Opportunity Bond Fund, Inc.<br>
10.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley High Yield Fund, Inc.<br>11.&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Opportunistic Municipal High Income Fund<br> 12.&nbsp;&nbsp;&nbsp;&nbsp;The
India Investment Fund, Inc.<br> 13.&nbsp;&nbsp;&nbsp;&nbsp;The Latin American Discovery
Fund, Inc.<br> 14.&nbsp;&nbsp;&nbsp;&nbsp;The Malaysia Fund, Inc.<br> 15.&nbsp;&nbsp;&nbsp;&nbsp;The
Thai Fund, Inc.<br> 16.&nbsp;&nbsp;&nbsp;&nbsp;The Turkish Investment Fund, Inc.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Closed-End Fund of Hedge Funds</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">17.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Fund of Hedge
Funds<br> 18.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Fund of Hedge Funds
II<br> 19.&nbsp;&nbsp;&nbsp;&nbsp;Alternative Investment Partners Absolute Return
Fund<br> 20.&nbsp;&nbsp;&nbsp;&nbsp;Alternative Investment Partners Absolute Return
Fund STS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: italic">In Registration</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: bold; font-style: normal;">Funds of Hedge
Funds</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">21.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Absolute
Return Fund<br>22.&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Fund of Hedge
Funds II</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">* Have not commenced operations or
ceased operations</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>




<PRE><PAGE>

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

                                        YOUR PROXY VOTE IS IMPORTANT!

                                        AND NOW YOU CAN VOTE YOUR PROXY ON THE
                                        PHONE OR THE INTERNET.

                                        IT SAVES MONEY! TELEPHONE AND INTERNET
                                        VOTING SAVES POSTAGE COSTS. SAVINGS
                                        WHICH CAN HELP MINIMIZE FUND EXPENSES.

                                        IT SAVES TIME! TELEPHONE AND INTERNET
                                        VOTING IS INSTANTANEOUS - 24 HOURS A
                                        DAY.

                                        IT'S EASY! JUST FOLLOW THESE SIMPLE
                                        STEPS:

                                        1. READ YOUR PROXY STATEMENT AND HAVE IT
                                        AT HAND.

                                        2. CALL TOLL-FREE 1-866-241-6192 OR GO
                                        TO WEBSITE:
                                        HTTPS://VOTE.PROXY-DIRECT.COM

                                        3. ENTER THE 14-DIGIT NUMBER LOCATED IN
                                        THE SHADED BOX FROM YOUR PROXY CARD.

                                        4. FOLLOW THE RECORDED OR ON-SCREEN
                                        DIRECTIONS.

                                        5. DO NOT MAIL YOUR PROXY CARD WHEN YOU
                                        VOTE BY PHONE OR INTERNET.



                  Please detach at perforation before mailing.





PROXY                 MORGAN STANLEY INSURED MUNICIPAL TRUST               PROXY
      NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 25, 2006
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie V.
Chang Yu, and each of them, as proxies for the undersigned, with full power of
substitution and resubstitution, and hereby authorizes said proxies, and each of
them to represent and vote, as designated on the reverse side, all shares of
Morgan Stanley Insured Municipal Trust (the "Trust") held of record by the
undersigned on August 25, 2006 at the Annual Meeting of Shareholders of the
Trust to be held in Conference Room 1B, 5th Floor, 1221 Avenue of the Americas,
New York, New York 10020 on October 25, 2006 at 9:00 a.m., New York City time,
and at any adjournment thereof. The undersigned hereby revokes any and all
proxies with respect to such shares heretofore given by the undersigned.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND
ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL.
                            VOTE VIA THE INTERNET: HTTPS://VOTE.PROXY-DIRECT.COM
                            VOTE VIA THE TELEPHONE:  1-866-241-6192
                            ------------------------       --------------------
                            999 99999 999 999
                            ------------------------       --------------------

                            NOTE: Please sign exactly as your name appears on
                            this proxy card. All joint owners should sign.
                            When signing as executor, administrator, attorney,
                            trustee or guardian or as custodian for a minor,
                            please give full title as such. If a corporation,
                            please sign in full corporate name and indicate
                            the signer's office. If a partner, sign in the
                            partnership name.


                            ----------------------------------------------------
                            Signature


                            ----------------------------------------------------
                            Signature (if held jointly)


                            ----------------------------------------------------
                            Date                                     16858_CEI_B


<PAGE>

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

                                        YOUR PROXY VOTE IS IMPORTANT!

                                        AND NOW YOU CAN VOTE YOUR PROXY ON THE
                                        PHONE OR THE INTERNET.

                                        IT SAVES MONEY! TELEPHONE AND INTERNET
                                        VOTING SAVES POSTAGE COSTS. SAVINGS
                                        WHICH CAN HELP MINIMIZE FUND EXPENSES.

                                        IT SAVES TIME! TELEPHONE AND INTERNET
                                        VOTING IS INSTANTANEOUS - 24 HOURS A
                                        DAY.

                                        IT'S EASY! JUST FOLLOW THESE SIMPLE
                                        STEPS:

                                        1. READ YOUR PROXY STATEMENT AND HAVE IT
                                        AT HAND.

                                        2. CALL TOLL-FREE 1-866-241-6192 OR GO
                                        TO WEBSITE:
                                        HTTPS://VOTE.PROXY-DIRECT.COM

                                        3. ENTER THE 14-DIGIT NUMBER LOCATED IN
                                        THE SHADED BOX FROM YOUR PROXY CARD.

                                        4. FOLLOW THE RECORDED OR ON-SCREEN
                                        DIRECTIONS.

                                        5. DO NOT MAIL YOUR PROXY CARD WHEN YOU
                                        VOTE BY PHONE OR INTERNET.



                  Please detach at perforation before mailing.





PROXY             MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST            PROXY
      NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 25, 2006
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie V.
Chang Yu, and each of them, as proxies for the undersigned, with full power of
substitution and resubstitution, and hereby authorizes said proxies, and each of
them to represent and vote, as designated on the reverse side, all shares of
Morgan Stanley Quality Municipal Income Trust (the "Trust") held of record by
the undersigned on August 25, 2006 at the Annual Meeting of Shareholders of the
Trust to be held in Conference Room 1B, 5th Floor, 1221 Avenue of the Americas,
New York, New York 10020 on October 25, 2006 at 9:00 a.m., New York City time,
and at any adjournment thereof. The undersigned hereby revokes any and all
proxies with respect to such shares heretofore given by the undersigned.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND
ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL.
                            VOTE VIA THE INTERNET: HTTPS://VOTE.PROXY-DIRECT.COM
                            VOTE VIA THE TELEPHONE:  1-866-241-6192
                            -------------------------      ---------------------
                            999 99999 999 999
                            -------------------------      ---------------------

                            NOTE: Please sign exactly as your name appears on
                            this proxy card. All joint owners should sign.
                            When signing as executor, administrator, attorney,
                            trustee or guardian or as custodian for a minor,
                            please give full title as such. If a corporation,
                            please sign in full corporate name and indicate
                            the signer's office. If a partner, sign in the
                            partnership name.


                            ----------------------------------------------------
                            Signature


                            ----------------------------------------------------
                            Signature (if held jointly)


                            ----------------------------------------------------
                            Date                                     16858_CEI_C


<PAGE>

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

                                        YOUR PROXY VOTE IS IMPORTANT!

                                        AND NOW YOU CAN VOTE YOUR PROXY ON THE
                                        PHONE OR THE INTERNET.

                                        IT SAVES MONEY! TELEPHONE AND INTERNET
                                        VOTING SAVES POSTAGE COSTS. SAVINGS
                                        WHICH CAN HELP MINIMIZE FUND EXPENSES.

                                        IT SAVES TIME! TELEPHONE AND INTERNET
                                        VOTING IS INSTANTANEOUS - 24 HOURS A
                                        DAY.

                                        IT'S EASY! JUST FOLLOW THESE SIMPLE
                                        STEPS:

                                        1. READ YOUR PROXY STATEMENT AND HAVE IT
                                        AT HAND.

                                        2. CALL TOLL-FREE 1-866-241-6192 OR GO
                                        TO WEBSITE:
                                        HTTPS://VOTE.PROXY-DIRECT.COM

                                        3. ENTER THE 14-DIGIT NUMBER LOCATED IN
                                        THE SHADED BOX FROM YOUR PROXY CARD.

                                        4. FOLLOW THE RECORDED OR ON-SCREEN
                                        DIRECTIONS.

                                        5. DO NOT MAIL YOUR PROXY CARD WHEN YOU
                                        VOTE BY PHONE OR INTERNET.



                  Please detach at perforation before mailing.







PROXY           MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST          PROXY
      NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 25, 2006
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie V.
Chang Yu, and each of them, as proxies for the undersigned, with full power of
substitution and resubstitution, and hereby authorizes said proxies, and each of
them to represent and vote, as designated on the reverse side, all shares of
Morgan Stanley Quality Municipal Investment Trust (the "Trust") held of record
by the undersigned on August 25, 2006 at the Annual Meeting of Shareholders of
the Trust to be held in Conference Room 1B, 5th Floor, 1221 Avenue of the
Americas, New York, New York 10020 on October 25, 2006 at 9:00 a.m., New York
City time, and at any adjournment thereof. The undersigned hereby revokes any
and all proxies with respect to such shares heretofore given by the undersigned.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND
ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL.
                            VOTE VIA THE INTERNET: HTTPS://VOTE.PROXY-DIRECT.COM
                            VOTE VIA THE TELEPHONE:  1-866-241-6192
                            ------------------------      ----------------------
                            999 99999 999 999
                            ------------------------      ----------------------

                            NOTE: Please sign exactly as your name appears on
                            this proxy card. All joint owners should sign.
                            When signing as executor, administrator, attorney,
                            trustee or guardian or as custodian for a minor,
                            please give full title as such. If a corporation,
                            please sign in full corporate name and indicate
                            the signer's office. If a partner, sign in the
                            partnership name.


                            ----------------------------------------------------
                            Signature


                            ----------------------------------------------------
                            Signature (if held jointly)


                            ----------------------------------------------------
                            Date                                      6858_CEI_D


                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

<PAGE>

Form of ballot for preferred shares of Morgan Stanley Insured Municipal Trust,
Morgan Stanley Quality Municipal Income Trust and Morgan Stanley Quality
Municipal Investment Trust:








                        PLEASE SIGN, DATE AND RETURN YOUR
                                   PROXY TODAY





                  Please detach at perforation before mailing.





TO VOTE BY MAIL, PLEASE COMPLETE AND RETURN THIS CARD.

YOU ALSO MAY VOTE A PROXY BY TOUCH-TONE PHONE OR BY INTERNET (SEE ENCLOSED
VOTING INFORMATION CARD FOR FURTHER INSTRUCTIONS).

PLEASE MARK VOTES AS IN THIS EXAMPLE: [_]
                                                    FOR     WITHHOLD     FOR ALL
                                                                         EXCEPT
                                       16828_CEI_B-D
                                                    [ ]       [ ]          [ ]

1. Election of seven Trustees:
   01. Frank L. Bowman      02. Kathleen A. Dennis     03. Wayne E. Hedien
   04. Joseph J. Kearns     05. Michael F. Klein       06. W. Allen Reed
   07. Fergus Reid


To withhold your vote for any nominee(s),
mark the "For All Except" box and write the
nominee's number on the line provided below.

- ---------------------------------------------


Election of two Preferred Trustees:

   01. Manuel H. Johnson    02. Michael E. Nugent


To withhold your vote for any nominee(s),
mark the "For All Except" box and write the
nominee's number on the line provided below.        FOR     WITHHOLD     FOR ALL
                                                                         EXCEPT
- ---------------------------------------------       [ ]       [ ]          [ ]


                                                    WE URGE YOU TO SIGN, DATE
                                                      AND MAIL THE ENCLOSED
                                                         PROXY PROMPTLY


<PAGE>

Form of ballot for common shares of Morgan Stanley Insured Municipal Trust,
Morgan Stanley Quality Municipal Income Trust and Morgan Stanley Quality
Municipal Investment Trust:








                        PLEASE SIGN, DATE AND RETURN YOUR
                                   PROXY TODAY





                  Please detach at perforation before mailing.





TO VOTE BY MAIL, PLEASE COMPLETE AND RETURN THIS CARD.

YOU ALSO MAY VOTE A PROXY BY TOUCH-TONE PHONE OR BY INTERNET (SEE ENCLOSED
VOTING INFORMATION CARD FOR FURTHER INSTRUCTIONS).

PLEASE MARK VOTES AS IN THIS EXAMPLE: [_]
                                                    FOR     WITHHOLD     FOR ALL
                                                                         EXCEPT
                                       16828_CEI_B-D
                                                    [ ]       [ ]          [ ]

1. Election of seven Trustees:
   01. Frank L. Bowman      02. Kathleen A. Dennis     03. Wayne E. Hedien
   04. Joseph J. Kearns     05. Michael F. Klein       06. W. Allen Reed
   07. Fergus Reid


To withhold your vote for any nominee(s),            WE URGE YOU TO SIGN, DATE
mark the "For All Except" box and write the            AND MAIL THE ENCLOSED
nominee's number on the line provided below.              PROXY PROMPTLY

- ---------------------------------------------


<PAGE>

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

                                        YOUR PROXY VOTE IS IMPORTANT!

                                        AND NOW YOU CAN VOTE YOUR PROXY ON THE
                                        PHONE OR THE INTERNET.

                                        IT SAVES MONEY! TELEPHONE AND INTERNET
                                        VOTING SAVES POSTAGE COSTS. SAVINGS
                                        WHICH CAN HELP MINIMIZE FUND EXPENSES.

                                        IT SAVES TIME! TELEPHONE AND INTERNET
                                        VOTING IS INSTANTANEOUS - 24 HOURS A
                                        DAY.

                                        IT'S EASY! JUST FOLLOW THESE SIMPLE
                                        STEPS:

                                        1. READ YOUR PROXY STATEMENT AND HAVE IT
                                        AT HAND.

                                        2. CALL TOLL-FREE 1-866-241-6192 OR GO
                                        TO WEBSITE:
                                        HTTPS://VOTE.PROXY-DIRECT.COM

                                        3. ENTER THE 14-DIGIT NUMBER LOCATED IN
                                        THE SHADED BOX FROM YOUR PROXY CARD.

                                        4. FOLLOW THE RECORDED OR ON-SCREEN
                                        DIRECTIONS.

                                        5. DO NOT MAIL YOUR PROXY CARD WHEN YOU
                                        VOTE BY PHONE OR INTERNET.



                  Please detach at perforation before mailing.






PROXY              MORGAN STANLEY INSURED MUNICIPAL BOND TRUST             PROXY
      NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 25, 2006
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie V.
Chang Yu, and each of them, as proxies for the undersigned, with full power of
substitution and resubstitution, and hereby authorizes said proxies, and each of
them to represent and vote, as designated on the reverse side, all shares of
Morgan Stanley Insured Municipal Bond Trust (the "Trust") held of record by the
undersigned on August 25, 2006 at the Annual Meeting of Shareholders of the
Trust to be held in Conference Room 1B, 5th Floor, 1221 Avenue of the Americas,
New York, New York 10020 on October 25, 2006 at 9:00 a.m., New York City time,
and at any adjournment thereof. The undersigned hereby revokes any and all
proxies with respect to such shares heretofore given by the undersigned.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND
ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL.
                            VOTE VIA THE INTERNET: HTTPS://VOTE.PROXY-DIRECT.COM
                            VOTE VIA THE TELEPHONE:  1-866-241-6192
                            -------------------------      ---------------------
                            999 99999 999 999
                            -------------------------      ---------------------

                            NOTE: Please sign exactly as your name appears on
                            this proxy card. All joint owners should sign.
                            When signing as executor, administrator, attorney,
                            trustee or guardian or as custodian for a minor,
                            please give full title as such. If a corporation,
                            please sign in full corporate name and indicate
                            the signer's office. If a partner, sign in the
                            partnership name.


                                        ----------------------------------------
                                        Signature


                                        ----------------------------------------
                                        Signature (if held jointly)


                                        ----------------------------------------
                                        Date                         16858_CEI_E


<PAGE>

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

                                        YOUR PROXY VOTE IS IMPORTANT!

                                        AND NOW YOU CAN VOTE YOUR PROXY ON THE
                                        PHONE OR THE INTERNET.

                                        IT SAVES MONEY! TELEPHONE AND INTERNET
                                        VOTING SAVES POSTAGE COSTS. SAVINGS
                                        WHICH CAN HELP MINIMIZE FUND EXPENSES.

                                        IT SAVES TIME! TELEPHONE AND INTERNET
                                        VOTING IS INSTANTANEOUS - 24 HOURS A
                                        DAY.

                                        IT'S EASY! JUST FOLLOW THESE SIMPLE
                                        STEPS:

                                        1. READ YOUR PROXY STATEMENT AND HAVE IT
                                        AT HAND.

                                        2. CALL TOLL-FREE 1-866-241-6192 OR GO
                                        TO WEBSITE:
                                        HTTPS://VOTE.PROXY-DIRECT.COM

                                        3. ENTER THE 14-DIGIT NUMBER LOCATED IN
                                        THE SHADED BOX FROM YOUR PROXY CARD.

                                        4. FOLLOW THE RECORDED OR ON-SCREEN
                                        DIRECTIONS.

                                        5. DO NOT MAIL YOUR PROXY CARD WHEN YOU
                                        VOTE BY PHONE OR INTERNET.



                  Please detach at perforation before mailing.






PROXY             MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST            PROXY
      NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 25, 2006
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie V.
Chang Yu, and each of them, as proxies for the undersigned, with full power of
substitution and resubstitution, and hereby authorizes said proxies, and each of
them to represent and vote, as designated on the reverse side, all shares of
Morgan Stanley Insured Municipal Income Trust (the "Trust") held of record by
the undersigned on August 25, 2006 at the Annual Meeting of Shareholders of the
Trust to be held in Conference Room 1B, 5th Floor, 1221 Avenue of the Americas,
New York, New York 10020 on October 25, 2006 at 9:00 a.m., New York City time,
and at any adjournment thereof. The undersigned hereby revokes any and all
proxies with respect to such shares heretofore given by the undersigned.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND
ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL.
                            VOTE VIA THE INTERNET: HTTPS://VOTE.PROXY-DIRECT.COM
                            VOTE VIA THE TELEPHONE:  1-866-241-6192
                            -------------------------      ---------------------
                            999 99999 999 999
                            -------------------------      ---------------------

                            NOTE: Please sign exactly as your name appears on
                            this proxy card. All joint owners should sign.
                            When signing as executor, administrator, attorney,
                            trustee or guardian or as custodian for a minor,
                            please give full title as such. If a corporation,
                            please sign in full corporate name and indicate
                            the signer's office. If a partner, sign in the
                            partnership name.


                            ----------------------------------------------------
                            Signature


                            ----------------------------------------------------
                            Signature (if held jointly)


                            ----------------------------------------------------
                            Date                                   16858_CEI_F


<PAGE>

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

                                        YOUR PROXY VOTE IS IMPORTANT!

                                        AND NOW YOU CAN VOTE YOUR PROXY ON THE
                                        PHONE OR THE INTERNET.

                                        IT SAVES MONEY! TELEPHONE AND INTERNET
                                        VOTING SAVES POSTAGE COSTS. SAVINGS
                                        WHICH CAN HELP MINIMIZE FUND EXPENSES.

                                        IT SAVES TIME! TELEPHONE AND INTERNET
                                        VOTING IS INSTANTANEOUS - 24 HOURS A
                                        DAY.

                                        IT'S EASY! JUST FOLLOW THESE SIMPLE
                                        STEPS:

                                        1. READ YOUR PROXY STATEMENT AND HAVE IT
                                        AT HAND.

                                        2. CALL TOLL-FREE 1-866-241-6192 OR GO
                                        TO WEBSITE:
                                        HTTPS://VOTE.PROXY-DIRECT.COM

                                        3. ENTER THE 14-DIGIT NUMBER LOCATED IN
                                        THE SHADED BOX FROM YOUR PROXY CARD.

                                        4. FOLLOW THE RECORDED OR ON-SCREEN
                                        DIRECTIONS.

                                        5. DO NOT MAIL YOUR PROXY CARD WHEN YOU
                                        VOTE BY PHONE OR INTERNET.



                  Please detach at perforation before mailing.





PROXY       MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST       PROXY
      NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 25, 2006
           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie V.
Chang Yu, and each of them, as proxies for the undersigned, with full power of
substitution and resubstitution, and hereby authorizes said proxies, and each of
them to represent and vote, as designated on the reverse side, all shares of
Morgan Stanley California Insured Municipal Income Trust (the "Trust") held of
record by the undersigned on August 25, 2006 at the Annual Meeting of
Shareholders of the Trust to be held in Conference Room 1B, 5th Floor, 1221
Avenue of the Americas, New York, New York 10020 on October 25, 2006 at 9:00
a.m., New York City time, and at any adjournment thereof. The undersigned hereby
revokes any and all proxies with respect to such shares heretofore given by the
undersigned.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND
ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT
THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL.
                            VOTE VIA THE INTERNET: HTTPS://VOTE.PROXY-DIRECT.COM
                            VOTE VIA THE TELEPHONE:  1-866-241-6192
                            -------------------------      ---------------------
                            999 99999 999 999
                            -------------------------      ---------------------

                            NOTE: Please sign exactly as your name appears on
                            this proxy card. All joint owners should sign.
                            When signing as executor, administrator, attorney,
                            trustee or guardian or as custodian for a minor,
                            please give full title as such. If a corporation,
                            please sign in full corporate name and indicate
                            the signer's office. If a partner, sign in the
                            partnership name.


                            ----------------------------------------------------
                            Signature


                            ----------------------------------------------------
                            Signature (if held jointly)


                            ----------------------------------------------------
                            Date                                     16858_CEI_G

                      EVERY SHAREHOLDER'S VOTE IS IMPORTANT

<PAGE>

Form of ballot for preferred shares of Morgan Stanley Insured Municipal Bond
Trust, Morgan Stanley Insured Municipal Income Trust and Morgan Stanley
California Insured Municipal Income Trust:








                        PLEASE SIGN, DATE AND RETURN YOUR
                                   PROXY TODAY





                  Please detach at perforation before mailing.





TO VOTE BY MAIL, PLEASE COMPLETE AND RETURN THIS CARD.

YOU ALSO MAY VOTE A PROXY BY TOUCH-TONE PHONE OR BY INTERNET (SEE ENCLOSED
VOTING INFORMATION CARD FOR FURTHER INSTRUCTIONS).

PLEASE MARK VOTES AS IN THIS EXAMPLE: [_]
                                                    FOR     WITHHOLD     FOR ALL
                                                                         EXCEPT
                                                    [ ]       [ ]          [ ]
                                       16828_CEI_E-G

1. Election of five Trustees:
   01. Frank L. Bowman      02. Kathleen A. Dennis     03. Edwin J. Garn
   04. Michael F. Klein     05. W. Allen Reed

To withhold your vote for any nominee(s),
mark the "For All Except" box and write the
nominee's number on the line provided below.        FOR     WITHHOLD

- ---------------------------------------------       [ ]       [ ]


Election of one Preferred Trustee:             WE URGE YOU TO SIGN, DATE
                                                 AND MAIL THE ENCLOSED
   01. Michael E. Nugent                            PROXY PROMPTLY




<PAGE>

Form of ballot for common shares of Morgan Stanley Insured Municipal Bond Trust,
Morgan Stanley Insured Municipal Income Trust and Morgan Stanley California
Insured Municipal Income Trust:








                        PLEASE SIGN, DATE AND RETURN YOUR
                                   PROXY TODAY





                  Please detach at perforation before mailing.





TO VOTE BY MAIL, PLEASE COMPLETE AND RETURN THIS CARD.

YOU ALSO MAY VOTE A PROXY BY TOUCH-TONE PHONE OR BY INTERNET (SEE ENCLOSED
VOTING INFORMATION CARD FOR FURTHER INSTRUCTIONS).

PLEASE MARK VOTES AS IN THIS EXAMPLE: [_]
                                                    FOR     WITHHOLD     FOR ALL
                                                                         EXCEPT
                                                    [ ]       [ ]          [ ]
                                       16828_CEI_E-G

1. Election of five Trustees:
   01. Frank L. Bowman      02. Kathleen A. Dennis     03. Edwin J. Garn
   04. Michael F. Klein     05. W. Allen Reed

To withhold your vote for any nominee(s),
mark the "For All Except" box and write the         WE URGE YOU TO SIGN, DATE
nominee's number on the line provided below.          AND MAIL THE ENCLOSED
                                                         PROXY PROMPTLY
- ---------------------------------------------


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