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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-06-024835.txt : 20060615
<SEC-HEADER>0001144204-06-024835.hdr.sgml : 20060615
<ACCEPTANCE-DATETIME>20060614181013
ACCESSION NUMBER:		0001144204-06-024835
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060615
DATE AS OF CHANGE:		20060614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001362481
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-134096
		FILM NUMBER:		06905734

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-251-9098

	MAIL ADDRESS:	
		STREET 1:		C/O ALPINE MUTUAL FUND SERVICES, INC.
		STREET 2:		1625 BROADWAY, SUITE 2200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001362481
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21901
		FILM NUMBER:		06905735

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-251-9098

	MAIL ADDRESS:	
		STREET 1:		C/O ALPINE MUTUAL FUND SERVICES, INC.
		STREET 2:		1625 BROADWAY, SUITE 2200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>v045303_n2a.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
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<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
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  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        filed
        with the Securities and Exchange Commission on June 15, 2006</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
        File No. 333-134096</font></div>


      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
        File No. 811-21901</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
      STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
      N-2</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933 <font style="DISPLAY: inline; FONT-FAMILY: Wingdings">x</font></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PRE-EFFECTIVE
        AMENDMENT NO. 1</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POST-EFFECTIVE
      AMENDMENT NO. ___</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGISTRATION
      STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 <font style="FONT-FAMILY: Wingdings">x</font></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMENDMENT
        NO. 1</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>ALPINE
      GLOBAL DYNAMIC DIVIDEND FUND</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Exact
      Name of Registrant as Specified in Charter</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2500
        Westchester Avenue, Suite 215</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase,
        New York, 10577</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Address
        of Principal Executive Offices&#8212;Number, Street, City, State, Zip
        Code</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Registrant&#8217;s
      telephone number, including area code</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
      (914)
      251-0880</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
      Woods Capital Investors, LLC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2500
      Westchester Avenue, Suite 215</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase,
      New York, 10577</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Name
      and Address&#8212;Number, Street, City, State, Zip Code&#8212;of Agent for
      Service</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies
      of
      information to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thomas
                  R. Westle, Esq.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Blank
                  Rome LLP</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">405
                  Lexington Avenue</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
                  York, NY 10174</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212)
                  885-5239</font></div>
              </td>
              <td width="27%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sarah
                  E. Cogan, Esq.</font></div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simpson
                  Thacher &amp; Bartlett&#160;LLP</font></div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">425
                  Lexington Avenue</font></div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
                  York, NY 10017-3954</font></div>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212)
                  455-2000</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Approximate
      Date of Proposed Public Offering:</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      As soon
      as practicable after the effective date of this Registration
      Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      any
      securities being registered on this form will be offered on a delayed or
      continuous basis in reliance on Rule 415 under the Securities Act of 1933,
      other
      than securities offered in connection with a dividend reinvestment plan, check
      the following box. <font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font><a name="Check1"/></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is
      proposed that this filing will become effective (check appropriate
      box):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">x
</font>when
      declared effective pursuant to
      section 8(c).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      appropriate, check the following box:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings" size="2">o</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      post-effective amendment designates a new effective date for a previously filed
      registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings" size="2">o</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        form
        is filed to register additional securities for an offering pursuant to Rule
        462(b) under the Securities Act of 1933 and the Securities Act registration
        number of the earlier effective registration statement for the same offering
        is
        ____________.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CALCULATION
      OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table border="1" bordercolor="black" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="26%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Title
                  of Securities Being Registered</strong></font></div>
              </td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  Being Registered (1)(2)</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  Maximum Offering Price </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                  Share (1)</strong></font></div>
              </td>
              <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  Maximum Aggregate Offering Price (1)(2)</strong></font></div>
              </td>
              <td valign="bottom" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  of Registration Fee</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="26%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  shares, no par value</font></div>
              </td>
              <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,000</font></div>
              </td>
              <td align="left" valign="top" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$20.00</font></div>
              </td>
              <td valign="top" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,000,000</font></div>
              </td>
              <td valign="top" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$107.00
                  (3)</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated
                solely for the purpose of calculating the registration fee, in accordance
                with Rule 457(o) of the Securities Act of
                1933.</font></div>
            </td>
          </tr>

      </table>
    </div>

      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
                  Shares that may be offered to the underwriters pursuant to an option
                  to
                  cover over-allotments.</font></div>
              </td>
            </tr>

        </table>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 36pt;"><font size="2">(3) &#160;</font></td>
              <td><font size="2">Previously paid.</font></td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
      Registrant hereby amends this Registration Statement on such date or dates
      as
      may be necessary to delay its effective date until the Registrant shall file
      a
      further amendment which specifically states that this Registration Statement
      shall thereafter become effective in accordance with section 8(a) of the
      Securities Act of 1933, as amended, or until this Registration Statement shall
      become effective on such date as the commission, acting pursuant to section
      8(a), may determine. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information in this prospectus is not complete and may be changed. We may not
      sell these securities until the registration statement filed with the Securities
      and Exchange Commission is effective. The prospectus is not an offer to sell
      these securities and is not soliciting an offer to buy these securities in
      any
      state where the offer or sale is not permitted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUBJECT
        TO COMPLETION,&#160; DATED _________, 2006</font></div>

    <div>&#160;</div>

      <div>PROSPECTUS</div>

    <div>&#160;</div>

      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">[LOGO]</div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>[__________]
      Shares</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>Alpine
      Global Dynamic Dividend Fund</strong><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Common
      Shares of Beneficial Interest </strong></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>$20.00
        per Share</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;

      <div>
        <hr style="COLOR: black" align="center" noshade size="2" width="15%">
      </div>
    </div>
    <div align="center">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
        Objectives</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Alpine
        Global Dynamic Dividend Fund (the &#8220;Fund&#8221;) is a newly-organized, diversified,
        closed-end management investment company.&#160;The Fund's
        primary&#160;investment objective is to seek high current dividend
        income,&#160;more than 50%&#160;of which qualifies for the reduced federal
        income tax rates created by the Jobs and Growth Tax Relief Reconciliation
        Act of
        2003.&#160;The&#160;Fund also focuses&#160;on&#160;long-term growth of capital
        as a secondary investment objective. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        expects to invest&#160;at least 80% of its net assets in the equity securities
        of domestic and foreign corporations that pay dividends.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Under
        normal circumstances, the Fund expects to invest in securities of both U.S.
        and&#160;non-U.S. issuers, including the securities of issuers&#160;based
        in&#160;at least three countries.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>No
        Prior Trading History</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Because
        the Fund is newly organized, its shares have no history of public trading.
        Shares of closed-end investment companies frequently trade at a discount
        from
        their net asset value and initial offering prices. The risks associated with
        this characteristic of closed-end investment companies may be greater for
        investors expecting to sell their shares in a relatively short period after
        completion of the initial public offering. The Fund anticipates that its
        common
        shares will be listed on the New York Stock Exchange, subject to notice of
        issuance, under the symbol &#8220;AGD.&#8221;</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Portfolio
        Contents</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Fund intends to invest primarily in a managed portfolio of U.S. and non-U.S.
        equity securities that the Adviser believes at the time of investment are
        eligible to pay dividends&#160;more than 50%&#160;of which qualify for federal
        income taxation at rates&#160;similar to long-term capital gains rates. The
        equity securities in which the Fund will invest will include primarily common
        stocks, although the Fund may, from time to time, also invest in real estate
        investment trusts, preferred stocks, exchange-traded funds and securities
        convertible into or exchangeable for common stocks, such as convertible debt.
        </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(continued
      on following page) </em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investing
        in our common shares of beneficial interest involves risks. See &#8220;Risk Factors&#8221;
beginning on page 16 of this prospectus. There is no assurance that the Fund
        will achieve its investment objectives</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
          the SEC nor any state securities commission has approved or disapproved
          these
          securities or determined if this prospectus is truthful or complete. Any
          representation to the contrary is a criminal offense.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Per
                  Share</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total(1)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Public
                  offering price</font></div>
              </td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">20.00</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
                  load(2)</font></div>
              </td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.90</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated
                  offering expenses(3)</font></div>
              </td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">0.04</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="71%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds,
                  after expenses, to the Fund</font></div>
              </td>
              <td width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">19.06</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: medium none;">
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
            </tr>

        </table>
      </div>


      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(footnotes
        continued&#160;on following page)</em></font></div>


      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The&#160;underwriters
        expect to deliver the shares to purchasers&#160;on or about ________, 2006.
</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="28%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="32%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="28%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td valign="bottom" width="16%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="32%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="28%">&#160;</td>
              <td valign="bottom" width="16%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="32%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="28%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">Citigroup</font></div>
              </td>
              <td valign="bottom" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="32%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">&#160;Wachovia
                  Securities</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="28%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td valign="bottom" width="16%" style="border-bottom: #ffffff thin solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="32%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr>
              <td colspan="5" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  date of this prospectus is ______ ___, 2006</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="28%">&#160;</td>
              <td colspan="2" valign="bottom" width="32%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="18%">&#160;</td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(footnote
        from previous page)</em></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font>&#160;</td>
              <td align="left" valign="top" width="68%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                underwriters are offering the common stock as set forth in
                &#8220;Underwriting&#8221;.&#160;The Fund has&#160;granted the underwriters a 45-day
                option to purchase up to an additional ______ common shares at the
                public
                offering price, less underwriting discounts and commissions. If the
                over-allotment option is exercised in full, the total public offering
                price will be $_____, and the total underwriting discount (sales
                load)
                will be $_____. The proceeds to&#160;the Fund&#160;would be $______,
                before deducting expenses payable by the Fund.</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="68%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%"><font size="2">(2)</font></td>
              <td align="left" valign="top" width="68%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
                Woods Capital Investors, LLC has agreed to pay a structuring fee
                to
                Citigroup Global Markets Inc. and a structuring fee to Wachovia Capital
                Markets, LLC. The total amount of this compensation plus the amounts
                paid
                by the Fund for payment of certain expenses of counsel will not exceed
                4.50% of the total price to the public of the common shares of beneficial
                interest sold in&#160;this offering. See &#8220;Underwriting&#8221;.</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="68%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
              </td>
              <td align="left" valign="top" width="68%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                  addition to the sales load, the Fund has agreed to pay the underwriters
                  $0.04 per common share as reimbursement of expenses in connection
                  with the
                  offering, which are estimated to total $____, including $____
                  as&#160;distribution assistance fees to ALPS Distributors,
                  Inc.&#160;Approximately $______ of this amount represents the total amount
                  of compensation to wholesalers registered through ALPS Distributors,
                  Inc.
                  The Adviser or an affiliate&#160;has agreed to pay the amount, if any, by
                  which the Fund's offering costs (other than sales load) exceed
                  $0.04 per
                  share. The Adviser or an affiliate has also agreed to reimburse
                  the Fund's
                  organizational expenses.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="68%">&#160;</td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(continued
      from previous page)</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
        Adviser</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.</strong>
        Alpine Woods Capital Investors, LLC (the &#8220;Adviser&#8221;) will act as the Fund's
        investment adviser. See &#8220;Management of the Fund.&#8221; As of June 16, 2006, Alpine
        and its parent company together had&#160;over $3 billion of assets under
        management.&#160;The Adviser's&#160;address is 2500 Westchester Avenue, Suite
        215, Purchase, New York 10577.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        prospectus sets forth concisely the information about the Fund that you ought
        to
        know before deciding whether to invest in the common shares, and you should
        retain this prospectus for future reference. A Statement of Additional
        Information, dated ______ __, 2006 (the &#8220;Statement of Additional Information&#8221;),
        and other materials, containing additional information about the Fund, have
        been
        filed with the SEC. The Statement of Additional Information is incorporated
        by
        reference in its entirety into this prospectus, which means that it is
        considered to be part of this prospectus. You may request a free copy of
        the
        Statement of Additional Information, the table of contents of which is on
        page
        39 of this prospectus, and other information filed with the SEC, by
        calling&#160;(800) 617-7616&#160;(toll-free) or by writing to ALPS Mutual Funds
        Services, Inc., 1625 Broadway, Suite 2200, Denver, Colorado 80202. Upon
        completion of this offering, the&#160;Fund will file&#160;annual and semi-annual
        shareholder reports, proxy statements and other information with the SEC.
        To
        obtain this information&#160;or the Fund&#8217;s Statement of Additional Information
        electronically, please visit the Fund's web site (http://www.alpinefunds.com)
        or
        call&#160;(800) 617-7616&#160;(toll-free). You may also call this number to
        request additional information or to make other inquiries pertaining to the
        Fund. You may also obtain a copy of any information regarding the Fund filed
        with the SEC from the SEC's web site (http://www.sec.gov). </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">ii</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
          should rely only on the information contained or incorporated by reference
          in
          this prospectus.&#160;We have&#160;not authorized&#160;anyone to provide you
          with different information.&#160;We are not making an offer to sell these
          securities in any jurisdiction where the offer or sale is not permitted.
          The
          information contained&#160;in this prospectus is accurate only as of the
          date&#160;of this prospectus.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

    </div>
    <div>
      <hr style="COLOR: black" align="center" noshade size="2" width="15%">
    </div><br>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TABLE
        OF CONTENTS</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

        <div align="left">
          <table border="0" bordercolor="#000000" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td align="left" valign="top" width="67%">&#160;</td>
                <td align="left" valign="top" width="7%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong><u><font size="2">Page</font></u></strong></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Summary</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Summary
                    of Fund Expenses</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    Fund</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Use
                    of&#160;Proceeds</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
                    Objectives and&#160;Policies</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Risk
                    Factors</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%"><font size="2">Listing
                  of
                  Shares</font></td>
                <td align="left" valign="top" width="7%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
                    of the&#160;Fund</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Determination
                    of&#160;Net&#160;Asset Value</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distribution
                    Policy</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividend
                    Reinvestment Plan</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Federal
                    Income Tax Matters</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">27</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description
                    of&#160;Capital Structure</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">30</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Anti-Takeover
                    Provisions in the&#160;Declaration of&#160;Trust</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conversion
                    to&#160;Open-End Fund</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Underwriting</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal
                    Matters</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reports&#160;to
                    Shareholders</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Independent
                    Registered Public Accounting Firm</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%"><font size="2">Transfer
                  Agent and
                  Custodian</font></td>
                <td align="left" valign="top" width="7%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="67%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional&#160;Information</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: #ccffcc;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="67%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    Fund's Privacy Policy</font></div>
                </td>
                <td align="left" valign="top" width="7%" style="border-bottom: white;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37</font></div>
                </td>
              </tr>

          </table>
        </div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Until
          _______, 2006 (25 days after the date of this prospectus), all dealers
          that buy,
          sell or trade our common shares of beneficial interest, whether or not
          participating in this offering, may be required to deliver a prospectus
          when
          acting as underwriters and with respect to their unsold allotments and
          subscriptions.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORWARD-LOOKING
      STATEMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      prospectus contains or incorporates by reference forward-looking statements,
      within the meaning of the federal securities laws, that involve risks and
      uncertainties. These statements describe our plans, strategies and goals and
      our
      beliefs and assumptions concerning future economic or other conditions and
      the
      outlook for the Fund, based on currently available information. In this
      prospectus, words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;objectives,&#8221;
&#8220;goals,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; and
      similar expressions are used in an effort to identify forward-looking
      statements, although some forward-looking statements may be expressed
      differently. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund&#8217;s actual results could differ materially from those anticipated in the
      forward-looking statements because of various risks and uncertainties, including
      the factors set forth in the section headed &#8220;Risk Factors&#8221; below and elsewhere
      in this prospectus. You should consider carefully the discussions of risks
      and
      uncertainties in the "Risk Factors" section and elsewhere in this prospectus
      and
      in the Statement of Additional Information. The forward-looking statements
      contained in this prospectus are based on information available to the Fund
      on
      the date of this prospectus, and the Fund assumes no obligation to update any
      such forward-looking statements, except as required by law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">iii</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div><br>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SUMMARY</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>This
      summary does not contain all of the information that you should consider before
      investing in the common shares. You should review the more detailed information
      contained or incorporated by reference in this prospectus and in the Statement
      of Additional Information, particularly the information set forth under the
      heading &#8220;Risk Factors.&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
                  Fund </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
                  Global Dynamic Dividend Fund (the &#8220;Fund&#8221;) is a newly-organized,
                  diversified, closed-end management investment company. See &#8220;The Fund.&#8221;
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
                  Offering </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund is offering _________ common shares of beneficial interest
                  at a price
                  of $20.00 per share, through a group of underwriters led by Citigroup
                  Global Markets Inc. and Wachovia Capital Markets, LLC. You must
                  purchase
                  at least&#160;100 common shares if you wish to participate in this
                  offering. The underwriters have been granted an option to purchase
                  up to
                  ________ additional common shares to cover overallotments at the
                  public
                  offering price, less the sales load, within 45 days from the date
                  of this
                  prospectus.&#160;The Adviser has agreed to pay all organizational expenses
                  of the Fund. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Listing
                  and Symbol </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund anticipates that its common shares will be listed on the New
                  York
                  Stock Exchange, subject to notice of issuance, under the symbol
                  &#8220;AGD.&#8221;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
                  Objectives and Policies </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund&#8217;s primary investment objective is high current dividend
                  income,&#160;more than 50%&#160;of which qualifies for the reduced federal
                  income tax rates created by the &#8220;Jobs and Growth Tax Relief Reconciliation
                  Act of 2003.&#8221; The Fund also focuses on long-term growth of capital as a
                  secondary investment objective. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund expects to invest at least 80% of its net assets in the equity
                  securities of domestic and foreign corporations that pay dividends.
                  The
                  Fund also expects to invest in securities in at least three
                  countries.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                  is no assurance that the Fund will achieve its investment objectives.
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund&#8217;s investment objectives and some of its investment policies are
                  considered fundamental policies and may not be changed without
                  shareholder
                  approval. The Statement of Additional Information contains a list
                  of the
                  fundamental and non-fundamental investment policies of the Fund
                  under the
                  heading &#8220;Additional Investment Information and
                  Restrictions.&#8221;</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
                  periods of adverse market or economic conditions, the Fund may
                  temporarily
                  invest all or a substantial portion of its assets in cash or cash
                  equivalents. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%"><strong><font size="2">Investment
                Strategies</font></strong></td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund combines three research-driven investment strategies -&#160;dividend
                  capture, value and growth&#160;- to maximize the amount of distributed
                  dividend income that is qualified for reduced Federal income tax
                  rates and
                  to identify companies globally with the potential for dividend
                  increases
                  and capital appreciation. The Fund uses a multi-cap, multi-sector,
                  multi-style approach to invest in the securities of issuers of
                  any
                  capitalization level (small, mid or large) and in any sector of
                  industry.
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund&#8217;s dividend capture strategy has two facets. The first facet is
                  &#8220;rotation&#8221; strategy, in which the Fund would sell a stock on or shortly
                  after&#160;the stock's x-dividend date, provided that holding requirements
                  are met that would permit the Fund to take advantage of the reduced
                  Federal tax rate and use the sale proceeds to purchase one or more
                  other
                  stocks that are expected to pay dividends before the next dividend
                  payment
                  on the stock being sold. Through this practice, the Fund may receive
                  more
                  dividend payments over a given period of time than if it held a
                  single
                  stock. The second facet is to capture special dividends where a
                  company
                  decides to return large cash balances to shareholders as a one-time
                  dividend payment, for instance due to a restructuring or recent
                  strong
                  operating performance.</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund expects to invest at least 80% of its net assets in equity
                  securities, primarily common stocks, issued by U.S. companies and
                  qualified foreign corporations whose equity securities are readily
                  traded
                  on an established U.S. or foreign securities market, that pay dividends
                  which qualify for Federal tax rates similar to the rates applied
                  to
                  long-term capital gains. Under normal circumstances, the Fund intends
                  to,
                  although it is not required to,&#160;invest in the securities of issuers
                  located in approximately&#160;10&#160;to 20 foreign countries, with
                  foreign investments representing approximately 50% to 80% of the
                  Fund&#8217;s
                  assets. The foreign countries in which the Fund may invest include,
                  but
                  are not limited to, the U.K., Germany, Australia, Sweden, Taiwan&#160;and
                  other primarily Western European, Scandinavian and East
                  Asian&#160;countries.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
                  Adviser and Fee</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
                  Woods Capital Investors, LLC (the &#8220;Adviser&#8221;), the investment adviser of
                  the Fund, is registered with the SEC as an investment adviser under
                  the
                  Investment Advisers Act of 1940, as amended. As of&#160;June 16,
                  2006,&#160;the Adviser and its parent company,
                  together,&#160;had&#160;over $3&#160;billion of assets under
                  management.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Adviser is entitled to receive a monthly fee at the annual rate
                  of 1.00%
                  of the Fund's average daily&#160;net assets. The fees to be received by
                  the Adviser are based on the total assets of the Fund. See &#8220;Management of
                  the Fund.&#8221; </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Administrator</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALPS
                  Mutual Funds Services, Inc. (&#8220;ALPS&#8221;), located at 1625 Broadway, Suite
                  2200, Denver, Colorado 80202, serves as administrator to the Fund.
                  Under
                  the Administration Agreement, ALPS is responsible for calculating
                  the net
                  asset value of the common shares and generally managing the administrative
                  affairs of the Fund. ALPS is entitled to receive a monthly fee
                  at the
                  annual rate of 0.13% of the Fund's average daily total assets.
                  The fees to
                  be received by ALPS are based on the total assets of the Fund.
                  See
                  &#8220;Management of the Fund.&#8221; </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>

    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-1-</font></div>
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      </div>
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    <div>&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="25%"><strong><font size="2">Closed-End
                Fund
                Structure</font></strong>&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Closed-end
                  funds differ from open-end management investment companies (commonly
                  referred to as mutual funds) in that closed-end funds do not redeem
                  their
                  shares at the option of the shareholder and generally list their
                  shares
                  for trading on a securities exchange. By comparison, mutual funds
                  issue
                  securities that are redeemable at net asset value at the option
                  of the
                  shareholder and typically engage in a continuous offering of their
                  shares.
                  Mutual funds are subject to continuous asset in-flows and out-flows
                  that
                  can complicate portfolio management, whereas closed-end funds generally
                  can stay more fully invested in securities consistent with the
                  closed-end
                  fund's investment objectives and policies. In addition, in comparison
                  to
                  open-end funds, closed-end funds have greater flexibility in the
                  employment of financial leverage and in the ability to make certain
                  types
                  of investments, including investments in illiquid securities. However,
                  shares of closed-end funds frequently trade at a discount from
                  their net
                  asset value. In recognition of the possibility that the Fund&#8217;s shares
                  might trade at a discount to net asset value and that any such
                  discount
                  may not be in the interest of shareholders, the Fund's Board of
                  Trustees,
                  in consultation with the Adviser, from time to time may review
                  possible
                  actions to reduce any such discount. The Board of Trustees might
                  consider
                  open market repurchases or tender offers for Fund shares at net
                  asset
                  value. There can be no assurance that the Board of Trustees will
                  decide to
                  undertake any of these actions or that, if undertaken, such actions
                  would
                  result in the Fund&#8217;s shares trading at a price equal to or close to net
                  asset value per share. The Board of Trustees might also consider
                  the
                  conversion of the Fund to an open-end mutual fund. The Board of
                  Trustees
                  believes, however, that the closed-end structure is desirable,
                  given the
                  Fund's investment objectives and policies. Investors should assume,
                  therefore, that it is highly unlikely that the Board of Trustees
                  would
                  vote to convert the Fund to an open-end investment company. See
                  &#8220;Description of Capital Structure.&#8221;</font></div>&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Summary
                  of Risks </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investing
                  in the Fund involves risks, including the risk that you may receive
                  little
                  or no return on your investment or that you may lose part or even
                  all of
                  your investment. Therefore, before investing you should consider
                  carefully
                  the following risks that you assume when you invest in the Fund's
                  common
                  shares. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>No
                  Operating History</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                  The Fund is a closed-end investment company with no history of
                  operations.
                  It is designed for long-term investors and not as a trading vehicle.
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Investment
                  and Market Risk</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                  An investment in common shares is subject to investment risk, including
                  the possible loss of the entire principal amount invested. An investment
                  in common shares represents an indirect investment in the securities
                  owned
                  by the Fund, which are generally traded on a securities exchange
                  or in the
                  over-the-counter markets. The value of these securities, like other
                  market
                  investments, may move up or down, sometimes rapidly and unpredictably.
                  The
                  common shares at any point in time may be worth less than the original
                  investment, even after taking into account any reinvestment of
                  dividends
                  and distributions. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Issuer
                  Risk. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  value of an issuer's securities that are held in the Fund&#8217;s portfolio may
                  decline for a number of reasons which directly relate to the issuer,
                  such
                  as management performance, financial leverage and reduced demand
                  for the
                  issuer's goods and services. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Qualified
                  Dividend Tax Risk.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  No
                  assurance can be given as to what percentage of the distributions
                  paid on
                  the common shares, if any, will consist of tax-advantaged qualified
                  dividend income or long-term capital gains or what the tax rates
                  on
                  various types of income will be in future years. The favorable
                  Federal tax
                  treatment may be adversely affected, changed or repealed by future
                  changes
                  in tax laws at any time and is currently scheduled to expire for
                  tax years
                  beginning after December 31, 2010. In addition, it may be difficult
                  to
                  obtain information regarding whether distributions by non-U.S.
                  entities in
                  which the Fund invests should be regarded as qualified dividend
                  income.
                  Furthermore, to receive qualified dividend income treatment, the
                  Fund must
                  meet holding period and other requirements with respect to the
                  dividend
                  paying securities in its portfolio, and the shareholder must meet
                  holding
                  period and other requirements with respect to the Fund&#8217;s common shares.
                  See &#8220;Federal Income Tax Matters&#8221; and &#8220;Distribution Policy&#8221;.</font></div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div><font size="2"><em>Dividend Strategy Risks</em>. The Fund&#8217;s Adviser may
                  not be able to anticipate the level of dividends that companies
                  will pay
                  in any given timeframe. The Fund&#8217;s strategies require the Adviser to
                  identify and exploit opportunities such as the announcement of
                  major
                  corporate actions, that may lead to high current dividend income.
                  These
                  situations are typically not recurring in nature or frequency,
                  may be
                  difficult to predict and may not result in an opportunity that
                  allows the
                  Adviser to fulfill the Fund's investment objective. In addition,
                  the
                  dividend policies of the Fund's target companies are heavily influenced
                  by
                  the current economic climate and the favorable Federal tax treatment
                  afforded to dividends. A change in the favorable provisions of
                  the Federal
                  tax laws may limit your ability to benefit from dividend increases
                  or
                  special dividends, may effect a widespread reduction in announced
                  dividends and may adversely impact the valuation of the shares
                  of
                  dividend-paying companies.</font></div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Common
                  Stock and Other Equity Securities Risk</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund will invest primarily in common stocks. Common stocks represent
                  an
                  ownership interest in a company. The Fund can also invest in securities
                  that can be exercised for or converted into common stocks (such
                  as&#160;convertible preferred stock).&#160;Common stocks and similar
                  equity securities are more volatile and more risky than some other
                  forms
                  of investment. Therefore, the value of your investment in the Fund
                  may
                  sometimes decrease instead of increase.&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  stock prices fluctuate for many reasons, including changes in investors&#8217;
                  perceptions of the financial condition of an issuer, the general
                  condition
                  of the relevant stock market or when political or economic events
                  affecting the issuers occur. In addition, common stock prices may
                  be
                  sensitive to rising interest rates, as the costs of capital rise
                  for
                  issuers. </font>Because convertible securities can be converted into
                  equity securities, their values will normally increase or decrease
                  as the
                  values of the underlying equity securities increase or
                  decrease.&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>

    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">2</font>-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
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    </div>
    <div>&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%"><font size="2"><em>Foreign
                Securities
                Risk</em><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                Foreign issuers are subject to risks of possible adverse political
                and
                economic developments abroad. Investing in foreign issuers also involves
                risks of change in foreign currency exchange rates. </font></font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Small
                  and Medium Cap Company Risk - </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compared
                  to investment companies that focus only on large capitalization
                  companies,
                  the Fund's share price may be more volatile because it also invests
                  in
                  small and medium capitalization companies. Compared to large companies,
                  small and medium capitalization companies are more likely to have
                  (i) more
                  limited product lines or markets and less mature businesses, (ii)
                  fewer
                  capital resources, (iii) more limited management depth and (iv)
                  shorter
                  operating histories. Further, compared to large cap stocks, the
                  securities
                  of small and medium capitalization companies are more likely to
                  experience
                  sharper swings in market values, be harder to sell at times and
                  at prices
                  that the Adviser believes appropriate, and offer greater potential
                  for
                  gains and losses.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Portfolio
                  Turnover.&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund may engage in short-term trading strategies, and securities
                  may be
                  sold without regard to the length of time held when, in the opinion
                  of the
                  Adviser, investment considerations warrant such action. These policies
                  may
                  have the effect of increasing the annual rate of portfolio turnover
                  of the
                  Fund. Higher rates of portfolio turnover would likely result in
                  higher
                  brokerage commissions and may generate short-term capital gains
                  taxable as
                  ordinary income.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div><font size="2"><em>Defensive Positions.</em><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
                  periods of adverse market or economic conditions, the Fund may
                  temporarily
                  invest all or a substantial portion of its assets in cash or cash
                  equivalents. The Fund will not be pursuing its investment objective
                  in
                  these circumstances and could miss favorable market
                  developments.</font></font></div>
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Market
                  Price of Shares</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
                  The shares of closed-end management investment companies often
                  trade at a
                  discount from their net asset value, and the Fund's common shares
                  may
                  likewise trade at a discount from net asset value. The trading
                  price of
                  the Fund's common shares may be less than the public offering price.
                  The
                  returns earned by the Fund&#8217;s shareholders who sell their common shares
                  below net asset value will be reduced. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">&#160;</td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Management
                    Risk</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.
                    </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    Adviser&#8217;s securities selections and other investment decisions might
                    produce losses or cause the Fund to underperform when compared
                    to other
                    funds with similar investment goals. If one or more key individuals
                    leaves
                    the employ of the Adviser, the Adviser may not be able to hire
                    qualified
                    replacements, or may require an extended time to do so. This
                    could prevent
                    the Fund from achieving its investment objectives.</font></div>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Distributions</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund intends to make a level dividend distribution each month to
                  its
                  shareholders after payment of Fund operating expenses including,
                  interest
                  on any outstanding borrowings. The level dividend rate may be modified
                  by
                  the Board of Trustees from time to time. If, for all monthly
                  distributions, investment company taxable income, if any (which
                  term
                  includes net short-term capital gain), and net tax-exempt income,
                  if any,
                  as determined as of the close of the Fund's taxable year, is less
                  than the
                  amount of the sum of all of the distributions for the taxable year,
                  the
                  difference will generally be a tax-free return of capital distributed
                  from
                  the Fund's assets. The Fund's final distribution for each calendar
                  year
                  will include any&#160;investment company taxable income and net tax-exempt
                  income undistributed during the year, as well as all net capital
                  gain, if
                  any, realized during the year. In general, the total distributions
                  made in
                  any taxable year (other than distributions of net capital gain)
                  would be
                  treated as ordinary dividend income to the extent of the Fund's
                  current
                  and accumulated earnings and profits. Distributions in excess of
                  the
                  earnings and profits would first be a tax-free return of capital
                  to the
                  extent of the adjusted tax basis in the shares. After such adjusted
                  tax
                  basis is reduced to zero, the distribution would constitute capital
                  gain
                  (assuming the shares are held as capital assets). This distribution
                  policy
                  may, under certain circumstances, have certain adverse consequences
                  to the
                  Fund and its shareholders. The initial distribution is expected
                  to be
                  declared approximately 45 days after the completion of this offering
                  and
                  paid on or about [_______ ___, 2006], depending on market conditions.
                  See
                  &#8220;Distribution Policy.&#8221; </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>

    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-3-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="25%">&#160;</td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Adviser intends to apply to the SEC, on behalf of the Fund, for an
                exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder
                permitting the Fund to make periodic distributions of long-term capital
                gains, provided that the distribution policy of the Fund with respect
                to
                its common shares calls for periodic (for example, quarterly/monthly)
                distributions in an amount equal to a fixed percentage of the Fund's
                average net asset value over a specified period of time or market
                price
                per common share at or about the time of distribution or pay-out
                of a
                level dollar amount. No assurance can be given that the SEC will
                grant the
                exemption to the Fund. The staff of the SEC has indicated that it
                has
                suspended the processing of exemptive applications requesting the
                type of
                relief referenced above, pending review by the staff of the results
                of an
                industry-wide SEC inspection focusing on the dividend practices of
                closed-end investment companies. There can be no assurance as to
                when that
                review might be completed or whether, following that review, the
                staff
                would process such applications or grant such relief. This offering,
                however, is not contingent upon the receipt of such exemption. See
                &#8220;Distribution Policy.&#8221; </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="25%">&#160;</td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                level dividend distribution described above would result in the payment
                of
                approximately the same amount or percentage to the Fund&#8217;s shareholders
                each month. Section 19(a) of the 1940 Act and Rule 19a-1 thereunder
                require the Fund to provide a written statement accompanying any
                such
                payment that adequately discloses its source or sources. Thus, if
                the
                source of the dividend or other distribution were the original capital
                contribution of the shareholder, and the payment amounted to a return
                of
                capital, the Fund would be required to provide written disclosure
                to that
                effect. Nevertheless, persons who periodically receive the payment
                of a
                dividend or other distribution may be under the impression that they
                are
                receiving net profits when they are not. Shareholders should read
                any
                written disclosure provided pursuant to Section 19(a) and Rule 19a-1
                carefully, and should not assume that the source of any distribution
                from
                the Fund is net profit. See &#8220;Distribution Policy.&#8221; </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Dividend
                Reinvestment Plan </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless
                a shareholder elects otherwise, the shareholder's distributions will
                be
                reinvested in additional common shares under the Fund's dividend
                reinvestment plan. Shareholders who elect not to participate in the
                Fund's
                dividend reinvestment plan will receive all distributions in cash
                paid by
                check mailed directly to the shareholder of record (or, if the common
                shares are held in street or other nominee name, then to such nominee).
                See &#8220;Dividend Reinvestment Plan.&#8221;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Stock
                Purchases and Tenders </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Fund's Board of Trustees currently contemplates that the Fund, at
                least
                once each year, may consider repurchasing common shares in the open
                market
                or in private transactions, or tendering for shares, in an attempt
                to
                reduce or eliminate a market value discount from net asset value,
                if one
                should occur. There can be no assurance that the Board of Trustees
                will
                determine to effect any such repurchase or tender or that it would
                be
                effective in reducing or eliminating any market value discount.
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>

      </table>
    </div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Custodian
                  and Transfer Agent </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Bank of New York&#160;serves as the Fund's custodian and transfer agent.
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-4-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SUMMARY
        OF FUND EXPENSES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following table assumes that the Fund issues ________ common shares and shows
        Fund expenses as a percentage of net assets attributable to common shares.
        If
        the Fund issues fewer common shares, all other things being equal, these
        expenses would increase as a percentage of net assets attributable to common
        shares. </font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td align="left" colspan="5" valign="top" width="63%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shareholder
                  Transaction Expenses</strong></font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
                  load (as a percentage of offering price)</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.50%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering
                  expenses borne by the Fund (as a percentage of offering
                  price)(1)</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.20%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividend
                  Reinvestment Plan fees</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None
                  (2)</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">&#160;</td>
              <td align="right" colspan="2" valign="top" width="10%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" colspan="5" valign="top" width="63%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Annual
                  Expenses (as a percentage of net assets attributable to common
                  shares)</strong></font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
                  Advisory fees</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.00%
                  (3)</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  expenses (4)</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 13.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.29%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="61%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                  Annual Expenses</font></div>
              </td>
              <td align="right" colspan="2" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 13.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.29%</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" colspan="3" valign="top" width="23%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" colspan="2" valign="top" width="40%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="right" colspan="2" valign="top" width="10%" style="border-bottom: #ffffff solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="top" width="4%">&#160;</td>
            <td align="left" colspan="4" valign="top" width="70%">&#160;</td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" colspan="2" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="70%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Adviser has agreed to pay all the Fund&#8217;s organizational expenses. Total
                  offering costs in connection with the common shares are estimated
                  to be
                  $____. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="70%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                  will be no brokerage charges with respect to common shares issued
                  directly
                  by the Fund under its dividend reinvestment plan. You will pay
                  brokerage
                  charges in connection with open market purchases or if you direct
                  the plan
                  administrator to sell your common shares held in a dividend reinvestment
                  account.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="70%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Investment Advisory Agreement between the Fund and the Adviser
                  obligates
                  the Fund to pay the Adviser an annual investment advisory fee equal
                  to
                  1.00% of the net assets of the Fund. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="70%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Other
                  Expenses&#8221; are based on estimated amounts for the current fiscal year and
                  include administration fees of 0.13%.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="4%">&#160;</td>
              <td align="left" colspan="4" valign="top" width="70%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALPS
                  will provide administration, bookkeeping and pricing services to
                  the Fund
                  pursuant to an agreement with the Fund. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      purpose of the above table is to help a holder of common shares understand
      the
      fees and expenses that such holder would bear directly or indirectly.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-5-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Example</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following example illustrates the hypothetical expenses (including the sales
        load of $45.00 and estimated offering expenses of this offering of $2.00)
        that
        you would pay on a $1,000 investment in common shares, assuming (i) net annual
        expenses of 1.29% of net assets attributable to common shares and (ii)&#160;a 5%
        annual return:* </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td align="left" colspan="2" valign="top" width="35%">&#160;</td>
              <td valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1
                  Year</strong></font></div>
              </td>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3
                  Years</strong></font></div>
              </td>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>5
                  Years</strong></font></div>
              </td>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10
                  Years</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" colspan="2" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
                  would pay the following expenses on a $1,000 investment, assuming
                  a 5%
                  annual return</font></div>
              </td>
              <td align="left" valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$59.52</font></div>
              </td>
              <td align="left" valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$84.71</font></div>
                </div>
              </td>
              <td align="left" valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$111.79</font></div>
                </div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$188.72</font></div>
                </div>
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            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="15%" style="border-bottom: white solid;">&#160;</td>
              <td align="left" valign="top" width="9%" style="border-bottom: white solid;">&#160;</td>
              <td align="left" valign="top" width="10%" style="border-bottom: white solid;">&#160;</td>
              <td align="left" valign="top" width="10%" style="border-bottom: white solid;">&#160;</td>
              <td align="left" valign="top" width="10%" style="border-bottom: white solid;">&#160;</td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 9pt;">
            </td>
            <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                example should not be considered a representation of actual future
                expenses. Actual expenses may be higher or lower than those shown.
                The
                example assumes that the estimated &#8220;Other Expenses&#8221; set forth in the
                Annual Expenses table remain the same each year and that all dividends
                and
                distributions are reinvested at net asset value. Actual expenses
                may be
                greater or less than those assumed. Moreover, the Fund's actual rate
                of
                return will vary and may be greater or less than the hypothetical
                5%
                annual return. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-6-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
      FUND</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        is a newly organized, diversified, closed-end management investment company.
        The
        Fund was organized as a Delaware statutory trust on May 11, 2006 and has
        no
        operating history. The Fund's principal office is located at&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2500
        Westchester Avenue, Suite 215, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase,
        NY, 10577, </font>and its telephone number is&#160;(800)
        617-7616&#160;(toll-free). </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>USE
      OF PROCEEDS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          net
          proceeds of this offering of common shares are estimated at approximately
          $______ ($___________ if the underwriters exercise the overallotment option
          in
          full) after payment of the sales load and organizational and offering costs
          (other than the sales load) expected to be approximately $.___ per share.
          The
          net proceeds of the offering will be invested in accordance with the Fund's
          investment objectives and policies (as stated below) as soon as practicable
          after completion of the offering. The Fund currently anticipates being
          able to
          do so within three months after the completion of the offering. Pending
          investment of the net proceeds in accordance with the Fund's investment
          objectives and policies, the Fund will invest in money market securities
          or
          money market mutual funds. Investors should expect, therefore, that before
          the
          Fund has fully invested the proceeds of the offering in accordance with
          its
          investment objectives and policies, the Fund's net asset value would earn
          interest income at a modest rate. </font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INVESTMENT
        OBJECTIVES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
        AND POLICIES</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund's primary investment objective is to seek high current dividend income,
        more than 50% of which qualifies for the reduced federal income tax rates
        created by the &#8220;Jobs and Growth Tax Relief Reconciliation Act of 2003.&#8221; The Fund
        also focuses on&#160;long-term growth of capital as a secondary investment
        objective. There is no assurance that the Fund will achieve its investment
        objectives.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
        Strategies</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          combines three research-driven investment strategies -&#160;dividend capture,
          value and growth - to maximize the amount of distributed dividend income
          that is
          qualified for reduced Federal income tax rates (currently capped at</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          15%) and
          to identify companies globally with the potential for dividend increases
          and
          capital appreciation. </font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          normal circumstances, the Fund&#160;expects to&#160;invest </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at
          </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">least
          80%
          of its net assets in the equity securities of domestic and foreign corporations
          that pay dividends. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Board
          of Trustees may change this 80% policy on not less than 60 days&#8217; notice to
          shareholders. The Adviser believes that dividend paying stocks have the
          potential for superior total return performance, as compared to non-dividend
          paying stocks.&#160;According to the Standard &amp; Poor&#8217;s Index Service, for
          the period from 1979 to 2005, an investment in the Standard and Poor's
          Average
          Dividend Payer's Index would have appreciated more than the same amount
          invested
          in the S&amp;P500 Non-Dividend Payer's Index. </font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          normal circumstances, also, the Fund expects to invest in securities&#160;of
          issuers located in the U.S. and&#160;in approximately 10&#160;to 20
          foreign&#160;countries. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Adviser believes that global diversification may provide to investors in
          the
          Fund the benefit of generally higher dividend yields in some countries
          outside
          the U.S., especially for companies domiciled in countries that have a tax
          treaty
          with the U.S.</font></font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        will invest in equity securities issued by U.S. corporations, and foreign
        issuers whose equity securities are readily traded on an established U.S.
        or
        foreign securities market, that pay dividends, more than 50% of&#160;which
        qualify for reduced federal tax rates similar to the rates applied
        to&#160;long-term capital gains (referred to herein as "qualified dividends" or
        "tax-advantage dividends"). Qualified dividends are dividends received during
        the taxable year from domestic and qualified foreign corporations. A qualified
        foreign corporation is defined in the Internal Revenue Code of 1986 (the
        "Code")
        as any corporation that is incorporated in a possession of the United States
        or
        that is eligible for the benefits of a comprehensive income tax treaty with
        the
        United States. The equity securities in which the Fund will invest will include
        primarily common stocks. The Fund may, from time to time, also invest a portion
        of its assets in preferred stocks, REITs (real estate investment trusts),
        exchange-traded funds (&#8220;ETFs&#8221;) and securities convertible into or exchangeable
        for common stocks, such as convertible debt. Dividends paid by REITs generally
        will not be eligible to be treated as qualified dividend
        income.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          seeks dividend income that qualifies for favorable federal income tax treatment.
          Under federal income tax law enacted on May 28, 2003, tax-advantaged dividends
          received by individual shareholders are taxed at rates&#160;similar to long-term
          capital gain tax rates, which reach a maximum of 15%. Tax-advantaged dividends
          generally include dividends from domestic corporations and dividends from
          foreign corporations that meet certain specified criteria. The Fund generally
          can pass the tax treatment of tax-advantaged dividends it receives through
          to
          shareholders. Corporate shareholders of the Fund are not eligible for this
          favorable federal income tax treatment. In addition, a dividend will not
          be
          treated as a tax-advantaged dividend (whether received by the Fund or paid
          by
          the Fund to a shareholder) (1) if the dividend is received with respect
          to any
          share held for fewer than 61 days during the 121-day period beginning on
          the
          date which is 60 days before the date on which such share becomes ex-dividend
          with respect to such dividend (or fewer than 91 days during the associated
          181-day period in the case of certain preferred stocks), (2) to the extent
          that
          the recipient is under an obligation (whether as a short sale or otherwise)
          to
          make related payments with respect to positions in substantially similar
          or
          related property or (3) if the recipient elects to have the dividend treated
          as
          investment income for purposes of the limitation on deductibility of investment
          interest. The provisions of the Code applicable to tax-advantaged dividends
          are
          effective through 2010. Thereafter, higher tax rates will apply unless
          further
          legislative action is taken.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">


      </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">


        </div>

      <div id="GLFTR" style="WIDTH: 100%" align="left">
      </div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-7-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    &#160;

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Dividend
        Capture Strategy</em></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The&#160;Fund's
        dividend capture strategy seeks to maximize&#160;the level of dividend
        income&#160;that the&#160;Fund&#160;receives by engaging in dividend capture
        trading and by identifying special dividend situations.&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Rotation
          Strategy (Dividend Capture Trading)</em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          a
          dividend capture trade, the Fund sells a stock on or shortly after&#160;the
          stock's x-dividend date, provided that holding requirements are met that
          would
          permit the Fund to take advantage of the reduced Federal tax rate and use
          the
          sale proceeds to purchase one or more other stocks that are expected to
          pay
          dividends before the next dividend payment on the stock being sold. Through
          this
          rotation practice, the Fund may receive more dividend payments over a given
          period of time than if it held a single stock. Receipt of a greater number
          of
          dividend payments during a given time period could augment the total amount
          of
          dividend income the Fund receives over this period. For example, during
          the
          course of a single year it may be possible through dividend capture trading
          for
          the Fund to receive five or more dividend payments with respect to Fund
          assets
          attributable to dividend capture trading where it may only have received
          four
          quarterly payments in a hold only strategy. In order for dividends received
          by
          the Fund to qualify as tax-advantaged dividends, the Fund must comply with
          the
          holding period requirements described above. See &#8220;Risk Factors&#8212;Dividend Strategy
          Risks.&#8221; Dividend capture trading by the Fund will take account of this
          consideration. The use of dividend capture strategies will expose the Fund
          to
          increased trading costs and potential for capital loss or gain, particularly
          in
          the event of significant short-term price movements of stocks subject to
          dividend capture trading.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Special
          Dividends</em></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Special
        dividend situations may include&#160;those where&#160;companies&#160;decide
        to&#160;return large cash balances to shareholders as one-time dividend
        payments, for instance due to a restructuring or recent strong operating
        performance. Other special dividends may arise in a variety of
        situations.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Value
          Strategy</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          managing the assets of the Fund, the Adviser generally pursues a value-oriented
          approach. The Adviser seeks to identify investment opportunities in equity
          securities of dividend paying corporations that it believes are undervalued
          relative to the market and to the securities&#8217; historical valuations, including
          turnaround opportunities with a catalyst, depressed earnings that may be
          poised
          to recover or where a restructuring or major corporate action may add value.
          </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          will invest in stocks among all capitalization levels (small, mid and large),
          using&#160;a multi-cap, multi-sector, multi-style&#160;approach when selecting
          the stocks of companies in which the Fund invests. The average capitalization
          of
          issuers are not intended to be static and will vary over time.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Factors
          that the Adviser will consider include fundamental factors such as earnings
          growth, cash flow and historical payment of dividends. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund&#8217;s investments in common stocks will emphasize stocks that (at the time
          of
          purchase) pay dividends and have capital appreciation potential.
</font></div>

    </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Growth
        Strategy</em></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund&#8217;s growth strategy seeks to identify issuers with lower, but still
          attractive, current dividend yields, but that have the potential for higher
          earnings growth through capital appreciation or increasing dividend
          payments.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition to investing in stocks that pay tax-advantaged dividends, the Fund
      may
      also invest a portion of its assets in stocks and other securities that generate
      fully taxable ordinary income. For any year, so long as the Fund&#8217;s fully taxable
      ordinary income and net realized short-term gains are offset by expenses of
      the
      Fund, all of the Fund&#8217;s income distributions would be characterized as
      tax-advantaged dividends. There can be no assurance that a portion of the Fund&#8217;s
      income distributions will not be fully taxable as ordinary income. The Fund
      may,
      from time to time, take temporary defensive positions that are inconsistent
      with
      the Fund&#8217;s principal investment strategies in attempting to respond to adverse
      market, economic, political or other conditions. During such times, the Fund
      may
      temporarily invest up to 100% of its assets in cash or cash equivalents,
      including money market instruments, prime commercial paper, repurchase
      agreements, Treasury bills and other short-term obligations of the U. S.
      Government, its agencies or instrumentalities. In these and in other cases,
      the
      Fund may not achieve its investment objectives.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-8-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Generally,
      securities will be purchased or sold by the Fund on national securities
      exchanges and in the over-the-counter market. From time to time, securities
      may
      be purchased or sold in private transactions, including securities that are
      not
      publicly traded or that are otherwise illiquid. The Adviser does not expect
      investments in illiquid securities to comprise more than 10% of the Fund's
      total
      assets (determined at the time the investment is made).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Adviser may invest the Fund's cash balances in any investments it deems
      appropriate, including, without limitation and as permitted under the 1940
      Act,
      money market funds, including Alpine Municipal Money Market Fund, repurchase
      agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank
      accounts. Any income earned from such investments is ordinarily reinvested
      by
      the Fund in accordance with its investment program. Many of the considerations
      entering into the Adviser's recommendations and the portfolio managers'
      decisions are subjective.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Portfolio
      Investments </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>and
      Techniques</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Common
      Stocks and Other Equity Securities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        will invest primarily in common stocks. Common stocks represent an ownership
        interest in a company. The Fund can also invest in securities that can be
        exercised for or converted into common stocks (such as warrants or convertible
        preferred stock). While offering greater potential for long-term growth,
        common
        stocks and similar equity securities are more volatile and more risky than
        some
        other forms of investment. Therefore, the value of your investment in the
        Fund
        may sometimes decrease instead of increase. Convertible securities include
        other
        securities, such as warrants, that provide an opportunity for equity
        participation. Because convertible securities can be converted into equity
        securities, their values will normally increase or decrease as the values
        of the
        underlying equity securities increase or decrease. The movements in the prices
        of convertible securities, however, may be smaller than the movements in
        the
        value of the underlying equity securities.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Foreign
      Securities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      normal circumstances, the Fund intends to invest a portion of its assets in
      securities of issuers located in at least three countries (in addition to the
      United States). The Fund will invest in foreign securities, including direct
      investments in securities of foreign issuers and investments in depository
      receipts (such as American Depository Receipts) that represent indirect
      interests in securities of foreign issuers. The Fund is not limited in the
      amount of assets it may invest in such foreign securities. These investments
      involve risks not associated with investments in the U.S., including the risk
      of
      fluctuations in foreign currency exchange rates, unreliable and untimely
      information about the issuers and political and economic instability. These
      risks could result in the Adviser&#8217;s misjudging the value of certain securities
      or in a significant loss in the value of those securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      value
      of foreign securities is affected by changes in currency rates, foreign tax
      laws
      (including withholding tax), government policies (in this country or abroad),
      relations between nations and trading, settlement, custodial and other
      operational risks. In addition, the costs of investing abroad are generally
      higher than in the United States, and foreign securities markets may be less
      liquid, more volatile and less subject to governmental supervision than markets
      in the United States. As an alternative to holding foreign-traded securities,
      the Fund may invest in dollar-denominated securities of foreign companies that
      trade on U.S. exchanges or in the U.S. over-the-counter market (including
      depositary receipts as described below, which evidence ownership in underlying
      foreign securities, and ETFs as described above).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
      foreign companies are not subject to uniform accounting, auditing and financial
      reporting standards, practices and requirements comparable to those applicable
      to U.S. companies, there may be less publicly available information about a
      foreign company than about a domestic company. Volume and liquidity in most
      foreign debt markets is less than in the United States and securities of some
      foreign companies are less liquid and more volatile than securities of
      comparable U.S. companies. There is generally less government supervision and
      regulation of securities exchanges, broker-dealers and listed companies than in
      the United States. Mail service between the United States and foreign countries
      may be slower or less reliable than within the United States, thus increasing
      the risk of delayed settlements of portfolio transactions or loss of
      certificates for portfolio securities. Payment for securities before delivery
      may be required. In addition, with respect to certain foreign countries, there
      is the possibility of expropriation or confiscatory taxation, political or
      social instability, or diplomatic developments, which could affect investments
      in those countries. Moreover, individual foreign economies may differ favorably
      or unfavorably from the U.S. economy in such respects as growth of gross
      national product, rate of inflation, capital reinvestment, resource
      self-sufficiency and balance of payments position. Foreign securities markets,
      while growing in volume and sophistication, are generally not as developed
      as
      those in the United States, and securities of some foreign issuers (particularly
      those located in developing countries) may be less liquid and more volatile
      than
      securities of comparable U.S. companies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-9-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may purchase ADRs, EDRs and GDRs, which are certificates evidencing ownership
        of
        shares of foreign issuers and are alternatives to purchasing directly the
        underlying foreign securities in their national markets and currencies. However,
        such depository receipts continue to be subject to many of the risks associated
        with investing directly in foreign securities. These risks include foreign
        exchange risk as well as the political and economic risks associated with
        the
        underlying issuer's country. ADRs, EDRs and GDRs may be sponsored or
        unsponsored. Unsponsored receipts are established without the participation
        of
        the issuer. Unsponsored receipts may involve higher expenses, they may not
        pass-through voting or other shareholder rights, and they may be less liquid.
        Less information is normally available on unsponsored
        receipts.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>REITs</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may invest in real estate investment trusts ("REITs"). REITs&#160;are pools
        consisting of real&#160;estate investments.&#160;The&#160;share prices&#160;of
        REITs&#160;rise or fall depending on&#160;the real estate industry and real
        property values. In general, real estate values can be affected by a variety
        of
        factors, including supply and demand for properties, the economic health
        of the
        country or of different regions and the strength of specific industries that
        rent properties.&#160;REITs are typically&#160;small or medium capitalization
        stocks.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Exchange
      Traded Funds</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may invest in ETFs, which are investment companies that aim to track or
      replicate a desired index, such as a sector, market or global segment. ETFs
      are
      passively managed and their shares are traded on a national exchange or NASDAQ.
      ETFs do not sell individual shares directly to investors and only issue their
      shares in large blocks known as &#8220;creation units.&#8221; The investor purchasing a
      creation unit may sell the individual shares on a secondary market. Therefore,
      the liquidity of ETFs depends on the adequacy of the secondary market. There
      can
      be no assurance that an ETF's investment objective will be achieved, as ETFs
      based on an index may not replicate and maintain exactly the composition and
      relative weightings of securities in the index. ETFs are subject to the risks
      of
      investing in the underlying securities. The Fund, as a holder of the securities
      of the ETF, will bear its pro rata portion of the ETF's expenses, including
      advisory fees. These expenses are in addition to the direct expenses of the
      Fund's own operations. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Convertible
      Securities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may invest in convertible securities. Convertible securities include fixed
      income securities that may be exchanged or converted into a predetermined number
      of shares of the issuer&#8217;s underlying common stock at the option of the holder
      during a specified period. Convertible securities may take the form of
      convertible preferred stock, convertible bonds or debentures, units consisting
      of &#8220;usable&#8221; bonds and warrants or a combination of the features of several of
      these securities. The investment characteristics of each convertible security
      vary widely, which allows convertible securities to be employed for a variety
      of
      investment strategies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-10-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        will exchange or convert convertible securities into shares of underlying
        common
        stock when, in the opinion of the Adviser, the investment characteristics
        of the
        underlying common shares will assist the Fund in achieving its investment
        objectives. The Fund may also elect to hold or trade convertible securities.
        In
        selecting convertible securities, the Adviser evaluates the investment
        characteristics of the convertible security as a fixed income instrument,
        and
        the investment potential of the underlying equity security for capital
        appreciation. In evaluating these matters with respect to a particular
        convertible security, the Adviser considers numerous factors, including the
        economic and political outlook, the value of the security relative to other
        investment alternatives, trends in the determinants of the issuer&#8217;s profits, and
        the issuer&#8217;s management capability and practices.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Illiquid
      Securities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Illiquid
      securities include securities that have legal or contractual restrictions on
      resale, securities that are not readily marketable, and repurchase agreements
      maturing in more than seven days. Illiquid securities involve the risk that
      the
      securities will not be able to be sold at the time desired or at prices
      approximating the value at which the Fund is carrying the securities. The Fund
      may invest up to 10% of the value of its net assets in illiquid
      securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Rule
      144A Securities</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may invest in restricted securities that are eligible for resale pursuant to
      Rule 144A under the Securities Act of 1933, as amended, (the &#8220;1933 Act&#8221;).
      Generally, Rule 144A establishes a safe harbor from the registration
      requirements of the 1933 Act for resale by large institutional investors of
      securities that are not publicly traded. The Adviser determines the liquidity
      of
      the Rule 144A securities according to guidelines adopted by the Board of
      Trustees. The Board of Trustees monitors the application of those guidelines
      and
      procedures. Securities eligible for resale pursuant to Rule 144A, which are
      determined to be liquid, are not subject to the Fund&#8217;s 10% limit on investments
      in illiquid securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Warrants</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may invest in equity and index warrants of domestic and international issuers.
      Equity warrants are securities that give the holder the right, but not the
      obligation, to subscribe for equity issues of the issuing company or a related
      company at a fixed price either on a certain date or during a set period.
      Changes in the value of a warrant do not necessarily correspond to changes
      in
      the value of its underlying security. The price of a warrant may be more
      volatile than the price of its underlying security, and a warrant may offer
      greater potential for capital appreciation as well as capital loss.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Warrants
      do not entitle a holder to dividends or voting rights with respect to the
      underlying security and do not represent any rights in the assets of the issuing
      company. A warrant ceases to have value if it is not exercised prior to its
      expiration date. These factors can make warrants more speculative than other
      types of investments. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
      Investments</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may use a variety of other investment instruments in pursuing its investment
      programs. The investments of the Fund may include fixed income securities,
      sovereign debt, options on foreign currencies and forward foreign currency
      contracts. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-11-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Borrowing</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        has no current intention to borrow for investment purposes. However, it may
        borrow up to 10% of the value of its total assets (calculated at the time
        of
        borrowing) from banks for&#160;extraordinary or emergency
        purposes.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Portfolio
      Turnover</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may engage in short-term trading strategies, and securities may be sold without
        regard to the length of time held when, in the opinion of the Adviser,
        investment considerations warrant such action. These policies, together with
        the
        ability of the Fund to effect short sales of securities and to engage in
        transactions in options and futures, may have the effect of increasing the
        Fund&#8217;s annual rate of portfolio turnover. It is expected that the annual
        portfolio turnover rate of the Fund will likely exceed 100%. If securities
        are
        not held for the applicable holding periods, dividends paid on them will
        not
        qualify for the advantageous Federal tax rates. See "Investment Strategies"
        above.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Foreign
      Currency Transactions</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund&#160;may engage in foreign currency exchange transactions in connection
        with its investments in foreign securities. The Fund will conduct its foreign
        currency exchange transactions either on a spot (i.e., cash) basis at the
        spot
        rate prevailing in the foreign currency exchange market or through forward
        contracts to purchase or sell foreign currencies.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Forward
      Foreign Currency Exchange Contracts</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may enter into forward foreign currency exchange contracts in order to protect
      against possible losses on foreign investments resulting from adverse changes
      in
      the relationship between the U.S. dollar and foreign currencies. A forward
      foreign currency exchange contract involves an obligation to purchase or sell
      a
      specific currency at a future date, which may be any fixed number of days
      (usually less than one year) from the date of the contract agreed upon by the
      parties, at a price set at the time of the contract. These contracts are traded
      in the interbank market conducted directly between currency traders (usually
      large commercial banks) and their customers. A forward contract generally has
      a
      deposit requirement, and no commissions are charged at any stage for trades.
      Although foreign exchange dealers do not charge a fee for conversion, they
      do
      realize a profit based on the difference (the spread) between the price at
      which
      they are buying and selling various currencies. However, forward foreign
      currency exchange contracts may limit potential gains which could result from
      a
      positive change in such currency relationships. The Fund does not speculate
      in
      foreign currency.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
      for cross-hedges, the Fund will not enter into forward foreign currency exchange
      contracts or maintain a net exposure in such contracts when they would be
      obligated to deliver an amount of foreign currency in excess of the value of
      their portfolio securities or other assets denominated in that currency or,
      in
      the case of a &#8220;cross-hedge,&#8221; denominated in a currency or currencies that the
      Adviser believes will tend to be closely correlated with that currency with
      regard to price movements. At the consummation of a forward contract, the Fund
      may either make delivery of the foreign currency or terminate their contractual
      obligation to deliver the foreign currency by purchasing an offsetting contract
      obligating them to purchase, at the same maturity date, the same amount of
      such
      foreign currency. If the Fund chooses to make delivery of the foreign currency,
      they may be required to obtain such currency through the sale of portfolio
      securities denominated in such currency or through conversion of other assets
      of
      the Fund into such currency. If the Fund engages in an offsetting transaction,
      the Fund will incur a gain or loss to the extent that there has been a change
      in
      forward contract prices.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      should
      be realized that this method of protecting the value of the Fund&#8217;s portfolio
      securities against a decline in the value of a currency does not eliminate
      fluctuations in the underlying prices of the securities. It simply establishes
      a
      rate of exchange which can be achieved at some future point in time.
      Additionally, although such contracts tend to minimize the risk of loss due
      to a
      decline in the value of the hedged currency, at the same time they tend to
      limit
      any potential gain which might result should the value of such currency
      increase. Generally, the Fund will not enter into a forward foreign currency
      exchange contract with a term longer than one year.</font></div>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-12-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Foreign
      Currency Options</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      may purchase and write options on foreign currencies to protect against declines
      in the U.S. dollar value of foreign securities or in the U.S. dollar value
      of
      dividends or interest expected to be received on these securities. These
      transactions may also be used to protect against increases in the U.S. dollar
      cost of foreign securities to be acquired by the Fund. Writing an option on
      foreign currency is only a partial hedge, up to the amount of the premium
      received, and the Fund could be required to purchase or sell foreign currencies
      at disadvantageous exchange rates, thereby incurring losses. The Fund may not
      purchase a foreign currency option if, as a result, premiums paid on foreign
      currency options then held by the Fund would represent more than 5% of the
      Fund&#8217;s net assets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      foreign
      currency option provides the option buyer with the right to buy or sell a stated
      amount of foreign currency at the exercise price on a specified date or during
      the option period. The owner of a call option has the right, but not the
      obligation, to buy the currency. Conversely, the owner of a put option has
      the
      right, but not the obligation, to sell the currency. When the option is
      exercised, the seller (i.e., writer) of the option is obligated to fulfill
      the
      terms of the sold option. However, either the seller or the buyer may, in the
      secondary market, close its position during the option period at any time prior
      to expiration.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      call
      option on a foreign currency generally rises in value if the underlying currency
      appreciates in value, and a put option on a foreign currency generally rises
      in
      value if the underlying currency depreciates in value. Although purchasing
      a
      foreign currency option can protect the Fund against an adverse movement in
      the
      value of a foreign currency, the option will not limit the movement in the
      value
      of such currency. For example, if the Fund was holding securities denominated
      in
      a foreign currency that was appreciating and had purchased a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">foreign
      currency put to hedge against a decline in the value of the currency, the Fund
      would not have to exercise its put option. Likewise, if the Fund were to enter
      into a contract to purchase a security denominated in foreign currency and,
      in
      conjunction with that purchase, were to purchase a foreign currency call option
      to hedge against a rise in value of the currency, and if the value of the
      currency instead depreciated between the date of purchase and the settlement
      date, the Fund would not have to exercise its call. Instead, the Fund could
      acquire in the spot market the amount of foreign currency needed for
      settlement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Foreign
      Currency Futures Transactions</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
      using
      foreign currency futures contracts and options on such contracts, the Fund
      may
      be able to achieve many of the same objectives as they would through the use
      of
      forward foreign currency exchange contracts. The Fund may be able to achieve
      these objectives possibly more effectively and at a lower cost by using futures
      transactions instead of forward foreign currency exchange
      contracts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      foreign
      currency futures contract sale creates an obligation by the Fund, as seller,
      to
      deliver the amount of currency called for in the contract at a specified future
      time for a specified price. A currency futures contract purchase creates an
      obligation by the Fund, as purchaser, to take delivery of an amount of currency
      at a specified future time at a specified price. Although the terms of currency
      futures contracts specify actual delivery or receipt, in most instances the
      contracts are closed out before the settlement date without the making or taking
      of delivery of the currency. Closing out of currency futures contracts is
      affected by entering into an offsetting purchase or sale transaction. An
      offsetting transaction for a currency futures contract sale is effected by
      the
      Fund entering into a currency futures contract purchase for the same aggregate
      amount of currency and same delivery date. If the price of the sale exceeds
      the
      price of the offsetting purchase, the Fund is immediately paid the difference
      and realizes a loss. Similarly, the closing out of a currency futures contract
      purchase is affected by the Balance Fund entering into a currency futures
      contract sale. If the offsetting sale price exceeds the purchase price, the
      Fund
      realizes a gain, and if the offsetting sale price is less than the purchase
      price, the Fund realizes a loss.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Defensive
          Positions</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
          periods of adverse market or economic conditions, the Fund may temporarily
          invest all or a substantial portion of its assets in cash or cash equivalents.
          The Fund will not be pursuing its investment objectives in these
          circumstances</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

    </div>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RISK
      FACTORS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>An
        investment in the Fund's common shares is subject to risks. The value of
        the
        Fund&#8217;s investments will increase or decrease based on changes in the prices of
        the investments it holds. This will cause the value of the Fund&#8217;s shares to
        increase or decrease. You could lose money by investing in the Fund. By itself,
        the Fund does not constitute a balanced investment program. You should consider
        carefully the following risks before investing in the Fund. There may be
        additional risks that the Fund does not currently forsee or consider material.
        You may wish to consult with your legal or tax advisors, before deciding
        whether
        to invest in the Fund.</em></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>No
        Operating History</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        is a closed-end investment company with no history of operations and is designed
        for long-term investors and not as a trading vehicle. During a fund's start-up
        period, the fund may not achieve the desired portfolio composition. If the
        fund
        commences operations under inopportune market or economic conditions, it
        may not
        be able to achieve its investment objective.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Investment
        and Market Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
        investment in common shares is subject to investment risk, including the
        possible loss of the entire principal amount invested. An investment in common
        shares represents an indirect investment in the securities owned by the Fund,
        which are generally traded on a securities exchange or in the over-the-counter
        markets. The value of these securities, like other market investments, may
        move
        up or down, sometimes rapidly and unpredictably. The common shares at any
        point
        in time may be worth less than the original investment, even after taking
        into
        account any reinvestment of dividends and distributions. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Issuer
        Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        value
        of an issuer's securities that are held in the Fund&#8217;s portfolio may decline for
        a number of reasons which directly relate to the issuer, such as management
        performance, financial leverage and reduced demand for the issuer's goods
        and
        services. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Qualified
          Dividend Tax Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
          assurance can be given as to what percentage of the distributions paid
          on the
          common shares, if any, will consist of tax-advantaged qualified dividend
          income
          or long-term capital gains or what the tax rates on various types of income
          will
          be in future years. Under current law, qualified dividend income and long-term
          capital gains are generally taxed to individual investors at a maximum
          federal
          income tax rate of 15%. This tax treatment may be adversely affected, changed
          or
          repealed by future changes in tax laws at any time and is currently scheduled
          to
          expire for tax years beginning after December 31, 2010. Thereafter, higher
          tax
          rates will apply unless further legislative action is taken. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition, failure by the Fund to comply with the holding-period requirements
          described above will result in the loss of the tax-advantaged status of
          some or
          all of the dividends received by the Fund and could negatively affect your
          after
          tax return on any distributions by the Fund attributable to such disqualified
          dividends. </font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
          may be
          difficult to obtain information regarding whether distributions by non-U.S.
          entities in which the Fund invests should be regarded as qualified dividend
          income. In addition, to receive qualified dividend income treatment, the
          Fund
          must meet holding period and other requirements with respect to the dividend
          paying stocks in its portfolio, and the shareholder must meet holding period
          and
          other requirements with respect to the Fund&#8217;s common shares. See &#8220;Federal Income
          Tax Matters&#8221; and &#8220;Distribution Policy&#8221;.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Dividend
          Strategy Risks</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund&#8217;s pursuit of its investment objective depends upon the Adviser&#8217;s ability to
          anticipate the dividend policies of the companies in which it chooses to
          invest.
          It is difficult to anticipate the level of dividends that companies will
          pay in
          any given timeframe. The Fund&#8217;s strategies require the Adviser to identify and
          exploit opportunities such as the announcement of major corporate actions,
          such
          as restructuring initiatives or a special dividend, that may lead to high
          current dividend income. These situations are typically not recurring in
          nature
          or frequency, may be difficult to predict and may not result in an opportunity
          that allows the Adviser to fulfill the Fund's investment objective. In
          addition,
          the dividend policies of the Fund's target companies are heavily influenced
          by
          the current economic climate and the favorable Federal tax treatment afforded
          to
          dividends. Challenging economic conditions, affecting either the market
          as a
          whole or a specific investment in the Fund's portfolio, may limit the
          opportunity to benefit from the current dividend policies of the companies
          in
          which the Fund invests or may cause such companies to reduce or eliminate
          their
          dividends. In addition, a change in the favorable provisions of the Federal
          tax
          laws may limit your ability to benefit from dividend increases or special
          dividends, may effect a widespread reduction in announced dividends and
          may
          adversely impact the valuation of the shares of dividend-paying
          companies.</font></div>

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    </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Common
        Stock Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
        stocks are an example of&#160;equity securities in which the&#160;Fund will
        invest.&#160;Although common stocks have historically generated higher average
        returns than fixed income securities over the long term, common stocks also
        have
        experienced significantly more volatility in returns. Common stocks may be
        more
        susceptible to adverse changes in market value due to issuer specific events
        or
        general movements in the equities markets. A drop in the stock market may
        depress the price of common stocks held by the Fund. Common stock prices
        fluctuate for many reasons, including changes in investors' perceptions of
        the
        financial condition of an issuer or the general condition of the relevant
        stock
        market, or the occurrence of political or economic events affecting issuers.
        For
        example, an adverse event, such as an unfavorable earnings report, may depress
        the value of common stock in which the Fund has invested; the price of common
        stock of an issuer may be particularly sensitive to general movements in
        the
        stock market; or a drop in the stock market may depress the price of most
        or all
        of the common stocks held by the Fund. Also, common stock of an issuer in
        the
        Fund's portfolio may decline in price if the issuer fails to make anticipated
        dividend payments because, among other reasons, the issuer of the security
        experiences a decline in its financial condition. The common stocks in which
        the
        Fund will invest are structurally subordinated to preferred securities, bonds
        and other debt instruments in a company's capital structure, in terms of
        priority to corporate income and assets, and therefore will be subject to
        greater risk than the preferred securities or debt instruments of such issuers.
        In addition, common stock prices may be sensitive to rising interest rates,
        as
        the costs of capital rise and borrowing costs increase. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Foreign
        Securities Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund's investments in securities of foreign issuers are subject to risks
        not
        usually associated with owning securities of U.S. issuers. These risks can
        include fluctuations in foreign currencies, foreign currency exchange controls,
        social, political and economic instability, differences in securities regulation
        and trading, expropriation or nationalization of assets, and foreign taxation
        issues. In addition, changes in government administrations or economic or
        monetary policies in the United States or abroad could result in appreciation
        or
        depreciation of the Fund's securities. It may also be more difficult to obtain
        and enforce a judgment against a foreign issuer. Any foreign investments
        made by
        the Fund must be made in compliance with U.S. and foreign currency restrictions
        and tax laws restricting the amounts and types of foreign investments. The
        Fund
        has no other investment restrictions with respect to investing in foreign
        issuers. </font></div>

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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-15-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      </div>
      <div id="HDR">
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        </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Small
        and Medium Cap Company Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Compared
        to investment companies that focus only on large capitalization companies,
        the
        Fund's share price may be more volatile because it also invests in small
        and
        medium capitalization companies. Compared to large companies, small and medium
        capitalization companies are more likely to have (i) more limited product
        lines
        or markets and less mature businesses, (ii) fewer capital resources, (iii)
        more
        limited management depth and (iv) shorter operating histories. Further, compared
        to large cap stocks, the securities of small and medium capitalization companies
        are more likely to experience sharper swings in market values, be harder
        to sell
        at times and at prices that the Adviser believes appropriate, and offer greater
        potential for gains and losses. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Portfolio
            Turnover Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            techniques and strategies contemplated by the Fund might result in a
            high degree
            of portfolio turnover. The Fund cannot accurately predict its securities
            portfolio turnover rate, but anticipates that its annual portfolio turnover
            rate
            will likely exceed 100% under normal market conditions, although it could
            be
            materially higher under certain conditions. Higher portfolio turnover
            rates
            could result in corresponding increases in brokerage commissions and
            may
            generate short-term capital gains taxable as ordinary
            income.</font></div>

      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Defensive
          Position</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>s</em>.
          </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
          periods of adverse market or economic conditions, the Fund may temporarily
          invest all or a substantial portion of its assets in cash or cash equivalents.
          The Fund would not be pursuing its investment objectives in these circumstances
          and could miss favorable market developments.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>


        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        </div>


        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Market
          Price of Shares</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          shares of closed-end management investment companies often trade at a discount
          from their net asset value, and the Fund's common shares may likewise trade
          at a
          discount from net asset value. The trading price of the Fund's common shares
          may
          be less than the public offering price. The returns earned by the Fund&#8217;s
          shareholders who sell their common shares below net asset value will be
          reduced.
</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Management
          Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          is subject to management risk because it is an actively managed portfolio.
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund&#8217;s successful pursuit of its investment objective depends upon the Adviser&#8217;s
          ability to find and exploit market inefficiencies with respect to undervalued
          securities and identify companies experiencing a change in dividend policy,
          including the announcement of restructuring initiatives or special dividends.
          Such situations occur infrequently and sporadically and may be difficult
          to
          predict, and may not result in a favorable pricing opportunity that allows
          the
          Adviser to fulfill the Fund's investment objective. The Adviser's security
          selections and other investment decisions might produce losses or cause
          the Fund
          to underpeform when compared to other funds with similar investment goals.
          If
          one or more key individuals leaves the employ of the Adviser, the Adviser
          may
          not be able to hire qualified replacements, or may require an extended
          time to
          do so. This could prevent the Fund from achieving its investment objectives.
          </font></font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>REIT
        Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        Fund invests in REITs, such investment will subject the Fund to various risks.
        The first, real estate industry risk, is the risk that the REIT share prices
        will decline because of adverse developments affecting the real estate industry
        and real property values. In general, real estate values can be affected
        by a
        variety of factors, including supply and demand for properties, the economic
        health of the country or of different regions, and the strength of specific
        industries that rent properties. REITs often invest in highly leveraged
        properties. The second risk is the risk that returns from REITs, which typically
        are small or medium capitalization stocks, will trail returns from the overall
        stock market. The third, interest rate risk, is the risk that changes in
        interest rates may hurt real estate values or make REIT shares less attractive
        than other income producing investments.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Qualification
        as a REIT under the Code in any particular year is a complex analysis that
        depends on a number of factors. There can be no assurance that the entities
        in
        which the Fund invests with the expectation that they will be taxed as a
        REIT
        will qualify as a REIT. An entity that fails to qualify as a REIT, would
        be
        subject to a corporate level tax, would not be entitled to a deduction for
        dividends paid to its shareholders and would not pass through to its
        shareholders the character of income earned by the entity. If the Fund were
        to
        invest in an entity that failed to qualify as a REIT, such failure could
        drastically reduce the Fund's yield on that investment.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends
        paid by REITs will not generally qualify for the reduced federal income tax
        rates&#160;similar to qualified dividends under the Code. See &#8220;Federal Income
        Tax Matters.&#8221;</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        does not expect to invest a significant portion of its assets in REITs, but
        does
        not have any investment restrictions with respect to such investments.
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        </div>
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    </div>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Investments
        in Undervalued Securities</em>.&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund&#8217;s investment strategy includes investing in securities, which, in the
        opinion of the Adviser, are undervalued. The identification of investment
        opportunities in undervalued securities is a difficult task and there is
        no
        assurance that such opportunities will be successfully recognized or acquired.
        While investments in undervalued securities offer opportunities for
        above-average capital appreciation, these investments involve a high degree
        of
        financial risk and can result in substantial losses</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Short
        Sale Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        Fund transacts a short sale, the Fund must borrow the security sold to make
        delivery to the buyer. The Fund is then obligated to replace the security
        borrowed by purchasing it at the market price at the time of replacement.
        The
        price at such time may be higher or lower than the price at which the security
        was sold by the Fund. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      short
      sale will be successful if the shorted security price decreases. However, if
      the
      underlying security goes up in price during the period during which the short
      position is outstanding, the Fund will realize a loss. The risk on a short
      sale
      is unlimited because the Fund must buy the shorted security at the higher price
      to complete the transaction. Therefore, short sales may be riskier than
      investments in long positions. With a long position the maximum sustainable
      loss
      is limited to the amount paid for the security plus the transaction costs,
      whereas there is no maximum attainable price of the shorted security.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        would also incur increased transaction costs associated with selling securities
        short. In addition,&#160;if the Fund&#160;sells securities short, it must
        maintain a segregated account with its custodian containing cash or high-grade
        securities equal to (i) the greater of the current market value of the stocks
        sold short or the market value of such securities at the time they were sold
        short, less (ii) any collateral deposited with the Fund&#8217;s broker (not including
        the proceeds from the short sales). The Fund may be required to add to the
        segregated account as the market price of a shorted security increases. As
        a
        result of maintaining and adding to its segregated account, the Fund may
        maintain higher levels of cash or liquid assets (for example, U.S. Treasury
        bills, repurchased agreements, high quality commercial paper and long equity
        positions) for collateral needs thus reducing its overall assets available
        for
        trading purposes.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Special
        Risks Associated with Foreign Currency Options</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Buyers
        and sellers of foreign currency options are subject to the same risks that
        apply
        to options generally, as described below. In addition, there are certain
        additional risks associated with foreign currency options. The markets in
        foreign currency options are relatively new, and the Fund&#8217;s ability to establish
        and close out positions on such options is subject to the maintenance of
        a
        liquid secondary market. Although the Fund will not purchase or write such
        options unless and until, in the opinion of the Adviser, the market for them
        has
        developed sufficiently to ensure that the risks in connection with such options
        are not greater than the risks in connection with the underlying currency,
        there
        can be no assurance that a liquid secondary market will exist for a particular
        option at any specific time. In addition, options on foreign currencies are
        affected by most of the same factors that influence foreign exchange rates
        and
        investments generally.</font></div>

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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-17-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      value
      of a foreign currency option depends upon the value of the underlying currency
      relative to the U.S. dollar. As a result, the price of the option position
      may
      vary with changes in the value of either or both currencies and may have no
      relationship to the investment merits of a foreign security. Because foreign
      currency transactions occurring in the interbank market involve substantially
      larger amounts than those that may be involved in the use of foreign currency
      options, investors may be disadvantaged by having to deal in an odd lot market
      (generally consisting of transactions of less than $1 million) for the
      underlying foreign currencies at prices that are less favorable than for round
      lots.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      is
      no systematic reporting of last sale information for foreign currencies or
      any
      regulatory requirement that quotations available through dealers or other market
      sources be firm or revised on a timely basis. Available quotation information
      is
      generally representative of very large transactions in the interbank market
      and
      thus may not reflect relatively smaller transactions (i.e., less than $1
      million) where rates may be less favorable. The interbank market in foreign
      currencies is a global, around-the-clock market. To the extent that the U.S.
      option markets are closed while the markets for the underlying currencies remain
      open, significant price and rate movements may take place in the underlying
      markets that cannot be reflected in the options markets until they
      reopen.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Risk
        Characteristics of Options and Futures</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Options
        and futures transactions can be highly volatile investments. Successful hedging
        strategies require the anticipation of future movements in securities prices,
        interest rates and other economic factors. When a fund uses futures contracts
        and options as hedging devices, the prices of the securities subject to the
        futures contracts and options may not correlate with the prices of the
        securities in a portfolio. This may cause the futures and options to react
        to
        market changes differently than the portfolio securities. Even if expectations
        about the market and economic factors are correct, a hedge could be unsuccessful
        if changes in the value of the portfolio securities do not correspond to
        changes
        in the value of the futures contracts. The ability to establish and close
        out
        futures contracts and options on futures contracts positions depends on the
        availability of a secondary market. If these positions cannot be closed out
        due
        to disruptions in the market or lack of liquidity, losses may be sustained on
        the futures contract or option.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Special
        Risks Associated with Foreign Currency Futures Contracts and Related
        Options</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Buyers
        and sellers of foreign currency futures contracts are subject to the same
        risks
        that apply to the use of futures generally, as described above. In addition,
        there are risks associated with foreign currency futures contracts and their
        use
        as a hedging device similar to those associated with options on foreign
        currencies, as described above.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Options
        on foreign currency futures contracts may involve certain additional risks.
        Trading options on foreign currency futures contracts is relatively new.
        The
        ability to establish and close out positions on such options is subject to
        the
        maintenance of a liquid secondary market. To reduce this risk, the Fund will
        not
        purchase or write options on foreign currency futures contracts unless and
        until, in the opinion of the Adviser, the market for such options has developed
        sufficiently that the risks in connection with such options are not greater
        than
        the risks in connection with transactions in the underlying foreign currency
        futures contracts. Compared to the purchase or sale of foreign currency futures
        contracts, the purchase of call or put options on futures contracts involves
        less potential risk to the Fund because the maximum amount at risk is the
        premium paid for the option (plus transaction costs). However, there may
        be
        circumstances when the purchase of a call or put option on a futures contract
        would result in a loss of up to the amount of the premium paid for the option,
        such as when there is no movement in the price of the underlying currency
        or
        futures contract.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Preferred
          Securities Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition to credit risk, investment in preferred securities carries risks
          including deferral risk, redemption risk, limited voting rights, risk of
          subordination and lack of liquidity. Fully taxable or hybrid preferred
          securities typically contain provisions that allow an issuer, at its discretion,
          to defer distributions for up to 20 consecutive quarters. Traditional preferreds
          also contain provisions that allow an issuer, under certain conditions
          to skip
          (in the case of &#8220;noncumulative preferreds&#8221;) or defer (in the case of &#8220;cumulative
          preferreds&#8221;), dividend payments. If the Fund owns a preferred security that is
          deferring its distributions, the Fund may be required to report income
          for tax
          purposes while it is not receiving any distributions. Preferred securities
          typically contain provisions that allow for redemption in the event of
          tax or
          security law changes in addition to call features at the option of the
          issuer.
          In the event of a redemption, the Fund may not be able to reinvest the
          proceeds
          at comparable rates of return. Preferred securities typically do not provide
          any
          voting rights, except in cases when dividends are in arrears beyond a certain
          time period, which varies by issue. Preferred securities are subordinated
          to
          bonds and other debt instruments in a company's capital structure in terms
          of
          priority to corporate income and liquidation payments, and therefore will
          be
          subject to greater credit risk than those debt instruments. Preferred securities
          may be substantially less liquid than many other securities, such as U.S.
          government securities, corporate debt or common stocks.
</font></div>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Emerging
          Markets Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investing
          in securities of issuers based in underdeveloped emerging markets entails
          all of
          the risks of investing in securities of foreign issuers to a heightened
          degree.
          These heightened risks include: (i) greater risks of expropriation, confiscatory
          taxation, nationalization, and less social, political and economic stability;
          (ii) the smaller size of the market for such securities and a lower volume
          of
          trading, resulting in lack of liquidity and in price volatility; and (iii)
          national policies that may restrict the Fund's investment opportunities
          including restrictions on investing in issuers or industries deemed sensitive
          to
          relevant national interests. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Convertible
            Securities Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            value
            of a convertible security is a function of its &#8220;investment value&#8221; (determined by
            its yield in comparison with the yields of other securities of comparable
            maturity and quality that do not have a conversion privilege) and its
            &#8220;conversion value&#8221; (the security's worth, at market value, if converted into the
            underlying common stock). The investment value of a convertible security
            is
            influenced by changes in interest rates, with investment value declining
            as
            interest rates increase and increasing as interest rates decline. The
            credit
            standing of the issuer and other factors may also have an effect on the
            convertible security's investment value. The conversion value of a convertible
            security is determined by the market price of the underlying common stock.
            If
            the conversion value is low relative to the investment value, the price
            of the
            convertible security is governed principally by its investment value.
            Generally,
            the conversion value decreases as the convertible security approaches
            maturity.
            To the extent the market price of the underlying common stock approaches
            or
            exceeds the conversion price, the price of the convertible security will
            be
            increasingly influenced by its conversion value. A convertible security
            generally will sell at a premium over its conversion value by the extent
            to
            which investors place value on the right to acquire the underlying common
            stock
            while holding a fixed income security.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">A
            convertible security may be subject to redemption at
            the option of the issuer at a price established in the convertible security's
            governing instrument. If a convertible security held by the Fund is called
            for
            redemption, the Fund will be required to permit the issuer to redeem
            the
            security, convert it into the underlying common stock or sell it to a
            third
            party. Any of these actions could have an adverse effect on the Fund's
            ability
            to achieve its investment objectives. </font></div>
        </div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-18-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div>
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><em><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Illiquid
            Securities</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
            Risk. </strong></font></em><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restricted
            securities and other illiquid investments of the Fund involve the risk
            that the
            securities will not be able to be sold at the time desired by the Adviser
            or at
            prices approximating the value at which the Fund is carrying the securities.
            Where registration is required to sell a security, the Fund may be obligated
            to
            pay all or part of the registration expenses, and a considerable period
            may
            elapse between the decision to sell and the time the Fund may be permitted
            to
            sell a security under an effective registration statement. If, during
            such a
            period, adverse market conditions were to develop, the Fund might obtain
            a less
            favorable price than prevailed when it decided to sell. Restricted securities
            for which no market exists and other illiquid investments are valued
            at fair
            value as determined in accordance with procedures approved and periodically
            reviewed by the Trustees of the Fund. </font></div>

      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Borrowing</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>
        Risk</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        Fund borrows money, it would experience&#160;greater volatility of net asset
        value and market price of the common shares. If the income from the securities
        purchased with such funds&#160;were not sufficient to cover the cost of any such
        borrowing, the return on the Fund&#160;would be less than if borrowing had not
        been used, and therefore the amount available for distribution to the Fund&#8217;s
        shareholders as dividends and other distributions&#160;would be reduced
        and&#160;might not satisfy the level dividend rate distribution policy set by
        the Board of Trustees.&#160; </font>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Anti-Takeover
        Provisions</em>. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund's Declaration of Trust includes provisions that could have the effect
        of
        inhibiting the Fund's possible conversion to open-end status and limiting
        the
        ability of other entities or persons to acquire control of the Fund or the
        Board
        of Trustees. In certain circumstances, these provisions might also inhibit
        the
        ability of shareholders to sell their shares at a premium over prevailing
        market
        prices. See &#8220;Anti-Takeover Provisions in the Declaration of Trust.&#8221;
</font></div>

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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-19-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LISTING
          OF SHARES</strong></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          intends to apply for listing on the NYSE under the ticker symbol &#8220;AGD&#8221; and will
          be required to meet the NYSE&#8217;s initial and continued listing
          requirements.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MANAGEMENT
      OF THE FUND</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Trustees
      And Officers</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Board
        of Trustees is responsible for the overall management of the Fund, including
        supervision of the duties performed by the Adviser. There are four trustees
        of
        the Fund. One of the trustees is an &#8220;interested person&#8221; (as defined in the 1940
        Act) of the Fund. The Trustees are responsible for the Fund&#8217;s overall
        management, including adopting the investment and other policies of the Fund,
        electing and replacing officers and selecting and supervising the Fund&#8217;s
        investment adviser. The name and business address of the trustees and officers
        of the Fund and their principal occupations and other affiliations during
        the
        past five years, as well as a description of committees of the Board of
        Trustees, are set forth under &#8220;Trustees and Officers&#8221; in the Statement of
        Additional Information.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
      Adviser</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
        Woods Capital Investors, LLC (the &#8220;Adviser&#8221;), located at 2500 Westchester
        Avenue, Suite 215, Purchase, New York, 10577, serves as the Fund&#8217;s investment
        adviser. The Adviser is registered with the SEC as an investment adviser
        under
        the Investment Advisers Act of 1940, as amended. The Adviser began conducting
        business in March 1998 and, together with its parent company, Alpine Woods
        Investments, LLC,&#160;had&#160;over $3 billion under management as of&#160;June
        16, 2006. The Adviser is a Delaware limited liability company organized on
        December 3, 1997. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Adviser has the responsibility for the management and implementation of the
        Fund&#8217;s investment program, under the supervision of the Board of Trustees. Mr.
        Samuel A. Lieber is the controlling person of the Adviser. He co-founded
        the
        Adviser with his father, Stephen A. Lieber. Pursuant to an Investment Advisory
        Agreement, the Fund is obligated to pay the Adviser a monthly fee computed
        at
        the annual rate of ____% of the average daily net assets of the Fund in
        consideration of the Adviser&#8217;s investment advisory services.&#160;The total
        estimated annual expenses of the Fund are set forth in the section titled
&#8220;Fees
        and Expenses.&#8221; </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consistent
      with the Rules of Fair Practice of the National Association of Securities
      Dealers, Inc., and subject to seeking best price and execution, the Adviser
      may
      consider sales of shares of other funds for which its serves as investment
      adviser as a factor in the selection of dealers to effect portfolio transactions
      for the Fund.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      its
      arrangements with privately placed funds that it manages, the Adviser receives
      a
      portion of the appreciation of such funds' portfolios. This may create an
      incentive for the Adviser to allocate attractive investment opportunities to
      such funds. However, the Adviser has procedures designed to allocate investment
      opportunities in a fair and equitable manner.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-20-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      discussion regarding the basis for the Board of Trustees approval of the Fund&#8217;s
      investment advisory agreement is available in the Fund&#8217;s Statement of Additional
      Information and will also be available in the Fund&#8217;s Annual Report to
      shareholders for the fiscal year ending April 30, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Portfolio
      Managers</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms.
        Jill
        K. Evans and Mr. Kevin Shacknofsky are the Fund's portfolio managers
        (collectively, the &#8220;Portfolio Managers&#8221;). In addition, Messrs. Stephen A. Lieber
        and Samuel A. Lieber, co-Chief Executive Officers of the Adviser, generally
        consult with each Portfolio Manager regarding investment decisions. In carrying
        out their responsibilities for the management of the Fund's portfolio of
        securities,&#160;each Portfolio Manager has primary responsibility
        for&#160;particular geographic areas, but the Portfolio Managers generally
        consult each other with respect to significant investment decisions. Ms.
        Evans
        is primarily responsible for U.S. investments, and Mr. Shacknofsky is primarily
        responsible for non-U.S. investments. In cases where the Portfolio Managers
        are
        not in agreement with regard to an investment decision, Mr. Samuel Lieber
        has
        ultimate authority to decide the matter.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Statement of Additional Information contains additional information about the
      compensation of the Portfolio Managers, other accounts managed by the Portfolio
      Managers and the Portfolio Managers' ownership of the securities of the Fund.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Jill
          Kaufman Evans </em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jill
          Evans joined the Adviser in May 2003 and has served as Portfolio Manager
          of the
          Alpine Dynamic Dividend Fund since its inception in September 2003. She
          was
          instrumental in designing that fund&#8217;s strategy and investment processes to take
          advantage of the reduced dividend tax rates resulting from the &#8220;Jobs and Growth
          Tax Relief Reconciliation Act of 2003.&#8221; Her work on the Alpine Dynamic Dividend
          Fund has attracted interest from numerous financial publications, including
          quotes and features in Barron&#8217;s, Kiplinger&#8217;s, Financial Advisor Magazine, The
          New York Times, Investor&#8217;s Business Daily, and The Wall Street Journal. She has
          also appeared on the financial TV networks CNBC and CNNfn and was a keynote
          speaker at the 13</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          Annual
          Louis Rukeyser Investment Conference on the topic of dividend investing.
          The
          Alpine Dynamic Dividend Fund was also highlighted as an attractive dividend
          investment in Ben Stein and Phil Demuth&#8217;s book, &#8220;Yes, You Can Be a Successful
          Income Investor!&#8221;</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
          to
          joining the Adviser, Ms. Evans spent 15 years at J.P. Morgan in New York
          as an
          equity research analyst and internal consultant. She was the Vice President
          and
          Senior Equity Research Analyst covering small and mid-cap basic industries
          and
          was the global coordinator of the passenger and freight transportation
          sectors.
          As an analyst, she had been recognized in several national investor surveys
          and
          financial periodicals, including Institutional Investor Magazine, The Wall
          Street Journal, The Wall Street Transcript, Thomson Financial and Greenwich
          Associates. </font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms.
          Evans
          joined J.P. Morgan in 1988 as an analyst and then project manager in the
          internal consulting group, Management Services. She spent her last year
          in
          Management Services working with McKinsey &amp; Co., consulting on several
          firm-wide cost reduction projects. Ms. Evans received a Bachelor of Arts
          degree
          in Economics from the University of Pennsylvania.</font></div>

    </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><em><font size="2">Kevin
        Shacknofsky</font></em></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
          Shacknofsky joined the Adviser in October 2003 as an analyst dedicated
          to the
          Alpine Dynamic Dividend Fund and was promoted to associate Portfolio Manager
          in
          June 2004 and to Portfolio Manager for the Alpine Dynamic Dividend Fund
          in June
          2006. Kevin has lived on three different continents and has primary
          responsibility managing the international portfolio of the Alpine Dynamic
          Dividend Fund, which currently invests one third of its assets in international
          securities. Kevin also designed, developed and implemented the Alpine Dynamic
          Dividend Fund&#8217;s proprietary special dividend capture strategy.
</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Previously,
          Mr. Shacknofsky was a Vice President in the venture capital firm Rein Capital
          in
          New Jersey for two years, investing in early stage Media &amp; Telecom companies
          and assisting portfolio companies with hiring their management teams, developing
          their business plans and building strategic partnerships. His experience
          also
          includes positions as an Investment Banking Associate at Lehman Brothers
          in New
          York, focusing on Media &amp; Telecom, and as a Private Equity Analyst for
          Hambros Grantham, the Private Equity division of Hambros PLC, of Sydney,
          Australia, where he worked on new investments including Management Buyouts
          and
          helped monitor the existing portfolio by serving on the board of directors
          of a
          number of portfolio companies. Mr. Shacknofsky was also a Client Manager
          for
          Deloitte Touche Tohmatsu in Sydney Australia, where he worked for seven
          years
          initially as an auditor primarily on Multinational Corporations and subsequently
          in their Corporate Finance Practice </font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
          Shacknofsky is a qualified Chartered Accountant and holds an MBA degree
          from
          Columbia Business School where he graduated with honors Beta Gamma Sigma
          in
          2001. He received his Bachelors of Business degree with a Major in Accounting
          and Finance from the University of Technology Sydney.</font></div>

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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-21-</font></div>
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            </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Stephen
      A. Lieber</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stephen
        Lieber is the Executive Vice President of the Fund. He brings half a century
        of
        successful investment management experience to the Adviser, of which he is
        co-Chief Executive Officer. Mr. Lieber started working in the investment
        management field in 1950, and became a partner of Oppenheimer, Vanden Broeck
        &amp; Co., members of the New York Stock Exchange, in 1953. Mr. Lieber was also
        a co-founder of Vanden Broeck Lieber &amp; Co. in 1956. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Lieber started his own investment firm, Lieber &amp; Co., in 1969 and formed the
      Evergreen Fund, a mutual fund, in 1971. The Evergreen Fund, which predominantly
      invested in smaller entrepreneurial companies, was followed by a series of
      additional mutual funds managed by Lieber &amp; Co., or its affiliates,
      including: the Evergreen Total Return Fund in 1978, the Evergreen Limited Market
      Fund in 1983, the Evergreen Growth and Income Fund in 1986, the Evergreen
      Foundation Fund in 1990 and the Evergreen Tax Strategic Foundation Fund in
      1993.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
        Union Corp. purchased Lieber &amp; Co. (which was the parent firm of Evergreen
        Asset Management Corp., the investment adviser to the Evergreen Funds) in
        1994.
        For the following five years, Mr. Lieber continued as chairman, co-chief
        executive, and also as portfolio manager of the Evergreen Fund, the Evergreen
        Foundation Fund, the Evergreen Tax Strategic Foundation Fund, the Evergreen
        Tax
        Strategic Equity Fund and several annuity funds and separate accounts. The
        effectiveness of these funds' strategies was highlighted in a New York Times
        article from October 10, 1999 that cited a study evaluating the performance
        of
        investment managers over a substantial period of time. According to the article,
        since 1971, management of the Evergreen Fund was ranked as one of three out
        of
        1,437 investment managers that exceeded appropriate benchmark performance
        through the investment cycles&#160;between 1971 and 1996. When Mr. Lieber
        retired in 1999 as Chairman and Co-Chief Executive Officer of Evergreen Asset
        Management Corp., the total of mutual fund assets under management was $21
        billion. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
        leaving Evergreen Asset Management Corp., Mr.&#160;Lieber formed Saxon Woods
        Advisors, LLC, an investment advisory firm registered under the Investment
        Advisers Act of 1940, to permit Mr.&#160;Lieber to continue management of
        accounts for individual clients and others. As of December 31, 2005, the
        Saxon
        Woods Advisors, LLC, an affiliate of the Adviser, had approximately $585
        million
        of assets under management. Mr. Lieber received a Bachelor's degree in English
        (with honors) from Williams College, and studied philosophy and English
        Literature in graduate school at Harvard.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Samuel
      A. Lieber</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
        Lieber is the Chairman of the Board of Trustees and President of the Fund.
        He
        founded the Adviser (formerly Alpine Management &amp; Research, LLC) and is its
        Managing Member and co-Chief Executive Officer. From 1985 to 1998, Mr. Lieber
        was the real estate securities portfolio manager and the senior real estate
        securities analyst for the Evergreen Funds. In 1989, Mr. Lieber became the
        portfolio manager of the first public mutual fund that focused primarily
        on
        investing internationally in real estate-related securities.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      Mr.
      Lieber's management, his mutual funds achieved the annual #1 real estate
      securities fund performance award from Lipper Analytic Services for 1993, 1995,
      and 1997, as well as the top five-year performance award in 1998. Prior to
      1985,
      Mr. Lieber was associated with Whitbread-Nolan, Inc. in the investment property
      brokerage division. Previous to this, Mr. Lieber worked for the urban design
      firm, Project for Public Spaces, as a Noyes Fellow.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Lieber has been widely quoted in the financial media, and has appeared on CNBC
      and radio, and been featured in Forbes, Individual Investor, Smart Money, and
      Kiplinger's. Mr. Lieber has also been interviewed by The Wall Street Journal,
      The New York Times, Fortune, Barron's, and The Wall Street Transcript, among
      other periodicals. He currently serves as portfolio manager of both Alpine
      International Real Estate Equity Fund and Alpine U.S. Real Estate Equity Fund
      and as co-manager of Alpine Realty Income &amp; Growth Fund, mutual funds that
      had aggregate net assets of approximately $1.5 billion as of December 31,
      2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Lieber received his Bachelor's degree (with high honors) from Wesleyan
      University and attended the New York University Graduate School of Business
      and
      New York University's Real Estate Institute. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Administrator</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALPS,
        located at 1625 Broadway, Suite 2200, Denver, Colorado 80202, serves as
        administrator to the Fund. Under the Administration Agreement, ALPS is
        responsible for calculating the net asset value of the common shares, and
        generally managing the administrative affairs of the Fund. ALPS is entitled
        to
        receive a monthly fee at the annual rate of 0.13% of the Fund's average daily
        total assets. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Custodian
      and Transfer Agent</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Bank
        of New York, with an address at <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
        Wall
        Street</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
        York,
        New York 10286</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,</font>
        is the custodian of the Fund and will maintain custody of the securities
        and
        cash of the Fund. ALPS maintains the Fund's general ledger and computes net
        asset value per share daily.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Bank
        of New York, with an address at&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">101
        Barclay Street</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
        York,
        New York 10286,</font>&#160;also serves as the transfer agent and dividend
        paying agent of the Fund. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Estimated
      Expenses</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Adviser is obligated to pay expenses associated with providing the services
      contemplated by the agreements to which they are parties, including compensation
      of and office space for their respective officers and employees connected with
      investment and economic research, trading and investment management and
      administration of the Fund. The Adviser is obligated to pay the fees of any
      Trustee of the Fund who is affiliated with it. The fees and expenses incident
      to
      the offering and issuance of common shares to be issued by the Fund (which
      include certain partial reimbursement of expenses of the underwriters) will
      be
      recorded as a reduction of capital of the Fund attributable to the common
      shares. Such fees and expenses constitute underwriting compensation and are
      a
      component of the total compensation to underwriters. See
&#8220;Underwriting.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        the
        basis of the anticipated size of the Fund immediately following the offering,
        assuming no exercise of the overallotment option, it is estimated that the
        Fund's annual operating expenses will be approximately $__________. No assurance
        can be given, in light of the Fund's investment objectives and policies,
        however, that actual annual operating expenses will not be substantially
        more or
        less than this estimate.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Costs
        incurred in connection with the organization of the Fund, estimated at
        $________, will be borne by the Adviser. Offering expenses relating to the
        Fund's common shares (other than the sales load), estimated at $_______,
        will be
        payable upon completion of the offering of common shares and will be charged
        to
        capital upon the commencement of investment operations of the Fund. The Adviser
        or an affiliate has agreed to pay the amount, if any, by which the Fund's
        offering expenses (other than sales load) exceed $.04 per
        share.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Advisory Agreement authorizes the Adviser to select brokers or dealers
      (including affiliates) to arrange for the purchase and sale of Fund securities,
      including principal transactions. Any commission, fee or other remuneration
      paid
      to an affiliated broker or dealer is paid in compliance with the Fund's
      procedures adopted in accordance with Rule 17e-1 under the 1940 Act.
</font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-23-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>DETERMINATION
      OF </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NET
      ASSET VALUE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        net
        asset value of shares of the Fund is calculated by dividing the value of
        the
        Fund&#8217;s net assets by the number of outstanding shares. Net asset value is
        determined each day the New York Stock Exchange (the &#8220;NYSE&#8221;) is open as of the
        close of regular trading (normally, 4:00 p.m., Eastern time). In computing
        net
        asset value, portfolio securities of the Fund are valued at their current
        market
        values determined on the basis of market quotations. If market quotations
        are
        not readily available, securities are valued at fair value as determined
        by the
        Board of Trustees. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fair
        valuation involves subjective judgments, and it is possible that the fair
        value
        determined for a security may differ materially from the value that could
        be
        realized upon the sale of the security. </font>Non-dollar denominated securities
        are valued as of the close of the NYSE at the closing price of such securities
        in their principal trading market, but may be valued at fair value if subsequent
        events occurring before the computation of net asset value materially have
        affected the value of the securities.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trading
        may take place in foreign issues held by the Fund at times when the Fund
        is not
        open for business. As a result, the Fund's net asset value may change at
        times
        when it is not possible to purchase or sell shares of the Fund. ALPS calculates
        the Fund's net asset value per common share by dividing the value of the
        Fund's
        total assets (the value of the securities the Fund holds plus cash or other
        assets, including interest accrued but not yet received), less accrued expenses
        of the Fund, less the Fund's other liabilities (including dividends payable
        and&#160;any borrowings) by the total number of common shares
        outstanding.&#160;The Fund may&#160;use a third-party pricing service to assist
        it in determining the market value of securities in the Fund's
        portfolio.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      purposes of determining the net asset value of the Fund, readily marketable
      portfolio securities listed on the New York Stock Exchange are valued, except
      as
      indicated below, at the last sale price reflected on the consolidated tape
      at
      the close of the New York Stock Exchange on the business day as of which such
      value is being determined. If there has been no sale on such day, the securities
      are valued at the mean of the closing bid and asked prices on such day. If
      no
      bid or asked prices are quoted on such day or if market prices may be unreliable
      because of events occurring after the close of trading, then the security is
      valued by such method as the Board of Trustees shall determine in good faith
      to
      reflect its fair market value. Readily marketable securities not listed on
      the
      New York Stock Exchange but listed on other domestic or foreign securities
      exchanges are valued in a like manner. Portfolio securities traded on more
      than
      one securities exchange are valued at the last sale price on the business day
      as
      of which such value is being determined as reflected on the consolidated tape
      at
      the close of the exchange representing the principal market for such securities.
      Securities trading on the NASDAQ are valued at the closing price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Readily
      marketable securities traded in the over-the-counter market, including listed
      securities whose primary market is believed by the Adviser to be
      over-the-counter are valued at the mean of the current bid and asked prices
      as
      reported by the NASD or, in the case of securities not reported by the NASD
      or a
      comparable source as the Board of Trustees deem appropriate to reflect their
      fair market value. Where securities are traded on more than one exchange and
      also over-the-counter, the securities will generally be valued using the
      quotations the Board of Trustees believes reflect most closely the value of
      such
      securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>DISTRIBUTION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      POLICY</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        intends to make a level dividend distribution each month to its shareholders
        after payment of Fund operating expenses. The level dividend rate may be
        modified by the Board of Trustees from time to time. If, for any monthly
        distribution, investment company taxable income, if any (which term includes
        net
        short-term capital gain) and net tax-exempt income, if any, is less than
        the
        amount of the distribution, the difference will generally be a tax-free return
        of capital distributed from the Fund's assets. The Fund's final distribution
        for
        each calendar year will include any remaining investment company taxable
        income
        and net tax-exempt income undistributed during the year, as well as all net
        capital gain realized during the year. If the total distributions made in
        any
        calendar year exceed investment company taxable income, net tax-exempt income
        and net capital gain, such excess distributed amount would be treated as
        ordinary dividend income to the extent of the Fund's current and accumulated
        earnings and profits. Distributions in excess of the earnings and profits
        would
        first be a tax-free return of capital to the extent of the adjusted tax basis
        in
        the shares. After such adjusted tax basis is reduced to zero, the distribution
        would constitute capital gain (assuming the shares are held as capital assets).
        This distribution policy may, under certain circumstances, have certain adverse
        consequences to the Fund and its shareholders because it may result in a
        return
        of capital resulting in less of a shareholder's assets being invested in
        the
        Fund and, over time, increase the Fund's expense ratio. The distribution
        policy
        also may cause the Fund to sell a security at a time it would not otherwise
        do
        so in order to manage the distribution of income and gain. The initial
        distribution is expected to be declared approximately 45 days after the
        completion of this offering and paid on or about [_______ ___, 2006], depending
        on market conditions.</font></div>

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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-24-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Adviser, on behalf of the Fund,&#160;intends to apply&#160;to the SEC for an
        exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder
        permitting the Fund to make periodic distributions of long-term capital gains,
        provided that the distribution policy of the Fund with respect to its common
        shares calls for periodic (for example, quarterly/monthly) distributions
        in an
        amount equal to a fixed percentage of the Fund's average net asset value
        over a
        specified period of time or market price per common share at or about the
        time
        of distribution or pay-out of a level dollar amount. No assurance can be
        given
        that the SEC will grant the exemption to the Fund. The staff of the SEC has
        indicated that it has suspended the processing of exemptive applications
        requesting the type of relief referenced above, pending review by the staff
        of
        the results of an industry-wide SEC inspection focusing on the dividend
        practices of closed-end investment companies. There can be no assurance as
        to
        when that review might be completed or whether, following that review, the
        staff
        would process such applications or grant such relief.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      level
      dividend distribution described above would result in the payment of
      approximately the same amount or percentage to the Fund&#8217;s shareholders each
      month. Section 19(a) of the 1940 Act and Rule 19a-1 thereunder require the
      Fund
      to provide a written statement accompanying any such payment that adequately
      discloses its source or sources. Thus, if the source of the dividend or other
      distribution were the original capital contribution of the shareholder, and
      the
      payment amounted to a return of capital, the Fund would be required to provide
      written disclosure to that effect. Nevertheless, persons who periodically
      receive the payment of a dividend or other distribution may be under the
      impression that they are receiving net profits when they are not. Shareholders
      should read any written disclosure provided pursuant to Section 19(a) and Rule
      19a-1 carefully, and should not assume that the source of any distribution
      from
      the Fund is net profit. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>DIVIDEND
      REINVESTMENT PLAN</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless
        the registered owner of common shares elects to receive cash by contacting
        _______ (the &#8220;Plan Administrator&#8221;), all dividends declared on common shares will
        be automatically reinvested by the Plan Administrator for shareholders in
        the
        Fund's Dividend Reinvestment Plan (the &#8220;Plan&#8221;), in additional common shares of
        the Fund. Shareholders that are not permitted to participate through their
        broker or&#160;nominee or who elect not to participate in the Plan will receive
        all dividends and other distributions in cash paid by check mailed directly
        to
        the shareholder of record (or, if the common shares are held in street or
        other
        nominee name, then to such nominee) by the Plan Administrator, as dividend
        disbursing agent. You may elect not to participate in the Plan and to receive
        all dividends in cash by contacting the Plan Administrator, as dividend
        disbursing agent, at the address set forth below. Participation in the Plan
        is
        completely voluntary and may be terminated or resumed at any time without
        penalty by notice if received and processed by the Plan Administrator prior
        to
        the dividend record date; otherwise such termination or resumption will be
        effective with respect to any subsequently declared dividend or other
        distribution.&#160;If you hold your shares through a broker, and you wish for
        all dividends declared on your common shares to be automatically reinvested
        pursuant to the Plan, please contact your broker.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-25-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Plan
      Administrator will open an account for each shareholder under the Plan in the
      same name in which such shareholder's common shares are registered. Whenever
      the
      Fund declares a dividend or other distribution (together, a &#8220;Dividend&#8221;) payable
      in cash, non-participants in the Plan will receive cash and participants in the
      Plan will receive the equivalent in common shares. The common shares will be
      acquired by the Plan Administrator for the participants' accounts, depending
      upon the circumstances described below, either (i) through receipt of additional
      unissued but authorized common shares from the Fund (&#8220;Newly Issued common
      shares&#8221;) or (ii) by purchase of outstanding common shares on the open market
      (&#8220;Open-Market Purchases&#8221;) on the New York Stock Exchange or elsewhere. If, on
      the payment date for any Dividend, the closing market price plus estimated
      brokerage commissions per share is equal to or greater than the net asset value
      per share, the Plan Administrator will invest the Dividend amount in Newly
      Issued common shares on behalf of the participants. The number of Newly Issued
      common shares to be credited to each participant's account will be determined
      by
      dividing the dollar amount of the Dividend by the net asset value per share
      on
      the payment date; provided that, if the net asset value is less than or equal
      to
      95% of the closing market value on the payment date, the dollar amount of the
      Dividend will be divided by 95% of the closing market price per share on the
      payment date. If, on the payment date for any Dividend, the net asset value
      per
      share is greater than the closing market value plus estimated brokerage
      commissions, the Plan Administrator will invest the Dividend amount in common
      shares acquired on behalf of the participants in Open-Market Purchases.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event of a market discount on the payment date for any Dividend, the Plan
      Administrator will have until the last business day before the next date on
      which the common shares trade on an &#8220;ex-dividend&#8221; basis or 30 days after the
      payment date for such Dividend, whichever is sooner (the &#8220;Last Purchase Date&#8221;),
      to invest the Dividend amount in common shares acquired in Open-Market
      Purchases. It is contemplated that the Fund will pay monthly income Dividends.
      If, before the Plan Administrator has completed its Open-Market Purchases,
      the
      market price per share exceeds the net asset value per share, the average per
      share purchase price paid by the Plan Administrator may exceed the net asset
      value of the common shares, resulting in the acquisition of fewer common shares
      than if the Dividend had been paid in Newly Issued common shares on the Dividend
      payment date. Because of the foregoing difficulty with respect to Open-Market
      Purchases, the Plan provides that if the Plan Administrator is unable to invest
      the full Dividend amount in Open-Market Purchases during the purchase period
      or
      if the market discount shifts to a market premium during the purchase period,
      the Plan Administrator may cease making Open-Market Purchases and may invest
      the
      uninvested portion of the Dividend amount in Newly Issued common shares at
      the
      net asset value per share at the close of business on the Last Purchase Date
      provided that, if the net asset value is less than or equal to 95% of the then
      current market price per share, the dollar amount of the Dividend will be
      divided by 95% of the market price on the payment date for purposes of
      determining the number of shares issuable under the Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Plan
      Administrator maintains all shareholders' accounts in the Plan and furnishes
      written confirmation of all transactions in the accounts, including information
      needed by shareholders for tax records. Common shares in the account of each
      Plan participant will be held by the Plan Administrator on behalf of the Plan
      participant, and each shareholder proxy will include those shares purchased
      or
      received pursuant to the Plan. The Plan Administrator will forward all proxy
      solicitation materials to participants and vote proxies for shares held under
      the Plan in accordance with the instructions of the participants. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      case of the Fund&#8217;s shareholders such as banks, brokers or nominees which hold
      shares for others who are the beneficial owners, the Plan Administrator will
      administer the Plan on the basis of the number of common shares certified from
      time to time by the record shareholder's name and held for the account of
      beneficial owners who participate in the Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
      will be no brokerage charges with respect to common shares issued directly
      by
      the Fund. However, each participant will pay a pro rata share of brokerage
      commissions incurred in connection with Open-Market Purchases. The automatic
      reinvestment of Dividends will not relieve participants of any federal, state
      or
      local income tax that may be payable (or required to be withheld) on such
      Dividends. See &#8220;Federal Income Tax Matters.&#8221; Participants that request a sale of
      common shares through the Plan Administrator are subject to brokerage
      commissions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shareholders
          participating in the Plan may receive benefits not available to shareholders
          not
          participating in the Plan. If the market price plus commissions of the
          Fund&#8217;s
          shares is higher than the net asset value, participants in the Plan will
          receive
          shares of the Fund for less than they could otherwise purchase them and
          will
          have shares with a cash value greater than the value of any cash distribution
          they would have received on their shares. If the market price plus commissions
          is below the net asset value, participants receive distributions of shares
          with
          a net asset value greater than the value of any cash distribution they
          would
          have received on their shares. However, there may be insufficient shares
          available in the market to make distributions in shares at prices below
          the net
          asset value. Also, because the Fund does not redeem its shares, the price
          on
          resale may be more or less than the net asset value.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      reserves the right to amend or terminate the Plan. There is no direct service
      charge to participants with regard to purchases in the Plan; however, the Fund
      reserves the right to amend the Plan to include a service charge payable by
      the
      participants.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      correspondence or questions concerning the Plan should be directed to the Plan
      Administrator, ___________, [ADDRESS], [PHONE #]. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-26-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FEDERAL
      INCOME TAX MATTERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following is a summary discussion of certain U.S. federal income tax
      consequences that may be relevant to a shareholder of the Fund that acquires,
      holds and/or disposes of shares of the Fund, and reflects provisions of the
      Code, existing Treasury regulations, rulings published by the IRS, and other
      applicable authority, as of the date of this prospectus. These authorities
      are
      subject to change by legislative or administrative action, possibly with
      retroactive effect. The following discussion is only a summary of some of the
      important tax considerations generally applicable to investments in the Fund
      and
      the discussion set forth herein does not constitute tax advice. For more
      detailed information regarding tax considerations, see the Statement of
      Additional Information. There may be other tax considerations applicable to
      particular investors. In addition, income earned through an investment in the
      Fund may be subject to state, local and foreign taxes. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      intends to elect to be treated and to qualify each year for taxation as a
      regulated investment company under Subchapter M of the Code. In order for the
      Fund to qualify as a regulated investment company, it must meet an income and
      asset diversification test each year. If the Fund so qualifies and satisfies
      certain distribution requirements, the Fund (but not its shareholders) will
      not
      be subject to federal income tax to the extent it distributes its investment
      company taxable income and net capital gains (the excess of net long-term
      capital gains over net short-term capital loss) in a timely manner to its
      shareholders in the form of dividends or capital gain distributions. The Code
      imposes a 4% nondeductible excise tax on regulated investment companies, such
      as
      the Fund, to the extent they do not meet certain distribution requirements
      by
      the end of each calendar year. The Fund anticipates meeting these distribution
      requirements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        intends to make monthly distributions of investment company taxable income
        after
        payment of the Fund&#8217;s operating expenses including interest on any outstanding
        borrowings. Unless a shareholder is ineligible to participate or elects
        otherwise, all distributions will be automatically reinvested in additional
        shares of the Fund pursuant to the Plan. For U.S. federal income tax purposes,
        all dividends are generally taxable whether a shareholder takes them in cash
        or
        they are reinvested pursuant to the Plan in additional shares of the Fund.
        Distributions of the Fund's investment company taxable income (including
        short-term capital gains) will generally be treated as ordinary income to
        the
        extent of the Fund's current and accumulated earnings and profits. Distributions
        of the Fund's net capital gains (&#8220;capital gain dividends&#8221;), if any, are taxable
        to shareholders as long-term capital gains, regardless of the length of time
        shares have been held by shareholders. Distributions, if any, in excess of
        the
        Fund's earnings and profits will first reduce the adjusted tax basis of a
        holder's shares and, after that basis has been reduced to zero, will constitute
        capital gains to the shareholder of the Fund (assuming the shares are held
        as a
        capital asset). See below for a summary of the maximum tax rates applicable
        to
        capital gains (including capital gain dividends). A corporation that owns
        Fund
        shares generally will not be entitled to the dividends received deduction
        with
        respect to all the dividends it receives from the Fund. Fund dividend payments
        that are attributable to qualifying dividends received by the Fund from certain
        domestic corporations may be designated by the Fund as being eligible for
        the
        dividends received deduction. There can be no assurance as to what portion
        of
        Fund dividend payments may be classified as qualifying dividends. With respect
        to the monthly distributions of&#160;investment company taxable income described
        above, it may be the case that any &#8220;level load&#8221; distributions would result in a
        return of capital to the shareholder of the Funds. The determination of the
        character for U.S. federal income tax purposes of any distribution from the
        Fund
        (i.e. ordinary income dividends, capital gains dividends, qualified dividends,
        return of capital distributions) will be made as of the end of the Fund's
        taxable year. Generally, no later than 60 days after the close of its taxable
        year, the Fund will provide shareholders with a written notice designating
        the
        amount of any capital gain distributions or other distributions. See
&#8220;Distributions Policy&#8221; for a more complete description of such returns and the
        risks associated with them.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        current law, certain income distributions paid by the Fund to individual
        taxpayers are taxed at rates equal to those applicable to net long-term capital
        gains (15%, or 5% for individuals in the 10% or 15% tax brackets). This tax
        treatment applies only if certain holding period and other requirements are
        satisfied by the shareholder of the Fund with respect to its shares of the
        Fund,
        and the dividends are attributable to qualified dividends received by the
        Fund
        itself. For this purpose, &#8220;qualified dividends&#8221; means dividends received by the
        Fund from certain United States corporations and qualifying foreign corporations
        (as described below), provided that the Fund satisfies certain holding period
        and other requirements in respect of the stock of such corporations. In the
        case
        of securities lending transactions, payments in lieu of dividends are not
        qualified dividends. Dividends received by the Fund from REITs are qualified
        dividends eligible for this lower tax rate only in limited circumstances.
        These
        special rules relating to the taxation of ordinary income dividends from
        regulated investment companies generally apply to taxable years beginning
        before
        January 1, 2011. Thereafter, the Fund's dividends, other than capital gain
        dividends, will be fully taxable at ordinary income tax rates unless further
        Congressional legislative action is taken.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-27-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      dividend paid by the Fund to a shareholder will not be treated as qualified
      dividend income of the shareholder if (1) the dividend is received with respect
      to any share held for fewer than 61 days during the 121-day period beginning
      on
      the date which is 60 days before the date on which such share becomes
      ex-dividend with respect to such dividend, (2) to the extent that the recipient
      is under an obligation (whether pursuant to a short sale or otherwise) to make
      related payments with respect to positions in substantially similar or related
      property or (3) if the recipient elects to have the dividend treated as
      investment income for purposes of the limitation on deductibility of investment
      interest.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
      to certain exceptions, a &#8220;qualified foreign corporation&#8221; is any foreign
      corporation that is either (i) incorporated in a possession of the United States
      (the &#8220;possessions test&#8221;), or (ii) eligible for benefits of a comprehensive
      income tax treaty with the United States, which the Secretary of the Treasury
      determines is satisfactory for these purposes and which includes an exchange
      of
      information program (the &#8220;treaty test&#8221;). The Secretary of the Treasury has
      identified tax treaties between the United States and 52 other countries that
      satisfy the treaty test.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
      to the same exceptions, a foreign corporation that does not satisfy either
      the
      possessions test or the treaty test will still be considered a &#8220;qualified
      foreign corporation&#8221; with respect to any dividend paid by such corporation if
      the stock with respect to which such dividend is paid is readily tradable on
      an
      established securities market in the United States. The Treasury Department
      has
      issued a notice stating that common or ordinary stock, or an American depositary
      receipt in respect of such stock, is considered readily tradable on an
      established securities market in the United States if it is listed on a national
      securities exchange that is registered under section 6 of the Securities
      Exchange Act of 1934 or on the NASDAQ Stock Market.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        qualified foreign corporation does not include any foreign corporation which
        for
        the taxable year of the corporation in which the dividend is paid, or the
        preceding taxable year, is&#160;a passive foreign investment
        company.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends
        and interest received, and gains realized, by the Fund on foreign securities
        may
        be subject to income, withholding or other taxes imposed by foreign countries
        and U.S. possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return
        on its securities. Tax conventions between certain countries and the United
        States, however, may reduce or eliminate foreign taxes, and many foreign
        countries do not impose taxes on capital gains in respect of investments
        by
        foreign investors. If more than 50% of the value of the Fund&#8217;s total assets at
        the close of its taxable year consists of securities of foreign corporations,
        it
        will be eligible to, and may, file an election with the Internal Revenue
        Service
        that will enable its shareholders, in effect, to receive the benefit of the
        foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant
        to the election, the Fund would treat those taxes as dividends paid to its
        shareholders and each shareholder (1) would be required to include in gross
        income, and treat as paid by such shareholder, a proportionate share of those
        taxes, (2) would be required to treat such share of those taxes and of any
        dividend paid by the Fund that represents income from foreign or U.S.
        possessions sources as such shareholder&#8217;s own income from those sources, and, if
        certain conditions are met,&#160;(3) could either deduct the foreign taxes
        deemed paid in computing taxable income or, alternatively use the foregoing
        information in calculating the foreign tax credit against federal income
        tax.
        The Fund will report to its shareholders shortly after each taxable year
        their
        respective shares of foreign taxes paid and the income from sources within,
        and
        taxes paid to, foreign countries and U.S. possessions if it makes this
        election.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-28-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      will inform its shareholders of the source and tax status of all distributions
      promptly after the close of each calendar year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling
        shareholders of the Fund will generally recognize gain or loss in an amount
        equal to the difference between the shareholder's adjusted tax basis in the
        shares sold and the amount received. If the shares are held as a capital
        asset,
        the gain or loss will be a capital gain or loss. Under current law, the maximum
        tax rate applicable to net capital gains recognized by individuals and other
        non-corporate taxpayers is (i) the same as the maximum ordinary income tax
        rate
        for gains recognized on the sale of capital assets held for one year or less
        or
        (ii) 15% for gains recognized on the sale of capital assets held for more
        than
        one year (as well as certain capital gain dividends) (5% for individuals
        in the
        10% or 15% tax brackets). Any loss on a disposition of shares held for six
        months or less will be treated as a long-term capital loss to the extent
        of any
        capital gain dividends received with respect to those shares. The use of
        capital
        losses is subject to limitations. For purposes of determining whether shares
        have been held for six months or less, the holding period is suspended for
        any
        periods during which the shareholder's risk of loss is diminished as a result
        of
        holding one or more other positions in substantially similar or related
        property, or through certain options or short sales. Any loss realized on
        a sale
        or exchange of shares will be disallowed to the extent those shares are replaced
        by other substantially identical shares within a period of 61 days beginning
        30
        days before and ending 30 days after the date of disposition of the shares
        (whether through the reinvestment of distributions, which could occur, for
        example, if the shareholder is a participant in the Plan or otherwise). In
        that
        event, the basis of the replacement shares will be adjusted to reflect the
        disallowed loss.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
      investor should be aware that, if shares are purchased shortly before the record
      date for any taxable dividend (including a capital gain dividend), the purchase
      price likely will reflect the value of the dividend and the investor then would
      receive a taxable distribution likely to reduce the trading value of such
      shares, in effect resulting in a taxable return of some of the purchase price.
      Taxable distributions to individuals and certain other non-corporate
      shareholders of the Fund, including those who have not provided their correct
      taxpayer identification number and other required certifications, may be subject
      to &#8220;backup&#8221; federal income tax withholding at the fourth lowest rate of tax
      applicable to a single individual (in 2006, 28%).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
      investor should also be aware that the benefits of the reduced tax rate
      applicable to long-term capital gains and qualified dividend income may be
      impacted by the application of the alternative minimum tax to individual
      shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund's investments in options, futures contracts, hedging transactions, forward
      contracts (to the extent permitted) and certain other transactions will be
      subject to special tax rules (including mark-to-market, constructive sale,
      straddle, wash sale, short sale and other rules), the effect of which may be
      to
      accelerate income to the Fund, defer Fund losses, cause adjustments in the
      holding periods of securities held by the Fund, convert capital gain into
      ordinary income and convert short-term capital losses into long-term capital
      losses. These rules could therefore affect the amount, timing and character
      of
      distributions to shareholders. The Fund may be required to limit its activities
      in options and futures contracts in order to enable it to maintain its regulated
      investment company status.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund's transactions in foreign currencies, foreign currency denominated debt
      obligations and certain foreign currency options, futures contracts and forward
      contracts (and similar instruments) may give rise to ordinary income or loss
      to
      the extent such income or loss results from fluctuations in the value of the
      foreign currency concerned.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing briefly summarizes some of the important federal income tax
      consequences to shareholders of investing in the Fund&#8217;s shares, reflects the
      federal tax law as of the date of this prospectus, and does not address special
      tax rules applicable to certain types of investors, such as corporate and
      foreign investors. Investors should consult their tax advisers regarding other
      federal, state or local tax considerations that may be applicable in their
      particular circumstances, as well as any proposed tax law changes. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-29-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>DESCRIPTION
      OF CAPITAL STRUCTURE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      is an unincorporated statutory trust established under the laws of the State
      of
      Delaware upon the filing with the Secretary of State of Delaware, on May 11,
      2006, of a Certificate of Trust. The Fund&#8217;s Declaration of Trust provides that
      the Trustees of the Fund may authorize separate classes of shares of beneficial
      interest. The Trustees have authorized an unlimited number of common shares.
      The
      Fund intends to hold annual meetings of its shareholders in compliance with
      the
      requirements of the New York Stock Exchange. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Common
      Shares</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Declaration of Trust, which has been filed with the SEC, permits the Fund
        to
        issue an unlimited number of full and fractional common shares of beneficial
        interest, no par value. Each share of the Fund represents an equal proportionate
        interest in the assets of the Fund with each other share in the Fund. Holders
        of
        common shares will be entitled to the payment of dividends when, as and if
        declared by the Board of Trustees. The Fund intends to make a level dividend
        distribution each month to its shareholders after payment of fund operating
        expenses including interest on outstanding borrowings, if any. See "Distribution
        Policy." Unless the registered owner of common shares elects to receive cash,
        all dividends declared on common shares will be automatically reinvested
        for
        shareholders in additional common shares of the Fund. See "Dividend Reinvestment
        Plan." The 1940 Act or the terms of any borrowings may limit the payment
        of
        dividends to the holders of common shares. Each whole share shall be entitled
        to
        one vote as to matters on which it is entitled to vote pursuant to the terms
        of
        the Declaration of Trust. Upon liquidation of the Fund, after paying or
        adequately providing for the payment of all liabilities of the Fund, and
        upon
        receipt of such releases, indemnities and refunding agreements as they deem
        necessary for their protection, the Trustees may distribute the remaining
        assets
        of the Fund among its shareholders. The shares are not liable to further
        calls
        or to assessment by the Fund. There are no pre-emptive rights associated
        with
        the shares. The Declaration of Trust provides that the Fund&#8217;s shareholders are
        not liable for any liabilities of the Fund. Although shareholders of an
        unincorporated statutory trust established under Delaware law, in certain
        limited circumstances, may be held personally liable for the obligations
        of the
        Fund as though they were general partners, the provisions of the Declaration
        of
        Trust described in the foregoing sentence make the likelihood of such personal
        liability remote. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      has no present intention of offering additional common shares, except as
      described herein. Other offerings of its common shares, if made, will require
      approval of the Board of Trustees. Any additional offering will not be sold
      at a
      price per share below the then current net asset value (exclusive of
      underwriting discounts and commissions) except in connection with an offering
      to
      existing shareholders of the Fund or with the consent of a majority of the
      Fund's outstanding common shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      generally will not issue share certificates. However, the Trustees may authorize
      the issuance share certificates and conditions as to their use. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Credit
      Facility</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event the Fund borrows, the Fund may enter into definitive agreements with
      respect to a credit facility. The Fund may negotiate with commercial banks
      to
      arrange a credit facility pursuant to which the Fund would expect to be entitled
      to borrow an amount not to exceed 10% of the Fund's total assets (inclusive
      of
      the amount borrowed) as of the closing of the offer and sale of the common
      shares offered hereby. Such a facility is not expected to be convertible into
      any other securities of the Fund, outstanding amounts are expected to be
      prepayable by the Fund prior to final maturity without significant penalty
      and
      there are not expected to be any sinking fund or mandatory retirement
      provisions. Outstanding amounts would be payable at maturity or such earlier
      times as required by the agreement. The Fund may be required to prepay
      outstanding amounts under the facility or incur a penalty rate of interest
      in
      the event of the occurrence of certain events of default. The Fund would be
      expected to indemnify the lenders under the facility against liabilities they
      may incur in connection with the facility. The Fund may be required to pay
      commitment fees under the terms of any such facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-30-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Fund expects that such a credit facility would contain covenants
      that, among other things, likely will limit the Fund's ability to pay dividends
      in certain circumstances, incur additional debt, change its fundamental
      investment policies and engage in certain transactions, including mergers and
      consolidations, and may require asset coverage ratios in addition to those
      required by the 1940 Act. The Fund may be required to pledge its assets and
      to
      maintain a portion of its assets in cash or high-grade securities as a reserve
      against interest or principal payments and expenses. The Fund expects that
      any
      credit facility would have customary covenant, negative covenant and default
      provisions. There can be no assurance that the Fund will enter into an agreement
      for a credit facility on terms and conditions representative of the foregoing,
      or that additional material terms will not apply. In addition, if entered into,
      any such credit facility may in the future be replaced or refinanced by one
      or
      more credit facilities having substantially different terms. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Repurchase
      of Shares And Other Discount Measures</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
      shares of closed-end management investment companies frequently trade at a
      discount to their net asset values, the Board of Trustees has determined that
      from time to time it may be in the interest of the Fund&#8217;s shareholders for the
      Fund to take corrective actions. The Board of Trustees, in consultation with
      the
      Adviser, will review at least annually the possibility of open market
      repurchases and/or tender offers for the common shares and will consider such
      factors as the market price of the common shares, the net asset value of the
      common shares, the liquidity of the assets of the Fund, effect on the Fund's
      expenses, whether such transactions would impair the Fund's status as a
      regulated investment company or result in a failure to comply with applicable
      asset coverage requirements, general economic conditions and such other events
      or conditions, which may have a material effect on the Fund's ability to
      consummate such transactions. There are no assurances that the Board of Trustees
      will, in fact, decide to undertake either of these actions or, if undertaken,
      that such actions will result in the Fund's common shares trading at a price
      which is equal to or approximates their net asset value. In recognition of
      the
      possibility that the common shares might trade at a discount to net asset value
      and that any such discount may not be in the interest of the Fund&#8217;s
      shareholders, the Board of Trustees, in consultation with the Adviser, from
      time
      to time may review possible actions to reduce any such discount. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ANTI-TAKEOVER
      PROVISIONS IN THE DECLARATION OF TRUST</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Declaration of Trust includes provisions that could have the effect of limiting
        the ability of other entities or persons to acquire control of the Fund or
        to
        change the composition of the Board of Trustees, and could have the effect
        of
        depriving the Fund&#8217;s shareholders of an opportunity to sell their common shares
        at a premium over prevailing market prices by discouraging a third party
        from
        seeking to obtain control of the Fund. These provisions may have the effect
        of
        discouraging attempts to acquire control of the Fund, which attempts could
        have
        the effect of increasing the expenses of the Fund and interfering with the
        normal operation of the Fund. The Board of Trustees is divided into three
        classes, with the term of one class expiring at each annual meeting of the
        Fund&#8217;s shareholders. At each annual meeting, one class of Trustees is elected
        to
        a three-year term. This provision could delay for up to two years the
        replacement of a majority of the Board of Trustees. A Trustee may be removed
        from office without cause only by a written instrument signed or adopted
        by
        two-thirds of the remaining Trustees or by a vote of the holders of at least
        two-thirds of the class of shares of the Fund&#160;that are entitled to elect
        a&#160;Trustee and that are entitled to vote on the matter.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Declaration of Trust provides that the Fund may not merge with another entity,
      or sell, lease or exchange all or substantially all of its assets without the
      approval of at least two-thirds of the Trustees and 75% of the affected
      shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-31-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      addition, the Declaration of Trust requires the favorable vote of the holders
      of
      at least 80% of the outstanding shares of each class of the Fund, voting as
      a
      class, then entitled to vote to approve, adopt or authorize certain transactions
      with 5%-or-greater holders of the Fund's outstanding shares and their affiliates
      or associates, unless two-thirds of the Board of Trustees have approved by
      resolution a memorandum of understanding with such holders, in which case normal
      voting requirements would be in effect. For purposes of these provisions, a
      5%-or-greater holder of outstanding shares (a &#8220;Principal Shareholder&#8221;) refers to
      any person who, whether directly or indirectly and whether alone or together
      with its affiliates and associates, beneficially owns 5% or more of the
      outstanding shares of beneficial interest of the Fund. The transactions subject
      to these special approval requirements are: (i) the merger or consolidation
      of
      the Fund or any subsidiary of the Fund with or into any Principal Shareholder;
      (ii) the issuance of any securities of the Fund to any Principal Shareholder
      for
      cash (other than pursuant to any automatic dividend reinvestment plan or
      pursuant to any offering in which such Principal Shareholder acquires securities
      that represent no greater a percentage of any class or series of securities
      being offered than the percentage of any class of shares beneficially owned
      by
      such Principal Shareholder immediately prior to such offering or, in the case
      of
      securities, offered in respect of another class or series, the percentage of
      such other class or series beneficially owned by such Principal Shareholder
      immediately prior to such offering); (iii) the sale, lease or exchange of all
      or
      any substantial part of the assets of the Fund to any Principal Shareholder
      (except assets having an aggregate fair market value of less than $1,000,000,
      aggregating for the purpose of such computation all assets sold, leased or
      exchanged in any series of similar transactions within a twelve-month period);
      (iv) the sale, lease or exchange to the Fund or any subsidiary thereof, in
      exchange for securities of the Fund, of any assets of any Principal Shareholder
      (except assets having an aggregate fair market value of less than $1,000,000,
      aggregating for the purposes of such computation all assets sold, leased or
      exchanged in any series of similar transactions within a twelve-month period);
      or (v) the purchase by the Fund, or any entity controlled by the Fund, of any
      common shares from any Principal Shareholder or any person to whom any Principal
      Shareholder transferred common shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board
      of Trustees has determined that provisions with respect to the Board of Trustees
      and the 80% voting requirements described above, which voting requirements
      are
      greater than the minimum requirements under Delaware law or the 1940 Act, are
      in
      the best interest of the Fund&#8217;s shareholders generally. Reference should be made
      to the Declaration of Trust on file with the SEC for the full text of these
      provisions. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>POTENTIAL
        CONVERSION TO OPEN-END FUND</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may be converted to an open-end management investment company at any time
        if
        approved by each of the following: (i) a majority of the Trustees then in
        office, (ii) the holders of not less than 75% of the Fund's outstanding shares
        entitled to vote thereon and (iii) by such vote or votes of the holders of
        any
        class or classes or series of shares as may be required by the 1940 Act.
        The
        composition of the Fund's portfolio likely would prohibit the Fund from
        complying with regulations of the SEC applicable to open-end management
        investment companies. Accordingly, conversion likely would require significant
        changes in the Fund's investment policies and liquidation of a substantial
        portion of the relatively illiquid portion of its portfolio. In the event
        of
        conversion, the common shares would cease to be listed on the New York Stock
        Exchange or other national securities exchange or market system. The Board
        of
        Trustees believes, however, that the closed-end structure is desirable, given
        the Fund's investment objectives and policies. Investors should assume,
        therefore, that it is unlikely that the Board of Trustees would vote to convert
        the Fund to an open-end management investment company. Shareholders of an
        open-end management investment company may require the company to redeem
        their
        shares at any time (except in certain circumstances as authorized by or under
        the 1940 Act) at their net asset value, less such redemption charge, if any,
        as
        might be in effect at the time of a redemption. The Fund would expect to
        pay all
        such redemption requests in cash, but intends to reserve the right to pay
        redemption requests in a combination of cash or securities. If such partial
        payment in securities were made, investors may incur brokerage costs in
        converting such securities to cash. If the Fund were converted to an open-end
        fund, it is likely that new common shares would be sold at net asset value
        plus
        a sales load. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNDERWRITING</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Citigroup
          Global Markets Inc. and&#160;Wachovia Capital Markets, LLC&#160;are acting as
          representatives of the underwriters named below. Subject to the terms and
          conditions stated in the underwriting agreement dated the date of this
          prospectus, each underwriter named below has agreed to purchase, and the
          Fund
          has agreed to sell to that underwriter, the number of common shares of
          beneficial interest&#160;set forth opposite the underwriter's
          name.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-32-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

          <div align="center">
            <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" width="80%">

                <tr bgcolor="white">
                  <td valign="bottom" width="40%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong>UNDERWRITERS</strong></font></div>
                  </td>
                  <td width="5%" style="border-bottom: #ffffff solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="40%" style="border-bottom: black thin solid;">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong>NUMBER
                      </strong></font></div>
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OF
                      SHARES</strong></font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>
                <tr bgcolor="#ccffcc">
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Citigroup
                    Global Markets Inc</font></td>
                  <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>
                <tr bgcolor="white">
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Wachovia
                    Capital Markets, LLC</font></td>
                  <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>
                <tr bgcolor="#ccffcc">
                  <td width="40%" style="border-bottom: #ccffcc solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="5%" style="border-bottom: #ccffcc solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="40%" style="border-bottom: black thin solid;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;
                    </font></td>
                </tr>
                <tr bgcolor="white">
                  <td width="40%">
                    <div style="MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Total</font></div>
                  </td>
                  <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                </tr>

            </table>
          </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  underwriting agreement provides that the obligations of the underwriters
                  to
                  purchase the common shares of beneficial interest included in this
                  offering are
                  subject to approval of legal matters by counsel and to other conditions.
                  The
                  underwriters are obligated to purchase all the common shares of
                  beneficial
                  interest (other than those covered by the over-allotment option
                  described below)
                  if they purchase any of the common shares of beneficial interest.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  underwriters propose to offer some of the common shares of beneficial
                  interest
                  directly to the public at the public offering price set forth on
                  the cover page
                  of this prospectus and some of the common shares of beneficial
                  interest to
                  dealers at the public offering price less a concession not to exceed
                  $ per
                  common share. The sales load the Fund will pay of $ per common
                  share is equal to
                  % of the initial offering price. The underwriters may allow, and
                  dealers may
                  reallow, a concession not to exceed $ per common share on sales
                  to other
                  dealers. If all of the common shares of beneficial interest are
                  not sold at the
                  initial offering price, the representatives may change the public
                  offering price
                  and other selling terms. Investors must pay for any common shares
                  of beneficial
                  interest purchased on or before _________, 2006. The representatives
                  have
                  advised the Fund that the underwriters do not intend to confirm
                  any sales to any
                  accounts over which they exercise discretionary authority. The
                  representatives
                  have advised us that the underwriters do not intend sales to discretionary
                  accounts to exceed five percent of the total number of shares of
                  our common
                  stock offered by them.</font></div>
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Adviser (and not the Fund) has agreed to pay to Citigroup Global
                  Markets Inc.
                  from its own assets a structuring fee in the amount of $_____ for
                  advice
                  relating to the structure, design and organization of the Fund
                  as well as
                  services related to the sale and distribution of the Fund's Shares.
                  The
                  structuring fee paid to Citigroup Global Markets Inc. will not
                  exceed ___% of
                  the total price to the public of the Shares sold in this offering,
                  assuming full
                  exercise of the overallotment option.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Adviser (and not the Fund) has agreed to pay to Wachovia Capital
                  Markets, LLC
                  from its own assets a structuring fee in the amount of $_____ for
                  advice
                  relating to the structure, design and organization of the Fund
                  as well as
                  services related to the sale and distribution of the Fund's Shares.
                  The
                  structuring fee paid to Wachovia Capital Markets, LLC will not
                  exceed ___% of
                  the total price to the public of the Shares sold in this offering,
                  assuming full
                  exercise of the overallotment option.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  total
                  amount of the underwriter compensation payments described above
                  plus the amount
                  paid by the Fund as the $____ per common share reimbursement to
                  the
                  underwriters, will not exceed 4.5% of the total price to the public
                  of the
                  shares offered hereby. The sum total of all compensation to the
                  underwriters in
                  connection with this public offering of shares, including sales
                  load and all
                  forms of additional compensation or structuring fee payments to
                  the
                  underwriters, will be limited to not more than 9.0% of the total
                  price to the
                  public of the shares sold in this offering.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Fund
                  has granted to the underwriters an option, exercisable for 45 days
                  from the date
                  of this prospectus, to purchase up to ______ additional common
                  shares of
                  beneficial interest at the public offering price less the sales
                  load. The
                  underwriters may exercise the option solely for the purpose of
                  covering
                  over-allotments, if any, in connection with this offering. To the
                  extent such
                  option is exercised, each underwriter must purchase a number of
                  additional
                  common shares of beneficial interest approximately proportionate
                  to that
                  underwriter's initial purchase commitment.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    underwriters have undertaken to sell common shares to a minimum
                    of 2,000
                    beneficial owners in lots of 100 or more shares to meet the New
                    York Stock
                    Exchange distribution requirements for trading.</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                </div>
              </div>

          </div>


          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            Fund's common shares of beneficial interest are, and the common shares
            of
            beneficial interest sold pursuant to this prospectus&#160;are expected
            to&#160;be, listed on the NYSE under the symbol "AGD."</font></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            following table shows the sales load that the Fund will pay to the underwriters
            in connection with this offering. These amounts are shown assuming both
            no
            exercise and full exercise of the underwriters' option to purchase additional
            common shares of beneficial interest.</font></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
    </div>

      <div align="center">
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="40%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="5" valign="bottom" width="54%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Paid
                  By Fund</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="40%" style="border-bottom: #ffffff solid;">
                <div style="MARGIN-LEFT: 9pt" align="left">&#160;&#160;<font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
              </td>
              <td width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="25%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">No
                  Exercise</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;</font></strong>&#160;</div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="right" valign="bottom" width="25%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong><font style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px" size="2">Full
                  Exercise</font></strong></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
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              <td align="left" valign="bottom" width="40%" style="border-bottom: #ccffcc;"><font size="2">Per
                share</font></td>
              <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;"><font size="2">$</font></td>
              <td align="right" valign="bottom" width="25%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;"><font style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px" size="2">$</font></td>
              <td align="right" valign="bottom" width="25%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="40%" style="border-bottom: white;"><font size="2">Total</font></td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><font size="2">$</font></td>
              <td align="right" valign="bottom" width="25%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><font style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px" size="2">$</font></td>
              <td align="right" valign="bottom" width="25%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>

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    <div>&#160;</div>
    <div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          and the Adviser have agreed to indemnify the underwriters against certain
          liabilities, including liabilities under the Securities Act of 1933, or
          to
          contribute to payments the underwriters may be required to make because
          of any
          of those liabilities.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
          underwriters may make a market in the common shares of beneficial interest
          after
          trading in the common shares of beneficial interest has commenced on the
          NYSE.
          No underwriter is, however, obligated to conduct market-making activities
          and
          any such activities may be discontinued at any time without notice, at
          the sole
          discretion of the underwriter. No assurance can be given as to the liquidity
          of,
          or the trading market for, the common shares of beneficial interest as
          a result
          of any market-making activities undertaken by any underwriter. This prospectus
          is to be used by any underwriter in connection with the offering and, during
          the
          period in which a prospectus must be delivered, with offers and sales of
          the
          common shares of beneficial interest in market-making transactions in the
          over-the-counter market at negotiated prices related to prevailing market
          prices
          at the time of the sale.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          connection with the offering, Citigroup Global Markets Inc., on behalf
          of itself
          and the other underwriters, may purchase and sell common shares of beneficial
          interest in the open market. These transactions may include short sales,
          syndicate covering transactions and stabilizing transactions. Short sales
          involve syndicate sales of common shares of beneficial interest in excess
          of the
          number of common shares of beneficial interest to be purchased by the
          underwriters in the offering, which creates a syndicate short position.
          "Covered" short sales are sales of common shares of beneficial interest
          made in
          an amount up to the number of common shares of beneficial interest represented
          by the underwriters' over-allotment option. In determining the source of
          common
          shares of beneficial interest to close out the covered syndicate short
          position,
          the underwriters will consider, among other things, the price of common
          shares
          of beneficial interest available for purchase in the open market as compared
          to
          the price at which they may purchase common shares of beneficial interest
          through the over-allotment option.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-33-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2">Transactions
          to close out the covered syndicate short
          position involve either purchases of common shares of beneficial interest
          in the
          open market after the distribution has been completed or the exercise of
          the
          over-allotment option. The underwriters may also make "naked" short sales
          of
          common shares of beneficial interest in excess of the over-allotment option.
          The
          underwriters must close out any naked short position by purchasing common
          shares
          of beneficial interest in the open market. A naked short position is more
          likely
          to be created if the underwriters are concerned that there may be downward
          pressure on the price of common shares of beneficial interest in the open
          market
          after pricing that could adversely affect investors who purchase in the
          offering. Stabilizing transactions consist of bids for or purchases of
          common
          shares of beneficial interest in the open market while the offering is
          in
          progress.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          underwriters also may impose a penalty bid. Penalty bids permit the underwriters
          to reclaim a selling concession from a syndicate member when Citigroup
          Global
          Markets Inc. repurchases common shares of beneficial interest originally
          sold by
          that syndicate member in order to cover syndicate short positions or make
          stabilizing purchases.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
          of
          these activities may have the effect of preventing or retarding a decline
          in the
          market price of common shares of beneficial interest. They may also cause
          the
          price of common shares of beneficial interest to be higher than the price
          that
          would otherwise exist in the open market in the absence of these transactions.
          The underwriters may conduct these transactions on the NYSE or in the
          over-the-counter market, or otherwise. If the underwriters commence any
          of these
          transactions, they may discontinue them at any time.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
          prospectus in electronic format may be made available on the websites maintained
          by one or more of the underwriters. Other than the prospectus in electronic
          format, the information on any such underwriter's website is not part of
          this
          prospectus. The representatives may agree to allocate a number of common
          shares
          of beneficial interest to underwriters for sale to their online brokerage
          account holders. The representatives will allocate common shares of beneficial
          interest to underwriters that may make Internet distributions on the same
          basis
          as other allocations. In addition, common shares of beneficial interest
          may be
          sold by the underwriters to securities dealers who resell common shares
          of
          beneficial interest to online brokerage account holders.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          anticipates that, from time to time, certain underwriters may act as brokers
          or
          dealers in connection with the execution of the Fund's portfolio transactions
          after they have ceased to be underwriters and, subject to certain restrictions,
          may act as brokers while they are underwriters.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Certain
          underwriters have performed investment banking and advisory services for
          the
          Adviser and its affiliates from time to time, for which they have received
          customary fees and expenses. Certain underwriters may, from time to time,
          engage
          in transactions with or perform services for the Adviser and its affiliates
          in
          the ordinary course of business.]</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          principal business address of Citigroup Global Markets Inc. is 388 Greenwich
          Street, New York, NY 10013. The principal business address of Wachovia
          Capital
          Markets, LLC is One Wachovia Center, 301 South College Street, Charlotte,
          NC
          28288</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LEGAL
      MATTERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
        legal matters in connection with the common shares will be passed upon for
        the
        Fund by Blank Rome LLP, New York, New York, and for the underwriters by Simpson
        Thacher &amp; Bartlett LLP, New York, New York. </font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REPORTS
      TO SHAREHOLDERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Fund
      will send to its shareholders unaudited semi-annual and audited annual reports,
      including a list of investments held. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-34-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEPENDENT
      REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deloitte
        &amp; Touche LLP</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is the
        independent registered public accounting firm for the Fund and will audit
        the
        Fund's financial statements. Deloitte &amp; Touche LLP is located at 555 East
        Wells Street, Milwaukee, Wisconsin 53202.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">TRANSFER
        AGENT AND
        CUSTODIAN</font></strong></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Bank
          of New York&#160;is the custodian of the Fund and will maintain custody of the
          securities and cash of the Fund. It also serves as the transfer agent of
          the
          Fund.</font></div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALPS
          maintains the Fund's general ledger and computes net asset value per share
          daily.</font></div>

    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ADDITIONAL
      INFORMATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        prospectus and the Statement of Additional Information do not contain all
        of the
        information set forth in the Registration Statement that the Fund has filed
        with
        the SEC (file No. 333-134096). The complete Registration Statement may be
        obtained from the SEC at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.sec.gov</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        See the
        cover page of this prospectus for information about how to obtain a paper
        copy
        of the Registration Statement or Statement of Additional Information without
        charge.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-35-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TABLE
      OF CONTENTS OF </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
      STATEMENT OF ADDITIONAL INFORMATION </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">&#160;</td>
            <td valign="top" width="10%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Page</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
                Investment Information and Restrictions </font></div>
            </td>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-1</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Portfolio
                Turnover </font></div>
            </td>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-3</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management</font></div>
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            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-3</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Codes
                of Ethics</font></div>
            </td>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-7</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proxy
                Voting Procedures</font></div>
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            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-8</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
                Advisory and Other Services</font></div>
            </td>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-9</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Portfolio
                Managers</font></div>
            </td>
            <td valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-10</font></div>
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          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Allocation
                of Brokerage</font></div>
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            <td valign="top" width="10%">
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            </td>
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          <tr bgcolor="#ccffcc">
            <td align="left" valign="top" width="90%">
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            </td>
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            <td valign="top" width="10%">&#160;</td>
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                we receive about you on applications or other
                forms;</font></div>
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          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 108pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
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                you give us orally; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 108pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
                about your transactions with others or
                us.</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
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      former customers without the customer&#8217;s authorization, except as required by law
      or in response to inquiries from governmental authorities. The Fund restricts
      access to your personal and account information to those employees who need
      to
      know that information to provide products and services to you. The Fund also
      may
      disclose that information to unaffiliated third parties (such as to brokers
      or
      custodians) only as permitted by law and only as needed for us to provide agreed
      services to you. The Fund maintains physical, electronic and procedural
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        more information about the Fund's privacy policies,
        call (800) 617-7616 (toll-free).</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-37-</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_____________
        Shares</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>ALPINE
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">[LOGO]</font></strong></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>____________</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>PROSPECTUS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">______
          ___, 2006</font></strong></div>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman">Citigroup</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman">Wachovia
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div id="GLFTR" style="WIDTH: 100%" align="left">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
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        filed with the Securities and Exchange Commission is effective. This Statement
        of Additional Information is not an offer to sell these securities and is
        not
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        or sale
        is not permitted.</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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        OF ADDITIONAL INFORMATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>______
        ___, 2006</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Alpine
        Global Dynamic Dividend Fund</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>This
        Statement of Additional Information ("SAI") is not a prospectus. This SAI
        should
        be read in conjunction with the prospectus of Alpine Global Dynamic Dividend
        Fund (the "Fund"), dated ______ ____, 2006, as it may be amended or supplemented
        from time to time.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>A
          copy of the prospectus may be obtained without charge by contacting your
          financial intermediary or calling the Fund at (800) 617-7616&#160;(toll&#8722;free).
          The registration statement of which the prospectus is a part can be reviewed
          and
          copied at the Public Reference Room of the SEC at 100 F Street NE, Washington,
          D.C. You may call the SEC at 1-800-SEC-0330 for information on the operation
          of
          the Public Reference Room. The Fund&#8217;s filings with the SEC are also available to
          the public on the SEC&#8217;s Internet website at </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>www.sec.gov</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
          and at the Fund&#8217;s website www.alpinefunds.com. Copies of these filings may be
          obtained, after paying a duplicating fee, by electronic request at the
          following
          E-mail address: publicinfo@sec.gov, or by writing the SEC&#8217;s Public Reference
          Section, 100 F St. NE, Washington, D.C. 20549-0102. </strong></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
          <div style="WIDTH: 100%" align="left">
          </div>
        </div>
      </div><br><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TABLE
        OF CONTENTS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="75%">&#160;</td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADDITIONAL
                    INVESTMENT INFORMATION AND RESTRICTIONS</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-1</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PORTFOLIO
                    TURNOVER</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-3</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MANAGEMENT</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-3</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CODES
                    OF ETHICS</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-7</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROXY
                    VOTING PROCEDURES</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-8</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INVESTMENT
                    ADVISORY AND OTHER SERVICES</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-9</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PORTFOLIO
                    MANAGERS</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-10</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ALLOCATION
                    OF BROKERAGE</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-11</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TAXES</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-12</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OTHER
                    INFORMATION</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-17</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEPENDENT
                    REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
                </td>
                <td align="left" valign="bottom" width="3%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B-18</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="75%">&#160;</td>
                <td align="left" valign="bottom" width="3%">&#160;</td>
              </tr>

          </table>
        </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORWARD-LOOKING
        STATEMENTS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        SAI
        contains or incorporates by reference forward-looking statements, within
        the
        meaning of the federal securities laws, that involve risks and uncertainties.
        These statements describe our plans, strategies and goals and our beliefs
        and
        assumptions concerning future economic or other conditions and the outlook
        for
        the Fund, based on currently available information. In this SAI, words such
        as
&#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;objectives,&#8221; &#8220;goals,&#8221; &#8220;future,&#8221;
&#8220;intends,&#8221; &#8220;seeks,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; and similar expressions
        are used in an effort to identify forward-looking statements, although some
        forward-looking statements may be expressed differently. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund&#8217;s actual results could differ materially from those anticipated in the
        forward-looking statements because of various risks and uncertainties, including
        the factors set forth in the section headed &#8220;Risk Factors&#8221; in the Fund&#8217;s
        prospectus and elsewhere in the prospectus and this SAI. You should consider
        carefully the discussions of risks and uncertainties in the "Risk Factors"
        section in the prospectus. The forward-looking statements contained in this
        SAI
        are based on information available to the Fund on the date of this SAI, and
        the
        Fund assumes no obligation to update any such forward-looking statements,
        except
        as required by law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div style="WIDTH: 100%" align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
            </div>
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
            </div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
            <div style="WIDTH: 100%" align="left">
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ADDITIONAL
        INVESTMENT INFORMATION AND RESTRICTIONS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><strong><font size="2">Other
          Investments</font></strong></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund&#8217;s investment objectives, the types of investments that it intends to make
          and the investment strategies that it intends to use to achieve its objectives
          are described in the prospectus. The following is a description of other
          types
          of investments in which the Fund may invest, and accompanying risks, as
          well as
          some additional investment restrictions. Under normal circumstances, it
          is
          expected that the Fund will not invest more than 20% of its assets in these
          types of securities. The Adviser may, but is not required to, buy any of
          the
          following instruments. </font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Fixed
        Income Securities</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may invest in bonds and other types of debt obligations of U.S. and foreign
        issuers. These securities, whether of U.S. or foreign issuers, may pay fixed,
        variable or floating rates of interest, and may include zero coupon obligations,
        which do not pay interest until maturity. Fixed income securities may include:
        bonds, notes and debentures issued by corporations; debt securities issued
        or
        guaranteed by the U.S. Government or one of its agencies or instrumentalities;
        municipal securities; or debt securities issued or guaranteed by foreign
        corporations and foreign governments, their agencies, instrumentalities or
        political subdivisions, or by government owned, controlled or sponsored
        entities, including central banks.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
        to limitations, the Fund may invest in both investment grade and non-investment
        grade debt securities. Investment grade debt securities have received a rating
        from Standard &amp; Poor&#8217;s Ratings Group, a division of The McGraw-Hill
        Companies, Inc. (&#8220;S&amp;P&#8221;) or Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) in
        one of the four highest rating categories or, if not rated, have been determined
        to be of comparable quality to such rated securities by the Adviser.
        Non-investment grade debt securities (typically called &#8220;junk bonds&#8221;) have
        received a rating from S&amp;P or Moody&#8217;s of below investment grade, or have
        been given no rating and are determined by the Adviser to be of a quality
        below
        investment grade. The Fund may invest up to 5% of the value of its total
        assets
        in debt securities that are rated below A by Moody&#8217;s or by S&amp;P. The Fund may
        not invest in debt securities rated below Ccc by S&amp;P or Caa by Moody&#8217;s (or
        unrated debt securities determined to be of comparable quality by the Adviser).
        There are no limitations on the maturity of debt securities that may be
        purchased by the Fund.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Sovereign
        Debt Obligations</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may purchase sovereign debt instruments issued or guaranteed by foreign
        governments or their agencies, including debt of emerging markets. Sovereign
        debt may be in the form of conventional securities or other types of debt
        instruments such as loans or loan participations. Sovereign debt of developing
        countries may involve a high degree of risk, and may present the risk of
        default. Governmental entities responsible for repayment of the debt may
        be
        unable or unwilling to repay principal and interest when due, and may require
        renegotiation or rescheduling of debt payments. In addition, prospects for
        repayment of principal and interest may depend on political as well as economic
        factors.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investment
        Restrictions </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Fundamental
          Policies</em></strong></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          following fundamental policies of the Fund may not be changed without the
          vote
          of a majority of the Fund&#8217;s outstanding common shares. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition, the Fund&#8217;s investment objectives are fundamental policies that may not
          be changed without the vote of a majority of the Fund&#8217;s outstanding common
          shares.</font></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Diversification</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
          respect to 75% of its total assets, the Fund may not purchase a security,
          other
          than securities issued or guaranteed by the U.S. Government, its agencies
          or
          instrumentalities, if as a result of such purchase, more than 5% of the
          value of
          that Fund&#8217;s total assets would be invested in the securities of any one issuer,
          or that Fund would own more than 10% of the voting securities of any one
          issuer.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Underwriting</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          will not underwrite any issue of securities except as it may be deemed
          an
          underwriter under the 1933 Act in connection with the sale of securities
          in
          accordance with its investment objectives, policies and
          limitations.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Interests
          in Oil, Gas or Other Mineral Exploration or Development
          Programs</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          may not purchase, sell or invest in interests in oil, gas or other mineral
          exploration or development programs.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>


        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        </div>


        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Short
          Sales</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          may not sell a security short if, as a result of such sale, the current
          value of
          securities sold short by that Fund would exceed 10% of the value of that
          Fund&#8217;s
          total assets; provided, however, if the Fund owns or has the right to obtain
          securities equivalent in kind and amount to the securities sold short (i.e.,
          short sales &#8220;against the box&#8221;), this limitation is not applicable. The Fund has
          no current intention to take short positions in securities. However, if
          the Fund
          does take any short positions, it will maintain sufficient segregated liquid
          assets to cover the short position. See "Short Sale Risk."</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Lending
          of Funds and Securities</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          may not make loans of money or portfolio securities.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-1</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
      </div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Commodities</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          may not purchase, sell or invest in commodities, provided that this restriction
          shall not prohibit the Fund from purchasing and selling financial futures
          contracts and related options, including but not limited to, currency futures
          contracts.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Real
          Estate</em></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          may not purchase, sell or invest in real estate, but may invest in securities
          of
          companies that deal in real estate or are engaged in the real estate business,
          including real estate investment trusts, and securities secured by real
          estate
          or interests therein and may hold and sell real estate acquired through
          default,
          liquidation or other distributions of an interest in real estate as a result
          of
          the Fund&#8217;s ownership of such securities.</font></div>


        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Borrowing,
            Senior Securities</em></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              Fund
              may not issue senior securities as defined by the 1940 Act, except
              that the Fund
              may borrow money from banks for&#160;extraordinary or emergency purposes,
              subject to the overall limitation that total borrowings by that Fund
              may not
              exceed 10% of the value of the Fund&#8217;s total assets (measured at the time of
              borrowing).</font></div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Pledging
            Assets</em></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            Fund
            may not pledge, mortgage, hypothecate or otherwise encumber its assets,
            except
            to secure permitted borrowings and to implement collateral and similar
            arrangements incident to permitted investment practices.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Concentration
            in Any One Industry</em></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              Fund
              may not invest 25% or more of the value of its total assets in the
              securities in
              any single industry, provided that there shall be no limitation on
              the purchase
              of U.S. Government securities.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Non-Fundamental
          Policies</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          following policies of the Fund are non-fundamental and may be changed by
          the
          Board of Trustees without the approval of the Fund&#8217;s shareholders.
</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Investment
        for Purposes of Control or Management</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may not invest in companies for the purpose of exercising control or
        management.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Purchase
        of Securities on Margin</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may not purchase securities on margin, except that it may obtain such short-term
        credits as may be necessary for the clearance of transactions. A deposit
        or
        payment by that Fund of initial or variation margin in connection with financial
        futures contracts or related options transactions is not considered the purchase
        of a security on margin.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Joint
        Trading</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may not participate on a joint or joint and several basis in any trading
        account
        in any securities. (The &#8220;bunching&#8221; of orders for the purchase or sale of
        portfolio securities with the Fund&#8217;s investment adviser (the &#8220;Adviser&#8221;) or
        accounts under its management to reduce brokerage commissions, to average
        prices
        among them or to facilitate such transactions is not considered a trading
        account in securities for purposes of this restriction.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-2</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div><br></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Investing
        in Securities of Other Investment Companies</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may invest in securities of other investment companies that are exchange-traded
        funds. The Fund will limit its investment in securities issued by other
        investment companies so that not more than 3% of the outstanding voting stock
        of
        any one investment company will be owned by the Fund, or its affiliated persons,
        as a whole in accordance with the 1940 Act and applicable Federal securities
        laws. The Fund is permitted to invest up to 25% of its total assets in the
        Alpine Municipal Money Market Fund pursuant to the terms of an exemption
        granted
        by the SEC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Illiquid
        Securities</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may not invest more than 10% of its net assets in illiquid securities and
        other
        securities which are not readily marketable, excluding securities eligible
        for
        resale under Rule 144A of the 1933 Act which the Trustees have determined
        to be
        liquid.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Options</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may write, purchase or sell put or call options on foreign currencies, as
        discussed in the prospectus. The Fund may not write, purchase or sell put
        or
        call options on securities or stock indices. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Futures
        Contracts</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may not purchase financial futures contracts and related options except for
        &#8220;bona fide hedging&#8221; purposes, but may enter into such contracts for non-hedging
        purposes provided that aggregate initial margin deposits plus premiums paid
        by
        that Fund for open futures options positions, less the amount by which any
        such
        positions are &#8220;in-the-money,&#8221; may not exceed 5% of the Fund&#8217;s total
        assets.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        a</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        percentage limitation set forth in an investment policy or restriction of
        the
        Fund is adhered to at the time of investment or at the time the Fund engages
        in
        a transaction, a subsequent increase or decrease in percentage resulting
        from a
        change in value of an investment or position, or a change in the net assets
        of
        the Fund, will not result in a violation of such restriction, provided, however,
        that the asset coverage requirement applicable to borrowings and the limitation
        on investment in illiquid securities shall each be maintained in the manner
        contemplated by applicable law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        purposes of its policies and limitations, the Fund considers certificates
        of
        deposit and demand and time deposits issued by a U.S. branch of a domestic
        bank
        or savings and loan association having capital, surplus, and undivided profits
        in excess of $100,000,000 at the time of investment to be &#8220;cash
        items.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PORTFOLIO
        TURNOVER</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund&#8217;s portfolio will be actively managed. The Fund&#8217;s portfolio turnover rate is
        expected to exceed 100%. Variations in turnover rate may be due to market
        conditions or the dynamic nature of the Adviser&#8217;s investment strategy.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MANAGEMENT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Board
        has the responsibility for the overall management of the Fund, including
        general
        supervision and review of the Fund&#8217;s investment activities and its conformity
        with Delaware law and the policies of the Fund. The Board of Trustees elects
        the
        officers of the Fund, who are responsible for administering the Fund&#8217;s
        day-to-day operations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Trustees, including the Trustees who are not interested persons of the Fund,
        as
        that term is defined in the 1940 Act (&#8220;Independent Trustees&#8221;), and executive
        officers of the Fund, their ages and principal occupations during the past
        five
        years are set forth below. The address of each Trustee and Officer is 2500
        Westchester Avenue, Suite 215, Purchase, New York, 10577.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-3</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div><br></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Independent
        Trustees*</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="21%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="20%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="8%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="20%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name
                    and Age</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Position(s)
                    Held with the Fund</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Principal
                    Occupation </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>During
                    Past Five Years</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="8%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>#
                    of Portfolios in Fund Complex**</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
                    Directorships </strong></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Held
                    by Trustee</strong></font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Laurence
                    B. Ashkin (78)</font></div>
                </td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Independent
                    Trustee</font></div>
                </td>
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Real
                    estate developer and construction consultant since 1980; Founder
                    and
                    President of Centrum Properties, Inc. since 1980. </font></div>
                </td>
                <td valign="top" width="8%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
                </td>
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trustee,
                    each of the Alpine Trusts.* </font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H.
                    Guy Leibler (52)</font></div>
                </td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Independent
                    Trustee</font></div>
                </td>
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                    Operating Officer of L&amp;L Holding Company, LLC since 2004; President,
                    Skidmore, Owings &amp; Merrill LLP (2001-2003); Chairman and President of
                    Pailatus, a news media company (1997-1999).</font></div>
                </td>
                <td valign="top" width="8%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
                </td>
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman,
                    White Plains Hospital Center; Dressage for Kids;</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trustee,
                    each of the Alpine Trusts.</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
                    E. Wacksman (45)</font></div>
                </td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Independent
                    Trustee</font></div>
                </td>
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Partner,
                    Loeb, Block &amp; Partners LLP since 1994.</font></div>
                </td>
                <td valign="top" width="8%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
                </td>
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dynasty
                    Holdings, Inc.; Bondi Icebergs Inc.; MH Properties, Inc.; Trustee,
                    each of
                    the Alpine Trusts.</font></div>
                </td>
              </tr>

          </table>
        </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 45pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Independent Trustees identified in this SAI are the members of
                  the Board
                  of Trustees for each of the Alpine Series Trust, Alpine Equity
                  Trust and
                  Alpine Income Trust (collectively, the &#8220;Alpine Trusts&#8221;), affiliates of the
                  Fund. It is expected that each will be elected to serve as a Trustee
                  of
                  the Fund at the organizational meeting of the
                  Fund.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 45pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
                    Woods Capital Investors, LLC manages eight other fund portfolios
                    within
                    the three Alpine Trusts. Each of the Alpine Trusts is registered
                    as an
                    open-end management investment company. The Trustees oversee
                    each of the
                    eight portfolios within the Alpine
                    Trusts.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Interested
          Trustee </em></font></div>
      </div>

        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="20%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="12%" style="border-bottom: black thin solid;">&#160;</td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="19%" style="border-bottom: black thin solid;">&#160;</td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="15%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name
                    and Age</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Position(s)
                    Held with the Fund</strong></font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="19%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Principal
                    Occupation During Past Five Years</strong></font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>#
                    of Portfolios in Fund Complex**</strong></font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
                    Directorships Held by Trustee</strong></font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="20%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
                    A. Lieber* (49)</font></div>
                </td>
                <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interested
                    Trustee and President</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="19%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CEO
                    of Alpine Woods Capital Investors, LLC since 1997. </font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trustee,
                    each of the Alpine Trusts</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
                </td>
              </tr>

          </table>
        </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 45pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
                  A. Lieber has been a Trustee of the Fund since its inception. He
                  is the
                  son of Stephen A. Lieber. </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 45pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
                  Woods Capital Investors, LLC manages eight other fund portfolios
                  within
                  the three Alpine Trusts. Each of the Alpine Trusts is registered
                  as an
                  open-end management investment company. The Trustees oversee each
                  of the
                  eight portfolios within the Alpine
                  Trusts.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition to Mr. Samuel A. Lieber, the table below identifies the Fund&#8217;s
        executive officers.</font></div>

        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="18%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="21%" style="border-bottom: black thin solid;">&#160;</td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">&#160;</td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="15%" style="border-bottom: black thin solid;">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="18%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name
                    and Age</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Position(s)
                    Held with the Fund</strong></font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Principal
                    Occupation During Past Five Years</strong></font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>#
                    of Portfolios in Fund Complex**</strong></font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
                    Directorships Held by Trustee</strong></font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="18%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stephen
                    A. Lieber (80)*</font></div>
                </td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
                    Vice President</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
                    and Senior Portfolio Manager, Saxon Woods Advisors, LLC since
                    1999.
                    </font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
                </td>
              </tr>
              <tr bgcolor="white">
                <td align="left" valign="top" width="18%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sheldon
                    R. Flamm (58)</font></div>
                </td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasurer/
                    Chief Compliance Officer</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                    Financial Officer and Senior Managing Director, Alpine Woods
                    Capital
                    Investors, LLC, since 2001; Chief Financial Officer, Saxon Woods
                    Advisors,
                    LLC since 1999.</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="18%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oliver
                    Sun (41)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                </td>
                <td align="left" valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Secretary</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="21%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Controller
                    of Alpine Woods Capital Investors, LLC since 1998.</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td valign="top" width="10%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
                </td>
                <td width="2%" style="border-bottom: black thin solid;">&#160;</td>
                <td align="left" valign="top" width="15%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
                </td>
              </tr>

          </table>
        </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">________________________</font></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stephen
                  A. Lieber is the father of Samuel A.
                  Lieber.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 45pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
                    Woods Capital Investors, LLC manages eight other fund portfolios
                    within
                    the three Alpine Trusts. Each of the Alpine Trusts is registered
                    as an
                    open-end management investment company. The Trustees oversee
                    each of the
                    eight portfolios within the Alpine
                    Trusts.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Board
        Committees</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Board
        has three standing committees as described below:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="left">
        <table border="0" cellpadding="5" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="19%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="45%" style="border-bottom: black thin solid;">&#160;</td>
              <td align="left" valign="top" width="17%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Members</strong></font></div>
              </td>
              <td align="left" valign="top" width="45%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Description
                  of Functions</strong></font></div>
              </td>
              <td align="left" valign="top" width="17%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Meetings</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="3" valign="top" width="81%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="3" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Audit
                  Committee</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H.
                  Guy Leibler</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
                  E. Wacksman</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Laurence
                  B. Ashkin</font></div>
              </td>
              <td align="left" valign="top" width="45%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Responsible
                  for advising the full Board with respect to accounting, auditing,
                  ethics
                  and financial matters affecting the Fund.</font></div>
              </td>
              <td align="left" valign="top" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  audit committee will meet at least quarterly.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" colspan="3" valign="top" width="81%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" colspan="3" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Valuation
                  Committee</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H.
                  Guy Leibler</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
                  E. Wacksman</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Laurence
                  B. Ashkin</font></div>
              </td>
              <td align="left" valign="top" width="45%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  Valuation Committee is responsible for (1)&#160;monitoring the valuation
                  of Fund securities and other investments; and (2)&#160;as required, when
                  the Board of Trustees is not in session, determining the fair value
                  of
                  illiquid and other holdings after consideration of all relevant
                  factors,
                  which determinations are reported to the Board of
                  Trustees.</font></div>
              </td>
              <td align="left" valign="top" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  valuation committee will meet as necessary, and at least once a
                  year.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="19%">&#160;</td>
              <td align="left" valign="top" width="45%">&#160;</td>
              <td align="left" valign="top" width="17%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" colspan="3" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Nominating
                  &amp; Corporate Governance Committee</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H.
                  Guy Leibler</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
                  E. Wacksman</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Laurence
                  B. Ashkin</font></div>
              </td>
              <td align="left" valign="top" width="45%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Responsible
                  for seeking and reviewing candidates for consideration as nominees
                  for
                  Trustees as is considered necessary from time to time. The Committee
                  will
                  not consider shareholder nominees. Also responsible for corporate
                  governance compliance, including NYSE and SEC rules.</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                  nominating committee will meet as necessary, and at least once
                  a
                  year.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Trustee
        Ownership of Fund Shares; Control Person</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        of the
        date of this Statement of Additional Information, the Trustees and officers
        of
        the Fund as a group owned none of the outstanding shares of the Fund. [On
        ________, 2006, the Adviser purchased $________ in shares of the Fund at
        an
        initial subscription price of $___ per share and was the sole shareholder
        as of
        this date.]</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Set
        forth
        below is the dollar range of equity securities beneficially owned by each
        Trustee of the equity securities in all registered investment companies overseen
        by the Trustee in the family of investment companies as of December 31,
        2005:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 162pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Amount
        Invested Key</u></strong></font></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 144pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1-$10,000</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 144pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$10,001-$50,000</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 144pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">C.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$50,001-$100,000</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 144pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">over
                  $100,000</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Dollar
                  Range of Fund Shares Owned*</strong></font></div>
              </td>
              <td valign="top" width="42%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aggregate
                  Dollar Range of Equity Securities in all Registered
                  Investment<br>Companies Overseen by Trustee in Family of Investment
                  Companies**</strong></font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
                  E. Wacksman</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
              </td>
              <td valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Laurence
                  B. Ashkin</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
              </td>
              <td valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H.
                  Guy Leibler </font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
              </td>
              <td valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Interested
                  Trustee</strong></font></div>
              </td>
              <td valign="top" width="14%">&#160;</td>
              <td valign="top" width="42%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="18%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
                  A. Lieber </font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
              </td>
              <td valign="top" width="42%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 27pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                  of the date of this SAI, the Trustees and officers of the Fund
                  owned none
                  of the outstanding shares of the Fund.
</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 27pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
                  holdings of each series of Alpine Equity Trust (Alpine U.S. Real
                  Estate
                  Equity Fund, Alpine International Real Estate Equity Fund and Alpine
                  Realty Income &amp; Growth Fund) and each series of Alpine Income Trust
                  (Alpine Municipal Money Market Fund and Alpine Tax Optimized Income
                  Fund)
                  and each series of Alpine Series Trust (Alpine Dynamic Dividend
                  Fund,
                  Alpine Dynamic Balance Fund and Alpine Dynamic Financial Services
                  Fund).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
        than as set forth in the foregoing table, no Trustee who is not an interested
        person of the Fund or immediate family member of any such Trustee has, during
        the two most recently completed calendar years, had:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                  securities interest or any other direct or indirect interest in
                  the
                  Adviser or the principal underwriter of the Fund or its affiliates;
                  or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                  material interest, direct or indirect in any transaction or series
                  of
                  similar transactions in which the amount involved exceeds $60,000;
                  or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                  direct or indirect relationship, in which the amount involved exceeds
                  $60,000 including payments for property or services to or from,
                  provision
                  of legal services to, provision of investment banking services
                  to (other
                  than as a participating underwriting in a syndicate);
                  or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                  consulting or other relationship that is substantially similar
                  in nature
                  and scope to the foregoing relationships,
                  with:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(A)
        the
        Fund; (B) an officer of the Fund; (C) an investment company, or person that
        would be an investment company but for the exclusions provided by Sections
        3(c)(1) and 3(c)(7) (15 U.S.C. 80a-3(c)(1) and (c)(7)), having the same
        investment adviser or principal underwriter as the Fund or having an investment
        adviser or principal underwriter that directly or indirectly controls, is
        controlled by, or is under common control with the Adviser or the principal
        underwriter; (D) an officer of an investment company, or a person that would
        be
        an investment company but for the exclusions provided by sections 3(c)(1)
        and
        3(c)(7) (15 U.S.C. 80a-3(c)(1) and (c)(7)), having the same investment adviser
        or principal underwriter as the Fund or having an investment adviser or
        principal underwriter that directly or indirectly controls, is controlled
        by, or
        is under common control with the Adviser or the principal underwriter; (E)
        the
        Adviser or the principal underwriter; (F) an officer of the Adviser or the
        principal underwriter; (G) a person directly or indirectly controlling,
        controlled by, or under common control with the Adviser or the principal
        underwriter; or (H) an officer of a person directly or indirectly controlling,
        controlled by, or under common control with the Adviser or the principal
        underwriter (excluding routine, retail relationships, including credit cards,
        bank or brokerage accounts, residential mortgages, insurance policies,
        etc.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
        officer of the Adviser or the principal underwriter, or officers of persons
        directly or indirectly controlling, controlled by, or under common control
        with
        the Adviser or the principal underwriter has served during the two most recently
        completed calendar years, on the board of directors of a company where a
        Trustee
        who is not an interested person of the Fund or immediate family member of
        such
        Trustee, was during the two most recently completed calendar years an
        officer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Compensation</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        will pay an annual fee to each Trustee who is not an officer or employee
        of the
        Adviser (or any affiliated company of the Adviser) in the amount of $______.
        Travel expenses of Trustees who are not affiliated persons of the Adviser
        (or
        any affiliated company of the Adviser) which are incurred in connection with
        attending meetings of the Board will be reimbursed.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Set
        forth
        below for each of the Trustees and the three highest paid officers of the
        Fund
        is the aggregate compensation (including expenses) estimated to be paid in
        the
        future to each such Trustee or officer by the Fund.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="18%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="bottom" width="18%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">&#160;</td>
              <td valign="bottom" width="15%" style="border-bottom: black thin solid;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2</strong></font></div>
              </td>
              <td valign="bottom" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4</strong></font></div>
              </td>
              <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>5</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Aggregate
                  Compensation </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>from
                  Fund*</strong></font></div>
              </td>
              <td valign="bottom" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pension
                  or Retirement Benefits Accrued </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
                  Part of </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fund
                  Expenses</strong></font></div>
              </td>
              <td valign="bottom" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Estimated
                  Annual </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Benefits</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Upon
                  Retirement</strong></font></div>
              </td>
              <td valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                  Compensation</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>from
                  Fund and</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fund
                  Complex</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Paid
                  to Trustees**</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Laurence
                  B. Ashkin</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$_____</font></div>
              </td>
              <td valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$12,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">H.
                  Guy Leibler </font></div>
              </td>
              <td valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$_____</font></div>
              </td>
              <td valign="bottom" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="bottom" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$12,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
                  E. Wacksman</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$_____</font></div>
              </td>
              <td valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$12,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
                  A. Lieber</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stephen
                  A. Lieber</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$_____</font></div>
              </td>
              <td valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sheldon
                  R. Flamm</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$_____</font></div>
              </td>
              <td valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Oliver
                  Sun</font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$_____</font></div>
              </td>
              <td valign="top" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td valign="top" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        amounts set forth in column 2 are the estimated future payments that each
        Trustee is expected to receive for the fiscal year ending ________,
        2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        amount set forth in column 5 includes actual amounts paid to each Trustee
        by the
        three Alpine Trusts for the period ended October 31, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CODES
        OF ETHICS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Adviser and the Fund have adopted a joint Code of Ethics pursuant to Rule
          17j-1
          under the 1940 Act.&#160;The Code of Ethics applies to the personal investing
          activities of the trustees, directors, officers and certain employees of
          the
          Fund or&#160;the Adviser (&#8220;Access Persons&#8221;), as applicable. Rule 17j-1
          and&#160;the Code of Ethics is designed to prevent unlawful practices in
          connection with the purchase or sale of securities by Access Persons.&#160;The
          Code of Ethics permits Access Persons to trade securities for their own
          accounts, including securities that may be purchased or held by the Fund,
          and
          generally requires them to report their personal securities.&#160;The Code of
          Ethics will be included as an exhibit to the Fund&#8217;s registration statement,
          which will be on file with the SEC, and available as described on the cover
          page
          of this SAI.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PROXY
        VOTING PROCEDURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Adviser is in a good position to monitor the corporate actions and analyze
        proxy
        proposals of issuers of securities in the Fund&#8217;s portfolio and to make voting
        decisions and ensure that proxies are submitted promptly. Therefore, the
        Fund
        delegates its authority to vote proxies to the Adviser, subject to the
        supervision of the Board. The Funds&#8217; proxy voting policies are summarized
        below.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Policies
        of the Adviser</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
        is the
        Adviser&#8217;s policy to vote all proxies received by the Fund in a timely manner.
        Upon receiving each proxy, the Adviser will review the issues presented and
        make
        a decision to vote for, against or abstain on each of the issues presented
        in
        accordance with the proxy voting guidelines that it has adopted. The Adviser
        will consider information from a variety of sources in evaluating the issues
        presented in a proxy. The Adviser generally supports policies, plans and
        structures that it believes give quality management teams appropriate latitude
        to run the business in a way that is likely to maximize value for owners.
        Conversely, the Adviser generally opposes proposals that clearly have the
        effect
        of restricting the ability of shareholders to realize the full potential
        value
        of their investment. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Conflicts
        of Interest</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Adviser&#8217;s duty is to vote in the best interests of the Fund&#8217;s shareholders.
        Therefore, in situations where there is a conflict of interest between the
        Adviser&#8217;s interests and the Fund&#8217;s interests, the Adviser will take one of the
        following steps to resolve the conflict:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                  a proposal is addressed by the guidelines, the Adviser will vote
                  in
                  accordance with those guidelines;</font></div>
              </td>
            </tr>

        </table>
      </div>

        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                    the Adviser believes it is in the Fund&#8217;s best interest to depart from the
                    guidelines provided, the Adviser will disclose the conflict to
                    the&#160;Fund and obtain&#160;its consent to the proposed vote prior to
                    voting the securities;</font></div>
                </td>
              </tr>

          </table>
        </div>


        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 18pt;">&#160;</td>
                <td style="width: 18pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                    Fund may direct the Adviser in writing to forward all proxy matters
                    in
                    which the Adviser has a conflict of interest regarding the securities
                    to
                    an identified independent third party for review and recommendation.
                    The
                    Adviser will vote in accordance with the third party&#8217;s recommendations as
                    long as they are received on a timely basis. If the third party&#8217;s
                    recommendations are not received in a timely manner, the Adviser
                    will
                    abstain from voting the
                    securities.</font></div>
                </td>
              </tr>

          </table>
        </div>

      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>More
        Information</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        actual voting records relating to the Fund&#8217;s portfolio securities during the
        most recent 12-month period ended June&#160;30 will be available without charge,
        upon request, by calling toll-free [1-877-XXX-XXXX] or in the Fund&#8217;s reports to
        be filed with the SEC and available on the SEC&#8217;s website at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em><u>www.sec.gov</u></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        on
        the Fund&#8217;s website, www.alpinefunds.com</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        In
        addition, a copy of the Funds&#8217; proxy voting policies and procedures is available
        by calling [1-877-XXX-XXXX] and will be sent within three business days of
        receipt of a request.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INVESTMENT
        ADVISORY AND OTHER SERVICES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        management of the Fund is supervised by the Trustees. Alpine Woods Capital
        Investors, LLC (formerly, Alpine Management &amp; Research, LLC) provides
        investment advisory services to the Fund pursuant to investment advisory
        agreement entered into with the Fund (an &#8220;Advisory Agreement&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Adviser, located at 2500 Westchester Avenue, Purchase, New York, 10577,
          is a
          Delaware limited liability company. It was formed for the purpose of providing
          investment advisory and management services to investment companies (including
          the Fund) and other advisory clients. The sole member and controlling person
          of
          the Adviser is Mr. Samuel A. Lieber. Mr. Lieber is the Interested Trustee
          and&#160;President&#160;of the Fund.&#160;Mr. Lieber was previously associated
          with Evergreen Asset Management Corp., the former investment adviser of
          Alpine
          U.S. Real Estate Equity Fund and Alpine International Real Estate Equity
          Fund,
          and was primarily responsible for investment advisory services provided
          to those
          funds.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        Advisory Agreement, the Adviser has agreed to furnish reports, statistical
        and
        research services and recommendations with respect to the Fund&#8217;s portfolio of
        investments. In addition, the Adviser provides office facilities to the Fund
        and
        performs a variety of administrative services. The Fund bears all of its
        other
        expenses and liabilities, including expenses incurred in connection with
        maintaining its registration under the 1933 Act, and the 1940 Act, printing
        prospectuses (for existing shareholders) as they are updated, state
        qualifications, mailings, brokerage, custodian and stock transfer charges,
        printing, legal and auditing expenses, expenses of shareholders&#8217; meetings and
        reports to shareholders. The Adviser pays the costs of printing and distributing
        Prospectuses used for prospective shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        annual percentage rate and method used in computing the investment advisory
        fee
        of the Fund is described in the Prospectus.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Advisory Agreement is terminable, without the payment of any penalty, on
        sixty
        days&#8217; written notice, by a vote of the holders of a majority of the Fund&#8217;s
        outstanding shares, by a vote of a majority of the Trustees or by the Adviser.
        The Advisory Agreement provides that it will automatically terminate in the
        event of its assignment. The Advisory Agreement provides in substance that
        the
        Adviser shall not be liable for any action or failure to act in accordance
        with
        its duties thereunder in the absence of willful misfeasance, bad faith or
        gross
        negligence on the part of the Adviser or of reckless disregard of its
        obligations thereunder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Advisory Agreement was approved by the Trustees, including a majority of
        the
        Independent Trustees, and its initial shareholder on ____________, 2006.
        The
        Advisory Agreement has an initial term of two years. The Advisory Agreement
        may
        be continued in effect from year to year after its initial term, provided
        that
        its continuance is approved annually by the Trustees or by a majority of
        the
        outstanding voting shares of the Fund, and in each case is also approved
        by a
        majority of the Independent Trustees by vote cast in person at a meeting
        duly
        called for the purpose of voting on such approval. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Conflicts
        of Interest</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conflicts
        of interest may arise because the Fund&#8217;s portfolio managers have day-to-day
        management responsibilities with respect to both the Fund and various other
        accounts. These potential conflicts include:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Limited
        Resources.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        portfolio managers cannot devote their full time and attention to the management
        of each of the accounts that they manage. Accordingly, the portfolio managers
        may be limited in their ability to identify investment opportunities for
        each of
        the accounts that are as attractive as might be the case if the portfolio
        managers were to devote substantially more attention to the management of
        a
        single account. The effects of this potential conflict may be more pronounced
        where the accounts have different investment strategies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Limited
        Investment Opportunities</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Other
        clients of the Adviser may have investment objectives and policies similar
        to
        those of the Fund. The Adviser may, from time to time, make recommendations
        which result in the purchase or sale of a particular security by its other
        clients simultaneously with the Fund. If transactions on behalf of more than
        one
        client during the same period increase the demand for securities being purchased
        or the supply of securities being sold, there may be an adverse effect on
        price
        or quantity. It is the policy of the Adviser to allocate advisory
        recommendations and the placing of orders in a manner that it believes is
        equitable to the accounts involved, including the Fund. When two or more
        clients
        of the Adviser are purchasing or selling the same security on a given day
        from
        the same broker-dealer, such transactions may be averaged as to price. See
        &#8220;Portfolio Managers&#8221; below.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When
        approving the Investment Advisory Agreement on __________, 2006, the Trustees,
        including the Independent Trustees, considered a number of factors, including:
        [TO COME].</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        has adopted procedures under Rule 17a-7 of the 1940 Act to permit purchase
        and
        sales transactions to be effected between the Fund and other accounts that
        are
        managed by the Adviser. The Fund may from time to time engage in such
        transactions in accordance with these procedures.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
        regarding the Fund&#8217;s custodian and independent public accounting firm is
        described in the prospectus.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PORTFOLIO
        MANAGERS</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Stephen A. Lieber and Mr. Samuel A. Lieber are the co-Chief Executive Officers
        of the Adviser and generally consult each portfolio manager with respect
        to
        investment decisions for the Fund. The following tables show the number of
        other
        accounts managed by Messrs. Lieber and the total assets in the accounts managed
        within various categories as of April 30, 2006. </font></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="33%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="middle" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="9%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="10%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td colspan="5" valign="bottom" width="20%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Advisory
                  Fee</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Based
                  on Performance</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" width="33%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Type
                  of Accounts</strong></font></div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
                  of</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Accounts</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assets</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>($
                  in millions)</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
                  of</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Accounts</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assets</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Stephen
                  A. Lieber</strong></font></div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registered
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">188.5</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">321</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">607.6</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="33%">&#160;</td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="20%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Samuel
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="20%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registered
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              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,148.8</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
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              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">188.5</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">188.5</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  Accounts</font></div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">22.2</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms.
        Jill
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        for
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        of
        other accounts managed by Ms. Evans and Mr. Shacknofsky and the total assets
        in
        the accounts managed within various categories, as of April 30, 2006.
</font></div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-10</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="33%">&#160;</td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td colspan="5" valign="bottom" width="20%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Advisory
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Based
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td valign="bottom" width="33%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Type
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              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assets</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(in
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              <td align="left" valign="bottom" width="2%">&#160;</td>
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              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td colspan="2" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr>
              <td align="left" valign="bottom" width="33%">&#160;</td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Jill
                  K. Evans</strong></font></div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registered
                  Investment Companies</font></div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" colspan="2" valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="20%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td align="left" colspan="2" valign="bottom" width="9%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="right" colspan="2" valign="bottom" width="10%">&#160;</td>
              <td align="left" valign="bottom" width="2%">&#160;</td>
              <td align="left" colspan="5" valign="bottom" width="20%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registered
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              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
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              <td valign="bottom" width="1%">&#160;</td>
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
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              <td align="left" valign="bottom" width="1%">&#160;</td>
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            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="33%">
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              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
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              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
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              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                  Accounts</font></div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$9.5</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Conflicts
        of Interest.</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Where
        conflicts of interest arise between the Fund and other accounts managed by
        the
        portfolio managers, the portfolio managers will use good faith efforts so
        that
        the Fund will not be treated materially less favorably than other accounts.
        There may be instances where similar portfolio transactions may be executed
        for
        the same security for numerous accounts managed by the portfolio managers.
        In
        such instances, securities will be allocated in accordance with the Adviser&#8217;s
        trade allocation policy. See &#8220;Investment Advisory and Other Services&#8221;
above.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Compensation.</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          portfolio managers&#8217; compensation will be made up of a fixed salary amount which
          is not based on the value of the assets in the Fund&#8217;s portfolio.&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annually,
          the Adviser may calculate bonus compensation to be paid to each portfolio
          manager as a percentage of salary based in large part on the Fund&#8217;s after-tax
          performance in comparison to other equity income funds during the same
          time
          period, which the Adviser considers to be a comparable peer
          group.</font></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Securities
        Owned in the Fund by Portfolio Managers.</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        of the
        date of this SAI, the portfolio managers do not own any securities of the
        Fund.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Administrative
        Services</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          the
          Administration Agreement, ALPS Mutual Fund Services, Inc. is responsible
          for
          calculating the net asset value of the common shares, and generally managing
          the
          administrative affairs of the Fund, subject to the supervision of the Board
          of
          Trustees. ALPS will furnish to the Fund all office facilities, equipment
          and
          personnel for administration of the Fund. ALPS will compensate all Trustees
          and
          officers of the Fund who are members of the ALPS organization and who render
          executive and administrative services to the Fund, and will also compensate
          all
          other ALPS personnel who perform management and administrative services
          for the
          Fund. ALPS' administrative services include, preparation and filing of
          documents
          required to comply with federal and state securities laws, supervising
          the
          activities of the Fund's custodian and transfer agent, providing assistance in
          connection with the Trustees and shareholders' meetings, providing services
          in
          connection with repurchase offers, if any, and other administrative services
          necessary to conduct the Fund's business. </font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ALLOCATION
        OF BROKERAGE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Decisions
        regarding the placement of orders to purchase and sell investments for the
        Fund
        are made by the Adviser, subject to the supervision of the Trustees. A
        substantial portion of the transactions in equity securities for the Fund
        will
        occur on domestic stock exchanges. Transactions on stock exchanges involve
        the
        payment of brokerage commissions. In transactions on stock exchanges in the
        United States and some foreign exchanges, these commissions are negotiated.
        However, on many foreign stock exchanges these commissions are fixed. In
        the
        case of securities traded in the foreign and domestic over-the-counter markets,
        there is generally no stated commission, but the price usually includes an
        undisclosed commission or markup. Over-the-counter transactions will generally
        be placed directly with a principal market maker, although the Fund may place
        an
        over-the-counter order with a broker-dealer if a better price (including
        commission) and execution are available.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-11</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
        is
        anticipated that most purchase and sale transactions involving fixed income
        securities will be with the issuer or an underwriter or with major dealers
        in
        such securities acting as principals. Such transactions are normally effected
        on
        a net basis and generally do not involve payment of brokerage commissions.
        However, the cost of securities purchased from an underwriter usually includes
        a
        commission paid by the issuer to the underwriter. Purchases or sales from
        dealers will normally reflect the spread between the bid and ask
        price.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          policy of the Fund regarding transactions for purchases and sales of securities
          is that primary consideration will be given to obtaining the most favorable
          prices and efficient executions of transactions. Consistent with this policy,
          when securities transactions are effected on a stock exchange, the Fund&#8217;s policy
          is to pay commissions which are considered fair and reasonable without
          necessarily determining that the lowest possible commissions are paid in
          all
          circumstances. The Board of Trustees believes that a requirement always
          to seek
          the lowest commission cost could impede effective management and preclude
          the
          Fund and&#160;the Adviser from obtaining high quality brokerage and research
          services. In seeking to determine the reasonableness of brokerage commissions
          paid in any transaction, the Adviser may rely on its experience and knowledge
          regarding commissions generally charged by various brokers and on their
          judgment
          in evaluating the brokerage and research services received from the broker
          effecting the transaction. Such determinations are necessarily subjective
          and
          imprecise, as in most cases an exact dollar value for those services is
          not
          ascertainable.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        seeking to implement the Fund&#8217;s policies, the Adviser will place transactions
        with those brokers and dealers who it believes provide the most favorable
        prices
        and which are capable of providing efficient executions. If the Adviser believes
        such price and execution are obtainable from more than one broker or dealer,
        it
        may give consideration to placing transactions with those brokers and dealers
        who also furnish research or research related services to the Fund or the
        Adviser. Such services may include, but are not limited to, any one or more
        of
        the following: information as to the availability of securities for purchase
        or
        sale; statistical or factual information or opinions pertaining to investments;
        and appraisals or evaluations of securities. The information and services
        received by the Adviser from brokers and dealers may be of benefit in the
        management of accounts of other clients and may not in all cases benefit
        the
        Fund directly. While such services are useful and important in supplementing
        their own research and facilities, the Adviser believes the value of such
        services is not determinable and does not significantly reduce their
        expenses.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TAXES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>

          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><em><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
            following is a summary discussion of the material U.S. federal income
            tax
            consequences that may be relevant to a shareholder of acquiring, holding
            and
            disposing of shares of the Fund. This discussion does not address the
            special
            tax rules applicable to certain classes of investors, such as tax&#8722;exempt
            entities, foreign investors, insurance companies and financial institutions.
            This discussion addresses only U.S. federal income tax consequences to
            U.S.
            shareholders who hold their shares as capital assets and does not address
            all of
            the U.S. federal income tax consequences that may be relevant to particular
            shareholders in light of their individual circumstances. In addition,
            the
            discussion does not address any state, local or foreign tax consequences,
            and it
            does not address any U.S. federal tax consequences other than U.S. federal
            income tax consequences. The discussion is based upon present provisions
            of the
            Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), the regulations
            promulgated thereunder, and judicial and administrative ruling authorities,
            all
            of which are subject to change or differing interpretations (possibly
            with
            retroactive effect). No attempt is made to present a detailed explanation
            of all
            U.S. federal income tax concerns affecting the Fund and its shareholders,
            and
            the discussion set forth herein does not constitute tax advice. Investors
            are
            urged to consult their own tax advisors to determine the specific tax
            consequences to them of investing in the Fund, including the applicable
            federal,
            state, local and foreign tax consequences to them and the effect of possible
            changes in tax laws</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></em></div>

      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Fund
          intends to elect to be treated and to qualify each year as a regulated
          investment company (a "RIC") under the&#160;Code. Accordingly, the Fund must,
          among other things, (i) derive in each taxable year at least 90% of its
          gross
          income (including tax&#8722;exempt interest) from (a) dividends, interest, payments
          with respect to certain securities loans, and gains from the sale or other
          disposition of stock, securities or foreign currencies, or other income
          (including but not limited to gain from options, futures and forward contracts)
          derived with respect to its business of investing in such stock, securities
          or
          currencies; and (b) net income from interests in "qualified publicly traded
          partnerships" (as defined in the Code); (ii) diversify its holdings so
          that, at
          the end of each quarter of each taxable year (a) at least 50% of the&#160;value
          of the Fund's total assets is represented by cash and cash items, U.S.
          government securities, the securities of other regulated investment companies
          and other securities, with such other securities limited, in respect of
          any one
          issuer, to an amount not greater than 5% of the value of the Fund's total
          assets
          and not more than 10% of the outstanding voting securities of such issuer
          and
          (b) not more than 25% of the&#160;value of the Fund's total assets is invested
          in the securities (other than U.S. government securities and the securities
          of
          other regulated investment companies) of (I) any one issuer; (II) any two
          or
          more issuers that the Fund controls and that are determined to be engaged
          in the
          same business or similar or related trades or businesses or (III) any one
          or
          more "qualified publicly traded partnerships" (as defined in the Code);
          and
          (iii) distribute&#160;at least 90% of its&#160;investment company taxable income
          (as defined in the Code, but without regard to the deduction for dividends
          paid)
          for such taxable year in accordance with the timing requirements imposed
          by the
          Code, so as to maintain its RIC status and to avoid paying any U.S. federal
          income tax. For purposes of the 90% of gross income requirement described
          above,
          the Code expressly provides the U.S. Treasury with authority to issue
          regulations that would exclude foreign currency gains from qualifying income
          if
          such gains are not directly related to the Fund's business of investing
          in stock
          or securities. While to date the U.S. Treasury has not exercised this regulatory
          authority, there can be no assurance that it will not issue regulations
          in the
          future (possibly with retroactive application) that would treat some or
          all of
          the Fund's foreign currency gains as non&#8722;qualifying income. To the extent it
          qualifies for treatment as a RIC and satisfies the above&#8722;mentioned distribution
          requirements, the Fund will not be subject to U.S. federal income tax on
          income
          paid to its shareholders in the form of dividends or capital gain
          distributions.</font></div>

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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          order
          to avoid incurring a U.S. federal excise tax obligation, the Code requires
          that
          the Fund distribute (or be deemed to have distributed) by December 31 of
          each
          calendar year an amount at least equal to the sum of (i) 98% of its ordinary
          income for such year and (ii) 98% of its capital gain net income (which
          is the
          excess of its realized&#160;capital gain over its realized&#160;capital loss),
          generally computed on the basis of the one&#8722;year period ending on October 31 of
          such year, after reduction by any available capital loss carryforwards,
          plus
          (iii) 100% of any ordinary income and capital gain net income from the
          prior
          year (as previously computed) that were not paid out during such year and
          on
          which the Fund paid no U.S. federal income tax.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        Fund does not qualify as a RIC for any taxable year, the Fund's taxable income
        will be subject to corporate income taxes, and all distributions from earnings
        and profits, including distributions of net capital gain (if any), will be
        taxable to the shareholder as ordinary income. Such distributions generally
        will
        be eligible (i) for the dividends received deduction in the case of corporate
        shareholders and (ii) for treatment as "qualified dividends" in the case
        of
        individual shareholders provided certain holding period and other requirements
        are met, as described below. In addition, in order to requalify for taxation
        as
        a RIC, the Fund may be required to recognize unrealized gains, pay substantial
        taxes and interest, and make certain distributions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Distributions
          from the Fund, except in the case of distributions of qualified dividend
          income
          or Capital Gain&#160;Dividends, as described below, generally will be taxable to
          shareholders as ordinary&#160;dividend income to the extent of the Fund's
          current and accumulated earnings and profits. Distributions of net capital
          gains
          (that is, the excess of net gains from the sale of capital assets held
          more than
          one year over net losses from the sale of capital assets held for not more
          than
          one year) properly designated as capital gain dividends ("Capital Gain
          Dividends") will be taxable to shareholders as long&#8722;term capital gain,
          regardless of how long a shareholder has held the shares in the
          Fund.</font></div>

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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        a
        shareholder's distributions are automatically reinvested pursuant to the
        Plan
        and the Plan Administrator invests the distribution in shares acquired on
        behalf
        of the shareholder in open&#8722;market purchases, for U.S. federal income tax
        purposes, the shareholder will generally be treated as having received a
        taxable
        distribution in the amount of the cash dividend that the shareholder would
        have
        received if the shareholder had elected to receive cash. If a shareholder's
        distributions are automatically reinvested pursuant to the Plan and the Plan
        Administrator invests the distribution in newly issued shares of the Fund,
        the
        shareholder will generally be treated as receiving a taxable distribution
        equal
        to the fair market value of the stock the shareholder receives.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
          current law, certain income distributions paid by the Fund to individual
          taxpayers are taxed at rates equal to those applicable to net long&#8722;term capital
          gains (15%, or 5% for individuals in the 10% or 15% tax brackets). This
          tax
          treatment applies only if certain holding period requirements and other
          requirements are satisfied by the shareholder&#160;and the dividends are
          attributable to qualified dividend income received by the Fund itself.
          For this
          purpose, "qualified dividend income" means dividends received by the Fund
          from
          certain United States corporations and qualifying foreign corporations,
          provided
          that the Fund satisfies certain holding period and other requirements in
          respect
          of the stock of such corporations. For these purposes, a "qualified foreign
          corporation" means any foreign corporation if (i) such corporation is
          incorporated in a possession of the United States, (ii) such corporation
          is
          eligible for benefits of a qualified comprehensive income tax treaty with
          the
          United States and which includes an exchange of information program, or
          (iii)
          the stock of such corporation with respect to which such dividend is paid
          is
          readily tradable on an established securities market in the United States.
          A
          "qualified foreign corporation" does not include any foreign corporation
          which
          for the taxable year of the corporation in which the dividend was paid,
          or the
          preceding taxable year, is a "passive foreign investment company" (as defined
          in
          the Code). In the case of securities lending transactions, payments in
          lieu of
          dividends are not qualified dividends. Dividends received by the Fund from
          REITs
          are qualified dividends eligible for this lower tax rate only in limited
          circumstances. These special rules relating to the taxation of ordinary
          income
          dividends from regulated investment companies generally apply to taxable
          years
          beginning before January 1, 2011. Thereafter, the Fund's dividends, other
          than
          Capital Gain Dividends, will be fully taxable at ordinary income tax rates
          unless further Congressional legislature action is taken.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
          dividend will not be treated as qualified dividend income (whether received
          by
          the Fund or paid by the Fund to a shareholder) if (1) the dividend is received
          with respect to any share held for fewer than 61 days during the 121&#8722;day period
          beginning on the date which is 60 days before the date on which such share
          becomes ex&#8722;dividend with respect to such dividend, (2) to the extent that the
          recipient is under an obligation (whether pursuant to a short sale or otherwise)
          to make related payments with respect to positions in substantially similar
          or
          related property or (3) if the recipient elects to have the dividend treated
          as
          investment income for purposes of the limitation on deductibility of investment
          interest. Distributions of income by the Fund, other than qualified dividend
          income&#160;and Capital Gains&#160;Dividends,&#160;are taxed as ordinary income,
          at rates currently up to 35%.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        benefits of the reduced tax rates applicable to long&#8722;term capital gains and
        qualified dividend income may be impacted by the application of the alternative
        minimum tax to individual shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        cannot
        assure you as to what percentage of the dividends paid on the shares will
        consist of qualified dividend income or long&#8722;term capital gains, both of which
        are taxed at lower rates for individuals than are ordinary income and short&#8722;term
        capital gains.</font></div>
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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund's investment in zero coupon and certain other securities will cause
        it to
        realize income prior to the receipt of cash payments with respect to these
        securities. Such income will be accrued daily by the Fund and, in order to
        avoid
        a tax payable by the Fund, the Fund may be required to liquidate securities
        that
        it might otherwise have continued to hold in order to generate cash so that
        the
        Fund may make required distributions to its shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investments
        in lower rated or unrated securities may present special tax issues for the
        Fund
        to the extent that the issuers of these securities default on their obligations
        pertaining thereto. The Code is not entirely clear regarding the federal
        income
        tax consequences of the Fund's taking certain positions in connection with
        ownership of such distressed securities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
        recognized gain or income attributable to market discount on long&#8722;term debt
        obligations (i.e., obligations with a term of more than one year except to
        the
        extent of a portion of the discount attributable to original issue discount)
        purchased by the Fund is taxable as ordinary income. A long&#8722;term debt obligation
        is generally treated as acquired at a market discount if purchased after
        its
        original issue at a price less than (i) the stated principal amount payable
        at
        maturity, in the case of an obligation that does not have original issue
        discount or (ii) in the case of an obligation that does have original issue
        discount, the sum of the issue price and any original issue discount that
        accrued before the obligation was purchased, subject to a de minimis
        exclusion.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
            Section 988 of the Code, gains or losses attributable to fluctuations
            in
            exchange rates between the time the Fund accrues income or receivables
            or
            expenses or other liabilities denominated in a foreign currency and the
            time the
            Fund actually collects such income or receivables or pays such liabilities
            are
            generally treated as ordinary income or loss. Similarly, gains or losses
            on
            foreign currency forward contracts and the disposition of debt securities
            denominated in a foreign currency, to the extent attributable to fluctuations
            in
            exchange rates between the acquisition and disposition dates, are also
            treated
            as ordinary income or loss.</font></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends
            and interest received, and gains realized, by the Fund on foreign securities
            may
            be subject to income, withholding or other taxes imposed by foreign countries
            and U.S. possessions (collectively &#8220;foreign taxes&#8221;) that would reduce the return
            on its securities. Tax conventions between certain countries and the
            United
            States, however, may reduce or eliminate foreign taxes, and many foreign
            countries do not impose taxes on capital gains in respect of investments
            by
            foreign investors. If more than 50% of the value of the Fund&#8217;s total assets at
            the close of its taxable year consists of securities of foreign corporations,
            it
            will be eligible to, and may, file an election with the Internal Revenue
            Service
            that will enable its shareholders, in effect, to receive the benefit
            of the
            foreign tax credit with respect to any foreign taxes paid by the Fund.
            Pursuant
            to the election, the Fund would treat those taxes as dividends paid to
            its
            shareholders and each shareholder (1) would be required to include in
            gross
            income, and treat as paid by such shareholder, a proportionate share
            of those
            taxes, (2) would be required to treat such share of those taxes and of
            any
            dividend paid by the Fund that represents income from foreign or U.S.
            possessions sources as such shareholder&#8217;s own income from those sources, and, if
            certain conditions are met, (3) could either deduct the foreign taxes
            deemed
            paid in computing taxable income or, alternatively use the foregoing
            information
            in calculating the foreign tax credit against federal income tax. The
            Fund will
            report to its shareholders shortly after each taxable year their respective
            shares of foreign taxes paid and the income from sources within, and
            taxes paid
            to, foreign countries and U.S. possessions if it makes this
            election.</font></div>

      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        Fund acquires any equity interest in certain foreign corporations that receive
        at least 75% of their annual gross income from passive sources (such as
        interest, dividends, certain rents and royalties, or capital gains) or that
        hold
        at least 50% of their assets in investments producing such passive income
        ("passive foreign investment companies"), the Fund could be subject to U.S.
        federal income tax and additional interest charges on "excess distributions"
        received from such companies or on gain from the sale of stock in such
        companies, even if all income or gain actually received by the Fund is timely
        distributed to its shareholders. The Fund would not be able to pass through
        to
        its shareholders any credit or deduction for such a tax. An election may
        generally be available that would ameliorate these adverse tax consequences,
        but
        any such election could require the Fund to recognize taxable income or gain
        (subject to tax distribution requirements) without the concurrent receipt
        of
        cash and would require certain information to be furnished by the foreign
        corporation, which may not be provided. These investments could also result
        in
        the treatment of associated capital gains as ordinary income. The Fund may
        limit
        and/or manage its holdings in passive foreign investment companies to limit
        its
        tax liability or maximize its return from these investments. Dividends paid
        by
        passive foreign investment companies will not qualify as qualified dividend
        income eligible for taxation at reduced tax rates.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        American Jobs Creation Act of 2004 (the "Jobs Act"), among other things,
        modified the 90% gross income test with respect to income of a RIC to include
        net income derived from an interest in certain qualified "publicly traded
        partnerships" ("PTPs") and modified the asset diversification test of a RIC
        to
        include a new limitation on the investment by a RIC in certain qualified
        PTP
        interests. Under the Jobs Act, a RIC may now invest in a qualified PTP
        regardless of the types of business the PTP operates. The Jobs Act further
        provides that passive losses from an investment in a qualified PTP may not
        be
        used by a RIC to offset any income other than income from the same PTP and
        any
        deductions passed through by the PTP may not be used by a RIC to offset income
        from other sources.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-15</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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          </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          sale,
          exchange or redemption of Fund shares may give rise to a gain or loss.
          Such gain
          or loss would generally be treated as capital gain or loss if the Fund
          shares
          are held as a capital asset. In general, any gain or loss realized upon
          a
          taxable disposition of shares will be treated as long&#8722;term capital gain or loss
          if the shares have been held for more than 12 months. Otherwise, the gain
          or
          loss on the taxable disposition of Fund shares will be treated as short&#8722;term
          capital gain or loss. Long&#8722;term capital gain rates applicable to individuals
          have been reduced, in general, to 15% (or 5% for individuals in the 10%
          or 15%
          rate brackets); however, such rates are set to expire after December 31,
          2010
          absent further legislation. Any loss realized upon the sale or exchange
          of Fund
          shares with a holding period of 6 months or less will be treated as a long&#8722;term
          capital loss to the extent of any capital gain distributions received with
          respect to such shares. The use of capital losses is subject to limitations.
          In
          addition, all or a portion of a loss realized on a redemption or other
          disposition of Fund shares may be disallowed under "wash sale" rules to
          the
          extent the shares disposed of are replaced with other substantially identical
          shares (whether through the reinvestment of distributions or otherwise)
          within a
          61&#8722;day period beginning 30 days before the redemption of the loss shares and
          ending 30 days after such date. Any disallowed loss will result in an adjustment
          to the shareholder's tax basis in some or all of the other shares
          acquired.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
        charges paid upon a purchase of shares cannot be taken into account for purposes
        of determining gain or loss on a sale of the shares before the 91st day after
        their purchase to the extent a sales charge is reduced or eliminated in a
        subsequent acquisition of shares of the Fund pursuant to the reinvestment
        privilege. Any disregarded amounts will result in an adjustment to the
        shareholder's tax basis in some or all of any other shares acquired.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends
          and distributions on the Fund's shares are generally subject to federal
          income
          tax as described herein to the extent they do not exceed the Fund's realized
          income and gains, even though such dividends and distributions may economically
          represent a return of a particular shareholder's investment. Such distributions
          are likely to occur in respect of shares purchased at a time when the Fund's
          net
          asset value reflects gains that are either unrealized, or realized but
          not
          distributed. Such realized gains may be required to be distributed even
          when the
          Fund's net asset value also reflects unrealized losses. Certain distributions
          declared in October, November or December and paid in the following January
          will
          be taxed to shareholders as if received on December 31 of the year in which
          they
          were declared. In addition, certain other distributions made after the
          close of
          a taxable year of the Fund may be "spilled back" and treated as paid by
          the Fund
          (except for purposes of the 4% excise tax) during such taxable year. In
          such
          case, shareholders will be treated as having received such dividends in
          the
          taxable year in which the distributions were actually made.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amounts
          paid by the Fund to individuals and certain other shareholders who have
          not
          provided the Fund with their correct taxpayer identification number ("TIN")
          and
          certain certifications required by the Internal Revenue Service (the "IRS")
          as
          well as shareholders with respect to whom the Fund has received certain
          information from the IRS or a broker may be subject to "backup" withholding
          of
          federal income tax arising from the Fund's taxable dividends and other
          distributions as well as the gross proceeds of sales of shares, at a rate
          equal
          to the fourth highest rate of tax applicable to a single individual (currently,
          28%). An individual's TIN is generally his or her social security number.
          Backup
          withholding is not an additional tax. Any amounts withheld under the backup
          withholding rules from payments made to a shareholder may be refunded or
          credited against such shareholder's U.S. federal income tax liability,
          if any,
          provided that the required information is furnished to the
          IRS.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-16</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        Treasury regulations, if a shareholder recognizes a loss on disposition of
        the
        Fund's shares of $2 million or more for an individual shareholder or $10
        million
        or more for a corporate shareholder, the shareholder must file with the Internal
        Revenue Service a disclosure statement on Form 8886 except to the extent
        such
        losses are from assets that have a qualifying basis and meet certain other
        requirements. Direct shareholders of portfolio securities are in many cases
        excepted from this reporting requirement, but under current guidance,
        shareholders of a regulated investment company are not excepted. Future guidance
        may extend the current exception from this reporting requirement to shareholders
        of most or all regulated investment companies. In addition, pursuant to recently
        enacted legislation, significant penalties may be imposed for the failure
        to
        comply with the reporting requirements. The fact that a loss is reportable
        under
        these regulations does not affect the legal determination of whether the
        taxpayer's treatment of the loss is proper. Shareholders should consult their
        tax advisers to determine the applicability of these regulations in light
        of
        their individual circumstances.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        foregoing discussion does not address the special tax rules applicable to
        certain classes of investors, such as tax&#8722;exempt entities, foreign investors,
        insurance companies and financial institutions. Shareholders should consult
        their own tax advisers with respect to special tax rules that may apply in
        their
        particular situations, as well as the state, local, and, where applicable,
        foreign tax consequences of investing in the Fund.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        will inform shareholders of the source and tax status of all distributions
        promptly after the close of each calendar year. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>State
        And Local Taxes</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shareholders
        should consult their own tax advisers as to the state or local tax consequences
        of investing in the Fund. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OTHER
        INFORMATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        is an organization of the type commonly known as a "Delaware statutory trust."
        Under Delaware law, shareholders of such a trust may, in certain circumstances,
        be held personally liable as partners for the obligations of the trust. The
        Declaration of Trust contains an express disclaimer of shareholder liability
        in
        connection with the Fund property or the acts, obligations or affairs of
        the
        Fund. The Fund has been advised by its counsel that the risk of any shareholder
        incurring any liability for the obligations of the Fund is remote.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Declaration of Trust provides that the Trustees will not be liable for actions
        taken in good faith in the reasonable belief that such actions were in the
        best
        interests of the Fund or, in the case of any criminal proceeding, as to which
        a
        Trustee did not have reasonable cause to believe that such actions were
        unlawful; but nothing in the Declaration of Trust protects a Trustee against
        any
        liability to the Fund or its shareholders to which he would otherwise be
        subject
        by reason of willful misfeasance, bad faith, gross negligence or reckless
        disregard of the duties involved in the conduct of his office. Voting rights
        are
        not cumulative, which means that the holders of more than 50% of the shares
        voting for the election of Trustees can elect 100% of the Trustees and, in
        such
        event, the holders of the remaining less than 50% of the shares voting on
        the
        matter will not be able to elect any Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-17</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Declaration of Trust provides that no person shall serve as a Trustee if
        shareholders holding two&#8722;thirds of the outstanding shares have removed him from
        that office either by a written declaration filed with the Fund's custodian
        or
        by votes cast at a meeting called for that purpose.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Information
        about anti-takeover provisions in the Declaration of Trust is discussed in
        the
        prospectus under &#8220;Anti-Takeover Provisions in the Declaration of Trust.&#8221; The
        Fund's prospectus and this SAI do not contain all of the information set
        forth
        in the Registration Statement that the Fund has filed with the Securities
        and
        Exchange Commission. The complete Registration Statement may be obtained
        as
        described on the cover page of this SAI. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEPENDENT
        REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deloitte
        &amp; Touche LLP is the independent registered public accounting firm for the
        Fund and will provide audit services, tax return preparation and assistance
        and
        consultation with respect to the preparation of filings with the Securities
        and
        Exchange Commission. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2"><strong>ALPINE
        GLOBAL DYNAMIC DIVIDEND
        FUND</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">STATEMENT
        OF ASSETS AND
        LIABALITIES</font></strong></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><strong><font size="2">____________,
        2006</font></strong></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">[to
        come]</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">B-18</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        C</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OTHER
        INFORMATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        25.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
        Statements and Exhibits</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
        Statements (included in Part B)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Report
        of
        Independent Registered Public Accounting Firm*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statement
        of Assets and Liabilities*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notes
        to
        Statement of Assets and Liabilities*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="white">
                <td colspan="2" width="11%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;<font size="2">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
                </td>
                <td width="89%">&#160;</td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">(a)(i)</font></div>
                </td>
                <td width="89%"><font size="2">Certificate of Trust**</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">(a)(ii)</font></div>
                </td>
                <td width="89%"><font size="2">Agreement and Declaration of
                  Trust**</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">(b)</font></div>
                </td>
                <td width="89%"><font size="2">Bylaws**</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(c)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(d)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(e)</font></td>
                <td width="89%"><font size="2">Dividend Reinvestment Plan*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(f)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(g)</font></td>
                <td width="89%"><font size="2">Form of Investment Advisory
                  Agreement*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(h)</font></td>
                <td width="89%"><font size="2">Form of Underwriting Agreement*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(i)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(j)</font></td>
                <td width="89%"><font size="2">Form of Custody Agreement*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(k)</font></td>
                <td width="89%"><font size="2">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Stock Transfer Agency Agreement*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%">&#160;</td>
                <td width="89%"><font size="2">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Marketing, Administration, Bookkeeping and Pricing Services
                  Agreement*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(l)</font></td>
                <td width="89%"><font size="2">Opinion and Consent of Blank Rome
                  LLP*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(m)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(n)</font></td>
                <td width="89%"><font size="2">Consent of Deloitte &amp; Touche
                  LLP*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(o)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(p)</font></td>
                <td width="89%"><font size="2">Initial Subscription Agreement*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(q)</font></td>
                <td width="89%"><font size="2">Not applicable</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%"><font size="2">(r)</font></td>
                <td width="89%"><font size="2">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Code
                  of Ethics of the Fund*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%">&#160;</td>
                <td width="89%"><font size="2">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Code
                  of Ethics of the Adviser*</font></td>
              </tr>
              <tr bgcolor="white">
                <td width="5%">&#160;</td>
                <td width="6%">&#160;</td>
                <td width="89%"><font size="2">(3)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Code
                  of Ethics of the Principal Executive and Financial Officers of
                  the
                  Fund*</font></td>
              </tr>

          </table>
        </div>

      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________</font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*To
        be
        filed by amendment.</font></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">**
          Previously filed.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        26. Marketing Arrangements</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
        Form
        of Underwriting Agreement to be filed by amendment as Exhibit
        2(h)(1).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        27. Other Expenses of Issuance and Distribution</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        approximate expenses in connection with the offering are as
        follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                  and Filing Fees</font></div>
              </td>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NASD
                  Fees</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NYSE
                  Fees</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transfer
                  Agent&#8217;s Fees</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Printing
                  (Other than Certificates)</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Engraving
                  and Printing Certificates</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounting
                  Fees and Expenses</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal
                  Fees and Expenses</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Miscellaneous
                  Expenses</font></div>
              </td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">&#160;</td>
              <td align="left" valign="top" width="23%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</font></div>
              </td>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">C-1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        28. Persons Controlled by or Under Common Control With
        Registrant</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        29. Number of Holders of Securities</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Set
        forth
        below is the number of record holders as of&#160;_____ __, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006,
        of
        each class of securities of the Registrant:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="left">
        <table border="0" bordercolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="bottom" width="39%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title
                  of Class</font></div>
              </td>
              <td width="3%">&#160;</td>
              <td valign="bottom" width="39%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number
                  of Record Holders</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" width="39%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Shares of Beneficial Interest</font></div>
              </td>
              <td width="3%">&#160;</td>
              <td valign="bottom" width="39%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        30. Indemnification</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article
        IV of the Registrant&#8217;s Agreement and Declaration of Trust provides as
        follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
                    Personal Liability of Shareholders, Trustees, etc.
                    </font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
        Shareholder of the Trust shall be subject in such capacity to any personal
        liability whatsoever to any Person in connection with Trust Property or the
        acts, obligations or affairs of the Trust. Shareholders shall have the same
        limitation of personal liability as is extended to stockholders of a private
        corporation for profit incorporated under the general corporation law of
        the
        State of Delaware. No Trustee or officer of the Trust shall be subject in
        such
        capacity to any personal liability whatsoever to any Person, other than the
        Trust or its Shareholders, in connection with Trust Property or the affairs
        of
        the Trust, save only liability to the Trust or its Shareholders arising from
        bad
        faith, willful misfeasance, gross negligence or reckless disregard for his
        duty
        to such Person; and, subject to the foregoing exception, all such Persons
        shall
        look solely to the Trust Property for satisfaction of claims of any nature
        arising in connection with the affairs of the Trust. If any Shareholder,
        Trustee
        or officer, as such, of the Trust, is made a party to any suit or proceeding
        to
        enforce any such liability, subject to the foregoing exception, he shall
        not, on
        account thereof, be held to any personal liability.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mandatory
                  Indemnification. </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Trust
        shall indemnify the Trustees and officers of the Trust (each such person
        being
        an &#8220;indemnitee&#8221;) against any liabilities and expenses, including amounts paid in
        satisfaction of judgments, in compromise or as fines and penalties, and
        reasonable counsel fees reasonably incurred by such indemnitee in connection
        with the defense or disposition of any action, suit or other proceeding,
        whether
        civil or criminal, before any court or administrative or investigative body
        in
        which he may be or may have been involved as a party or otherwise (other
        than,
        except as authorized by the Trustees, as the plaintiff or complainant) or
        with
        which he may be or may have been threatened, while acting in any capacity
        set
        forth above in this Section 4.2 by reason of his having acted in any such
        capacity, except with respect to any matter as to which he shall not have
        acted
        in good faith in the reasonable belief that his action was in the best interest
        of the Trust or, in the case of any criminal proceeding, as to which he shall
        have had reasonable cause to believe that the conduct was unlawful, provided,
        however, that no indemnitee shall be indemnified hereunder against any liability
        to any person or any expense of such indemnitee arising by reason of (i)
        willful
        misfeasance, (ii) bad faith, (iii) gross negligence (negligence in the case
        of
        Affiliated Indemnitees), or (iv) reckless disregard of the duties involved
        in
        the conduct of his position (the conduct referred to in such clauses (i)
        through
        (iv) being sometimes referred to herein as &#8220;disabling conduct&#8221;). Notwithstanding
        the foregoing, with respect to any action, suit or other proceeding voluntarily
        prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory
        only if the prosecution of such action, suit or other proceeding by such
        indemnitee was authorized by a majority of the Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">C-2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
        the foregoing, no indemnification shall be made hereunder unless there has
        been
        a determination (1) by a final decision on the merits by a court or other
        body
        of competent jurisdiction before whom the issue of entitlement to
        indemnification hereunder was brought that such indemnitee is entitled to
        indemnification hereunder or, (2) in the absence of such a decision, by (i)
        a
        majority vote of a quorum of those Trustees who are neither Interested Persons
        of the Trust nor parties to the proceeding (&#8220;Disinterested Non-Party Trustees&#8221;),
        that the indemnitee is entitled to indemnification hereunder, or (ii) if
        such
        quorum is not obtainable or even if obtainable, if such majority so directs,
        independent legal counsel in a written opinion conclude that the indemnitee
        should be entitled to indemnification hereunder. All determinations to make
        advance payments in connection with the expense of defending any proceeding
        shall be authorized and made in accordance with the immediately succeeding
        paragraph (c) below.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Trust
        shall make advance payments in connection with the expenses of defending
        any
        action with respect to which indemnification might be sought hereunder if
        the
        Trust receives a written affirmation by the indemnitee of the indemnitee&#8217;s good
        faith belief that the standards of conduct necessary for indemnification
        have
        been met and a written undertaking to reimburse the Trust unless it is
        subsequently determined that he is entitled to such indemnification and if
        a
        majority of the Trustees determine that the applicable standards of conduct
        necessary for indemnification appear to have been met. In addition, at least
        one
        of the following conditions must be met: (1) the indemnitee shall provide
        adequate security for his undertaking, (2) the Trust shall be insured against
        losses arising by reason of any lawful advances, or (3) a majority of a quorum
        of the Disinterested Non-Party Trustees, or if a majority vote of such quorum
        so
        direct, independent legal counsel in a written opinion, shall conclude, based
        on
        a review of readily available facts (as opposed to a full trial-type inquiry),
        that there is substantial reason to believe that the indemnitee ultimately
        will
        be found entitled to indemnification.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        rights accruing to any indemnitee under these provisions shall not exclude
        any
        other right to which he may be lawfully entitled.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
        the foregoing, subject to any limitations provided by the 1940 Act and this
        Declaration, the Trust shall have the power and authority to indemnify Persons
        providing services to the Trust to the full extent provided by law provided
        that
        such indemnification has been approved by a majority of the
        Trustees.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
        as indemnification for liability arising under the Securities Act of 1933
        may be
        permitted to directors, officers and controlling persons of the Fund pursuant
        to
        the foregoing provisions, or otherwise, the Fund has been advised that in
        the
        opinion of the SEC such indemnification is against public policy as expressed
        in
        the Act and is, therefore, unenforceable. In the event that a claim for
        indemnification against such liabilities (other than the payment by the Fund
        of
        expenses incurred or paid by a director, officer or controlling person of
        the
        Fund in the successful defense of any action, suit or proceeding) is asserted
        by
        such director, officer or controlling person in connection with the securities
        being registered, the Fund will, unless in the opinion of its counsel the
        matter
        has been settled by controlling precedent, submit to a court of appropriate
        jurisdiction the question whether such indemnification by it is against public
        policy as expressed in the Act and will be governed by the final adjudication
        of
        such issue.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">C-3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 36pt;">&#160;</td>
              <td style="width: 36pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
                  Duty of Investigation; Notice in Trust Instruments, etc.
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
        purchaser, lender, transfer agent or other person dealing with the Trustees
        or
        with any officer, employee or agent of the Trust shall be bound to make any
        inquiry concerning the validity of any transaction purporting to be made
        by the
        Trustees or by said officer, employee or agent or be liable for the application
        of money or property paid, loaned, or delivered to or on the order of the
        Trustees or of said officer, employee or agent. Every obligation, contract,
        undertaking, instrument, certificate, Share, other security of the Trust,
        and
        every other act or thing whatsoever executed in connection with the Trust
        shall
        be conclusively taken to have been executed or done by the executors thereof
        only in their capacity as Trustees under this Declaration or in their capacity
        as officers, employees or agents of the Trust. The Trustees may maintain
        insurance for the protection of the Trust Property, its Shareholders, Trustees,
        officers, employees and agents in such amount as the Trustees shall deem
        adequate to cover possible liability, and such other insurance as the Trustees
        in their sole judgment shall deem advisable or is required by the 1940
        Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

              <tr valign="top" style="line-height: 1.25;">
                <td style="width: 36pt;">&#160;</td>
                <td style="width: 36pt;">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
                </td>
                <td>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reliance
                    on Experts, etc. </font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        Trustee and officer or employee of the Trust shall, in the performance of
        its
        duties, be fully and completely justified and protected with regard to any
        act
        or any failure to act resulting from reliance in good faith upon the books
        of
        account or other records of the Trust, upon an opinion of counsel, or upon
        reports made to the Trust by any of the Trust&#8217;s officers or employees or by any
        adviser, administrator, manager, distributor, selected dealer, accountant,
        appraiser or other expert or consultant selected with reasonable care by
        the
        Trustees, officers or employees of the Trust, regardless of whether such
        counsel
        or other person may also be a Trustee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        31. Business and Other Connections of Investment Adviser</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alpine
        Woods Capital Investors, LLC serves as investment adviser to the Registrant
        and
        also serves as adviser to unregistered funds, institutions and high net worth
        individuals. A description of any other business, profession, vocation, or
        employment of a substantial nature in which the investment adviser, and each
        member or executive officer of the investment adviser is or has been during
        the
        past two fiscal years, engaged in for his or her own account or in the capacity
        of director, officer, employee, partner or trustee, is set forth in the
        prospectus contained in this Registration Statement in the section entitled
        &#8220;Management of the Fund-Investment Adviser.&#8221; </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        32. Location of Accounts and Records</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
        applicable accounts, books and documents required to be maintained by the
        Registrant by Section 31(a) of the 1940 Act and the Rules promulgated thereunder
        are in the possession and custody of the Registrant&#8217;s administrator, ALPS Mutual
        Funds Services, Inc., 1625 Broadway, Suite 2200, Denver, Colorado
        80202.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        33. Management Services</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">C-4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        34. Undertakings</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Registrant undertakes to suspend the offering of its Common Shares of
                Beneficial Interest until the prospectus is amended if (1) subsequent
                to
                the effective date of this registration statement, the net asset
                value
                declines more than 10 percent from its net asset value as of the
                effective
                date of this registration statement or (2) the net asset value increases
                to an amount greater than its net proceeds as stated in the
                prospectus.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
                applicable.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
                applicable.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
                applicable.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Registrant undertakes that:</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
        the
        purpose of determining any liability under the Securities Act, the information
        omitted from the form of prospectus filed as part of this registration statement
        in reliance upon Rule 430A and contained in the form of prospectus filed
        by the
        Registrant pursuant to 497(h) under the Securities Act shall be deemed to
        be
        part of the registration statement as of the time it was declared effective;
        and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
        the
        purpose of determining any liability under the Securities Act, each
        post-effective amendment that contains a form of prospectus shall be deemed
        to
        be a new registration statement relating to the securities offered therein,
        and
        the offering of such securities at that time shall be deemed to be the initial
        bona fide offering thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Registrant undertakes to send by first class mail or other means
                designed
                to ensure equally prompt delivery, within two business days of receipt
                of
                an oral or written request, its Statement of Additional
                Information.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">C-5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
          <div style="WIDTH: 100%" align="left">
          </div>
        </div>
      </div><br><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
          to requirements of the Securities Act of 1933 and the Investment Company
          Act of
          1940, the Registrant has duly caused this registration statement to be
          signed on
          its behalf by the undersigned, thereunto duly authorized in the city of
          Purchase, and the State of New York, on the 14</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          day of
          June, 2006.</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>ALPINE
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                A.
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