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<SEC-DOCUMENT>0001104659-09-006398.txt : 20090204
<SEC-HEADER>0001104659-09-006398.hdr.sgml : 20090204
<ACCEPTANCE-DATETIME>20090204163007
ACCESSION NUMBER:		0001104659-09-006398
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090204
DATE AS OF CHANGE:		20090204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE WOODS CAPITAL INVESTORS, LLC
		CENTRAL INDEX KEY:			0001226886
		IRS NUMBER:				133982412
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13630-01
		FILM NUMBER:		09568612

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		914-251-0880

	MAIL ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPINE MANAGEMENT & RESEARCH LLC
		DATE OF NAME CHANGE:	20030410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE TOTAL DYNAMIC DIVIDEND FUND
		CENTRAL INDEX KEY:			0001379400
		IRS NUMBER:				205785181
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13630-03
		FILM NUMBER:		09568614

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE., SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		303-623-2577

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPINE GLOBAL PREMIER PROPERTIES FUND
		CENTRAL INDEX KEY:			0001390195
		IRS NUMBER:				208430002
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13630-02
		FILM NUMBER:		09568613

	BUSINESS ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVENUE
		STREET 2:		SUITE 215
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS MUTUAL FUND SERVCIES, INC.
		STREET 2:		1290 BROADWAY, STE. 1100
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203

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:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13630
		FILM NUMBER:		09568611

	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:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>a09-4390_340app.htm
<DESCRIPTION>40-APP
<TEXT>

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<head>





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<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNITED STATES
OF AMERICA</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">BEFORE THE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECURITIES AND
EXCHANGE COMMISSION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the Matter of</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPLICATION FOR AN ORDER PURSUANT TO</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6(c) OF THE INVESTMENT COMPANY</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACT OF 1940 (THE &#147;ACT&#148;) FOR EXEMPTION</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE GLOBAL DYNAMIC DIVIDEND FUND</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FROM SECTION&nbsp;19(b)&nbsp;OF THE ACT AND RULE</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE TOTAL DYNAMIC DIVIDEND FUND</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19b-1 THEREUNDER</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE GLOBAL PREMIER PROPERTIES FUND</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AND ALPINE WOODS CAPITAL INVESTORS, LLC</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No.&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act of 1940</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alpine Global Dynamic Dividend
Fund (&#147;AGD&#148;), Alpine Total Dynamic Dividend Fund (&#147;AOD&#148;), Alpine Global Premier
Properties Fund (&#147;AWP&#148;) and their investment adviser, Alpine Woods Capital
Investors, LLC (the &#147;Investment Adviser&#148; and collectively with AGD, AOD, AWP,
the &#147;Applicants&#148;) hereby apply for an order (the &#147;Order&#148;) of the Securities and
Exchange Commission (the &#147;Commission&#148;) pursuant to Section&nbsp;6(c)&nbsp;of
the Act providing AGD, AOD and AWP, and each registered closed-end investment
company in the future that seeks to rely on the Order that is advised by the
Investment Adviser (including any successor in interest(1)) or by an entity
controlling, controlled by or under common control (within the meaning of Section&nbsp;2(a)(9)&nbsp;of
the Act) with the Investment Adviser an exemption from the provisions of Section&nbsp;19(b)&nbsp;of
the Act and Rule&nbsp;19b-1 thereunder, as more fully set forth below.(2) &#160;AGD, AOD and AWP and such</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>A
successor in interest is limited to entities that result from a reorganization
into another jurisdiction or a change in the type of business organization.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>All
existing registered closed-end investment companies that currently intend to be
able to rely on the requested Order are named as Applicants and any closed-end
investment company that may rely on the Order in the future will satisfy each
of the representations in the application except that such representations will
be made in respect of actions by the board of trustees of such future fund and
will be made at a future time.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">future
investment companies are hereinafter collectively referred to as the &#147;Funds&#148;
and separately as a &#147;Fund.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Description of
Applicants</u></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGD, AOD and AWP are, and each
future Fund will be, a closed-end management investment company registered
under the Act.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGD&#146;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 Jobs and
Growth Tax Relief Reconciliation Act of 2003. Long-term growth of capital is
AGD&#146;s secondary investment objective. AGD was organized as a statutory trust in
Delaware on May&nbsp;11, 2006. AGD seeks to achieve its investment objective by
investing primarily in a managed portfolio of U.S. and non-U.S. equity
securities. Under normal market conditions, AGD invests at least 80% of its
assets in equity securities, primarily common stocks. AGD&#146;s common shares of
beneficial interest, no par value per share, are listed and traded on the New
York Stock Exchange. As of December&nbsp;31, 2008, AGD had 24,169,505 common
shares outstanding and assets of $173,034,248.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AOD&#146;s primary investment
objective is to seek high current dividend income with long-term growth of
capital as a secondary investment objective. AOD was organized as a statutory
trust in Delaware on October&nbsp;27, 2006. AOD seeks to achieve its investment
objective by investing primarily in a managed portfolio of U.S. and non-U.S.
equity securities. Under normal market conditions, AOD invests at least 80% of
its assets in equity securities, primarily common stocks. AOD&#146;s common shares
of beneficial interest, no par value per share, are traded on the New York
Stock Exchange. As of December&nbsp;31, 2008, AOD had 209,354,703 common shares
outstanding and assets of $1,511,516,149.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AWP&#146;s primary investment
objective is capital appreciation, with high current income as a secondary
investment objective. AWP was organized as a statutory trust in Delaware on February&nbsp;13,
2007. AWP pursues its investment objectives by investing at least 80% of its
assets in the equity and, to a lesser extent, debt securities of domestic and
foreign issuers which are principally engaged in the real estate industry or
real estate financing or which control significant real estate assets. AWP&#146;s
common shares of beneficial interest, no par value, are listed and traded on
the New York Stock Exchange. As of December&nbsp;31, 2008, AWP had 104,100,599
common shares outstanding and assets of $544,906,219.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As part of its investment
strategy, each of AGD, AOD and AWP uses a dividend capture strategy in its
efforts to maximize distributed dividend income. The dividend capture strategy
has two facets &#150; &#147;rotation,&#148; whereby the Fund would sell a stock on or shortly
after the stock&#146;s ex-dividend date and use the proceeds to purchase one or more
other stocks that are expected to pay dividends before the next dividend
payment on the stock being sold, and special dividends, whereby the Fund
receives dividends from a company that returns large cash balances to
shareholders as a one-time dividend payment. Through this rotation practice,
each 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 a
Fund receives over this period. The use of dividend capture strategies will
expose the Funds 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. There can be no guarantee that the
Funds&#146; dividend capture strategy will be successful.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of each of AOD and
AGD has approved, and the Board of AWP may approve in the future, an
at-the-market offering pursuant to a shelf registration statement. An
at-the-market offering is an offering of common shares at other than a fixed price
to or through a market maker. Terms of the proposed at-the-market offering
ensure that common shares will only be sold on such days as shall be agreed to
by the Fund and its distribution agent. Common shares will be sold at market
prices, which shall be determined with reference to trades on the NYSE, subject
to a minimum price to be established each day by the Fund. The minimum price on
any day will not be less than the current net asset value per share plus the
per share amount of the commission to be paid to the distribution agent. The
shares would only be offered pursuant to the at-the-market shelf registration
statement from time to time when shares of a Fund trade at a premium to its net
asset value. The Board may determine to proceed with any such at-the-market
offering pursuant to an effective registration statement in accordance with the
condition set forth in Section&nbsp;V.6(d)(i)&nbsp;of this Application.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Investment Adviser, Alpine
Woods Capital Investors, LLC, serves as the investment adviser to AGD, AOD and
AWP. The Investment Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940 and was organized on December&nbsp;3, 1997, as
a Delaware limited liability company. It is a privately-owned investment
management firm that currently manages a family of open-end mutual funds, AGD,
AOD and AWP and also provides institutional investment management.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">II.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Relief Requested</u></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;19(b)&nbsp;of the
Act provides that it shall be unlawful in contravention of such rules,
regulations, or orders as the Commission may prescribe as necessary or
appropriate in the public interest or for the protection of investors for any
registered investment company to distribute long-term capital gains, as defined
in the Internal Revenue Code of 1986 (the &#147;Code&#148;), more</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">often than
once every twelve months. Rule&nbsp;19b-1 under the Act provides that no
registered investment company which is a &#147;regulated investment company&#148; as
defined in Section&nbsp;851 of the Code shall make more than (i)&nbsp;one &#147;capital
gain dividend,&#148; as defined in Section&nbsp;852(b)(3)(C)&nbsp;of the Code, in
any one taxable year of the company, (ii)&nbsp;one additional capital gain
distribution made in whole or in part to avoid payment of excise tax under Section&nbsp;4982
of the Code plus (iii)&nbsp;one supplemental &#147;clean-up&#148; capital gain dividend
pursuant to Section&nbsp;855 of the Code, which amount may not exceed 10% of
the total amount distributed for the year.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Applicants believe that Rule&nbsp;19b-1
should be interpreted to permit each Fund to pay an unlimited number of
distributions on its common shares so long as it makes the designation
necessary under the Code and Rule&nbsp;19b-1 to transform such distributions
into &#147;capital gain dividends&#148; restricted by Rule&nbsp;19b-1 only as often as is
permitted by Rule&nbsp;19b-1, even if the Code would then require retroactively
spreading the capital gain resulting from such designation over more than the
permissible number of distributions. However, to obtain certainty for each Fund&#146;s
proposed distribution policies, in the absence of such an interpretation
Applicants hereby request an order pursuant to Section&nbsp;6(c)&nbsp;of the
Act (see below) granting an exemption from Section&nbsp;19(b)&nbsp;of the Act
and Rule&nbsp;19b-1 thereunder. The Order would permit each Fund to make
periodic capital gain dividends (as defined in Section&nbsp;852(b)(3)(C)&nbsp;of
the Code) as often as monthly in any one taxable year.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">III.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations of
the Applicants</u></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicants make the following
representations regarding the requested relief:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to the organizational
meeting of each of AGD, AOD and AWP, held on June&nbsp;23, 2006, December&nbsp;18,
2006 and March&nbsp;12, 2007, respectively, the Board of Trustees (the &#147;Board&#148;)
of each of AGD, AOD and AWP, including a majority of the members who are not &#147;interested
persons&#148; of the Fund as defined in Section&nbsp;2(a)(19) of the Act (the &#147;Independent
Trustees&#148;),</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">were provided
with such information as the Investment Adviser deemed reasonably necessary to
permit each Board to consider the appropriateness of adopting a proposed level
distribution policy. In particular, each Board and the Independent Trustees
reviewed information regarding the purpose and terms of the proposed
distribution policy, the potential impact of the dividend capture rotation
strategy which seeks to maximize the level of dividend income that a Fund would
receive, the foreseeable material effects of the proposed level distribution
policy on each Fund&#146;s long-term total return (in relation to market price and
net asset value per common share) and the relationship between each Fund&#146;s
distribution rate on its common shares under the proposed level distribution
policy and each Fund&#146;s total return (in relation to net asset value per share)
- - whether the rate of distribution would exceed each Fund&#146;s expected total
return in relation to its net asset value per share. The Independent Trustees
also considered what conflicts of interest the Investment Adviser and each Fund
might have with respect to the adoption or implementation of the proposed level
distribution policy. After considering such information, the Board, including
the Independent Trustees, of each of AGD, AOD and AWP approved the proposed
level distribution policy with respect to such Fund&#146;s common shares as
disclosed in such Fund&#146;s prospectus (the &#147;Plan&#148;) and determined that the Plan
is consistent with such Fund&#146;s investment objectives and in the best interests
of such Fund&#146;s common shareholders.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the Plan of each
of AGD, AOD and AWP is to permit such Fund to distribute over the course of
each year, through monthly distributions as nearly equal as practicable and any
required special distributions, an amount closely approximating the total
taxable income of such Fund during such year and, if so determined by its
Board, all or a portion of the returns of capital paid by portfolio securities
to such Fund during such year. In accordance with the Plan of each Fund, the
Fund would distribute to its common shareholders a fixed</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">monthly
amount, but reserves the right to distribute an amount equal to a fixed
percentage of the market price or of the net asset value per share of the Fund&#146;s
common shares at a particular point in time, any of which may be adjusted from
time to time. Under each Plan, the minimum annual distribution rate with
respect to such Fund&#146;s common shares would be independent of the Fund&#146;s
performance during any particular period, but would be expected to correlate
with the Fund&#146;s performance over time. Except for extraordinary distributions
and potential increases or decreases in the final dividend periods in light of
the Fund&#146;s performance for the entire calendar year and to enable the Fund to
comply with the distribution requirements of Subchapter M of the Code for the
calendar year, each distribution on the common shares would be at the stated
rate then in effect.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the meeting held on September&nbsp;22,
2008, each Board adopted policies and procedures under Rule&nbsp;38a-1 that:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>are reasonably designed to ensure that all
notices required to be sent to the Fund&#146;s shareholders pursuant to Section&nbsp;19(a)&nbsp;of
the Act, Rule&nbsp;19a-1 thereunder and condition 4 below (each a &#147;19(a)&nbsp;Notice&#148;)
include the disclosure required by Rule&nbsp;19a-1 and by condition 2(a)&nbsp;below,
and that all other written communications by AGD, AOD or AWP or its agents
described in condition 3(a) below about the distributions under the Plan
include the disclosure required by condition 3(a) below; and</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in .15in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>require each Fund to keep records that
demonstrate its compliance with all of the conditions of the Order and that are
necessary for such Fund to form the basis for, or demonstrate the calculation
of, the amounts disclosed in its 19(a)&nbsp;Notices.</h4>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The records of the actions of
the Board of Trustees of each of AGD, AOD and AWP summarize the basis for its
approval of its Plan, including its consideration of the factors</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">described above. Such records
will be maintained for a period of at least six years from the date of such
meeting, the first two years in an easily accessible place, or for such longer
period as may otherwise be required by law.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to rely on the Order,
a future Fund must satisfy each of the foregoing representations except that
such representations will be made in respect of actions by the Board of
Trustees of such future Fund and will be made at a future time, and except that
the purpose of its distribution policy may differ from the purpose of AGD&#146;s,
AOD&#146;s and AWP&#146;s Plans in that such distribution policy&#146;s purpose may be to
distribute a fixed amount or a fixed percentage of net asset value or net asset
value per share without regard to the level of income, appreciation or total
return of such Fund over particular series of dividend periods, or with regard
to only one or a combination of such elements over such period of time and may
exclude reference to distributions of capital received from portfolio
companies. Notwithstanding the foregoing, under any such distribution policy
such future Fund would expect that its distributions would correlate with its
total return over time plus, if applicable, distributions of capital received
from such future Fund&#146;s portfolio companies.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IV.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Justification for
the Requested Relief</u></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6(c)&nbsp;of the
Act provides that the Commission may exempt any person or transaction from any
provision of the Act or any rule&nbsp;under the Act to the extent that such
exemption is necessary or appropriate in the public interest and consistent
with the protection of investors and the purposes fairly intended by the policy
and provisions of the Act. For the reasons set forth below, Applicants submit
that the requested exemption from Section&nbsp;19(b) of the Act and Rule&nbsp;19b-1
thereunder would be consistent with the standards set forth in Section&nbsp;6(c)&nbsp;of
the Act and in the best interests of the Applicants and their respective
shareholders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Receipt
of the Order would serve shareholder interests.</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicants
believe that the shareholders of AGD, AOD and AWP are generally conservative,
dividend-sensitive investors who desire current income periodically and may
favor a fixed distribution policy. Based on the discussion at several board
meetings, the Board of each of AGD, AOD and AWP believe that investors in the
common shares of a Fund may prefer an investment vehicle that provides monthly
distributions and a steady cash flow.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicants note
that a significant portion of AWP&#146;s assets are or will be invested in the
securities of REITs. REITs typically specify the distribution rate to be paid
on their securities until notice of any change in the policy or until such
distributions are recharacterized by the REITs. Accordingly, investors in AWP
may expect a similar distribution policy.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An exemption
from Rule&nbsp;19b-1 would benefit shareholders in another way. Common shares
of closed-end funds that invest primarily in equity securities often trade in
the marketplace at a discount to their net asset value. In the view of the
Applicants, this discount may be reduced if the Funds are permitted to pay
relatively frequent dividends on their common shares at a consistent rate,
whether or not those dividends contain an element of capital gain. Such a
reduction in discount would benefit the Funds and their shareholders.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each
Fund&#146;s shareholders would receive information sufficient to clearly inform them
of the nature of the distributions they are receiving.</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One of the
concerns leading to the enactment of Section&nbsp;19(b)&nbsp;and adoption of Rule&nbsp;19b-1
was that shareholders might be unable to distinguish between frequent
distributions of capital gains and dividends from investment income.(3)&nbsp;
However, Rule&nbsp;19a-l under the Act effectively addresses this concern by
requiring that distributions (or the confirmation of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>See Securities and Exchange Commission 1966 Report
to Congress on Investment Company Growth (H.R. Rep. No.&nbsp;2337, 89th Cong.,
2d Sess. 190-95 (1966)); S. Rep. No.&nbsp;91-184, 91st Cong., 1st Sess. 29
(1969); H.R. Rep. No.&nbsp;91-1382, 91st Cong., 2d Sess. 29 (1970) (the
&#147;Report&#148;).</p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reinvestment thereof) estimated to be sourced in part from capital gains
or capital be accompanied by a separate statement (&#147;19(a) Notices&#148;) showing the
sources of the distribution (e.g., estimated net income, net short-term capital
gains, net long-term capital gains and/or return of capital). The same
information is included in each Fund&#146;s annual report to shareholders and on its
IRS Form&nbsp;1099-DIV which is sent to each common shareholder who received
distributions during a particular year (including shareholders who have sold
shares during the year).</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition,
each of AGD, AOD and AWP will make the additional disclosures required by the
conditions set forth in Part&nbsp;IV below, and each of them has adopted
compliance policies and procedures in accordance with Rule&nbsp;38a-1 under the
Act to ensure that all required notices and disclosures are sent to
shareholders.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rule&nbsp;19a-l,
the Plans and the Funds&#146; compliance policies ensure that each Fund&#146;s
shareholders would be provided sufficient information to understand that their
level distributions are not tied to the Fund&#146;s net investment income (which for
this purpose is the Fund&#146;s taxable income other than from capital gains) and
realized capital gains to date, and may not represent yield or investment
return. Accordingly, continuing to subject the Funds to Section&nbsp;19(b)&nbsp;and
Rule&nbsp;19b-1 would afford shareholders no additional protection. In
addition, the Funds will undertake to request intermediaries to forward 19(a)&nbsp;Notices
to their customers and to reimburse them for the costs of forwarding.&#160; Such forwarding may occur in any manner permitted
by statute, rule, order or the staff.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Under
certain circumstances, Rule&nbsp;19b-1 gives rise to improper influence on
portfolio management decisions, with no offsetting benefit to shareholders.</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rule&nbsp;19b-1,
when applied to a Plan, actually gives rise to one of the concerns that Rule&nbsp;19b-1
was intended to avoid: inappropriate influence on portfolio management
decisions. Funds that pay long-term capital gains distributions only once per
year in accordance with Rule&nbsp;19b-1</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">impose no pressure on management to realize capital gains at any time
when purely investment considerations do not dictate doing so. In the absence
of an exemption from Rule&nbsp;19b-1, the adoption of a level distribution plan
imposes pressure on management (i)&nbsp;not to realize any net long-term
capital gains until the point in the year that the Fund can pay all of its
remaining distributions in accordance with Rule&nbsp;19b-1 and (ii)&nbsp;not to
realize any long-term capital gains during any particular year in excess of the
amount of the aggregate pay-out for the year (since as a practical matter
excess gains must be distributed and accordingly would not be available to
satisfy pay-out requirements in following years), notwithstanding that purely investment
considerations might favor realization of long-term gains at different times or
in different amounts.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No purpose is
served by the distortion in the normal operation of a level distribution plan
required in order to comply with Rule&nbsp;19b-1. There is no reason or logic
in requiring any fund that adopts a level distribution plan either to retain
(and pay taxes on) long-term capital gains (with the resulting additional tax
return complexities for the fund&#146;s shareholders) or to avoid designating its distributions
of long-term gains as capital gains dividends for tax purposes (thereby
avoiding a Rule&nbsp;19b-1 problem but providing distributions taxable at
ordinary income rates rather than the much lower long-term capital gains rates
and being required to pay income tax on the amount of such income). The
desirability of avoiding these anomalous results creates pressure to limit the
realization of long-term capital gains that otherwise would be taken for purely
investment considerations.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Order
requested by the Applicants would minimize these anomalous effects of Rule&nbsp;19b-1
by enabling the Funds to realize long-term capital gains as often as investment
considerations dictate without fear of violating Rule&nbsp;19b-1.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other
concerns leading to adoption of Rule&nbsp;19b-1 are not applicable.</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Another
concern that led to the enactment of Section&nbsp;19(b)&nbsp;of the Act and
adoption of Rule&nbsp;19b-1 was that frequent capital gains distributions could
facilitate improper fund share sales practices, including, in particular, the
practice of urging an investor to purchase shares of a fund on the basis of an
upcoming capital gains dividend (&#147;selling the dividend&#148;), where the dividend
would result in an immediate corresponding reduction in net asset value and
would be in effect a taxable return of the investor&#146;s capital. Applicants
submit that this concern should not apply to closed-end investment companies,
such as the Funds, which do not continuously distribute shares. Furthermore, if
the underlying concern extends to secondary market purchases of shares of
closed-end funds that are subject to a large upcoming capital gains dividend,
adoption of a level distribution plan actually helps minimize the concern by
avoiding, through monthly distributions, any buildup of large end-of-the-year
distributions.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Further
limitations of Rule&nbsp;19b-1.</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subparagraphs (a)&nbsp;and
(f)&nbsp;of Rule&nbsp;19b-1 limit the number of capital gains dividends, as
defined in Section&nbsp;852(b)(3)(C)&nbsp;of the Code, that a fund may make
with respect to any one taxable year to one, plus a supplemental &#147;clean-up&#148;
distribution made pursuant to Section&nbsp;855 of the Code not exceeding 10% of
the total amount distributed for the year, plus one additional capital gain
dividend made in whole or in part to avoid the excise tax under Section&nbsp;4982
of the Code.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicants
assert that by limiting the number of capital gain dividends that a Fund may
make with respect to any one year, Rule&nbsp;19b-1 may prevent the normal and
efficient operation of a level distribution plan whenever that Fund&#146;s realized
net long-term capital gains in any year exceed the total of the monthly
distributions that may include such capital gains under the Rule.&#160; Rule&nbsp;19b-1 thus may force the fixed
regular periodic distributions to be funded with returns of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">capital(4)&nbsp;(to the extent net investment income and realized short
term capital gains are insufficient to fund the distribution), even though
realized net long term capital gains otherwise would be available. To
distribute all of a Fund&#146;s long-term capital gains within the limits in Rule&nbsp;19b-1,
a Fund may be required to make total distributions in excess of the annual
amount called for by its level distribution plan or to retain and pay taxes on
the excess amount.&#160; Applicants believe
that the application of Rule&nbsp;19b-1 to a Fund&#146;s level distribution plan may
create pressure to limit the realization of long-term capital gains based on
considerations unrelated to investment goals.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposed
Order will assist the Funds in avoiding these Rule&nbsp;19b-1 problems.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>General</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The relief
requested is that the Commission permit the Funds to make level distributions
in respect of their common shares as often as monthly. Granting this relief
would provide the Funds with flexibility in meeting investor interest in
receiving more frequent distributions. By spreading out the amount of
individual periodic distributions even further, implementation of the
additional relief would actually ameliorate the concerns that gave rise to Section&nbsp;19(b)&nbsp;and
Rule&nbsp;19b-1 and help avoid the &#147;selling of dividends&#148; problem, which Section&nbsp;19(b)&nbsp;and
Rule&nbsp;19b-1 are not effective in preventing.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In summary, Rule&nbsp;19b-l
in the circumstances referred to above distorts the effective and proper
functioning of each Fund&#146;s distributions and gives rise to the very pressures
on portfolio management decisions that Rule&nbsp;19b-1 was intended to avoid.
These distortions forced by Rule&nbsp;19b-1 serve no purpose and are not in the
best interests of shareholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>These would be returns of
capital for financial accounting purposes and not for tax accounting purposes.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">V.</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Applicants&#146;
Conditions</u></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicants
agree that, with respect to each Fund seeking to rely on the Order, the Order
will be subject to the following conditions:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Compliance
Review and Reporting</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Fund&#146;s
chief compliance officer will (a)&nbsp;report to each Fund&#146;s Board, no less
frequently than once every three months or at the next regularly scheduled
quarterly Board meeting, whether (i)&nbsp;each Fund and its Investment Adviser
have complied with the conditions of the Order and (ii)&nbsp;a material
compliance matter (as defined in Rule&nbsp;38a-l(e)(2)&nbsp;under the Act) has
occurred with respect to such conditions; and (b)&nbsp;review the adequacy of
the policies and procedures adopted by the Board no less frequently than
annually.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosures
to Fund Shareholders</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each 19(a)&nbsp;Notice
to the holders of each Fund&#146;s common shares, in addition to the information
required by Section&nbsp;19(a)&nbsp;and Rule&nbsp;19a-l:</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Will provide, in a
tabular or graphical format:</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the amount of the
distribution, on a per share basis, together with the amounts of such
distribution amount, on a per share basis and as a percentage of such
distribution amount, from estimated:&#160; (A)&nbsp;net
investment income; (B)&nbsp;net realized short-term capital gains; (C)&nbsp;net
realized long-term capital gains; and (D)&nbsp;return of capital or other
capital source;</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the fiscal year-to-date
cumulative amount of distributions, on a per share basis, together with the
amounts of such cumulative amount, on a per share basis and as a percentage of
such cumulative amount of distributions, from estimated: (A)&nbsp;net
investment income; (B)&nbsp;net realized short-term capital gains;</h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&nbsp;net realized long-term capital
gains; and (D)&nbsp;return of capital or other capital source;</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the average annual
total return in relation to the change in net asset value per common share (&#147;NAV&#148;)
for the 5-year period (or, if a Fund&#146;s history of operations is less than five
years, the time period commencing immediately following the Fund&#146;s first public
offering) ending on the last day of the month ended immediately prior to the
most recent distribution declaration date compared to the current fiscal period&#146;s
annualized distribution rate expressed as a percentage of NAV as of the last
day of the month prior to the most recent distribution declaration date; and</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the cumulative total
return in relation to the change in NAV from the last completed fiscal year to
the last day of the month prior to the most recent distribution declaration
date compared to the fiscal year-to-date cumulative distribution rate expressed
as a percentage of NAV as of the last day of the month prior to the most recent
distribution declaration date;</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such disclosure shall be made in a type size at least as large and as
prominent as the estimate of the sources of the current distribution; and</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>will include, to the
extent appropriate, the following disclosure:</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;You should not draw
any conclusions about each Fund&#146;s investment performance from the amount of
this distribution or from the terms of the Fund&#146;s Plan&#148;;</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Each Fund estimates
that from time to time, it may have distributed more than its income and
capital gains; therefore, a portion of your</h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">distribution may be a return of capital. A
return of capital may occur, for example, when some or all of the money that
you invested in the Fund is paid back to you. A return of capital distribution
does not necessarily reflect each Fund&#146;s investment performance and should not
be confused with &#145;yield&#146; or &#145;income&#146;&#148;(5)&nbsp;and</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;The amounts and sources
of distributions reported in this 19(a)&nbsp;Notice are only estimates and are
not being provided for tax reporting purposes.&#160;
The actual amounts and sources of the amounts for accounting and tax
reporting purposes will depend upon each Fund&#146;s investment experience during
the remainder of its fiscal year and may be subject to changes based on tax
regulations. The Fund will send you a Form&nbsp;1099 DIV for the calendar year
that will tell you how to report these distributions for federal income tax
purposes.&#148;;</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such disclosure shall be made in a type size
at least as large as and as prominent as any other information in the 19(a)&nbsp;Notice
and placed on the same page&nbsp;in close proximity to the amount and the
sources of the distribution;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On the inside front cover
of each report to shareholders under Rule&nbsp;30e-1 under the Act, the Fund
will:</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>describe the terms of
the Plan (including the amount or percentage of the distributions and the
frequency of the distributions);</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>include the disclosure
required by condition 2(a)(ii)(l)&nbsp;above;</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>state, if applicable,
that the Plan provides that the Board may amend or terminate the Plan at any
time without prior notice to Fund shareholders; and</h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>The disclosure in this
condition 2(a)(ii)(2)&nbsp;will be included only if the current distribution or
the fiscal year-to-date cumulative distributions are estimated to include a
return of capital.</h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>describe any reasonably
foreseeable circumstances that might cause the Fund to terminate the Plan and
any reasonably foreseeable consequences of such termination; and</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each report provided to
shareholders under Rule&nbsp;30e-1 under the Act and each prospectus filed with
the Commission on Form&nbsp;N-2 under the Act, will provide the Fund&#146;s total
return in relation to changes in NAV in the financial highlights table and in
any discussion about the Fund&#146;s total return.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosure
to Shareholders, Prospective Shareholders and Third Parties</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Fund will include
the information contained in the relevant 19(a)&nbsp;Notice, including the
disclosure required by condition 2(a)(ii)&nbsp;above, in any written
communication (other than a communication on Form&nbsp;1099) about the Plan or
distributions under the Plan by the Fund, or agents that the Fund has
authorized to make such communication on the Fund&#146;s behalf, to any Fund
shareholder, prospective shareholder or third-party information provider;</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Fund will issue,
contemporaneously with the issuance of any 19(a)&nbsp;Notice, a press release
containing the information in the 19(a)&nbsp;Notice and file with the
Commission the information contained in such 19(a)&nbsp;Notice, including the
disclosure required by condition 2(a)&nbsp;(ii)&nbsp;above, as an exhibit to
its next filed Form&nbsp;N-CSR; and</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Fund will post
prominently a statement on its (or the Investment Adviser&#146;s) Web site
containing the information in each 19(a)&nbsp;Notice, including the disclosure
required by condition 2(a)(ii)&nbsp;above, and maintains such information on
such Web site for at least 24 months.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Delivery
of 19(a)&nbsp;Notices to Beneficial Owners</i></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a broker,
dealer, bank or other person (&#147;financial intermediary&#148;) holds common stock
issued by a Fund in nominee name, or otherwise, on behalf of a beneficial
owner, the Fund: (a)&nbsp;will request that the financial intermediary, or its
agent, forward the 19(a)&nbsp;Notice to all beneficial</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">owners of the
Fund&#146;s shares held through such financial intermediary; (b)&nbsp;will provide,
in a timely manner, to the financial intermediary, or its agent, enough copies
of the 19(a)&nbsp;Notice assembled in the form and at the place that the
financial intermediary, or its agent, reasonably requests to facilitate the
financial intermediary&#146;s sending of the 19(a)&nbsp;Notice to each beneficial
owner of the Fund&#146;s shares; and (c)&nbsp;upon the request of any financial
intermediary, or its agent, that. receives copies of the 19(a)&nbsp;Notice,
will pay the financial intermediary, or its agent, the reasonable expenses of
sending the 19(a)&nbsp;Notice to such beneficial owners.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">5.</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Special
Board Review for Funds Whose Common Stock Trades at a Premium</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A Fund&#146;s common
shares have traded on the stock exchange that they primarily trade on at the
time in question at an average premium to NAV equal to or greater than 10%, as
determined on the basis of the average of the discount or premium to NAV of the
Fund&#146;s common shares as of the close of each trading day over a 12-week rolling
period (each such 12-week rolling period ending on the last trading day of each
week); and</h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A Fund&#146;s annualized
distribution rate for such 12-week rolling period, expressed as a percentage of
NAV as of the ending date of such 12-week rolling period is greater than the
Fund&#146;s average annual total return in relation to the change in NAV over the
2-year period ending on the last day of such 12-week rolling period;</h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At the earlier of
the next regularly scheduled meeting or within four months of the last day of
such 12-week rolling period, the Board including a majority of the Independent
Trustees:</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>will request and
evaluate, and the Investment Adviser will furnish, such information as may be
reasonably necessary to make an informed </h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determination of whether the Plan should be
continued or continued after amendment;</font></h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>will determine
whether continuation, or continuation after amendment, of the Plan is
consistent with the Fund&#146;s investment objective(s)&nbsp;and policies and is in
the best interests of the Fund and its shareholders, after considering the
information in condition 5(b)(i)(l)&nbsp;above; including, without limitation:</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h6 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether the Plan is
accomplishing its purpose(s);</h6>

<h6 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the reasonably
foreseeable material effects of the Plan on the Fund&#146;s long-term total return
in relation to the market price and NAV of the Fund&#146;s common shares; and</h6>

<h6 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h6>

<h6 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Fund&#146;s current
distribution rate, as described in condition 5(b)&nbsp;above; compared with the
Fund&#146;s average annual taxable income or total return over the 2-year period, as
described in condition 5(b), or such longer period as the Board deems
appropriate; and</h6>

<h6 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h6>

<h5 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>based upon that
determination, will approve or disapprove the continuation, or continuation
after amendment, of the Plan; and</h5>

<h5 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h5>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Board will record
the information considered by it, including its consideration of the factors
listed in condition 5(b)(i)(2)&nbsp;above, and the basis for its approval or
disapproval of the continuation, or continuation after amendment, of the Plan
in its meeting minutes, which must be made and preserved for a period of not
less than six years from the date of such meeting, the first two years in an
easily accessible place.</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">6.</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Public
Offerings</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Fund will not make a public
offering of the Fund&#146;s common shares other than:</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a rights offering
below NAV to holders of the Fund&#146;s common shares;</h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an offering in
connection with a dividend reinvestment plan merger, consolidation,
acquisition, spin off or reorganization of the Fund;</h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h3 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an offering other
than an offering described in conditions 6(a)&nbsp;and 6(b)&nbsp;above,
provided that, with respect to such other offering:</h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Fund&#146;s average
annual distribution rate for the six months ending on the last day of the month
ended immediately prior to the most recent distribution declaration date,
expressed as a percentage of NAV per share as of such date, is no more than 1
percentage point greater than the Fund&#146;s average annual total return for the
5-year period ending on such date; and</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the transmittal
letter accompanying any registration statement filed with the Commission in
connection with such offering discloses that the Fund has received an order
under Section&nbsp;19(b)&nbsp;to permit it to make periodic distributions of
long-term capital gains with respect to its common stock as frequently as
twelve times each year, and as frequently as distributions are specified by or
determined in accordance with the terms of any outstanding preferred stock as
such Fund may issue; or</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h3 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an at-the-market
offering, as described in this Application, subject to an effective
registration statement, provided that, with respect to such at-the-market
offering:</h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the transmittal
letter accompanying any registration statement filed with the Commission in
connection with such offering discloses that the Fund has received an order
under Section&nbsp;19(b)&nbsp;to permit it to make periodic distributions of
long-term capital gains with respect to its common stock as frequently as
twelve times each year, and as </h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">frequently as distributions are specified by
or determined in accordance with the terms of any outstanding preferred stock
as such Fund may issue.</font></h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">7.</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendments
to Rule&nbsp;19b-1</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The requested order will expire
on the effective date of any amendments to Rule&nbsp;19b-1 that provides relief
permitting certain closed-end investment companies to make periodic
distributions of long-term capital gains with respect to their outstanding
common stock as frequently as twelve times each year.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VI.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Applicable
Precedent</u></b></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></h1>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Commission has granted
relief substantially the same as that sought here on several occasions as in
the following orders:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of
The Zweig Total Return Fund,&nbsp;Inc., The Zweig Fund,&nbsp;Inc. and
Phoenix/Zweig Advisers LLC; Release No.&nbsp;28485; November&nbsp;17, 2008;</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of
Boulder Total Return Fund,&nbsp;Inc., Boulder Growth and Income Fund,&nbsp;Inc.,
The Denali Fund Inc., Stewart West Indies Trading Company, Ltd. and Boulder
Investment Advisers, LLC; Release No.&nbsp;28486; November&nbsp;17, 2008;</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of Calamos
Convertible Opportunities and Income Fund, Calamos Convertible and High Income
Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund,
and Calamos Global Dynamic Income Fund, and Calamos Advisors LLC; Release No.&nbsp;28435;
October&nbsp;7, 2008;</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of John
Hancock Income Securities Trust, John Hancock Investors Trust, John Hancock
Patriot Premium Dividend Fund II, John Hancock Preferred Income Fund, John
Hancock Preferred Income Fund II, John Hancock Preferred Income Fund III, John
Hancock Tax-Advantaged Dividend Income Fund, John </h4>

<h4 align="center" style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 align="center" style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></h4>

</div>
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<div style="font-family:Times New Roman;">

<h4 align="center" style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hancock Tax-Advantaged Global Shareholder
Yield Fund and John Hancock Advisers, LLC; Release No.&nbsp;28372; August&nbsp;29,
2008;</font></h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of DNP
Select Income Fund Inc. and Duff&nbsp;&amp; Phelps Investment Management Co.;
Release No.&nbsp;28368; August&nbsp;26, 2008;</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of Cohen&nbsp;&amp;
Steers Advantage Income Realty Fund,&nbsp;Inc., Cohen&nbsp;&amp; Steers
Closed-End Opportunity Fund. Inc., Cohen&nbsp;&amp; Steers Dividend Majors Fund,&nbsp;Inc.,
Cohen&nbsp;&amp; Steers Global Income Builder,&nbsp;Inc., Cohen&nbsp;&amp; Steers
Premium Income Realty Fund,&nbsp;Inc., Cohen&nbsp;&amp; Steers Quality Income
Realty Fund,&nbsp;Inc., Cohen&nbsp;&amp; Steers REIT and Preferred Income Fund,&nbsp;Inc.,
Cohen&nbsp;&amp; Steers REIT and Utility Income Fund,&nbsp;Inc., Cohen&nbsp;&amp;
Steers Select Utility Fund,&nbsp;Inc., Cohen&nbsp;&amp; Steers Total return
Realty Fund,&nbsp;Inc., Cohen&nbsp;&amp; Steers Worldwide Realty Income Fund,&nbsp;Inc.
and Cohen&nbsp;&amp; Steers Capital Management,&nbsp;Inc.; Release No.&nbsp;28358;
August&nbsp;19, 2008;</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of The Mexico
Fund and Impulsora Del Fondo Mexico; Release No.&nbsp;28357; August&nbsp;12,
2008; and</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the Matter of ING Clarion
Real Estate Income Find, ING Clarion Global Real Estate Fund and ING Clarion
Real Estate Securities, L.P.; Release No.&nbsp;28352; August&nbsp;5, 2008.</h4>

<h4 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proposed
Notice</font></u></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposed notice of the
proceeding initiated by the filing of this Application, required by Rule&nbsp;0-2(g)&nbsp;under
the Act, is attached as Exhibit&nbsp;C to the Application.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VII.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Procedural
Compliance</u></b></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></h1>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By resolution at a Board
meeting held on December&nbsp;15, 2008, the Boards of AGD, AOD and AWP adopted
the following resolutions authorizing the execution and filing of this
Application.</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

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<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;RESOLVED, that each of Alpine
Global Dynamic Dividend Fund, Alpine Total Dynamic Dividend Fund and Alpine
Global Premier Properties Fund (each a &#147;Fund&#148; and collectively, the &#147;Funds&#148;)
apply to the Securities and Exchange Commission, pursuant to Section&nbsp;6(c)&nbsp;of
the Investment Company Act of 1940, for an exemption from Section&nbsp;19(b)&nbsp;of
the Act and Rule&nbsp;19b-1 thereunder permitting the Funds to make periodic
capital gains distributions on any class of capital stock of the Funds in any
one taxable year, and make such amendments to such application as the officers
of and counsel to the Funds deem necessary and appropriate; and be it</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESOLVED, that the President,
the Treasurer, and the Secretary of the Funds be and each of them hereby is
authorized, acting singularly, to execute and cause to be filed the application
and any amendments thereto hereinabove authorized in such form as the officer
executing the same may approve, his execution thereof to be conclusive evidence
of such approval.&#148;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule&nbsp;0-2(c)&nbsp;under
the Act, each Applicant hereby states that the person signing and filing this
Application on its behalf is fully authorized to do so; that under the
provisions of the Agreement and Declaration of Trust or Operating Agreement, as
applicable, of such Applicant, responsibility for the management of the affairs
of such Applicant is vested in its Board of Trustees or Member, as applicable;
and that such Applicant has complied with all requirements for the execution
and filing of this Application in its name and on its behalf.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These verifications required by
Rule&nbsp;0-2(d)&nbsp;are attached to this Application as Exhibits A and B.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Rule&nbsp;0-2(f)&nbsp;under
the Act, the Applicants further state that:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(a)&nbsp;The
address of each of the Applicants is as follows:</p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

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</div>
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<div>

<p align="center" style="line-height:normal;margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2500 Westchester Avenue, Suite&nbsp;215</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase, New York 10577</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(914) 251-0880</font></p>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Any
questions regarding this Application should be directed to:</font></h3>

<h3 style="font-weight:normal;line-height:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas R. Westle</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Blank Rome LLP</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">405 Lexington Avenue</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York&#160; 10174</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(212) 885-5239</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conclusion</font></u></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></h1>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the basis of the foregoing,
the Applicants respectfully request that the Commission enter an order pursuant
to Section&nbsp;6(c)&nbsp;of the Act exempting the Funds from the provisions of
Section&nbsp;19(b)&nbsp;of the Act and Rule&nbsp;19b-1 thereunder to permit
each Fund to make distributions on its common shares consisting in whole or in
part of capital gain dividends as frequently as once per month so long as it
complies with the conditions of the Order and maintains in effect a
distribution policy with respect to its common shares calling for periodic
distributions of an amount equal to a fixed amount per share, a fixed
percentage of market price per share or a fixed percentage of such Fund&#146;s net
asset value per share.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE GLOBAL DYNAMIC DIVIDEND <br>
  FUND </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Samuel A. Lieber </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel A. Lieber </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Principal Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE TOTAL DYNAMIC DIVIDEND FUND </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Samuel A. Lieber </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel A. Lieber </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Principal Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE
  GLOBAL PREMIER PROPERTIES <br>
  FUND</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Samuel
  A. Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel A.
  Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALPINE WOODS
  CAPITAL INVESTORS, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Samuel
  A. Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel A.
  Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.98%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.02%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Dated: February
4, 2009</font></b></p>

<p style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">25</font></b></p>

<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

</font></b></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Verification
of Alpine Global Dynamic Dividend Fund, Alpine Total Dynamic Dividend Fund and
Alpine Global Premier Properties Fund</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Verification
Alpine Woods Capital Investors, LLC</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VERIFICATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned states that he
has duly executed the attached Application dated February 4, 2009 for and on
behalf of Alpine Global Dynamic Dividend Fund, Alpine Total Dynamic Dividend
Fund and Alpine Global Premier Properties Fund (collectively, the &#147;Funds&#148;);
that he is President of such Funds; and that all action by the Trustees of such
Funds necessary to authorize the undersigned to execute and file such
Application has been taken.&#160; The
undersigned further states that he is familiar with such Application and the
contents of such Application, and that the facts therein set forth are true to
the best of his knowledge, information and belief.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Samuel
  A. Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel A. Lieber</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT B</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">VERIFICATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned states that he has duly executed the attached
Application dated February 4, 2009 for and on behalf of Alpine Woods Capital
Investors, LLC; that he is Chief Executive Officer of Alpine Woods Capital
Investors, LLC; and that all action by the Member of Alpine Woods Capital
Investors, LLC necessary to authorize the undersigned to execute and file such
Application has been taken.&#160; The
undersigned further states that he is familiar with such Application and the contents
of such Application, and that the facts therein set forth are true to the best
of his knowledge, information and belief.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Samuel A. Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Samuel A. Lieber</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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