-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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 slWDj4NQ4nr52AWOOHbpcA==

<SEC-DOCUMENT>0000950136-06-009574.txt : 20061115
<SEC-HEADER>0000950136-06-009574.hdr.sgml : 20061115
<ACCEPTANCE-DATETIME>20061115150715
ACCESSION NUMBER:		0000950136-06-009574
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20061213
FILED AS OF DATE:		20061115
DATE AS OF CHANGE:		20061115
EFFECTIVENESS DATE:		20061115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INCOME SECURITIES INC
		CENTRAL INDEX KEY:			0000093284
		IRS NUMBER:				132739671
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02349
		FILM NUMBER:		061219618

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INCOME SECURITIES INC
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INCOME SECURITIES INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD & POORS INTERCAPITAL INCOME SEC
		DATE OF NAME CHANGE:	19780813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000835333
		IRS NUMBER:				133473972
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0530

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05597
		FILM NUMBER:		061219619

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST/MA
		DATE OF NAME CHANGE:	19930721

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLSTATE MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>file1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">UNITED
STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C.
20549<br>SCHEDULE 14A<br>Proxy Statement
Pursuant to Section 14(a) of the Securities<br>Exchange Act of 1934
(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Filed by the Registrant
[X]</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Filed by a Party other than the Registrant
[&nbsp;&nbsp;&nbsp;&nbsp;]</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Check the appropriate
box:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Preliminary
Proxy
Statement</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Confidential,
For Use of the Commission Only (as permitted by Rule
14a-6(e)(2))</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[X]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Definitive
Proxy
Statement</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Definitive
Additional
Materials</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Soliciting
Material Pursuant to &sect; 240.14a-12</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">MORGAN
STANLEY INCOME SECURITIES INC.<br>MORGAN STANLEY MUNICIPAL INCOME
OPPORTUNITIES TRUST<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="142"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="142"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">(Names of
Registrants as Specified in Their
Charters)</font>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="7"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="142"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="317"></td>
<td><img src="spacer.gif" height="1" width="142"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">(Name
of Person(s) Filing Proxy Statement, if Other Than
Registrant)</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Payment of Filing Fee (Check the
appropriate box):</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[X]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">No fee
required.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Title of each class of securities to
which transaction applies:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Aggregate number of securities to which
transaction
applies:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">3)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Per unit
price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
calculated and state how it was
determined):&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">4)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Proposed
maximum aggregate value of
transaction:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">5)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Total
fee
paid:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Fee
paid previously with preliminary
materials.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="562"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 30pt">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 426pt">Check box
if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by the registration
statement number, or the Form or Schedule and the date of its
filing.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Amount Previously
Paid:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Form, Schedule
or Registration Statement
No.:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">3)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Filing
Party:&nbsp;______________________</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="532"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 30pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">4)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 403pt">Date
Filed:&nbsp;______________________</td>
</tr>
</table>
<br>
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<br>






<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">MORGAN
STANLEY INCOME SECURITIES INC.<br>MORGAN STANLEY MUNICIPAL INCOME
OPPORTUNITIES TRUST<br>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">NOTICE OF ANNUAL MEETINGS OF
SHAREHOLDERS<br>TO BE HELD DECEMBER 13, 2006</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Annual Meetings of Shareholders
(&lsquo;&lsquo;Meeting(s)&rsquo;&rsquo;) of <font style="font-size: 8pt">MORGAN STANLEY
INCOME SECURITIES INC., </font>a corporation organized under the laws
of Maryland, and <font style="font-size: 8pt">MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES
TRUST</font>, an unincorporated business trust organized under the
laws of the Commonwealth of Massachusetts (individually, a
&lsquo;&lsquo;Fund&rsquo;&rsquo; and, collectively, the
&lsquo;&lsquo;Funds&rsquo;&rsquo;), will be held jointly in Conference
Room 1B, 5th Floor at 1221 Avenue of the Americas, New York, New York
10020, on December 13, 2006 at 8:30 a.m., New York City time, for the
following purposes:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.&nbsp;&nbsp;&nbsp;&nbsp; For Morgan Stanley
Income Securities Inc., to elect twelve Directors to serve until the
year 2007 Annual Meeting, and for Morgan Stanley Municipal Income
Opportunities Trust, to elect two Trustees to serve until the year 2007
Annual Meeting, to elect one Trustee to serve until the year 2008
Annual Meeting and to elect five Trustees to serve until the year 2009
Annual Meeting, or in each case, until their successors shall have been
elected and qualified.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.&nbsp;&nbsp;&nbsp;&nbsp;To transact such
other business as may properly come before the Meetings or any
adjournments thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders of record of each Fund as of
the close of business on October 13, 2006 are entitled to notice of and
to vote at the Meeting. If you cannot be present in person, your
management would greatly appreciate your filling in, signing and
returning the enclosed proxy promptly in the envelope provided for that
purpose. Alternatively, if you are eligible to vote telephonically by
touchtone telephone or electronically on the Internet (as discussed in
the enclosed Joint Proxy Statement) you may do so in lieu of attending
the Meetings in person.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In the event that holders of a majority
of a Fund's shares issued and outstanding and entitled to vote (a
&lsquo;&lsquo;Quorum&rsquo;&rsquo;) are not present in person or by
proxy, or the vote required to approve or reject any proposal is not
obtained at the Meeting of any Fund, the persons named as proxies may
propose one or more adjournments of the Meeting to permit further
solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the applicable
Fund's shares present in person or by proxy at the Meeting. The
persons named as proxies will vote in favor of such adjournment those
proxies which have been received by the date of the
Meetings.</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="center" width="380"><img src="spacer.gif" height="1" width="380"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="center"><font style="font-size: 8pt">MARY E.
MULLIN</font>
<br>
<font style="font-weight: normal; font-style: italic">Secretary</font></td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">November 15,
2006<br>New York, New York</p>
<div style="border: 1px solid #00000; padding: 5px; width: 456pt; margin-top: 6pt; margin-bottom: 6pt; background: #ffffff;">
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 0pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">IMPORTANT</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:0pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">You
can help avoid the necessity and expense of sending follow-up letters
to ensure a Quorum by promptly returning the enclosed Proxy. If you are
unable to be present in person, please fill in, sign and return the
enclosed Proxy in order that the necessary Quorum may be represented at
the Meetings. The enclosed envelope requires no postage if mailed in
the United States. Certain shareholders will be able to vote
telephonically by touchtone telephone or electronically on the Internet
by following instructions contained on their proxy cards or on the
enclosed Voting Information
Card.</p>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page2"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">MORGAN STANLEY
INCOME SECURITIES INC.<br>MORGAN STANLEY MUNICIPAL INCOME
OPPORTUNITIES TRUST<br>1221 Avenue of the Americas, New York, New York
10020</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">JOINT
PROXY
STATEMENT<br>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="222"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="158"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
<td><img src="spacer.gif" height="1" width="444"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Annual
Meetings of Shareholders<br>December 13, 2006</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:2pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This
Joint Proxy Statement is furnished in connection with the solicitation
of proxies by the Boards of Trustees/Directors (the
&lsquo;&lsquo;Board(s)&rsquo;&rsquo;) of <font style="font-size: 8pt">MORGAN STANLEY INCOME
SECURITIES INC. (&lsquo;&lsquo;ICB&rsquo;&rsquo;)</font> and
<font style="font-size: 8pt">MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST</font>
(&lsquo;&lsquo;OIA&rsquo;&rsquo;) (individually, a
&lsquo;&lsquo;Fund&rsquo;&rsquo; and, collectively, the
&lsquo;&lsquo;Funds&rsquo;&rsquo;) for use at the Annual Meetings of
Shareholders of the Funds to be held jointly on December 13, 2006 (the
&lsquo;&lsquo;Meeting(s)&rsquo;&rsquo;), and at any adjournments
thereof. The first mailing of this Proxy Statement is expected to be
made on or about November  16, 2006.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the enclosed form
of proxy is properly executed and returned in time to be voted at the
Meetings, the proxies named therein will vote the shares of beneficial
interest with respect to ICB and common stock with respect to OIA
(&lsquo;&lsquo;Shares&rsquo;&rsquo;) represented by the proxy in
accordance with the instructions marked thereon. Unmarked proxies
submitted by shareholders of a Fund
(&lsquo;&lsquo;Shareholders&rsquo;&rsquo;) will be voted for each of
the nominees for election as Trustee/Director to be elected by
Shareholders of that Fund set forth in the attached Notice of Annual
Meetings of Shareholders. A proxy may be revoked at any time prior to
its exercise by any of the following: written notice of revocation to
the Secretary of the Funds, execution and delivery of a later dated
proxy to the Secretary of the Funds (whether by mail or, as discussed
below, by touchtone telephone or the Internet) (if returned and
received in time to be voted), or attendance and voting at the
Meetings. Attendance at the Meetings will not in and of itself revoke a
proxy.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders of record of each Fund as of the close of
business on October 13, 2006, the record date for the determination of
Shareholders entitled to notice of and to vote at the Meetings (the
&lsquo;&lsquo;Record Date&rsquo;&rsquo;), are entitled to one vote for
each share held and a fractional vote for a fractional share. On the
Record Date, there were outstanding 9,719,435.544 shares of common
stock of ICB and 19,685,157.605 shares of beneficial interest of OIA
outstanding, all with $0.01 par value. No person was known to own as
much as 5% of the outstanding Shares of any of the Funds on that
date. The percentage ownership of Shares of each Fund changes from time
to time depending on purchases and sales by Shareholders and the total
number of Shares outstanding.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The cost of soliciting proxies for
the Meeting of each Fund, consisting principally of printing and
mailing expenses, will be borne by each respective Fund. The
solicitation of proxies will be by mail, which may be supplemented by
solicitation by mail, telephone or otherwise through
Trustees/Directors, officers of the Funds, or officers and regular
employees of Morgan Stanley Investment Advisors Inc.
(&lsquo;&lsquo;Morgan Stanley Investment Advisors&rsquo;&rsquo; or the
&lsquo;&lsquo;Investment Adviser&rsquo;&rsquo;), Morgan Stanley Trust
(&lsquo;&lsquo;Transfer Agent&rsquo;&rsquo;), Morgan Stanley Services
Company Inc. (&lsquo;&lsquo;Morgan Stanley Services&rsquo;&rsquo; or
the &lsquo;&lsquo;Administrator&rsquo;&rsquo;) and/or Morgan Stanley DW
Inc. (&lsquo;&lsquo;Morgan Stanley DW&rsquo;&rsquo;), without special
compensation therefor. In addition, each Fund may employ Computershare
Fund Services, Inc. (&lsquo;&lsquo;Computershare&rsquo;&rsquo;) to make
telephone calls to Shareholders to remind them to vote. Each Fund may
also employ Computershare as proxy solicitor if it appears that the
required number of votes to achieve a Quorum will not be received.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page3"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Shareholders will be able to vote
their Shares on the Voting Information Card accompanying this Joint
Proxy Statement and certain Shareholders may be able to vote their
Shares by touchtone telephone or by Internet by following the
instructions on the proxy card. To vote by touchtone telephone or by
Internet, Shareholders can access the website or call the toll-free
number listed on the proxy card or noted in the enclosed voting
instructions. To vote by touchtone telephone or by Internet,
Shareholders will need the number that appears on the proxy card in the
shaded box.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In certain instances, the Transfer Agent and/or
Computershare, if retained, may call Shareholders to ask if they would
be willing to have their votes recorded by telephone. The telephone
voting procedure is designed to authenticate Shareholders&rsquo;
identities, to allow Shareholders to authorize the voting of their
shares in accordance with their instructions and to confirm that their
instructions have been recorded properly. No recommendation will be
made as to how a Shareholder should vote on any proposal other than to
refer to the recommendations of the Board. The Funds have been advised
by counsel that these procedures are consistent with the requirements
of applicable law. Shareholders voting by telephone in this manner will
be asked for identifying information and will be given an opportunity
to authorize proxies to vote their shares in accordance with their
instructions. To ensure that the Shareholders&rsquo; instructions have
been recorded correctly they will receive a confirmation of their
instructions in the mail. A special toll-free number set forth in the
confirmation will be available in case the information contained in the
confirmation is incorrect. Although a Shareholder&rsquo;s vote may be
taken by telephone, each Shareholder will receive a copy of this Joint
Proxy Statement and may vote by mail using the enclosed proxy card or
by touchtone telephone or the Internet as set forth above. The last
proxy vote received in time to be voted, whether by proxy card,
touchtone telephone or Internet, will be the vote that is counted and
will revoke all previous votes by the Shareholder. In the event that
Computershare is retained as proxy solicitor, Computershare will be
paid a project management fee as well as telephone solicitation
expenses incurred for reminder calls, outbound telephone voting,
confirmation of telephone votes, inbound telephone contact, obtaining
Shareholders&rsquo; telephone numbers, and providing additional
materials upon Shareholder request, at an estimated cost of $2,000,
which will be borne by each respective Fund.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Joint Proxy
Statement is being used in order to reduce the preparation, printing,
handling and postage expenses that would result from the use of a
separate proxy statement for each Fund and, because Shareholders may
own shares of more than one Fund, to potentially avoid burdening
Shareholders with more than one proxy statement. Shares of a Fund are
entitled to one vote each at the respective Fund&rsquo;s Meeting. To
the extent information relating to common ownership is available to the
Funds, a Shareholder that owns record shares in two or more of the
Funds will receive a package containing a Joint Proxy Statement and
proxy cards for the Funds in which such Shareholder is a record owner.
If the information relating to common ownership is not available to the
Funds, a Shareholder that beneficially owns shares in two or more Funds
may receive two or more packages each containing a Joint Proxy
Statement and a proxy card for each Fund in which such Shareholder is a
beneficial owner. If the proposed election of Trustees/Directors is
approved by Shareholders of one Fund and disapproved by Shareholders of
other Funds, the proposal will be implemented for the Fund that
approved the proposal and will not be implemented for any Fund that did
not approve the proposal. Thus, it is essential that Shareholders
complete, date, sign and return <font style="font-weight: normal; font-style: italic">each</font> enclosed proxy card or vote
by touchtone telephone or Internet as indicated in each Fund&rsquo;s
proxy card.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Only one copy of this Joint Proxy Statement will be
delivered to multiple Shareholders sharing an address unless we have
received contrary instructions from one or more of the Shareholders.
Upon written or oral request, we will deliver a separate copy of this
Joint Proxy Statement to a Shareholder at a shared address to which a
single copy of this Joint Proxy Statement was delivered. Should any
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page4"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Shareholder wish to receive a separate proxy
statement or should Shareholders sharing an address wish to receive a
single proxy statement in the future, please contact (800) 869-NEWS
(toll-free).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ELECTION OF TRUSTEES/DIRECTORS FOR EACH FUND</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The number of Trustees/Directors of each Fund has been fixed by the
Trustees/Directors, pursuant to each Fund&rsquo;s Articles of
Incorporation or Declaration of Trust, at twelve. There are presently
twelve Trustees/Directors for each Fund. Four of these
Trustees/Directors, Frank L. Bowman, Kathleen A. Dennis, Michael F.
Klein and W. Allen Reed, were appointed by the Boards at the August 1,
2006 meeting. At the Meetings, the following nominees are to be elected
to each Fund&rsquo;s Board of Trustees/Directors to serve for the
following terms, in accordance with each Fund&rsquo;s Articles of
Incorporation or Declaration of Trust, as set forth
below:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="539" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="261"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="261"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ICB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">OIA</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until the year 2007 Annual
Meeting<br>Frank L. Bowman<br>Michael Bozic<br>Kathleen A.
Dennis<br>Edwin J. Garn<br>Wayne E. Hedien<br> James F.
Higgins<br>Manuel H. Johnson<br>Joseph J. Kearns<br>Michael F.
Klein<br>Michael E. Nugent<br>W. Allen Reed<br>Fergus
Reid</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Until the year 2007 Annual Meeting<br>Michael F.
Klein<br>W. Allen Reed<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Until the year 2008 Annual
Meeting<br>Frank L. Bowman<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>Until the year 2009
Annual Meeting<br>Kathleen A. Dennis<br>Wayne E.
Hedien<br>Manuel H. Johnson<br>Joseph J. Kearns<br>Fergus
Reid</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Eleven of the current twelve
Trustees/Directors (Frank L. Bowman, Michael Bozic, Kathleen A. Dennis,
Edwin J. Garn, Wayne E. Hedien, Manuel H. Johnson, Joseph J. Kearns,
Michael F. Klein, Michael E. Nugent, W. Allen Reed and Fergus Reid) are
&lsquo;&lsquo;Independent Trustees&rsquo;&rsquo; or
&lsquo;&lsquo;Independent Directors,&rsquo;&rsquo; that is, Trustees or
Directors who are not &lsquo;&lsquo;interested persons&rsquo;&rsquo; of
the Funds, as that term is defined in the Investment Company Act of
1940, as amended (the &lsquo;&lsquo;1940 Act&rsquo;&rsquo;). The other
current Trustee/Director, James F. Higgins, is an
&lsquo;&lsquo;Interested Trustee/Director,&rsquo;&rsquo; that is, a
Trustee/Director who is an &lsquo;&lsquo;interested
person&rsquo;&rsquo; (as that term is defined in the 1940 Act) of the
Funds and Morgan Stanley Investment Advisors and thus, is <font style="font-weight: normal; font-style: italic">not</font> an
Independent Trustee or Independent Director. The nominees for election
as Trustee or Director have been proposed by the Trustees or Directors
now serving, or, in the case of the nominees for positions as
Independent Trustee or Independent Director, by the Independent
Trustees or Independent Directors now serving. All of the Trustees,
with the exception of Frank L. Bowman, Kathleen A. Dennis, Michael F.
Klein and W. Allen Reed, have previously been elected by the
Shareholders of the Funds.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The nominees of the Boards of
Trustees/Directors for election as Trustee/Director of each Fund are
listed below. It is the intention of the persons named in the enclosed
form of proxy, unless instructed by proxy to withhold authority to vote
for the nominees, to vote all validly executed proxies for the election
of these nominees: for ICB&mdash;Frank L. Bowman, Michael Bozic,
Kathleen A. Dennis, Edwin J. Garn, Wayne E. Hedien, James F. Higgins,
Manuel H. Johnson, Joseph J. Kearns, Michael F. Klein, Michael E.
Nugent, W. Allen Reed and Fergus Reid and for OIA&mdash;Frank L.
Bowman, Kathleen A. Dennis, Wayne </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page5"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
E. Hedien, Manuel H. Johnson, Joseph J.
Kearns, Michael F. Klein, W. Allen Reed and Fergus Reid. Should any of
the nominees become unable or unwilling to accept nomination or
election, the persons named in the proxy will exercise their voting
power in favor of such person or persons as the Boards may recommend
or, in the case of an Independent Trustee/Director nominee, as the
Independent Trustees/Directors of each Fund may recommend. All of the
nominees have consented to being named in this Joint Proxy Statement
and to serve if elected. The Funds know of no reason why any of the
said nominees would be unable or unwilling to accept nomination or
election. With respect to each Fund, the election of the nominees
listed above requires the approval of a majority of the Shares of the
Fund represented and entitled to vote at each Fund's Meeting.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the provisions of the Articles of Incorporation of ICB,
the terms of office of each Director will expire each year. Therefore,
all of the Directors of the Fund, if elected, will serve until the year
2007 Annual Meeting of ICB, or until their successors shall have been
elected and qualified.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant to the provisions of the
Declaration of Trust of OIA, as amended, the Trustees are divided into
three separate classes, each class having a term of three years. The
term of office of one of each of the three classes will expire each
year.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of OIA previously determined that any nominee
for election as Trustee for the Fund will stand for election as Trustee
and serve as Trustee in one of the three classes of Trustees as
follows: Class I&mdash;Messrs. Bowman, Bozic and Higgins; Class
II&mdash;Ms. Dennis and Messrs. Hedien, Johnson, Kearns and Reid; and
Class III&mdash;Messrs. Garn, Klein, Nugent and Reed. Each nominee
will, if elected, serve a term of up to approximately three years
running for the period assigned to that class and terminating at the
date of the Annual Meeting of Shareholders so designated by the Boards,
or any adjournments thereof. As a consequence of this method of
election, the replacement of a majority of the Board could be delayed
for up to two years. In accordance with the above, one Trustee in
Class  I, five Trustees in Class II and two Trustees in Class III
are standing for election at this Meeting and will, if elected, serve
until the Annual Meetings as set forth above or until their successors
shall have been elected and qualified.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The current
Trustees/Directors of the Funds also serve as trustees/directors for
certain of the funds advised by the Investment Adviser (the Retail
Funds) and certain of the funds advised by Morgan Stanley Investment
Management Inc. and Morgan Stanley AIP GP LP (the
&lsquo;&lsquo;Institutional Funds&rsquo;&rsquo;). The table below sets
forth the following information as of October 30, 2006, unless
otherwise noted, regarding the nominees for election as
Trustee/Director, and each of the other Trustees/Directors (both the
Independent Trustees/Directors and the Interested Trustee/Director) as
well as the executive officers of the Funds, and each of their age,
address, term of office and length of time served, their principal
business occupations during the past five years, the number of
portfolios in the Fund Complex (defined below) overseen by each
Trustee/Director or nominee Trustee/Director, and other directorships,
if any, held by the Trustees/Directors. The Fund Complex includes all
open-end and closed-end funds (including all of their portfolios)
advised by the Investment Adviser and any funds that have an investment
adviser that is an affiliated person of the Investment Adviser
(including, but not limited to, Morgan Stanley Investment Management
Inc.).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page6"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">
<u>Independent
Trustees/Directors</u>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:0pt solid #000000; border-bottom:0pt solid #000000;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="115"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="145"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="123"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address<br> of Independent Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held with<br>Registrants</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length
of<br>Time<br>Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s)<br>During
Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>Portfolios in<br> Fund
Complex<br>Overseen by<br> Independent<br> Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships Held<br>by Independent
Trustee/Director</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank
L. Bowman (61)<br>c/o Kramer Levin Naftalis &amp; Frankel
LLP<br> Counsel to the<br> Independent Trustees/Directors<br> 1177
Avenue of the Americas<br> New York, NY 10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>August
2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President and
Chief Executive Officer of the Nuclear Energy Institute (policy
organization) (since February  2005); Director or Trustee of
various Retail and Institutional Funds (since August 2006); formerly
variously, Admiral in the U.S. Navy, Director of Naval Nuclear
Propulsion Program and Deputy Administrator&mdash;Naval Reactors in
the National Nuclear Security Administration at the U.S. Department of
Energy (1996-2004). Honorary Knight Commander of the Most Excellent
Order of the British Empire.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">163</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of the National Energy Foundation, the U.S.  Energy Association,
the American Council for Capital Formation and the Armed Services YMCA
of the USA.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael Bozic (65)<br>c/o
Kramer Levin Naftalis &amp; Frankel LLP<br>Counsel to the<br>
Independent Trustees/Directors<br> 1177 Avenue of the Americas<br>
New York, NY 10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>April
1994</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Private
investor; Chairperson of the Valuation, Insurance and Compliance
Committee (since October 2006); Director or Trustee of the Retail Funds
(since April  1994) and the Institutional Funds (since
July  2003); formerly Chairperson of the Insurance Committee
(July 2006-September 2006), Vice Chairman of Kmart Corporation
(December  1998-October  2000), Chairman and Chief
Executive Officer of Levitz Furniture Corporation (November
1995-November  1998) and President and Chief Executive Officer of
Hills Department Stores (May  1991-July  1995); variously
Chairman, Chief Executive Officer, President and Chief Operating
Officer (1987-1991) of the Sears Merchandise Group of Sears, Roebuck
&amp; Co.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">173</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of various business
organizations.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen
A. Dennis (53)<br>c/o Kramer Levin Naftalis &amp; Frankel
LLP<br> Counsel to the<br>Independent Trustees/Directors<br>1177
Avenue of the Americas<br>New York, NY 10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>August 2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President, Cedarwood Associates (mutual fund
consulting) (since July 2006); Chairperson of the Closed-End, Money
Market and Alternatives Sub-Committee of the Investment Committee
(since October 2006) and Director or Trustee of various Retail and
Institutional Funds (since August 2006); formerly, Senior Managing
Director of Victory Capital Management (1993-2006).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">163</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None.</font></td>
</tr>
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<td><img src="spacer.gif" height="1" width="524"></td>
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<td><img src="spacer.gif" height="8" width="1"></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
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<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
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<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee/Director began serving the Retail
Funds or Institutional Funds. Each Trustee/Director serves an
indefinite term, until his or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
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<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:0pt solid #000000; border-bottom:0pt solid #000000;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="115"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
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<td><img src="spacer.gif" height="1" width="6"></td>
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<td><img src="spacer.gif" height="1" width="6"></td>
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<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
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<td><img src="spacer.gif" height="1" width="123"></td>
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<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address<br> of Independent Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held with<br>Registrants</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length
of<br>Time<br>Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s)<br>During
Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>Portfolios in<br> Fund
Complex<br>Overseen by<br> Independent<br> Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships Held<br>by Independent
Trustee/Director</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin
J. Garn (74)<br> 1031 N. Chartwell Court<br> Salt Lake City, UT
84111-2215</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>January<br>1993</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consultant;
Director or Trustee of the Retail Funds (since January 1993) and the
Institutional Funds (since July  2003); member of the Utah
Regional Advisory Board of<br>Pacific Corp. (utility company);
formerly Managing Director of Summit Ventures LLC (lobbying <font style="white-space: nowrap;">and
consulting firm) (2000-</font>2004), United States Senator (R-Utah)
(1974-1992) and Chairman, Senate Banking Committee (1980-1986), Mayor
of Salt Lake City, Utah (1971-1974), Astronaut, Space Shuttle Discovery
(April  12-19, 1985) and Vice Chairman, Huntsman Corporation
(chemical
company).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">173</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of
Franklin Covey (time management systems), BMW Bank of North America,
Inc. (industrial loan corporation), Escrow Bank USA (industrial loan
corporation), United Space Alliance (joint venture between Lockheed
Martin and the Boeing Company) and Nuskin Asia Pacific (multilevel
marketing); member of the boards of various civic and charitable
organizations.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne E. Hedien (72)<br>c/o Kramer
Levin Naftalis &amp; Frankel LLP<br> Counsel to the<br> Independent
Trustees/Directors<br> 1177 Avenue of the Americas<br> New York, NY
10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>September<br>1997</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Retired; Director or Trustee
of<br> the Retail Funds (since<br> September 1997) and the
Institutional Funds (since July 2003); formerly associated with
the<br> Allstate Companies (1966-1994), most recently as Chairman of
The Allstate Corporation (March 1993- December  1994) and
Chairman and Chief Executive Officer of its wholly-owned subsidiary,
Allstate Insurance Company (July 1989- December 1994).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">173</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of The PMI Group Inc. (private
mortgage insurance); Trustee and Vice Chairman of The Field Museum of
Natural History; director of various other business and
charitable<br>organizations.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr.
Manuel H. Johnson (57)<br>c/o Johnson Smick<br> Group Inc.<br>888
16th Street, NW<br>Suite 740<br> Washington, D.C. 20006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>July  1991</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Senior Partner, Johnson Smick
International, Inc. (consulting firm); Chairperson of the Investment
Committee (since October 2006) and Director or Trustee of the Retail
Funds (since July 1991) and the Institutional Funds (since July 2003);
Co-Chairman and a founder of the Group of Seven Council (G7C), an
international economic commission; formerly Chairman of the Audit
Committee (July  1991-September 2006); Vice Chairman of the Board
of Governors of the Federal Reserve System and Assistant Secretary of
the U.S. Treasury.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">173</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of NVR, Inc.
(home<br>construction); Director of KFX Energy; Director of RBS
Greenwich Capital Holdings (financial holding
company).</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
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<td><img src="spacer.gif" width="1" height="8"></td>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee/Director began serving the Retail
Funds or Institutional Funds. Each Trustee/Director serves an
indefinite term, until his or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
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<page>
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<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address<br> of Independent Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held with<br>Registrants</font></td>
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length
of<br>Time<br>Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s)<br>During
Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>Portfolios in<br> Fund
Complex<br>Overseen by<br> Independent<br> Trustee/Director</font></td>
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships Held<br>by Independent
Trustee/Director</font></td>
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<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph
J. Kearns (64)<br> c/o Kearns &amp; Associates LLC<br>
PMB754<br>23852 Pacific Coast Highway<br> Malibu, CA 90265</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>August
1994</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President,
Kearns &amp; Associates LLC (investment consulting); Chairperson of the
Audit Committee (since October 2006) and Director or Trustee of the
Retail Funds (since July  2003) and the Institutional Funds
(since August  1994); formerly Deputy Chairman of the Audit
Committee (July 2003-September 2006) and Chairman of the Audit
Committee of the Institutional Funds (October  2001-July 2003);
formerly CFO of the J. Paul Getty
Trust.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">174</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of Electro Rent<br>Corporation (equipment<br>leasing),
The Ford Family<br>Foundation and the
UCLA<br>Foundation.</font></td>
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<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
F. Klein (47)<br> c/o Kramer Levin Naftalis &amp; Frankel
LLP<br>Counsel to the<br>Independent Trustees/Directors<br>1177
Avenue of the Americas<br>New York, NY 10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>August
2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chief Operating Officer and Managing Director, Aetos
Capital, LLC (since March 2000); Chairperson of the Fixed-Income
Sub-Committee of the Investment Committee (since October 2006) and
Director or Trustee of various Retail and Institutional Funds (since
August 2006); formerly Managing Director, Morgan Stanley &amp; Co. Inc.
and Morgan Stanley Dean Witter Investment Management, President, Morgan
Stanley Institutional Funds (June  1998-March 2000) and
Principal, Morgan Stanley &amp; Co. Inc. and Morgan Stanley Dean Witter
Investment Management (August 1997-December  1999).</font></td>
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">163</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of certain investment funds managed or sponsored by Aetos Capital
LLC.</font></td>
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<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
E. Nugent (70)<br> c/o Triumph Capital, L.P.<br> 445 Park Avenue<br>
New York, NY 10022<br>
</font></td>
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<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman of<br> the Boards<br> and
Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman of<br> the Boards<br>
since July<br> 2006 and<br> Trustee since<br> July
1991</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General Partner of Triumph
Capital, L.P., a private investment partnership; Chairman of the Boards
of the Retail Funds and Institutional Funds (since July 2006); Director
or Trustee of the Retail Funds (since July  1991) and the
Institutional Funds (since July  2001); formerly Chairman of the
Insurance Committee (until July 2006); Vice President, Bankers Trust
Company and BT Capital Corporation (1984-1988).<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">173</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None.</font></td>
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<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee/Director began serving the Retail
Funds or Institutional Funds. Each Trustee/Director serves an
indefinite term, until his or her successor is elected.</font></td>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
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<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address<br> of Independent Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held with<br>Registrants</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length
of<br>Time<br>Served*</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s)<br>During
Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>Portfolios in<br> Fund
Complex<br>Overseen by<br> Independent<br> Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships Held<br>by Independent
Trustee/Director</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W.
Allen Reed (59)<br> c/o Kramer Levin Naftalis &amp; Frankel
LLP<br>Counsel to the<br>Independent Trustees/Directors<br>1177
Avenue of the Americas<br> New York, NY 10036</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>August 2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairperson of the
Equity Sub-Committee of the Investment Committee (since October 2006)
and Director or Trustee of various Retail and Institutional Funds
(since August 2006); formerly, President and CEO of General Motors
Asset Management; Chairman and Chief Executive Officer of the GM Trust
Bank and Corporate Vice President of General Motors Corporation (August
1994-December  2005).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">163</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of GMAC<br> (financial services), GMAC<br> Insurance and
Temple-Inland Industries (packaging, banking and forrest products);
member<br> of the Board of Morgan<br> Stanley Capital
International<br> Editorial Board; Director of Legg Mason and
various<br> investment fund advisory<br> boards.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus Reid (74)<br> c/o Lumelite
Plastics Corporation<br> 85 Charles Colman Blvd. Pawling, NY
12564</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br>June  1992</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman of
Lumelite Plastics Corporation; Chairperson of the Governance Committee
and Director or Trustee of the Retail Funds (since July  2003)
and the Institutional Funds (since June  1992).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">174</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 5pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee and Director of<br>certain investment companies
in the JPMorgan Funds complex managed by J.P. Morgan<br> Investment
Management
Inc.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 7pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee/Director began serving the Retail
Funds or Institutional Funds. Each Trustee/Director serves an
indefinite term, until his or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">Interested Trustee/Director and Executive
Officers.</font>&nbsp;&nbsp;&nbsp;&nbsp;The Trustee/Director who is affiliated with the
Investment Adviser or affiliates of the Investment Adviser (as set
forth below) and executive officers of the Fund, their age, address,
term of office and length of time served, their principal business
occupations during the past five years, the number of portfolios in the
Fund Complex overseen by the Interested Trustee/Director (as of October
30, 2006) and the other directorships, if any, held by the Interested
Trustee/Director, are shown below.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">INTERESTED
TRUSTEE/DIRECTOR:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:0pt solid #000000; border-bottom:0pt solid #000000;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="121"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="61"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="143"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="64"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="121"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Interested Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held with<br>Registrants</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length
of<br>Time<br>Served**</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s)<br> During
Past 5 Years</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>Portfolios in<br> Fund
Complex<br>Overseen by<br>Interested<br> Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships Held<br> by Interested
Trustee/Director</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James
F. Higgins (58)<br> c/o Morgan Stanley Trust<br> Harborside Financial
Center<br> Plaza Two<br> Jersey City, NJ 07311<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Nominee/<br>Trustee/<br>Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> June
2000</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director or Trustee
of the Retail Funds (since June  2000) and the<br>Institutional
Funds (since July<br>2003); Senior Advisor of Morgan<br> Stanley
(since August  2000).</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">173</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director of AXA Financial, Inc. and The
Equitable Life Assurance Society of the United States (financial
services).</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">**</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">This
is the earliest date the Trustee/Director began serving the Retail
Funds or Institutional Funds. Each Trustee/Director serves an
indefinite term, until his or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page10"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">EXECUTIVE
OFFICERS:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:0pt solid #000000; border-bottom:0pt solid #000000;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="124"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="82"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="298"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Executive Officer</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held
with<br>Registrants</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length of<br>Time<br>Served***</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During Past 5 Years</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ronald
E. Robison (67)<br> 1221 Avenue of the Americas<br> New York, NY
10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President
and Principal Executive
Officer</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="lr" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President
since September 2005 and Principal Executive Officer since May
2003</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President
(since September 2005) and Principal Executive Officer (since May 2003)
of funds in the Fund Complex; President (since September 2005) and
Principal Executive Officer (since May 2003) of the Van Kampen Funds;
Managing Director, Director and/or Officer of the Investment Adviser
and various entities affiliated with the Investment Adviser; Director
of Morgan Stanley SICAV (since May 2004). Formerly, Executive Vice
President (July 2003 to September 2005) of funds in the Fund Complex
and the Van Kampen Funds; President and Director of the Institutional
Funds (March 2001 to July 2003); Chief Global Operating Officer of
Morgan Stanley Investment Management Inc.; Chief Administrative Officer
of the Investment Adviser; Chief Administrative Officer of Morgan
Stanley Services Company Inc.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">J. David Germany (52)<br>Morgan
Stanley Investment Management Limited<br> 25 Cabot Square<br>Canary
Wharf, London<br> United Kingdom E144QA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> February 2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and (since
December 2005) Chief Investment Officer &ndash; Global Fixed Income of
Morgan Stanley Investment Management; Managing Director and Director of
Morgan Stanley Investment Management Limited; Vice President of the
Retail and Institutional Funds (since February
2006).</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dennis F.
Shea (53)<br>1221 Avenue of the Americas<br>New York, NY
10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> February 2006</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and (since February 2006) Chief Investment
Officer &ndash; Global Equity of Morgan Stanley Investment Management;
Vice President of the Retail and Institutional Funds (since February
2006). Formerly, Managing Director and Director of Global Equity
Research at Morgan
Stanley.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Barry
Fink (51)<br> 1221 Avenue of the Americas<br> New York, NY 10020<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice
President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since
February<br> 1997</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing
Director and General Counsel of Morgan Stanley Investment Management;
Managing Director of the Investment Adviser and various entities
affiliated with the Investment Adviser; Vice President of the Retail
Funds and (since July 2003) the Institutional Funds. Formerly,
Secretary, General Counsel and/or Director of the Investment Adviser
and various entities affiliated with the Investment Adviser; Secretary
and General Counsel of the Retail Funds.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Amy R. Doberman (44)<br>1221 Avenue of
the Americas<br> New York, NY 10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="lr" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since July 2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and General Counsel,
U.S. Investment Management of Morgan Stanley Investment Management
(since July 2004); Vice President of the Retail Funds and the
Institutional Funds (since July 2004); Vice President of the Van Kampen
Funds (since August 2004); Secretary (since February 2006) and Managing
Director (since July 2004) of the Investment Adviser and various
entities affiliated with the Investment Adviser. Formerly, Managing
Director and General Counsel &ndash; Americas, UBS Global Asset
Management (July 2000 to July 2004).</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Carsten Otto (42)<br> 1221 Avenue of the
Americas<br> New York, NY 10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chief<br>Compliance<br>Officer<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="lr" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since October
2004</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and U.S. Director of Compliance for
Morgan Stanley Investment Management (since October 2004); Managing
Director and Chief Compliance Officer of Morgan Stanley Investment
Management. Formerly, Assistant Secretary and Assistant General Counsel
of the Retail Funds.</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Stefanie V. Chang Yu
(39)<br>1221 Avenue of the Americas<br> New York, NY
10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice President</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since<br> December
1997</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Executive Director of the Investment Adviser and various
entities affiliated with the Investment Adviser; Vice President of the
Retail Funds (since July 2002) and the Institutional Funds (since
December 1997). Formerly, Secretary of various entities affiliated with
the Investment
Adviser.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="3"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">***</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This
is the earliest date the Officer began serving the Retail Funds or
Institutional Funds. Each Officer serves an indefinite term, until his
or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
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<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:0pt solid #000000; border-bottom:0pt solid #000000;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
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<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="82"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="298"></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Age and Address of<br> Executive Officer</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Position(s)<br>Held
with<br>Registrant</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Length of<br>Time<br>Served***</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation(s) During Past 5 Years</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Francis
J. Smith (41)<br>c/o Morgan Stanley Trust<br>Harborside Financial
Center<br>Plaza Two<br>Jersey City, NJ
07311</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Treasurer
and<br>Chief
Financial<br>Office</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Treasurer
since<br>July 2003 and Chief Financial Officer since<br>September
2002</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom:  1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="t" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Executive
Director of the Investment Adviser and various entities affiliated with
the Investment Adviser; Treasurer and Chief Financial Officer of the
Retail Funds (since July 2003). Formerly, Vice President of the Retail
Funds (September 2002 to July 2003).</font></td>
</tr>
<tr>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Mary
E. Mullin (39)<br>1221 Avenue of the Americas<br>New York, NY
10020</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Secretary</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Since June
1999</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 7pt; line-height:9pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 7pt; line-height:9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Executive Director of the Investment Adviser and various
entities affiliated with the Investment Adviser; Secretary of the
Retail Funds (since July 2003) and the Institutional Funds (since June
1999).</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="3"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">***</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">This
is the earliest date the Officer began serving the Retail Funds or
Institutional Funds. Each Officer serves an indefinite term, until his
or her successor is elected.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For each Trustee/Director, the
dollar range of equity securities beneficially owned by the
Trustees/Directors in the Funds and in the Family of Investment
Companies (Family of Investment Companies includes all of the
registered investment companies advised by the Investment Adviser,
Morgan Stanley Investment Management Inc. and Morgan Stanley AIP GP LP)
as of December 31, 2005, is shown below. Ms. Dennis and Messrs. Bowman,
Klein and Reed did not serve as Trustees/Directors of the Funds during
the calendar year ended December 31, 2005.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="139"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="221"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="222"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Dollar Range of Equity Securities
in the Funds<br> (As of December 31, 2005)</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Aggregate
Dollar Range of Equity Securities in<br> All Registered Investment
Companies Overseen<br> by Trustee/Director in Family of
Investment<br> Companies (As of December 31,
2005)</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-size: 8pt;"><font style="font-weight: bold; font-style: normal;">Independent:</font></font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank
L.
Bowman</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
Bozic</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen A.
Dennis</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J. Garn</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne E. Hedien</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr. Manuel H. Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph J. Kearns<sup style="vertical-align:top;">(1)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F.
Klein</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael E.
Nugent</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W. Allen
Reed</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$10,001 &ndash;
$50,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus Reid<sup style="vertical-align:top;">(1)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over $100,000</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-size: 8pt;"><font style="font-weight: bold; font-style: normal;">Interested:</font></font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James
F. Higgins</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">None</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes
the total amount of compensation deferred by the Trustee/Director at
his election pursuant to a deferred compensation plan. Such deferred
compensation is placed in a deferral account and deemed to be invested
in one or more of the Retail Funds or Institutional Funds (or portfolio
thereof) that are offered as investment options under the plan. As of
December 31, 2005, the value (including interest) of the deferral
accounts for Messrs. Kearns and Reid was $786,542 and $766,622,
respectively, pursuant to the deferred compensation
plan.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As to each Independent Trustee/Director and his
immediate family members, no person owned beneficially or of record
securities in an investment adviser or principal underwriter of the
Funds, or a person (other than a registered investment company)
directly or indirectly controlling, controlled by or under common
control with an investment adviser or principal underwriter of the
Funds as of the record date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page12"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">Independent Trustees/Directors and the
Committees.</font>&nbsp;&nbsp;&nbsp;&nbsp;Law and regulation establish both general
guidelines and specific duties for the Independent Trustees/Directors.
The Funds seek as Independent Trustees/Directors individuals of
distinction and experience in business and finance, government service
or academia; these are people whose advice and counsel are in demand by
others and for whom there is often competition. To accept a position on
the Funds' Boards, such individuals may reject other attractive
assignments because the Funds make substantial demands on their time.
The Board of each Fund has four Committees: (1) Audit Committee, (2)
Governance Committee, (3) Valuation, Insurance and Compliance Committee
and (4) Investment Committee. The Investment Committee has three
Sub-Committees focusing on the Funds' primary areas of
investment, namely equities, fixed-income and alternatives, as detailed
below. Five of the Independent Trustees/Directors serve as members of
the Audit Committee, four Independent Trustees/Directors serve as
members of the Governance Committee, three Trustees/Directors,
including two Independent Trustees/Directors, serve as members of the
Valuation, Insurance and Compliance Committee and all of the
Trustees/Directors serve as members of the Investment
Committee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Independent Trustees/Directors are charged with
recommending to the full Board approval of management, advisory and
administration contracts, and distribution and underwriting agreements;
continually reviewing Fund performance; checking on the pricing of
portfolio securities, brokerage commissions, transfer agent costs and
performance, and trading among funds in the same complex; and approving
fidelity bond and related insurance coverage and allocations, as well
as other matters that arise from time to time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of
Trustees/Directors of each Fund have a separately-designated standing
Audit Committee established in accordance with Section 3(a)(58)(A) of
the Securities Exchange Act of 1934, as amended. Each Audit Committee
is charged with recommending to the full Board the engagement or
discharge of the Funds' independent registered public accounting
firm; directing investigations into matters within the scope of the
independent registered public accounting firm's duties, including
the power to retain outside specialists; reviewing with the independent
registered public accounting firm the audit plan and results of the
auditing engagement; approving professional services provided by the
independent registered public accounting firm and other accounting
firms prior to the performance of the services; reviewing the
independence of the independent registered public accounting firm;
considering the range of audit and non-audit fees; reviewing the
adequacy of the Funds' system of internal controls; and preparing
and submitting Committee meeting minutes to the full Board.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
members of the Audit Committee of the Fund are currently Frank L.
Bowman, Wayne E. Hedien, Joseph J. Kearns, Michael E. Nugent and W.
Allen Reed. None of the members of the Funds' Audit Committee is
an &lsquo;&lsquo;interested person,&rsquo;&rsquo; as defined under the
1940 Act, of any of the Funds (with such disinterested
Trustees/Directors being &lsquo;&lsquo;Independent
Trustees/Directors&rsquo;&rsquo; or individually,
&lsquo;&lsquo;Independent Trustee/Director&rsquo;&rsquo;). Each
Independent Trustee/Director is also
&lsquo;&lsquo;independent&rsquo;&rsquo; from the Funds under the
listing standards of the New York Stock Exchange, Inc.
(&lsquo;&lsquo;NYSE&rsquo;&rsquo;). The Chairperson of the Audit
Committee of each of the Funds is Joseph J. Kearns. A copy of the Audit
Committee Charter is attached to this Joint Proxy Statement as Appendix
A.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of Trustees/Directors of each Fund also have a
Governance Committee. The Governance Committee identifies individuals
qualified to serve as Independent Trustees/Directors on the
Funds' Boards and on committees of such Board and recommends such
qualified individuals for nomination by the Funds' Independent
Trustees/Directors as candidates for election as Independent
Trustees/Directors, advises each Fund's Board with respect to
Board composition, procedures and committees, develops and recommends
to each Fund's Board a set of corporate governance principles
applicable to the Funds, monitors and makes recommendations on
corporate governance matters and policies and procedures of
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page13"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
each Fund's Board of
Trustees/Directors and any Board committees and oversees periodic
evaluations of each Fund's Board and its committees. The members
of the Governance Committee of the Funds are currently Kathleen A.
Dennis, Edwin J. Garn, Michael F. Klein and Fergus Reid, each of whom
is an Independent Trustee/Director. The Chairperson of the Governance
Committee is Fergus Reid.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board of Trustees/Directors for
each Fund has adopted a formal written charter for the Governance
Committee, which sets forth the Governance Committee's
responsibilities. A copy of the Governance Committee Charter is
attached to this Joint Proxy Statement as Appendix B. The Governance
Committee Charter is not available on the Funds'
website.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Funds do not have a separate nominating committee.
While each of the Fund's Governance Committee recommends
qualified candidates for nominations as Independent Trustees/Directors,
the Board of Trustees/Directors of each Fund believes that the task of
nominating prospective Independent Trustees/Directors is important
enough to require the participation of all current Independent
Trustees/Directors, rather than a separate committee consisting of only
certain Independent Trustees/Directors. Accordingly, each current
Independent Trustee/Director (Frank L. Bowman, Michael Bozic, Kathleen
A. Dennis, Edwin J. Garn, Wayne E. Hedien, Manuel H. Johnson, Joseph J.
Kearns, Michael F. Klein, Michael E. Nugent, W. Allen Reed and Fergus
Reid) for all Funds participates in the election and nomination of
candidates for election as Independent Trustees/Directors for the
respective Funds for which the Independent Trustee/Director serves.
Persons recommended by each of the Fund's Governance Committee as
candidates for nomination as Independent Trustees/Directors shall
possess such knowledge, experience, skills, expertise and diversity so
as to enhance each of the Board's ability to manage and direct
the affairs and business of the Funds, including, when applicable, to
enhance the ability of committees of each of the Boards to fulfill
their duties and/or to satisfy any independence requirements imposed by
law, regulation or any listing requirements of the NYSE. While the
Independent Trustees/Directors of the Funds expect to be able to
continue to identify from their own resources an ample number of
qualified candidates for each of the Funds' Boards as they deem
appropriate, they will consider nominations from shareholders to the
Board. Nominations from shareholders should be in writing and sent to
the Independent Trustees/Directors as described below under the caption
&lsquo;&lsquo;Shareholder Communications.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Board
of Trustees/Directors of each Fund have formed a Valuation, Insurance
and Compliance Committee to review the valuation process, address
insurance coverage and oversee the compliance function for each of the
Funds and the Boards. The Valuation, Insurance and Compliance Committee
currently consists of Michael Bozic, Manuel H. Johnson and James F.
Higgins. Michael Bozic and Manuel H. Johnson who are Independent
Trustees/Directors. The Chairperson of the Valuation, Insurance and
Compliance Committee is Michael Bozic.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Investment Committee
oversees the portfolio investment process for and reviews the
performance of each Fund. The Investment Committee also recommends to
each Board to approve or renew the respective Fund's Investment
Advisory and Administration Agreements. The members of the Investment
Committee are Manuel H. Johnson, Frank L. Bowman, Michael Bozic,
Kathleen A. Dennis, Edwin Garn, Wayne Hedien, James Higgins, Joseph
Kearns, Michael Klein, Michael Nugent, Fergus Reid and W. Allen Reed.
The Chairperson of the Investment Committee is Manuel H.
Johnson.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Investment Committee has three Sub-Committees, each
with its own Chairperson. The Sub-Committees and their members are as
follows:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) Equity &ndash; W. Allen Reed (Chairperson), Michael
E. Nugent and Frank L. Bowman.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2) Fixed-Income &ndash; Michael
F. Klein (Chairperson), Fergus Reid, Michael Bozic and Edwin J.
Garn.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page14"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3) Closed-End, Money Market and
Alternatives &ndash; Kathleen A. Dennis (Chairperson), James F.
Higgins, Joseph J. Kearns and Wayne E. Hedien.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following
chart sets forth the number of meetings of the Board, the Committee of
the Independent Trustees/Directors, the Audit Committee, and the
Governance Committee of each Fund during its most recent fiscal year.
For the 2006 fiscal year, each Trustee/Director, attended at least
seventy-five percent of the aggregate number of meetings of the Board
and any Committee on which he or she served during the time such
Trustee/Director was a member of the Board.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Number of Board and
Committee Meetings Held During Last Fiscal Year</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 3px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="241"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="41"></td>
<td><img src="spacer.gif" height="1" width="2"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="13"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="8.34"></td>
<td><img src="spacer.gif" height="1" width="25"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="25"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of
Fund</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Fiscal<br>
Year-End</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Retail<br>Board of<br>
Trustees/<br>Directors<br>Meetings</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Committee<br>
of the<br> Independent<br>
Trustees/<br>Directors<br>Meetings</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Audit<br>
Committee<br>Meetings</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Governance<br>Committee<br>Meetings</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ICB</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">9/30/06</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">9</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">9</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 9pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">OIA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">5/31/06</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">15</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">3</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">9</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">2</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 9pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Valuation, Insurance and Compliance Committee, the Investment Committee
and the <font style="white-space: nowrap;">Sub-Committees</font> of the Investment Committee were formed
in October 2006.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For annual or special shareholder meetings,
Trustees/Directors may, but are not required to, attend the meetings;
and for each Fund&rsquo;s last annual shareholder meeting, no
Trustees/Directors attended the meeting.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: justify; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Advantages of
Having Same Individuals as Independent Trustees/Directors for the
Retail Funds and Institutional Funds</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Independent
Trustees/Directors and the Funds&rsquo; management believe that having
the same Independent Trustees for each of the Retail Funds and
Institutional Funds avoids the duplication of effort that would arise
from having different groups of individuals serving as Independent
Trustees/Directors for each of the funds or even of sub-groups of
funds. They believe that having the same individuals serve as
Independent Trustees/Directors of all the Retail Funds and
Institutional Funds tends to increase their knowledge and expertise
regarding matters which affect the Fund Complex generally and enhances
their ability to negotiate on behalf of each fund with the fund&rsquo;s
service providers. This arrangement also precludes the possibility of
separate groups of Independent Trustees/Directors arriving at
conflicting decisions regarding operations and management of the funds
and avoids the cost and confusion that would likely ensue. Finally,
having the same Independent Trustees/Directors serve on all fund boards
enhances the ability of each fund to obtain, at modest cost to each
separate fund, the services of Independent Trustees/Directors of the
caliber, experience and business acumen of the individuals who serve as
Independent Trustees/Directors of the Retail Funds and Institutional
Funds.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">Shareholder Communications.</font>&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may
send communications to each Fund&rsquo;s Board of Trustees/Directors.
Shareholders should send communications intended for each Fund&rsquo;s
Board by addressing the communications directly to that Board (or
individual Board members) and/or otherwise clearly indicating in the
salutation that the communication is for the Board (or individual Board
members) and by sending the communication to either the Fund&rsquo;s
office or directly to such Board member(s) at the address specified for
each Trustee/Director previously noted. Other shareholder
communications received by each Fund not directly addressed and sent to
the Fund&rsquo;s Board will be reviewed and generally responded to by
management, and will be forwarded to the Board only at
management&rsquo;s discretion based on the matters contained
therein.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page15"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Share Ownership by
Trustees/Directors</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustees/Directors have adopted a policy
pursuant to which each Trustee/Director and/or his or her spouse is
required to invest at least $100,000 in any of the funds in the Morgan
Stanley Retail Funds and Institutional Funds on whose boards the
Trustee/Director serves. In addition, the policy contemplates that the
Trustees/Directors will, over time, increase their aggregate investment
in the funds above the $100,000 minimum requirement. The
Trustees/Directors may allocate their investments among specific funds
in any manner they determine is appropriate based on their individual
investment objectives. Any future Trustee/Director will be given a
one-year period following his or her election within which to comply
with the foregoing. As of the date of this Joint Proxy Statement, each
Trustee/Director is in compliance with the policy. As of September 30,
2006, the total value of the investments by the Trustees/Directors
and/or their spouses in shares of the Morgan Stanley Retail Funds and
Institutional Funds was approximately $6.1 million. This amount
includes compensation deferred by the Trustee/Director at his or her
election pursuant to a deferred compensation plan. Such deferred
compensation is placed in a deferral account and deemed to be invested
in one or more of the Retail Funds or Institutional Funds (or portfolio
thereof) that are offered as investment options under the
plan.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of the Record Date for these Meetings, the aggregate
number of Shares of each Fund owned by the Fund&rsquo;s officers and
Trustees/Directors as a group was less than one percent of each
Fund&rsquo;s outstanding shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Section 16(a) Beneficial
Ownership Reporting Compliance</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Section 16(a) of the Securities
Exchange Act of 1934 requires that each Fund&rsquo;s executive officers
and Trustees/Directors, and beneficial owners of more than 10%
of its shares, make certain filings on a timely basis under Section
16(a) of the Exchange Act. Based solely on a review of copies of such
reports of ownership furnished to the Funds, the Funds believe that
during the past fiscal year all of its officers, Trustees/Directors and
greater than 10% beneficial holders complied with all applicable
filing requirements.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Compensation of
Trustees/Directors</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each Independent Trustee/Director receives an
annual fee of $180,000 for serving the Retail Funds and Institutional
Funds. Prior to October 1, 2005, each Independent Director/Trustee
received an annual retainer fee of $168,000 for serving the Retail
Funds and Institutional Funds. In addition, each Independent
Trustee/Director received $2,000 for attending each of the four
quarterly board meetings and two performance meetings that occur each
year, so that an Independent Trustee/Director who attended all six
meetings received total compensation of $180,000 for serving the
Funds.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior to October 1, 2006, the Chairperson of the
Audit Committee received an additional annual retainer fee of $60,000.
Other Committee Chairpersons and the Deputy Chairperson of the Audit
Committee received an additional annual retainer fee of $30,000.
Effective October 1, 2006, the Chairperson of the Audit Committee
receives an additional annual retainer fee of $75,000 and the
Investment Committee Chairperson receives an additional annual retainer
fee of $60,000. Other Committee Chairpersons receive an additional
annual retainer fee of $30,000 and the Investment Sub-Committee
Chairpersons receive an additional annual retainer fee of $15,000. The
aggregate compensation paid to each Independent Trustee/Director is
paid by the  Retail Funds and the Institutional Funds, and is
allocated on a pro rata basis among each of the  operational
funds/portfolios of the Retail Funds and the Institutional Funds based
on the relative net assets of each of the funds/portfolios. As of July
1, 2006, Charles A. Fiumefreddo resigned as Chairman of the
Boards of the Retail Funds and the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page16"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Institutional Funds and was succeeded by
Michael E. Nugent. Prior to July 1, 2006, Charles A.  Fiumefreddo
received an annual fee for his services as Chairman of the Boards of
the Retail  Funds and the Institutional Funds and for
administrative services provided to each Board. As of July 1, 2006,
Michael E. Nugent receives a total annual fee of $360,000 for his
services as Chairman.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Funds also reimburse the
Trustees/Directors for travel and other out-of-pocket expenses incurred
by them in connection with attending such meetings. Trustees/Directors
of the Funds who are or have been employed by the Investment Adviser or
an affiliated company receive no compensation or expense reimbursement
from the Funds for their services as Trustee/Director.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Effective
April 1, 2004, the Funds began a Deferred Compensation Plan (the
&lsquo;&lsquo;DC Plan&rsquo;&rsquo;), which allows each Independent
Trustee/Director to defer payment of all, or a portion, of the fees he
or she receives for serving on the Board of Trustees/Directors
throughout the year. Each eligible Trustee/Director generally may elect
to have the deferred amounts credited with a return equal to the total
return on one or more of the Retail Funds or Institutional Funds (or
portfolios thereof) that are offered as investment options under the DC
Plan. At the Trustee/Director&rsquo;s election, distributions are
either in one lump sum payment, or in the form of equal annual
installments over a period of five years. The rights of an eligible
Trustee/Director and the beneficiaries to the amounts held under the DC
Plan are unsecured and such amounts are subject to the claims of the
creditors of the Funds.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior to April 1, 2004, the Institutional
Funds maintained a similar Deferred Compensation Plan (the
&lsquo;&lsquo;Prior DC Plan&rsquo;&rsquo;), which also allowed each
Independent Trustee/Director to defer payment of all, or a portion, of
the fees he or she received for serving on the Board of
Trustees/Directors throughout the year. The DC Plan amends and
supersedes the Prior DC Plan and all amounts payable under the Prior DC
Plan are now subject to the terms of the DC Plan (except for amounts
paid during the 2004 calendar year which will remain subject to the
terms of the Prior DC Plan).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following table shows aggregate
compensation payable to each of the Funds' Trustees/Directors
from each Fund for the fiscal year ended September 30, 2006 (ICB) and
May 31, 2006 (OIA) and the aggregate compensation payable to each of
the Funds' Trustees/Directors by the Fund Complex (which includes
all of the Retail Funds and Institutional Funds) for the calendar year
ended December 31, 2005. The structure and membership of the Committees
have changed since December 31, 2005. Therefore, Committees referenced
in the footnotes to the Compensation table in this section may no
longer exist, and/or the Trustees/Directors may no longer serve on the
Committees noted in the footnotes to the table.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page17"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Compensation</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="168"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="38"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="38"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="32"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="1.50"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="50"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="10"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total
Compensation from the Fund</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4" rowspan="2"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of Portfolios<br>in
the Fund Complex<br>from which the Trustee/Director<br>Received
Compensation<sup style="vertical-align:top;">(7)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;" rowspan="2"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4" rowspan="2"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total Compensation<br>from
the Fund Complex<sup style="vertical-align:top;">(7)</sup></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of Independent
Trustee/Director</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">ICB</font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">OIA</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Frank L.
Bowman<sup style="vertical-align:top;">(1)(5)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">90</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
Bozic<sup style="vertical-align:top;">(2)(4)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">231</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">189</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">180,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Kathleen A. Dennis<sup style="vertical-align:top;">(1)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">103</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin
J.
Garn<sup style="vertical-align:top;">(2)(4)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">213</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">189</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">178,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Wayne
E.
Hedien<sup style="vertical-align:top;">(2)(3)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">213</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">189</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">180,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr.
Manuel H.
Johnson<sup style="vertical-align:top;">(2)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">284</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">253</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">240,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Joseph
J.
Kearns<sup style="vertical-align:top;">(2)(5)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">262</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">226</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">171</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">217,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
F. Klein<sup style="vertical-align:top;">(2)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">103</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
E.
Nugent<sup style="vertical-align:top;">(2)(3)(6)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">338</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">221</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">210,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W.
Allen Reed<sup style="vertical-align:top;">(2)(4)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">103</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Fergus
Reid<sup style="vertical-align:top;">(2)(4)</sup></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">248</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">221</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">171</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">215,000</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><font style="font-weight: bold; font-style: normal;">Name
of Interested Trustee/Director</font></font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James F.
Higgins</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">170</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">None</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Ms.
Dennis and Messrs. Bowman, Klein and Reed did not serve as
Trustees/Directors of the Funds until August 1, 2006 and therefore did
not receive any compensation from OIA for the Fund's last fiscal
year nor did they receive any compensation payable to the Fund's
Trustees/Directors by the Fund Complex for the calendar year ended
December 31, 2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Member of the Audit
Committee. Dr. Johnson was the Chairman of the Audit Committee and Mr.
Kearns was the Deputy Chairman of the Audit Committee during the
relevant period.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(3)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Member of the
Insurance Committee. Mr. Bozic was the Chairman of the Insurance
Committee. Prior to July 1, 2006, Mr. Nugent was the Chairman of the
Insurance Committee during the relevant period.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(4)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Member of the
Governance Committee. Mr. Reid was the Chairman of the Governance
Committee during the relevant period.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(5)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes amounts
deferred at the election of the Trustee/Director under the DC
Plan.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(6)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">As of
July 1, 2006, Mr. Fiumefreddo resigned as Chairman of the Boards of the
Retail Funds and Institutional Funds and was succeeded by Mr. Nugent.
As a result, Mr. Nugent receives the annual fee for his services as
Chairman of Boards of the Retail Funds and the Institutional Funds from
that date.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(7)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Because the funds in
the Fund Complex have different fiscal year ends, the amounts shown in
these columns are presented on a calendar year basis.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior
to December 31, 2003, 49 of the Retail Funds (the
&lsquo;&lsquo;Adopting Funds&rsquo;&rsquo;), including the Funds, had
adopted a retirement program under which an Independent
Trustee/Director who retired after serving for at least five years as
an Independent Trustee/Director of any such fund (an
&lsquo;&lsquo;Eligible Trustee/Director&rsquo;&rsquo;) would have been
entitled to retirement payments based on factors such as length of
service, upon reaching the eligible retirement age. On December 31,
2003, the amount of accrued retirement benefits for each Eligible
Trustee/Director was frozen, and will be payable, together with a
return of 8% per annum, at or following each such Eligible
Trustee/Director&rsquo;s retirement as shown in the table
below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following tables illustrate the retirement benefits
accrued to the Funds&rsquo; Independent Trustees/Directors by the Funds
for the fiscal year ended September 30, 2006 (ICB) and May 31, 2006
(OIA) and by the Adopting Funds for the calendar year ended December
31, 2005, and the estimated retirement benefits for the Independent
Trustees/Directors, to commence upon their retirement from the Funds as
of each Fund&rsquo;s last fiscal year and from the Adopting Funds as of
December 31, 2005. Only the Trustees/Directors listed below
participated in the retirement program.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page18"></a><img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="339"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="11.19"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="32"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="11.19"></td>
<td><img src="spacer.gif" height="1" width="11.19"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="32"></td>
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="11.19"></td>
<td><img src="spacer.gif" height="1" width="11.19"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="21"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="16"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Retirement
Benefits Accrued as Expenses</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of Independent
Trustees/Directors</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>ICB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By<br>OIA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">By
All<br>Adopting Funds</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
Bozic</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">416</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">422</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">19,439</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn<sup style="vertical-align:top;">(2)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(229</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(227</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)</div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">(10,738</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">)</div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Wayne
E. Hedien</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">311</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">532</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">37,860</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr.
Manuel H.
Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">407</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">410</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">19,701</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
E.
Nugent</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">725</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">739</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">35,471</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="335"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="7.91"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td><img src="spacer.gif" height="1" width="7.91"></td>
<td><img src="spacer.gif" height="1" width="7.91"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="10"></td>
<td><img src="spacer.gif" height="1" width="7.91"></td>
<td><img src="spacer.gif" height="1" width="7.91"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="26"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="16"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Estimated
Annual Benefits Upon Retirement<sup style="vertical-align:top;">(1)</sup></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name of Independent
Trustees/Directors</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>ICB</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From<br>OIA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">From
All<br>Adopting Funds</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
Bozic</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">997</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">46,871</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn<sup style="vertical-align:top;">(2)</sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">990</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">984</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">46,917</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Wayne
E. Hedien</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">853</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">843</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">40,020</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr.
Manuel H.
Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">1,451</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">68,630</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Michael
E.
Nugent</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">1,299</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">61,377</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Total
compensation accrued under the retirement plan, together with a return
of 8% per annum, will be paid annually commencing upon
retirement and continuing for the remainder of the
Trustee&rsquo;s/Director&rsquo;s
life.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 3pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Mr.
Garn&rsquo;s retirement expense is negative due to the fact that his
retirement date has been extended to October 31, 2007, and therefore
the expense had been overaccrued.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Assuming a Quorum is
present, approval of the Proposal with respect to each Fund will
require the affirmative vote of a majority of each Fund's Shares
represented in person or by proxy at the Meetings and entitled to vote
at the Meetings.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">The Board of Trustees/Directors of each Fund
unanimously recommends that Shareholders vote FOR the election of each
of the Trustees/Directors nominated for election.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">The
Investment Adviser</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley Investment Advisors Inc.
serves as each Fund&rsquo;s investment adviser pursuant to investment
advisory agreements. Morgan Stanley Investment Advisors maintains its
offices at 1221 Avenue of the Americas, New York, New York 10020.
Morgan Stanley Investment Advisors is a wholly-owned subsidiary of
Morgan Stanley, a preeminent global financial services firm that
maintains leading market positions in each of its three primary
businesses&mdash;securities, asset management and credit
services.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Principal Executive Officers of Morgan Stanley
Investment Advisors are Owen D. Thomas, President and Chief Executive
Officer, Ronald E. Robison, Managing Director, Chief Administrative
Officer and Director, and Barry Fink, Managing Director, Secretary and
Director. Mr. Thomas is currently a Managing Director of Morgan
Stanley. The principal occupations of Messrs. Robison and Fink are
described under the section &lsquo;&lsquo;Election of
Trustees/Directors for Each Fund.&rsquo;&rsquo; The business address of
the Executive Officer and other Directors is 1221 Avenue of the
Americas, New  York, New York 10020.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley
Services, a wholly owned subsidiary of the Investment Adviser, serves
as the Administrator of each Fund pursuant to an administration
agreement. The Investment Adviser and the Administrator serve in
various investment management, advisory, management and administrative
capacities to investment companies and pension plans and other
institutional and individual investors. The address of the
Administrator is that of the Investment Adviser set forth
above.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">18</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page19"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley has its offices at 1585
Broadway, New York, New York 10036. Morgan Stanley is a full service
securities firm engaged in securities trading and brokerage activities,
as well as providing investment banking, research and analyses,
financing and financial advisory services. There are various lawsuits
pending against Morgan Stanley involving material amounts which, in the
opinion of its management, will be resolved with no material effect on
the consolidated financial position of the company.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit
Committee Report</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">At a meeting held on October 31, 2006 (ICB) and
a meeting held on April 28, 2006 (OIA), the Board of Trustees/Directors
of each Fund, with the exception of the Trustees of OIA that were not
on the Board at April 28, 2006, a majority of the Trustees/Directors
who are not &lsquo;&lsquo;interested persons,&rsquo;&rsquo; as defined
under the 1940 Act, acting on the recommendation of the Audit Committee
of each Fund, selected Deloitte &amp; Touche LLP to act as the
independent registered public accounting firm for each Fund for the
fiscal year ending September 30, 2007 (ICB) and May 31, 2006
(OIA).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Audit Committee of each Fund has reviewed and
discussed the financial statements of each Fund with management as well
as with Deloitte &amp; Touche LLP, the independent registered public
accounting firm for each Fund. In the course of its discussions, the
Audit Committee also discussed with Deloitte &amp; Touche LLP any
relevant matters required to be discussed under Statement on Auditing
Standards No. 61. Based on this review, the Audit Committee recommended
to the Board of Trustees/Directors of each Fund that each Fund's
audited financial statements be included in each Fund's Annual
Report to Shareholders for the most recent fiscal year for filing with
the Securities and Exchange Commission.
{t10}The Audit Committee has received the written disclosures and the
letter from Deloitte &amp; Touche LLP required under Independence
Standards Board No. 1 and has discussed with the independent registered
public accounting firm their independence.</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="301"><img src="spacer.gif" height="1" width="301"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">The
Audit Committee</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="301"><img src="spacer.gif" height="1" width="301"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">
<br>Joseph J. Kearns (Chairman)<br>Frank
L. Bowman<br>
<br>Wayne E. Hedien<br>Michael E. Nugent<br>W. Allen
Reed</td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Representatives from Deloitte &amp; Touche LLP are not
expected to be present at the Meetings but are expected to be available
by telephone. Deloitte &amp; Touche LLP will have the opportunity to
make a statement if they desire to do so and the representatives from
Deloitte &amp; Touche LLP, if available, will respond to appropriate
questions from shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page20"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">FEES PAID TO INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit
Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate fees for professional services billed by
Deloitte &amp; Touche LLP in connection with the annual audit and
review of financial statements of ICB for the fiscal years ended
September  30, 2005 and September 30, 2006, and in connection
with the annual audit and review of financial statements of OIA for the
fiscal years ended May 31, 2005 and May 31, 2006 are set forth
below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="478"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="7.75"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="7.75"></td>
<td><img src="spacer.gif" height="1" width="7.75"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="43"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2005</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2006</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ICB</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">32,616</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">31,400</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">OIA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">30,048</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">31,132</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit-Related
Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate audit-related fees billed by Deloitte &amp;
Touche LLP related to the annual audit of each Fund&rsquo;s financial
statements for their respective fiscal years ended September 30, 2005
and September 30, 2006 (ICB) and May 31, 2005 and May 31, 2006 (OIA)
for the translation of financial statements for data verification and
agreed-upon procedures related to asset securitizations and agreed-upon
procedures engagements are set forth below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="486"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="14.00"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="27"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="14.00"></td>
<td><img src="spacer.gif" height="1" width="14.00"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="27"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2005</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2006</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ICB</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">540</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">531</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">OIA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">540</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">531</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Tax
Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate fees billed by Deloitte &amp; Touche LLP in
connection with tax compliance, tax advice and tax planning for each
Fund for their respective fiscal years ended September 30, 2005 and
September  30, 2006 (ICB) and May 31, 2005 and May 31, 2006
(OIA), which represent fees paid for the review of the Federal, state
and local tax returns for each Fund are set forth below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="481"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="10.25"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="37"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2005</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2006</font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ICB</font></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,148</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #cceeff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff;font-weight: normal; font-style: normal; " valign="bottom">5,500</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #cceeff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">OIA</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">4,585</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom">$</td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">4,449</td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">All
Other Fees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There were no fees billed by Deloitte &amp; Touche
LLP for any other products and services not set forth above for each
Fund for the respective fiscal years ended September 30, 2005 and
September 30, 2006 (ICB) and May 31, 2005 and May 31, 2006 (OIA).</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Audit Committee Pre-approval</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Each Fund&rsquo;s Audit
Committee&rsquo;s policy is to review and pre-approve all auditing and
non-auditing services to be provided to the Fund by the Fund&rsquo;s
independent registered public accounting firm. The Audit Committee
Audit and Non-Audit Pre-Approval Policy and Procedures requires each
Fund&rsquo;s Audit Committee to either generally pre-approve certain
services without consideration of specific case-by-case services or
requires the specific pre-approval of services by the Audit Committee
or its delegate. Under the Policy, unless a type of service has
received general pre-approval, it will require specific pre-approval
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page21"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
by the Audit Committee if it is to be
provided by the independent registered public accounting firm. Any
services that are generally pre-approved may require specific
pre-approval by the Audit Committee if the services exceed pre-approved
cost levels or budgeted amounts. All of the audit, audit-related and
tax services described above for which Deloitte &amp; Touche LLP billed
each of the Funds&rsquo; fees for the fiscal year ended September 30,
2006 (ICB) and May 31, 2006 (OIA) were pre-approved by each
Fund&rsquo;s Audit Committee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Aggregate Non-Audit Fees paid by
the Investment Adviser and Affiliated Entities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The aggregate
fees billed for professional services rendered by Deloitte &amp; Touche
LLP for all other services provided to the Investment Adviser and to
any entities controlling, controlled by or under common control with
the Investment Adviser for the fiscal years ended September 30, 2005
and 2006 (ICB) amounted to approximately $7.7 million and $7.0 million,
respectively, and for the fiscal years ended May 31, 2005 and 2006
(OIA) amounted to $8.7 million and $6.8 million, respectively. Such
services for the fiscal years ended September 30, 2005 and September
30, 2006 (ICB) and for the fiscal years ended May 31, 2005 and 2006
(OIA) included: (i)  audit-related fees of approximately
$5.3  million,  $5.3 million, $5.4 million and $4.8
million, respectively, and (ii) all other fees of approximately $2.4
million, $1.6 million, $3.3 million and $2.0 million, respectively,
related to services such as tax, performance attestation, operational
control reviews and the provision of educational seminars.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Audit Committee of each Fund has considered whether the provision of
non-audit services and the provision of services to affiliates of the
Investment Adviser is compatible with maintaining the independence of
Deloitte &amp; Touche LLP.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ADDITIONAL INFORMATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In the
event that the necessary Quorum to transact business or the vote
required to approve or reject any proposal for any Fund is not obtained
at the Meetings, the persons named as proxies may propose one or more
adjournments of the Meeting of the applicable Fund to permit further
solicitation of proxies. Any such adjournment will require the
affirmative vote of the holders of a majority of the applicable
Fund&rsquo;s shares present in person or by proxy at the Meetings. The
persons named as proxies will vote in favor of such adjournment those
proxies which have been received by the date of the Meetings.
Abstentions and broker &lsquo;&lsquo;non-votes&rsquo;&rsquo; will not
count in favor of or against any such vote for
adjournments.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Abstentions and, if applicable, broker
&lsquo;&lsquo;non-votes&rsquo;&rsquo; will not count as votes in favor
of any of the proposals, and broker
&lsquo;&lsquo;non-votes&rsquo;&rsquo; will not be deemed to be present
at the Meeting of any Fund for purposes of determining whether a
particular proposal to be voted upon has been approved. Broker
&lsquo;&lsquo;non-votes&rsquo;&rsquo; are shares held in street name
for which the broker indicates that instructions have not been received
from the beneficial owners or other persons entitled to vote and for
which the broker does not have discretionary voting
authority.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page22"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SHAREHOLDER PROPOSALS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Proposals
of security holders intended to be presented at the next Annual Meeting
of Shareholders of each respective Fund must be received no later than
July 13, 2007 for ICB and OIA, for inclusion in the proxy statement and
proxy for that meeting. The mere submission of a proposal does not
guarantee its inclusion in the proxy materials or its presentation at
the meeting. Certain rules under the federal securities laws must be
met.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">REPORTS TO SHAREHOLDERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">Each
Fund&rsquo;s most recent Annual Report, and in the case of ICB, the
most recent Semi-Annual Report succeeding the Annual Report, have been
previously sent to Shareholders and are available without charge upon
request from Morgan Stanley Trust, Harborside Financial Center, Plaza
Two, 2nd Floor, Jersey City, NJ 07311 (telephone 1-800-869-NEWS)
(toll-free).</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">INTEREST OF CERTAIN
PERSONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Morgan Stanley, Morgan Stanley Investment Advisors,
Morgan Stanley DW, Morgan Stanley Services, and certain of their
respective Directors, Officers, and employees, including persons who
are Trustees/Directors or Officers of the Funds, may be deemed to have
an interest in certain of the proposals described in this Joint Proxy
Statement to the extent that certain of such companies and their
affiliates have contractual and other arrangements, described elsewhere
in this Joint Proxy Statement, pursuant to which they are paid fees by
the Funds, and certain of those individuals are compensated for
performing services relating to the Funds and may also own shares of
Morgan Stanley. Such companies and persons may thus be deemed to derive
benefits from the approvals by Shareholders of such proposals.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">OTHER BUSINESS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The management of the Funds knows of
no other matters which may be presented at the Meetings. However, if
any matters not now known properly come before the Meetings, it is the
intention of the persons named in the enclosed form of proxy, or their
substitutes, to vote all shares that they are entitled to vote on any
such matter, utilizing such proxy in accordance with their best
judgment on such matters.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 18px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="302"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="284"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By Order of the Boards of
Trustees/Directors</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-size: 8pt">MARY E.
MULLIN</font>
<br>
<font style="font-weight: normal; font-style: italic">Secretary</font></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






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






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






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






<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">YOUR
VOTE IS IMPORTANT! PLEASE SIGN, DATE AND RETURN YOUR PROXY CARD
TODAY.<br>
<font style="font-weight: normal; font-style: normal">17025_MSC_A2</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 540pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 713px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:right;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="253" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="246"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Your
Proxy Vote is important!</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">And now you can Vote your
Proxy on the<br>
<font style="font-weight: bold; font-style: italic">PHONE</font> or the
<font style="font-weight: bold; font-style: italic">INTERNET</font>.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">It saves Money! Telephone and
Internet<br> voting saves postage costs. Savings which<br> can help
minimize fund expenses.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">It saves Time! Telephone and
Internet<br> voting is instantaneous &mdash; 24 hours a
day.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">It&rsquo;s Easy! Just follow these simple
steps:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">1. Read your proxy statement and have<br> it
at hand.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2. Call toll-free <font style="font-weight: bold; font-style: italic">1-866-241-6192 or go
to<br> website:
https://vote.proxy-direct.com</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">3. Follow the
recorded or on-screen<br> directions.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">4. Do
<font style="font-weight: bold; font-style: italic"><u>not</u></font> mail your Proxy Card when<br> you vote by
phone or
Internet.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
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</div>
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<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:24pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Please
detach at perforation before
mailing.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 713px; padding-top: 24px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="713" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="56"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="579"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
</tr>
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<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">PROXY</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">MORGAN
STANLEY INCOME SECURITIES, INC.<br>ANNUAL MEETING
OF SHAREHOLDERS TO BE HELD DECEMBER 13,
2006<br>This Proxy is solicited on behalf of the
Board of
Directors<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">PROXY</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 540pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie
V. Chang Yu, and each of them, as proxies for the undersigned, with
full power of substitution and resubstitution, and hereby authorizes
said proxies, and each of them to represent and vote, as designated on
the reverse side, all shares of Morgan Stanley Income Securities, Inc.
(the &lsquo;&lsquo;Fund&rsquo;&rsquo;) held of record by the
undersigned on October  13,  2006 at the Annual Meeting of
Shareholders of the Fund to be held in Conference Room 1B,
5<sup style="vertical-align:top;">th</sup> Floor, 1221 Avenue of the Americas, New York, New York
10020 on December  13,  2006 at 8:30 a.m., New York City
time, and at any adjournment thereof. The undersigned hereby revokes
any and all proxies with respect to such shares heretofore given by the
undersigned.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 540pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">THIS PROXY WHEN PROPERLY
EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED
SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES, UPON ANY AND ALL
OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY
ADJOURNMENT THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED
&lsquo;&lsquo;FOR&rsquo;&rsquo; THE
PROPOSAL.</font>
</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><font style="font-weight: bold; font-style: normal;">VOTE VIA THE INTERNET:
https://vote.proxy-direct.com</font>
<br>
<font style="font-weight: bold; font-style: normal;">VOTE VIA THE TELEPHONE:
1-866-241-6192</font></td>
</tr>
</table>
</div>
<div style="padding:0;margin:0;width:713;">
<div style="padding:0;margin:0;text-align:left;margin-top:12pt;margin-left:264pt;">
<img src="html_boxes.jpg" align="left"></div>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><font style="font-weight: bold; font-style: normal;">Note:</font>
Please sign exactly as your name appears on this proxy card. All joint
owners should sign. When signing as executor, administrator, attorney,
trustee or guardian or as custodian for a minor, please give full title
as such. If a corporation, please sign in full corporate name and
indicate the signer&rsquo;s office. If a partner, sign in the
partnership
name.</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">________________________________________________<br>Signature</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">________________________________________________<br>Signature
(if held
jointly)</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="justify" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="justify">________________________________________________<br>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17025_MSC_B</td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 540pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 540pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">EVERY
SHAREHOLDER&rsquo;S VOTE IS
IMPORTANT</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 540pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 276pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">PLEASE SIGN, DATE AND RETURN
YOUR<br>PROXY TODAY</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">Please detach at
perforation before mailing.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 36pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">TO VOTE BY MAIL,
PLEASE COMPLETE AND RETURN THIS
CARD.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 713px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="713" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="25"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="140"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="2.14"></td>
<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="2.14"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="267"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="61"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="61"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="58"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="13"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Election
of twelve (12)
Directors:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="6"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="7" rowspan="6"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-weight: bold; font-style: normal;">YOU
ALSO MAY VOTE A PROXY BY<br> TOUCH-TONE PHONE OR BY<br> INTERNET (See
enclosed Voting<br> Information Card for further<br>
instructions).<br> &nbsp;&nbsp;&nbsp;&nbsp;<br> PLEASE MARK VOTES AS IN THIS
EXAMPLE:&nbsp;&nbsp;<img src="xbox.gif" alt="[X]" width="10" height="10"></font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">01.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank
L.
Bowman</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">02.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael
Bozic</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">03.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen A.
Dennis</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">04.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Edwin J.
Garn</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">05.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne E.
Hedien</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">06.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James F.
Higgins</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">07.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Manuel H.
Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">08.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph J. Kearns</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">09.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F.
Klein</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">10.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael E. Nugent</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">11.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W. Allen
Reed</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">12.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus Reid</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">FOR</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">WITHHOLD</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">FOR
ALL<br>EXCEPT</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="13"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">To withhold
your vote for any nominee(s), mark the &lsquo;&lsquo;For All
Except&rsquo;&rsquo; box and write the nominee&rsquo;s number on the
line provided
below.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="13"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">YOUR
VOTE IS IMPORTANT! PLEASE SIGN, DATE AND RETURN YOUR PROXY CARD
TODAY.<br>
<font style="font-size: 8pt;"><font style="font-weight: normal; font-style: normal">17025_MSC_B</font></font>
</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">YOUR
VOTE IS IMPORTANT! PLEASE SIGN, DATE AND RETURN YOUR PROXY CARD
TODAY.<br>
<font style="font-weight: normal; font-style: normal">17025_MSC_B</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 540pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">EVERY SHAREHOLDER&rsquo;S VOTE IS IMPORTANT</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 713px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:right;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="253" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="246"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Your
Proxy Vote is important!</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">And now you can Vote your
Proxy on the<br>
<font style="font-weight: bold; font-style: italic">PHONE</font> or the
<font style="font-weight: bold; font-style: italic">INTERNET</font>.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">It saves Money! Telephone and
Internet<br> voting saves postage costs. Savings which<br> can help
minimize fund expenses.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">It saves Time! Telephone and
Internet<br> voting is instantaneous &mdash; 24 hours a
day.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">It&rsquo;s Easy! Just follow these simple
steps:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">1. Read your proxy statement and have<br> it
at hand.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">2. Call toll-free <font style="font-weight: bold; font-style: italic">1-866-241-6192 or go
to<br> website:
https://vote.proxy-direct.com</font></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">3. Follow the
recorded or on-screen<br> directions.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">4. Do
<font style="font-weight: bold; font-style: italic"><u>not</u></font> mail your Proxy Card when<br> you vote by
phone or
Internet.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:24pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Please
detach at perforation before
mailing.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 713px; padding-top: 24px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="713" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="56"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="579"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">PROXY</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">MORGAN
STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST<br>ANNUAL MEETING OF SHAREHOLDERS TO BE HELD DECEMBER 13,
2006<br>This Proxy is solicited on behalf of the
Board of
Trustees<br>
</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; " align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">PROXY</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 540pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
undersigned hereby appoints Ronald E. Robison, Barry Fink and Stefanie
V. Chang Yu, and each of them, as proxies for the undersigned, with
full power of substitution and resubstitution, and hereby authorizes
said proxies, and each of them to represent and vote, as designated on
the reverse side, all shares of Morgan Stanley Municipal Income
Opportunities Trust (the &lsquo;&lsquo;Trust&rsquo;&rsquo;) held of
record by the undersigned on October  13,  2006 at the
Annual Meeting of Shareholders of the Trust to be held in Conference
Room 1B, 5<sup style="vertical-align:top;">th</sup> Floor, 1221 Avenue of the Americas, New York,
New York 10020 on December  13,  2006 at 8:30 a.m., New
York City time, and at any adjournment thereof. The undersigned hereby
revokes any and all proxies with respect to such shares heretofore
given by the undersigned.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 540pt; text-align: left; font-style: normal; line-height: 10pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="font-weight: bold; font-style: normal;">THIS PROXY
WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE UNDERSIGNED SHAREHOLDER, AND IN THE DISCRETION OF SUCH PROXIES,
UPON ANY AND ALL OTHER MATTERS AS MAY PROPERLY COME BEFORE THE MEETING
OR ANY ADJOURNMENT THEREOF. IF NO DIRECTION IS MADE, THIS PROXY WILL BE
VOTED &lsquo;&lsquo;FOR&rsquo;&rsquo; THE
PROPOSAL.</font>
</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><font style="font-weight: bold; font-style: normal;">VOTE VIA THE INTERNET:
https://vote.proxy-direct.com</font>
<br>
<font style="font-weight: bold; font-style: normal;">VOTE VIA THE TELEPHONE:
1-866-241-6192</font></td>
</tr>
</table>
</div>
<div style="padding:0;margin:0;width:713;">
<div style="padding:0;margin:0;text-align:left;margin-top:12pt;margin-left:264pt;">
<img src="html_boxes.jpg" align="left"></div>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><font style="font-weight: bold; font-style: normal;">Note:</font>
Please sign exactly as your name appears on this proxy card. All joint
owners should sign. When signing as executor, administrator, attorney,
trustee or guardian or as custodian for a minor, please give full title
as such. If a corporation, please sign in full corporate name and
indicate the signer&rsquo;s office. If a partner, sign in the
partnership
name.</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">________________________________________________<br>Signature</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left">________________________________________________<br>Signature
(if held
jointly)</td>
</tr>
</table>
</div>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="justify" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="justify">________________________________________________<br>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17025_MSC_C</td>
</tr>
</table>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 540pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">&nbsp;&nbsp;&nbsp;&nbsp;</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 540pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">EVERY
SHAREHOLDER&rsquo;S VOTE IS
IMPORTANT</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 540pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 288pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">PLEASE SIGN, DATE AND RETURN
YOUR<br>PROXY TODAY</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 36pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">Please detach at
perforation before mailing.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 36pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">TO VOTE BY MAIL,
PLEASE COMPLETE AND RETURN THIS
CARD.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 713px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="713" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="7"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="25"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="140"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="2.14"></td>
<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="15"></td>
<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="2.14"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="267"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="61"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="61"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="58"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="13"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Election
of eight (8)
Trustees:</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff" rowspan="6"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="7" rowspan="6"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="font-weight: bold; font-style: normal;">YOU
ALSO MAY VOTE A PROXY BY<br> TOUCH-TONE PHONE OR BY<br> INTERNET (See
enclosed Voting<br> Information Card for further<br>
instructions).<br> &nbsp;&nbsp;&nbsp;&nbsp;<br> PLEASE MARK VOTES AS IN THIS
EXAMPLE:&nbsp;&nbsp;<img src="xbox.gif" alt="[X]" width="10" height="10"></font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">01.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank
L.
Bowman</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">02.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen
A. Dennis</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">03.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Wayne E.
Hedien</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">04.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Manuel H.
Johnson</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">05.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Joseph J.
Kearns</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">06.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Michael F.
Klein</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">07.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">W. Allen
Reed</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">08.</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fergus Reid</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="font-size: 8pt;  line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left">
<div style="position:relative;width:100%;height:0;vertical-align:bottom;">
<div style="position:absolute;overflow:visible;width:100pt;bottom:0;">
<img src="spacer.gif" width="1"></div>
</div>
</td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">FOR</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">WITHHOLD</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">FOR
ALL<br>EXCEPT</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="13"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">To withhold
your vote for any nominee(s), mark the &lsquo;&lsquo;For All
Except&rsquo;&rsquo; box and write the nominee&rsquo;s number on the
line provided
below.</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="left" valign="bottom" colspan="13"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff; " align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 540pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">YOUR
VOTE IS IMPORTANT! PLEASE SIGN, DATE AND RETURN YOUR PROXY CARD
TODAY.<br>
<font style="font-size: 8pt;"><font style="font-weight: normal; font-style: normal">17025_MSC_C</font></font>
</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
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