<SEC-DOCUMENT>0000897069-18-000465.txt : 20180918
<SEC-HEADER>0000897069-18-000465.hdr.sgml : 20180918
<ACCEPTANCE-DATETIME>20180720182239
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000897069-18-000465
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAXOR CORP
		CENTRAL INDEX KEY:			0000027367
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				132682108
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		STREET 2:		SUITE 4740
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118
		BUSINESS PHONE:		212-330-8500

	MAIL ADDRESS:	
		STREET 1:		350 5TH AVENUE
		STREET 2:		SUITE 4740
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IDANT CORP
		DATE OF NAME CHANGE:	19730823
</SEC-HEADER>
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<TYPE>CORRESP
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<div style="FONT-SIZE: 12pt; TEXT-ALIGN: center">July 20, 2018</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><u>VIA EDGAR SYSTEM</u></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Ms. Deborah L. O&#8217;Neal</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Ms. Christina DiAngelo Fettig</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">U.S. Securities and Exchange Commission</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Division of Investment Management</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Washington, DC&#160; 20549</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Daxor Corporation, File Nos. 333-224509 and 811-22684</u></div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Dear Ms. O&#8217;Neal and Ms. Fetting:</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">On behalf of our client, Daxor Corporation (&#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Daxor</u></font>&#8221;), set forth below are Daxor&#8217;s responses to comments of the Staff (the &#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Staff</u></font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Commission</u></font>&#8221;), with respect to the above-referenced filing.&#160; The numbered items set forth below repeat (in bold italics) the comments of the Staff, and following such comments are Daxor&#8217;s responses (in regular type).</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Page 1 - Fee Table and Synopsis</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">In Footnote (5), please included the tax expense in the fee table.&#160; The fee table shows 2.23% in expenses, but the paragraph immediately before the hypothetical expense example references 2.33%.&#160; 2.33% appears to include tax expense, which we expect to be included in the fee table.&#160; We are coming up with slightly different amounts for the hypothetical expense example.&#160; Please use our spreadsheet to calculate the hypothetical expense example.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Response</u></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Daxor has included the tax expense in the fee table, confirmed that 2.33% is the correct number, used your spreadsheet to calculate the hypothetical expense example, and revised the filing accordingly.</font></div>

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<div style="FONT-SIZE: 7pt; FONT-FAMILY: 'Franklin Gothic Book', 'Franklin Gothic Medium', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 8pt">ORLANDO</div>
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<div style="FONT-SIZE: 7pt; FONT-FAMILY: 'Franklin Gothic Book', 'Franklin Gothic Medium', sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 8pt">TALLAHASSEE</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">U.S. Securities and Exchange Commission</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">July 20, 2018</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Page 6 &#8211; Senior Securities</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">Please provide the calculations for the senior securities table.&#160; The amount presented as total amount outstanding does not agree to the 12/31/17 balance sheet.&#160; The senior securities table must be audited.&#160; To meet the audit requirement, the registrant must either file with the registration statement a separate opinion on the senior securities table or include all of the information required by Item 4.2 in an audited section of the financial statements.&#160; Applicable Guidance: The 2001 Dear CFO letter states &#8220;To meet the audit requirement, the independent accountant must express an opinion on the senior securities table itself or on a financial statement or financial highlights that include the senior securities table.&#160; If registrants, however, include the senior securities table information elsewhere in the annual report, the audit opinion must expressly cover the senior securities table.&#8221;&#160; It appears that the 2011-2012 Audit Risk Alert attempted to further clarify this by stating: &#8220;If registrants, however, include the senior securities table information elsewhere in the annual report (for example, in an unaudited section, such as MDFP), the audit opinion must expressly cover the senior securities table.&#160; Alternatively, if a registrant includes the senior securities table only in the registration statement, the registrant should file a separate opinion in the registration statement covering the senior securities table information.&#8221;&#160; Please note that we have not objected to the presentation of the information required in the senior securities table in the footnotes to financial statements if the information is not marked unaudited.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Response</u></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Daxor has provided the calculations on a supplemental basis.&#160; <font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000">Daxor confirms that the information in the senior securities table represents audited information included in Daxor&#8217;s financial highlights and Daxor&#8217;s Statement of Assets and Liabilities, both of which are expressly covered by the audit opinion.&#160; While Daxor understands the requirement for an audit of the senior securities table, Daxor believes that it cannot obtain an audit without undue expense and effort, if at all, as Daxor has a new auditor and Daxor does not believe the old auditor has all of the work papers for the past ten years to support an audit of the table.&#160; In this context, Daxor proposes providing a certification, or taking what other actions would be acceptable to the Staff.</font></font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Investment Objectives and Policies</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">3.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">We have the following additional comment with regard to the Staff&#8217;s comment below and Daxor&#8217;s response below: Selling covered and naked calls appear to be more of an income strategy than a risk mitigation strategy.&#160; If true, please revise the disclosure accordingly.</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 36pt">&#8220;11. The fourth paragraph of the above mentioned section states, &#8220;Daxor Corporation will, at times, sell naked or uncovered calls, as well as, engage in short sales as part of a strategy to mitigate risk.&#8221; Confirm to the staff how the registrant will meet coverage requirements pursuant to Section 18 of the Investment Company Act of 1940 (the &#8220;Act&#8221;).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Response</u></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Daxor has revised the disclosure as requested.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">U.S. Securities and Exchange Commission</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">July 20, 2018</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Page 3</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Investment Management</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">4.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic">We have the following additional comment with regard to the Staff&#8217;s comment below and Daxor&#8217;s response below: Please disclose in the registration statement that Daxor&#8217;s Chief Executive Officer &#8220;is the only individual who oversees its portfolio.&#8221;</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 36pt">&#8220;14. Under the section &#8220;Investment Management&#8221; you state, &#8220;The company is not primarily engaged in the business of investing, reinvesting, owning, holding or trading in securities. As such, the company has no investment advisors, administrator, affiliated brokerage, dividend paying agent, non-resident managers, or active portfolio managers.&#8221; Explain to the staff how the registrant will comply with Section 15 of the Act. Also, further clarify who is responsible for the securities trading decisions.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 36pt">Response: Daxor notes that under Section 15(a) of the Act it must enter into a written contract with any person it engages as an investment adviser, and that under Section 15(b) of the Act it must enter into a written contract with any person it engages as a principal underwriter. However, Section 15 of the Act does not require Daxor to engage either an investment adviser or a principal underwriter. In this regard, Daxor notes that the only individual who oversees its portfolio is the Chief Executive Officer of Daxor, who is also a director of Daxor, and the definition of &#8220;investment adviser&#8221; under Section 2(a)(20) of the Act expressly excludes any person who is a bona fide officer or director of Daxor.&#8221;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif"><u>Response</u></font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Daxor has revised the disclosure as requested.</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">* * * * *</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 72pt">If the Staff has any questions with respect to any of the foregoing, please contact the undersigned at (414) 297-5596.</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 216pt">Very truly yours,</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 216pt">/s/ Peter D. Fetzer</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 216pt">Peter D. Fetzer</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt">Enclosures</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">cc:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt; TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif">Michael Feldschuh (w/o enclosures)</font></div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">John Wilkens</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Daxor Corporation</div>

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<table id="z033cffd1ae724bbf98f9bac5d1bf237b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 67.68%; VERTICAL-ALIGN: bottom" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Common Stock, par value $0.01 per share</div>
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<tr>
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<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">&#160;</td>
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<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Total Amount</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Average Market</div>
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<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Total Shares outstanding</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">&#160;NAV</div>
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<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Outstanding Exclusive</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Asset Coverage</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Involuntary Liquidating</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Value per Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller"> (4)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Year</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">of Treasury Securities <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Per Unit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Preference per Unit <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(3)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">(Exclude Bank Loans)</div>
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<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2017</div>
</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$37,370</div>
</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$3.68</div>
</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$4.57</div>
</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">3,737,049</div>
</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">13,757,621</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2016</div>
</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">37,985</div>
</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$4.04</div>
</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$8.24</div>
</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">3,798,463</div>
</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">15,344,309</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2015</div>
</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">38,525</div>
</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$3.74</div>
</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$7.60</div>
</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">3,852,488</div>
</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">14,427,532</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2014</div>
</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">39,909</div>
</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$6.16</div>
</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$6.98</div>
</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">3,990,906</div>
</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">24,580,735</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2013</div>
</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">40,896</div>
</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$6.45</div>
</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$6.83</div>
</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">4,089,578</div>
</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">26,370,847</div>
</td>
</tr>

<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2012</div>
</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">41,333</div>
</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$8.50</div>
</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$7.60</div>
</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">4,133,348</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">35,113,819</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2011</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">42,024</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$8.62</div>
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<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$9.10</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">4,202,351</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">36,216,591</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2010</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">42,261</div>
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<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$11.12</div>
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<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$9.25</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">4,226,137</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">46,995,044</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2009</div>
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<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">42,503</div>
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<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$11.21</div>
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<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$12.05</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">4,250,318</div>
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<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">47,625,337</div>
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<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">2008</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">42,891</div>
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<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$10.13</div>
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<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">$15.40</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">4,289,118</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 12.55pt">43,460,641</div>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.92%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 11.38%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 17.86%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">For the years ended 2008 through 2011, the company was registered as a corporation. Asset Coverage Per unit is based on the stockholders equity amount as reported in Form 10-K</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 63.47%; VERTICAL-ALIGN: top" colspan="4">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Total Amount Outstanding is the par value of Common Shares&#160; outstanding at year end, excluding Treasury Shares.</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 63.47%; VERTICAL-ALIGN: top" colspan="4">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Asset coverage per unit is the ratio of the carrying value of the Fund's total assets, less all liabilities and indebtedness not represented by senior securities, to the total shares outstanding at year end.</div>
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<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47.16%; VERTICAL-ALIGN: top" colspan="3">&#160;</td>
<td style="WIDTH: 16.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(3)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Field not required as Common Stock is the only class of securities.</div>
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<td style="WIDTH: 16.31%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 4.21%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 63.47%; VERTICAL-ALIGN: top" colspan="4">&#160;</td>
<td style="WIDTH: 6.33%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10.55%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(4)</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Unit represents the closing market value of one share of Common Stock at December 31 as reported by the listing exchange.</div>
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<td style="WIDTH: 15.44%; VERTICAL-ALIGN: bottom">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
