MANAGED DISTRIBUITON POLICY

The Fund has a managed distribution policy (the Policy) which permits the Fund to make quarterly distributions at an annualized rate of 8% of the Fund's net assets to shareholders of record. The Fund intends, to the extent possible, to use net realized capital gains when making quarterly distributions. However, implementation of the policy could result in a return of capital to shareholders if the amount of the distribution exceeds the Fund's net investment income and realized capital gains. Under the Policy realized capital gains in excess of the total distributed  would be included in the December distribution. The Policy is to declare distributions in stock, unless otherwise instructed by the shareholder. The Fund's distribution policy has been established by the Board of Trustees. The distribution policy may be changed by the Board of Trustees without shareholder approval.

DISTRIBUITONS

Record Date	Payable Date	$ Amount per Share	Type	Share Issue Price
12/28/87	1/14/88	$0.02	Income	$6.5393
12/28/90	1/29/91	$0.055	Income	$11.57
12/28/90	1/29/91	$0.78	Capital Gains	$11.57
12/26/91	1/29/92	$0.04	Income	$24.4125
12/26/91	1/29/92	$0.92	Capital Gains	$24.4125
9/30/92	NA	$3.17	Capital Gains	NA
9/90/93	NA	$1.48	Capital Gains	NA
9/30/94	NA	$1.62	Capital Gains	NA
11/24/95	12/15/95	$1.22	Capital Gains	$18.25
11/18/96	12/26/96	$4.49	Capital Gains	$17.75
11/21/97	12/29/97	$1.07	Capital Gains	$15.25
11/24/98	12/30/98	$0.36	Capital Gains	$14.4375
11/18/99	12/30/99	$1.16	Capital Gains	$21.125
11/18/99	12/30/99	$0.17	ST Capital Gains	$21.125
2/22/00	3/27/00	$0.55	Capital Gains	$31.125
5/23/00	6/27/00	$0.74	Capital Gains	$30.375
8/23/00	9/27/00	$0.85	Capital Gains	$35.375
11/22/00	12/27/00	$2.95	Capital Gains	$24.625
2/19/01	3/23/01	$0.64	Capital Gains	$20.23
5/10/01	6/20/01	$0.53	Capital Gains	$26.92
8/9/01	9/20/01	$0.66	Capital Gains	$23.38
11/20/01	12/21/01	$1.65	Capital Gains	$25.90
2/20/02	3/26/02	$0.61	Capital Gains	$23.00
5/23/02	6/27/02	$0.51	Capital Gains	$18.65
8/9/02	9/20/02	$0.41	Capital Gains	$14.90
11/22/02	12/27/02	$1.10	Capital Gains	$14.68
2/20/03	3/26/03	$0.35	Capital Gains	$14.18
5/19/03	6/27/03	$0.33	Capital Gains	$18.30
8/11/03	9/25/03	$0.39	Capital Gains	$17.96
11/26/03	12/31/03	$0.61	Capital Gains	$18.04
2/20/04	3/30/04	$0.39	Capital Gains	$20.14
5/25/04	6/29/04	$0.42	Capital Gains	$17.76
8/20/04	9/28/04	$0.3809	Capital Gains	$17.82
11/22/04	12/30/04	$0.36	Capital Gains	$17.99
2/22/05	3/30/05	$0.37	Capital Gains	$16.40
5/26/05	6/30/05	$0.35	Capital Gains	$17.75
8/22/05	9/30/05	$0.36	Capital Gains	$18.91
11/21/05	12/30/05	$0.51	Capital Gains	$17.65
2/21/06	3/30/06/05	$0.37	Capital Gains	$18.91
6/9/06	6/30/06	$0.39	Capital Gains	$16.61
9/8/2006	9/29/2006	$0.34	Capital Gains	$16.44
11/21/06	12/29/2006	$0.36	Capital Gains	$16.34
2/22/07	3/30/07	$0.35	Capital Gains	$17.34
5/25/07	6/29/07	$0.36	Capital Gains	$17.32
8/22/07	9/28/07	$0.37	Capital Gains	$17.34
11/21/07	12/31/07	$0.38	Capital Gains	$15.97
2/22/08	3/31/08	$0.38	Capital Gains	$14.61
5/23/08	6/30/08	$0.34	Capital Gains	$15.17
8/22/08	9/30/08	$0.33	Capital Gains	$14.11
11/21/08	12/31/08	$0.33	Capital Gains	$10.58
2/20/09	3/31/09	$0.27	Capital Gains and Return of Capital	$9.61
5/20/09	6/30/09	$0.25	Capital Gains and Return of Capital	$10.59
5/20/2010	6/30/2010	$0.20	Capital Gains	$11.86
8/23/2010	9/30/2010	$0.17	Capital Gains and Income	$12.07
11/22/2010	12/30/2010	$0.29	Capital Gains	$13.32
2/21/2011	3/31/2011	$0.31	TBD	$14.20
5/24/2011	6/30/2011	$0.32	TBD	$15.09
5/24/2011	6/30/2011	$0.32	TBD	$15.09
8/23/2011	9/30/2011	$0.34	TBD	$13.94
11/21/2011	12/30/2011	$0.29	TBD	$13.91

Please Note: This information is derived from our financial statements and press releases. These documents can be viewed on this website and/or can be obtained directly from Hambrecht & Quist Capital Management LLC.