Management Fee	0.75%
Distribution and Shareholder Service (12b-1) Fee	0.25%
Interest Expense and Cost of Borrowing	0.43% (a)
Other	0.29%
Subtotal:  Annual Fund Operating Expenses (before Acquired Fund Fees and Expenses)	1.72% (b)
Acquired Fund Fees and Expenses	1.17% (c)
Total Annual Fund Operating Expenses	2.89% (d)

 

 

(a)  This figure represents the costs associated with the Fund's borrowing activities.   For the fiscal year ended December 31, 2007, the Fund had a weighted average loan balance of approximately $10.9 million.  The interest expense on this loan for fiscal 2007 was $706,762.  The proceeds of the loan were invested in portfolio securities.   There are risks associated with such borrowing, as discussed under the subheading "The Principal Risks of Investing in the Fund—Risks of Borrowing for Leverage."  

(b)  Excluding Interest Expense and Cost of Fund Borrowing, Total Annual Fund Operating Expenses (before Acquired Fund Fees and Expenses) would be 1.29%.    

(c)  This figure represents the Fund's proportionate share of the fees and expenses of the Investment Funds (referred to as "Acquired Funds") in which the Fund invests. 

(d)  Through December 31, 2008, the Adviser has voluntarily agreed to waive its fees and/or reimburse the Fund to the extent that "Other Expenses" exceed 0.50% of the Fund's average daily net assets, excluding interest expense and cost of Fund borrowings.  For the fiscal year ended December 31, 2007, the Adviser had voluntarily agreed to the same waiver/reimbursement; however, for this period, the Adviser made no reimbursements to the Fund, nor did it waive its fees because the Fund's "Other Expenses" were less than 0.50%.  "Total Annual Fund Operating Expenses" do not correlate to the ratio of expenses to average net assets in the Financial Highlights table in this Prospectus and in the Fund's most recent annual report because the latter reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses."