HIGHLIGHTS

The Company announced a quarterly distribution of $0.30 per share

Net asset value: $16.02 per share

Net investment income: $0.4 million

Net realized losses: $3.3 million

Net unrealized gains: $9.3 million

RESULTS OF OPERATIONS - QUARTER ENDED AUGUST 31, 2009

Investment income was $2.3 million and consisted of net dividends and distributions and interest income on fixed income investments. The Company received $3.7 million of cash dividends and distributions, of which $2.4 million was treated as a return of capital.

Operating expenses were $1.5 million, including $0.8 million of base investment management fees; $0.3 million of interest expense and $0.4 million of other operating expenses. Base investment management fees were equal to an annual rate of 1.75% of average total assets (excluding deferred income tax asset).

Net investment income was $0.4 million which included $0.3 million of deferred income tax expense.

Net realized losses were $3.3 million, which consisted of $5.0 million of net realized losses on investments, partially offset by a deferred income tax benefit of $1.7 million. Substantially all of the realized losses were attributable to the sale of a portion of the Company's holdings in a public MLP investment that had significantly reduced its distribution and the sale of a fixed income investment that was not current on its interest payments.

Net unrealized gains were $9.3 million, which consisted of $14.5 million of unrealized gains from investments, net of a deferred income tax expense of $5.2 million. Net unrealized gains include $0.1 million of paid-in-kind stock dividends from the Company's investments in Kinder Morgan Management, LLC and Enbridge Energy Management, L.L.C.

The Company's net increase in net assets resulting from operations for the period was $6.4 million. This increase is composed of net investment income of $0.4 million, net realized losses of $3.3 million, and net unrealized gains of $9.3 million as noted above.

PORTFOLIO AND INVESTMENT ACTIVITY

As of August 31, 2009, the Company had long-term investments of $181.9 million. The Company's long-term investments consisted of 48 portfolio companies, which were comprised of approximately 51% in private MLPs, 32% in public MLPs and 17% in fixed income securities.

NET ASSET VALUE

As of August 31, 2009, the Company's NAV was $162.4 million or $16.02 per share.