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(4) Securities of other investment companies

(5) Other security investments (specify)

(b) State, as of the close of each of the last five fiscal years, the percentage of total assets represented by the registrant’s investments

under each subdivision of (a)(1) and (a)(2) and under (a)(4) and (a)(5).

(c) Summarize briefly any provision in the charter, other instrument of organization or bylaws of registrant which restricts the power of

the registrant to invest in any type of investment listed under (a).

Instruction. Include hereunder any geographical limitations and any limitations upon the amount of, or proportion of, assets which may

be invested in any one security, class of securities or group of securities.

(d) State whether registrant elects to treat any policy stated under (a) as a fundamental policy for purposes of Section 8(b)(2) and 13(a)(3)

of the Act.

Instruction. No information need be given in response to any paragraph of this item with respect to investments in and purchases and

sales of real estate, real estate mortgage loans, commodities and commodity contracts, other than publicly distributed certificates of beneficial

participation in mortgages or publicly distributed bonds secured by mortgage.

(e) If the registrant has acquired during its most recent fiscal year or during the period of time since organization, whichever is shorter,

securities of its regular brokers or dealers as defined in Rule 10b-1 under the Act [17 CFR 270.10b-1], or their parents, identify those

brokers or dealers and state the value of the registrant’s aggregate holdings of the securities of each subject issuer as of the close of

the registrant’s most recent fiscal year.

Instruction. The registrant need only disclose information with respect to an issuer that derived more than 15% of its gross revenues

from the business of a broker, a dealer, an underwriter, or an investment adviser during its most recent fiscal year. If the registrant has issued

more than one class or series of stock, the requested information must be disclosed for the class or series that has securities that are being

registered.

Item 9. Purchase and Sale of Real Estate (Including Real Estate Mortgage Loans)

(a) Summarize briefly any provision in the charter, other instrument of organization or bylaws of the registrant which specifically

authorizes or restricts the power of the registrant to engage in the purchase and sale of real estate and real estate mortgage loans.

(b) Describe the policy of the registrant and its majority-owned subsidiaries with respect to the purchase and sale of real estate and real

estate mortgage loans.

Instruction. Registrant may reserve freedom of action with respect to purchases and sales of real estate and real estate mortgage loans, but

if such freedom of action is reserved, a statement shall be made briefly indicating, insofar as is practicable, the extent to which it is intended

so to purchase and sell. (See Investment Company Act of 1940 Release No. 167.)

(c) State, as of the close of each of the last five fiscal years, the percentage of total assets represented by the registrant’s investments in

each of the following categories:

(1) Mortgage loans insured by the Federal Housing Administration.

(2) Other first mortgage loans.

(3) Second mortgage loans.

(4) Loans guaranteed under the Servicemen’s Readjustment Act of 1944, as amended, authorized as qualified investments by Rule

N-28 B-1.

(5) Other liens on real estate.

(d) Indicate the extent to which the registrant’s mortgage loans are secured by liens on real estate concentrated in any particular area.

(e) Indicate, as of the date of the latest balance sheet filed herewith, the approximate average size of the real estate mortgage loans owned

by the registrant.

(f) State, as of the date of the latest balance sheet filed herewith, the carrying value of any real estate acquired as a result of or in

connection with foreclosure proceedings or other disposition of mortgage loans and the basis of computing such value. Indicate the

extent to which such real estate is concentrated in any particular area.

Form N-8b-4 - Registration Statement Of Face-Amount Certificate Companies - Securities And Exchange Commission Page 5