Merger Details:

Effective December 31, 2009, Series S-1 Income Fund merged into Blue Ribbon Income Fund. Series S-1 Income Fund holders received in exchange, 0.770898 units of Blue Ribbon Income Fund for each unit of Series S-1 Income Fund previously held. The merger was effected on a taxable basis. The estimated value for each Series S-1 Income Fund unit at the time of the merger was $7.09