UNDER TREASURY REGULATION SECTION 53.4942(A)-3(D)(2), THE TAXPAYER HEREBY ELECTS TO APPLY A PORTION OF THE EXCESS QUALIFYING DISTRIBUTION MADE IN 2011 TO UNDISTRIBUTED INCOME AMOUNTS REMAINING IN TAX YEARS 2009 AND 2010. THE REMAINING 2011 EXCESS DISTRIBUTION AMOUNT WILL BE CARRIED OVER TO 2012 AS DISCLOSED ON PART XIII OF THE 2011 FORM 990-PF AS FILED.