ITEM 8.01. OTHER EVENTS.

As part of its regular quarter-end review, the Fund's Valuation Committee made determinations regarding the fair values of the Fund's investments, resulting in an aggregate net decrease of approximately $13.4 million or $.55 per share, effective July 31, 2009. The fair values of the following portfolio companies were adjusted: BP Clothing, LLC, Custom Alloy Corporation, FolioFN, Inc., Harmony Pharmacy & Health Center, Inc., HuaMei Capital Company, Inc., Security Holdings, B.V., SGDA Sanierungsgesellschaft fur Deponien und Altlasten mbH, Turf Products, LLC, Velocitius B.V., Vendio Services, Inc., Vestal Manufacturing Enterprises, Inc., and SIA Tekers Invest.

Consistent with the Fund's valuation procedures and FAS 157, the Valuation Committee which is comprised of three Independent Directors, took into account many factors, including the performance of its portfolio companies, as well as the impact of changes in market multiples within certain sectors and fluctuations in currency valuations.

The Fund's net asset value as of July 31, 2009 is approximately $16.46 per share.