This excerpt taken from the FUND DEF 14A filed Aug 14, 2009.
FEES PAID TO INDEPENDENT AUDITORS
The aggregate fees paid to TW&B in connection with the annual audit of the Funds financial statements and for services normally provided by TW&B in connection with the statutory and regulatory filings of the Fund for the fiscal years ended December 31, 2007 and December 31, 2008 were $24,600 and $27,100, respectively, including out of pocket expenses.
Audit Related Fees
The aggregate fees paid to TW&B in connection with assurance and related services related to the annual audit of the Fund and for review of the Funds financial statements, other than the Audit Fees described above, for each of the fiscal years ended December 31, 2007 and December 31, 2008 was $1,500. The audit-related services rendered by TW&B to the Fund consisted of the preparation of reports to a rating agency for the Preferred Stock.
The aggregate fees paid for tax-related services, including preparation of tax returns, tax compliance and tax advice, rendered by TW&B to the Fund for the fiscal years ended December 31, 2007 and December 31, 2008 were $6,000 and $6,500, respectively.
All Other Fees
There were no other fees billed for non-audit services rendered by TW&B to the Fund for the fiscal years ended December 31, 2007 and December 31, 2008. The aggregate non-audit fees billed by TW&B for services rendered to R&A and any entity controlling, controlled by, or under common control with R&A that provides ongoing services to the Fund for the fiscal years ended December 31, 2007 and December 31, 2008 were $7,500 and $8,000, respectively. The Audit Committee has determined that the provision of non-audit services is compatible with maintaining the independence of TW&B.
The Audit Committee has determined that the preparation of the rating agency reports is compatible with maintaining TW&Bs independence. TW&B did not provide any other professional services to the Fund or R&A for the year ended December 31, 2008. No representatives of TW&B will be present at the Meeting.
Audit Committees Pre-Approval Policies and Procedures
The Audit Committee of the Fund has adopted policies and procedures with regard to the pre-approval of audit and non-audit services. On an annual basis, at the Funds December Audit Committee meeting, TW&B will submit a schedule of proposed audit, audit-related, tax and other non-audit services to be rendered to the Fund and/or R&A and its affiliates for the following year
that require pre-approval by the Audit Committee. Such schedule will include the maximum fees that can be paid for such services without further Audit Committee approval. Any subsequent revision to pre-approved services or fees will be considered at the next regularly scheduled Audit Committee meeting. Services not presented for pre-approval at the December Audit Committee meeting will be submitted to the Chief Financial Officer of the Fund for a determination that the proposed services fit within the independence guidelines and then considered for pre-approval at the next regularly scheduled Audit Committee meeting. A proposal to commence an engagement involving audit, audit-related or tax services prior to the next regularly scheduled Audit Committee meeting shall be made in writing by the Chief Financial Officer to all Audit Committee members and include a summary of the engagement, estimated maximum cost, the category of services and the rationale for engaging the Funds independent auditor. Such proposed engagement can be pre-approved by any Audit Committee member who is an Independent Director. Pre-approval by the Chairman of the Audit Committee is required for a proposed engagement involving non-audit services other than audit-related or tax.