PEO is a closed-end fund that was established in 1929 with an initial offering of shares to the public. Closed-end funds were essentially the only attractive vehicle for individual investors to participate in the equity market and several hundred were created in the late 1920s. Of those, forty-six survived the Depression and six remain in operation today, including our fund. The fund, consisting principally of equities in energy-related companies, has net assets of over $900 million.