Dreamspace, Inc. is a calendar-year investment company that owns mostly stocks and bonds issued by other unrelated corporations. Dreamspace is owned by 16 unrelated individual shareholders. Ernie owns 40% and the other 15 individuals own 4% each. Dreamspace earned the following gross income during the current year:

Interest $ 140,000

Dividends 75,000

Consulting Fees 150,000

The consulting fees are not derived from personal service contracts.

Required: Determine if Dreamspace is a personal holding company.