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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001341004-09-000189.txt : 20090127
<SEC-HEADER>0001341004-09-000189.hdr.sgml : 20090127
<ACCEPTANCE-DATETIME>20090127164525
ACCESSION NUMBER:		0001341004-09-000189
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090127
DATE AS OF CHANGE:		20090127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock EcoSolutions Investment Trust
		CENTRAL INDEX KEY:			0001403238
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-65
		FILM NUMBER:		09548620

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Alternative Energy & Resource Trust
		DATE OF NAME CHANGE:	20070614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Global Energy & Resources Trust
		CENTRAL INDEX KEY:			0001306550
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-52
		FILM NUMBER:		09548623

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK STRATEGIC DIVIDEND ACHIEVERS TRUST
		CENTRAL INDEX KEY:			0001277350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-49
		FILM NUMBER:		09548632

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Enhanced Dividend Achievers Trust
		CENTRAL INDEX KEY:			0001332283
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-34
		FILM NUMBER:		09548626

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK PREFERRED & EQUITY ADVANTAGE TRUST
		CENTRAL INDEX KEY:			0001379384
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-57
		FILM NUMBER:		09548630

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Preferred & Equity Advantage Trust
		DATE OF NAME CHANGE:	20061115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Preferred & Equity Trust
		DATE OF NAME CHANGE:	20061027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK ADVISORS LLC
		CENTRAL INDEX KEY:			0001086364
		IRS NUMBER:				133806691
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-35
		FILM NUMBER:		09548617

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		8004417762

	MAIL ADDRESS:	
		STREET 1:		800 SCUDDERS MILL ROAD
		CITY:			PLAINBORO
		STATE:			NJ
		ZIP:			08536

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK ADVISORS INC
		DATE OF NAME CHANGE:	19990512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK DIVIDEND ACHIEVERS TRUST
		CENTRAL INDEX KEY:			0001265316
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-48
		FILM NUMBER:		09548621

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK ENHANCED CAPITAL & INCOME FUND, INC
		CENTRAL INDEX KEY:			0001278895
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-64
		FILM NUMBER:		09548618

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK CAPITAL & INCOME STRATEGIES FUND INC
		DATE OF NAME CHANGE:	20061018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAPITAL & INCOME STRATEGIES FUND INC
		DATE OF NAME CHANGE:	20040205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST
		CENTRAL INDEX KEY:			0001280936
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-50
		FILM NUMBER:		09548622

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	S&P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST
		DATE OF NAME CHANGE:	20040423

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK S&P GLOBAL QUALITY RANKINGS TRUST
		DATE OF NAME CHANGE:	20040324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK S&P QUALITY RANKINGS TRUST
		DATE OF NAME CHANGE:	20040220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Health Sciences Trust
		CENTRAL INDEX KEY:			0001314966
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-54
		FILM NUMBER:		09548624

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		(888) 825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Global Opportunities Equity Trust
		CENTRAL INDEX KEY:			0001320375
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-60
		FILM NUMBER:		09548625

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Enhanced Government Fund, Inc.
		CENTRAL INDEX KEY:			0001336050
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-61
		FILM NUMBER:		09548619

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Enhanced Government Fund
		DATE OF NAME CHANGE:	20051027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Enhanced Government Income Fund
		DATE OF NAME CHANGE:	20050812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock World Investment Trust
		CENTRAL INDEX KEY:			0001336777
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-59
		FILM NUMBER:		09548627

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-882-0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Real Asset Equity Trust
		CENTRAL INDEX KEY:			0001368893
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-58
		FILM NUMBER:		09548628

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Real Asset Trust
		DATE OF NAME CHANGE:	20060713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK GLOBAL EQUITY INCOME TRUST
		CENTRAL INDEX KEY:			0001386369
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-56
		FILM NUMBER:		09548631

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		212-810-5300

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Global Equity Income Trust
		DATE OF NAME CHANGE:	20070227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Global Enhanced Equity Income Trust
		DATE OF NAME CHANGE:	20070112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock International Growth & Income Trust
		CENTRAL INDEX KEY:			0001393299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13235-55
		FILM NUMBER:		09548616

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
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<FILENAME>form40-appa.htm
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<TEXT>
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  <head>
    <title>form40-appa.htm</title>
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      GLOBAL EQUITY INCOME TRUST</font></div>
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      REAL ASSET EQUITY TRUST</font></div>
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      TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      GLOBAL OPPORTUNITIES EQUITY TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      S&amp;P QUALITY RANKINGS GLOBAL EQUITY MANAGED TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      STRATEGIC DIVIDEND ACHIEVERS<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">TM</font>
      TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      DIVIDEND ACHIEVERS<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">TM</font>
      TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      ECOSOLUTIONS INVESTMENT TRUST</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      ENHANCED GOVERNMENT FUND, INC.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      ENHANCED CAPITAL AND INCOME FUND, INC.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">AND
      BLACKROCK ADVISORS, LLC</font></div>
            </td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">:</font></div>
            </td>
            <td align="left" valign="top" width="55%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">AMENDMENT
      NO. 5 AMENDING AND RESTATING THE APPLICATION FOR AN ORDER PURSUANT TO
      SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940&#160;&#160;(THE "ACT")
      FOR EXEMPTION FROM SECTION 19(b) OF THE ACT AND RULE 19b-1
      THEREUNDER</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">File
      No. 812-13235-55</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">-
      - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
      </font></div>
            </td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">x</font></div>
            </td>
            <td valign="top" width="55%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="55%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Each
existing closed-end registered investment company in the BlackRock family of
closed-end funds listed on Appendix A hereto (collectively, the "BlackRock
Funds")<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">&#160;</font>and
their investment advisor, BlackRock Advisors, LLC (the "Investment Advisor")
(the BlackRock Funds with the Investment Advisor, the "Applicants") hereby apply
for an order (the "Order") of the Securities and Exchange Commission (the
"Commission") pursuant to Section 6(c) of the Act providing the BlackRock Funds
and each future registered closed-end investment company that seeks to rely on
the Order advised by the Investment Advisor (including any successor
in</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 1 of
36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">interest)<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font> or by an
entity controlling, controlled by or under common control (within the meaning of
Section 2(a)(9) of the Act) with the Investment Advisor an exemption from the
provisions of Section 19(b) of the Act and Rule 19b-1 thereunder, as more fully
set forth below.<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">2</font>&#160;&#160;The
BlackRock Funds and such future investment companies are hereinafter
collectively referred to as the "Funds" and separately as a
"Fund".&#160;&#160;This application amends the application filed on September
22, 2008 by the BlackRock entities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">I.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description of
      Applicants</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
BlackRock Funds are, and each future Fund will be, a closed-end management
investment company registered under the Act.&#160;&#160;Each Fund is or will be
organized as a statutory trust in Delaware, a corporation in Maryland or a
business trust in Massachusetts.&#160;&#160;The fundamental structures of the
BlackRock Funds are similar in most respects; however, their investment
objectives, strategies and policies may differ.&#160;&#160;For example, certain
of the BlackRock Funds invest primarily in fixed-income investments whereas
other BlackRock Funds invest primarily in equities.&#160;&#160;The common shares
of each BlackRock Fund are traded on either the New York Stock Exchange or NYSE
Alternext US.&#160;&#160;BlackRock Preferred and Equity Advantage Trust
currently has preferred shares outstanding, and its preferred shares are not
traded on any exchange.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">_________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">A
      successor in interest is limited to entities that result from a
      reorganization into another jurisdiction or a change in the type of
      business organization.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">2</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">All
      existing registered closed-end investment companies that currently intend
      to be able to rely on the requested Order are named as Applicants and any
      future closed-end investment company that may rely on the Order will
      satisfy each of the representations in the application except that such
      representations will be made in respect of actions by the board of
      trustees or board of directors, as the case may be, of such future fund
      and will be made at a future time.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 2 of
36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
Investment Advisor, an investment advisor registered under the Investment
Advisers Act of 1940, serves as investment advisor to each BlackRock
Fund.&#160;&#160;Each BlackRock Fund and the Investment Advisor have entered
into an agreement pursuant to which the Investment Advisor provides investment
advisory and portfolio management services for each BlackRock
Fund.&#160;&#160;The Investment Advisor is a wholly owned subsidiary of
BlackRock, Inc.&#160;&#160;The BlackRock organization has over 20 years of
experience managing closed-end products and advises a closed-end family of 107
active funds with approximately $38.7 billion in assets as of September 30,
2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">II.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Relief
      Requested</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Section
19(b) of the Act provides that it shall be unlawful in contravention of such
rules, regulations, or orders as the Commission may prescribe as necessary or
appropriate in the public interest or for the protection of investors for any
registered investment company to distribute long-term capital gains, as defined
in the Internal Revenue Code of 1986 (the "Code"), more often than once every
twelve months.&#160;&#160;Rule 19b-1 under the Act provides that no registered
investment company which is a "regulated investment company" as defined in
Section 851 of the Code shall make more than (i) one "capital gain dividend", as
defined in Section 852(b)(3)(C) of the Code, in any one taxable year of the
company, (ii) one additional capital gain distribution made in whole or in part
to avoid payment of excise tax under Section 4982 of the Code plus (iii) one
supplemental "clean-up" capital gain dividend pursuant to Section 855 of the
Code, which amount may not exceed 10% of the total amount distributed for the
year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
Applicants believe that Rule 19b-1 should be interpreted to permit each Fund to
pay an unlimited number of distributions on its common and preferred shares so
long as it makes the designation necessary under the Code and Rule 19b-1 to
transform such distributions into "capital gains dividends" restricted by Rule
19b-1 only as often as is permitted by Rule 19b-1,</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 3 of
36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">even
if the Code would then require retroactively spreading the capital gain
resulting from such designation over more than the permissible number of
distributions.&#160;&#160;However, in order to obtain certainty for the Funds'
proposed distribution policies, in the absence of such an interpretation
Applicants hereby request an Order pursuant to Section 6(c) of the Act (see
below) granting an exemption from Section 19(b) of the Act and Rule 19b-1
thereunder.&#160;&#160;The Order would permit each Fund to make periodic capital
gain dividends (as defined in Section 852(b)(3)(C) of the Code), as often as
monthly in any one taxable year in respect of its common shares and as often as
specified by or determined in accordance with the terms thereof in respect of
its preferred shares.<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">3</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">On
September 25, 2008, a periodic pay-out policy with respect to each Fund's common
shares (the "Plan") was adopted by the board of trustees or board of directors,
as the case may be, of that Fund (the "Trustees" or the "Boards") as described
in Section III of this Application.&#160;&#160;At such meeting, the Board of
each existing Fund intending to rely on the Order, including a</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">_________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">3</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
      preferred shares issued by certain of the Funds may provide that dividends
      paid would be "grossed-up" in certain situations, for example to the
      extent that such dividends are attributable to investment company taxable
      income or net capital gain, so that the after-tax effect of such dividend
      payment would be the same as if the dividend were paid exclusively from
      tax-exempt income.&#160;&#160;The periodic dividend rate for any
      particular series of such preferred shares may be either fixed by the
      directors/trustees of the issuing Fund or established periodically in
      auctions or remarketings or with reference to an objective
      index.&#160;&#160;The main difference between auctions and remarketings is
      the dividend determination mechanism.&#160;&#160;The auction process that
      establishes the dividend rates for preferred shares involves one-sided
      bidding, in which investors submit bids into auctions that are
      administered by an auction agent.&#160;&#160;The remarketing process that
      establishes the dividend rates for preferred shares is a two-sided
      procedure involving discussions between the remarketing agent, existing
      holders and potential buyers, which results in the establishment by the
      remarketing agent of a dividend rate.&#160;&#160;Auctions and remarketings
      are both designed to result in the lowest dividend rate that will enable
      the preferred shares to trade in the auction or remarketing at its
      original offering price, subject to a stipulated maximum and minimum
      dividend rate scale.&#160;&#160;The dividend rate determined at the
      auction or remarketing will apply to all shares subject to such auction or
      remarketing during the same dividend
period.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">majority
of the members who are not "interested persons" of such Fund, as defined in
Section 2(a)(19) of the Act ("Independent Trustees"), found that adoption of the
Plan was in the best interests of the Fund's common shareholders.&#160;&#160;The
purpose of the Plan of each Fund is to permit such Fund to distribute over the
course of each year an amount closely approximating the total return of such
Fund during such year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
minimum annual distribution rate under a periodic pay-out policy with respect to
a Fund's common shares will be independent of the Fund's performance in any
particular period.&#160;&#160;Except for extraordinary distributions and except
for potential increases in the final period (final two periods in the case of
pay-out policies that pay more often than quarterly) in light of the Fund's
performance for the entire calendar year and to enable the Fund to comply with
the distribution requirements of Subchapter M of the Code for the calendar year,
each distribution on the common shares would be at the stated rate then in
effect, subject to the ability of a Board to change the distribution rate from
time to time if it determines that such change is in the best interests of the
respective Fund and its shareholders.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">III.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Adoption of The
Plan</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">At
a meeting of the Board of each Fund held on September 25, 2008, each Board
considered the Plan and conditions set forth in a letter from the Commission
dated December 21, 2006 regarding Rule 19(b) Orders.&#160;&#160;Each Board,
including a majority of the Independent Trustees:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">A.</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Adopted
      a Plan to make periodic level distributions (i) in respect of the Fund's
      outstanding common shares, based upon a fixed amount per share, a fixed
      percentage of market price or a fixed percentage of NAV.&#160;&#160;The
      precise rate of payout under the Plan will be determined by the Board
      after issuance of the Order and consideration of circumstances then
      existing including, among other things, market conditions and the Fund's
      discount or premium relative to NAV;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">B.</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Requested
      and evaluated, and the Investment Advisor furnished, such information as
      the Board believed was reasonably necessary for an informed determination
      that the Plan should be adopted and implemented;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">C.</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Determined
      that adoption and implementation of the Plan was consistent with the
      Fund's investment objectives and policies and in the best interest of the
      Fund and its shareholders after considering the information in Item B
      above, including, without limitation: (a) the purpose(s) of the Plan as
      stated above in Section II of this Application; (b) any potential or
      actual conflicts of interest that the Investment Advisor, any affiliated
      person of the Investment Advisor, or any other affiliated person of the
      Funds may have relating to the adoption or implementation of the Plan; (c)
      whether the rate of distribution under the Plan will exceed the Fund's
      expected total return (in relation to NAV); and (d)
  the</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
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            <hr style="COLOR: black" noshade size="2">
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        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">reasonably
      foreseeable material effects of the Plan on the Fund's long-term total
      return (in relation to market price and NAV);</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">D.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Adopted
      compliance policies and procedures in accordance with Rule 38a-1 under the
      Act (the "19(a) Monitoring Procedures") that:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Are
      reasonably designed to ensure that all notices required to be sent to Fund
      shareholders pursuant to Section 19(a) of the Act, Rule 19a-1 thereunder
      and the conditions set forth in Paragraph V.B below (such notice is
      defined in Paragraph IV.2 below and referred to herein as a "19(a)
      Notice") include the disclosure required by Rule 19a-1 (more particularly
      defined in Paragraph IV.2 below as the "19a-1 Disclosure"), and that all
      other written communications by the Fund or its agents about the
      distributions under the Plan include the 19a-1 Disclosure.&#160;&#160;The
      19(a) Notice, 19a-1 Disclosures, and other disclosures required under
      Paragraph IV.2 below are collectively referred herein as the "Required
      Disclosures";</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Require
      the Fund to keep records that demonstrate compliance with all of the
      conditions of the Order and that are necessary for the Fund to form the
      basis for, or demonstrate the calculation of, the amounts disclosed in its
      19(a) Notices.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">E.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Recorded
      the information under Paragraphs A through D above and considered by the
      Board and the basis for the Board's approval of the Plan in its meeting
      minutes, which must be made and preserved for a period of not less than
      six years from the date of such meeting, the first two years in an easily
      accessible place, or for such longer period as may otherwise be required
      by law.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 7 of
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">In
order to rely on the Order, a future Fund must satisfy each of the foregoing
representations except that such representations will be made in respect of
actions by the board of trustees or board of directors, as the case may be, of
such future Fund and will be made at a future time and except that the purpose
of its distribution policy may differ from the purpose of the BlackRock Funds'
Plans in that such distribution policy may be to distribute a fixed amount or a
fixed percentage of net asset value or net asset value per share without regard
to the level of income, appreciation or total return of such Fund over
particular series of dividend periods or with regard to only one or a
combination of such elements over such period of
time.&#160;&#160;Notwithstanding the foregoing, under any such distribution
policy such future Fund would expect that its distributions would correlate with
its total return over time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 44px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">IV.</font></div>
            </td>
            <td width="1066">
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Justification for the
      Requested Relief</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Section
6(c) of the Act provides that the Commission may exempt any person or
transaction from any provision of the Act or any rule under the Act to the
extent that such exemption is necessary or appropriate in the public interest
and consistent with the protection of investors and the purposes fairly intended
by the policy and provisions of the Act.&#160;&#160;For the reasons set forth
below, Applicants submit that the requested exemption from Section 19(b) of the
Act and Rule 19b-1 thereunder would be consistent with the standards set forth
in Section 6(c) of the Act, and would be in the best interests of the Funds and
their shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Shareholder
      Interests and Market Perception</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Applicants
believe that, in general, the common shareholders of the Funds that would rely
on the Order are conservative, dividend sensitive investors who desire current
income periodically.&#160;&#160;Common shares of closed-end funds often trade in
the marketplace at a discount to their net asset value.&#160;&#160;In the view
of the Applicants, the discount at which a Fund's common shares may trade may be
reduced if such Fund, consistent with its investment objectives and</font></div>
    <div><br></div>
    <div>
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        </div>
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</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">policies,
is permitted to pay a level dividend with respect to its common shares, which
may require the payment of capital gain dividends more frequently than is
permitted under Rule 19b-1 in order to avoid a return of capital.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Each
      Fund's shareholders would receive information sufficient to clearly inform
      them of the nature of the specified periodic payments on the preferred
      shares and the periodic pay-out policies on the common
shares.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">One
of the concerns leading to the enactment of Section 19(b) and adoption of
Rule19b-1 was that shareholders might be unable to distinguish between frequent
distributions of capital gain dividends and dividends from investment
income.<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">4</font>&#160;&#160;Consequently,
if a Fund adopts a Plan, it will implement the following:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">A.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosures
      Accompanying Each 19a-1 Notice</font>.&#160;&#160;Together with the
      written notice and information required under Section 19(a) and Rule 19a-1
      (the "19(a) Notice"), the Fund will cause the following disclosures to be
      made with each distribution under the Plan (or the confirmation of the
      reinvestment thereof under the respective share dividend reinvestment
      plan) (each a "Distribution"):</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Tabular/Graphic
      Disclosures</font>.&#160;&#160;In a tabular form or graphical
      format:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      amount of the Distribution on a per share basis (the "Per Share
      Distribution") and, based on estimates, the amount and percent of such Per
      Share Distribution attributable to (i) net investment income; (ii) net
      realized short-term capital gains; (iii) net
  realized</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">__________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">4</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">See
      Securities and Exchange Commission 1966 Report to Congress on Investment
      Company Growth (H.R. Rep. No. 2337, 89th Cong., 2d Sess. 190-95 (1966));
      S. Rep. No. 91-184, 91st Cong., 1st Sess. 29 (1969); H.R. Rep. No.
      91-1382, 91st Cong., 2d Sess. 29 (1970) (the
  "Report").</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 9 of
36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">long-term
      capital gains; and (iv) return of capital or other capital
      source;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      fiscal year-to-date cumulative amount of Per Share Distributions and,
      based on estimates, the amount and percent of such cumulative Per Share
      Distribution attributable to: (i) net investment income; (ii) net realized
      short-term capital gains; (iii) net realized long-term capital gains; and
      (iv) return of capital or other capital source;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(c)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      average annual total return in relation to the change in NAV for the
      5-year period ending on the last day of the month ended immediately prior
      to the most recent distribution declaration date<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">5</font>
      compared to the current fiscal period's annualized distribution rate
      expressed as a percentage of NAV as of the last day of the month ended
      immediately prior to the most recent distribution declaration date;
      and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(d)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      cumulative total return in relation to the change in NAV from the last
      completed fiscal year to the last day of the month ended immediately prior
      to the most recent distribution declaration date compared to the fiscal
      year-to-date cumulative distribution rate expressed as a percentage of NAV
      as of the last day of the month</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">5</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">If
      a Fund has been in operation fewer than five years, the Fund will begin
      the measured period using the NAV immediately following the Fund's first
      public offering.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 10
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">ended
      immediately prior to the most recent distribution declaration date<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">6</font>;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">All
such disclosure shall be made in a type size at least as large and as prominent
as the estimate of the sources of the current Distribution.</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Narrative
      Disclosures</font>.&#160;&#160;Narrative disclosures substantially as
      follows (the "Narrative Disclosures"):</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">"You
      should not draw any conclusions about the Fund's investment performance
      from the amount of this distribution or from the terms of the Fund's
      Managed Distribution Plan.";</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">If
      the Fund states in its 19(a) Notice that the current distribution or the
      fiscal year-to-date cumulative distribution are estimated to include a
      return of capital, the following disclosure: "The Fund estimates that it
      has distributed more than its income and net realized capital gains;
      therefore, a portion of your distribution may be a return of
      capital.&#160;&#160;A return of capital may occur, for example, when some
      or all of the money that you invested in the Fund is paid back to
      you.&#160;&#160;A return of capital does not necessarily reflect the
      Fund's investment performance and should not be confused with&#160;'yield'
      or 'income'."; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(c)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">"The
      amounts and sources of distributions reported in this Notice are only
      estimates and are not being provided for tax
  reporting</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">_________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">6</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
      total return and distribution rate will be expressed on a cumulative basis
      not annualized.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 11
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">purposes.&#160;&#160;The
      actual amounts and sources of the amounts for accounting and tax reporting
      purposes will depend upon the Fund's investment experience during the
      remainder of its fiscal year and may be subject to changes based on tax
      regulations.&#160;&#160;The Fund will send you a Form 1099-DIV for the
      calendar year that will tell you how to report these distributions for
      federal income tax purposes."</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
Tabular/Graphic Disclosures and the Narrative Disclosures above shall be
provided in a type size at least as large as, and as prominent as, any other
information in the 19(a) Notice and placed on the same page (or contiguous with
the information should it flow past one page) in close proximity to the amount
and the sources of the Distribution.&#160;&#160;The disclosures referred to in
subparagraphs (1) through (2) above are collectively referred to herein as the
"19a-1 Disclosure".</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">B.</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Contemporaneous Press
      Release</font>.&#160;&#160;Contemporaneously with the payment of any
      Distribution, the Fund will issue a press release containing the
      then-current 19a-1 Disclosure.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">C.</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Website
      Disclosure</font>. Contemporaneously with the payment of any Distribution,
      the Fund will post on its or the Investment Advisor's website a prominent
      statement containing the information in each 19(a) Notice, including the
      19a-1 Disclosure.&#160;&#160;Such information will remain prominent and
      accessible on the Fund's website for at least 24 months.&#160;&#160;In
      addition, the Fund will continuously and prominently and fully describe
      the Plan on its website and disclose that the Board may terminate the Plan
      at any time and that such termination may have an adverse effect on the
      market price for a Fund's shares.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 12
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">D.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form N-CSR
      Filing</font>. The Fund shall include as an exhibit to each Form N-CSR all
      19(a) Notices (including the respective 19a-1 Disclosures) issued during
      the period covered by such Form N-CSR.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">E.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Semi-Annual
      Disclosures</font>. On the inside of the front cover of each report
      provided to shareholders under Rule 30e-1 under the Act ("Shareholder
      Reports"), the Fund will provide the following disclosures (collectively
      the "Semi-Annual Disclosures"):</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">A
      description of the Plan (including the fixed amount or fixed percentage of
      the Distributions and the frequency of the
  Distribution);</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Narrative Disclosures described in Paragraph IV.2(A)(2)
    above;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">3.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">An
      indication that the Plan provides that the Board may amend or terminate
      the Plan at any time without prior notice to shareholders;
    and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">4.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">A
      description of any reasonably foreseeable circumstances that might cause
      the Fund to terminate the Plan and any reasonably foreseeable material
      effects of such termination.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Each
Shareholder Report shall provide the Fund's total return in relation to changes
in NAV in the financial highlights table and in any discussion about the Fund's
total return.</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">F.</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosure to
      S</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">hare</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">holders, Prospective
      S</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">hareholders</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> and Third</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">-</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Party Information
      Providers</font>. With any communication<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">7</font> to
      Fund shareholders, prospective shareholders or third-party information
      providers concerning the Plan or any Distribution, the Fund will include
      (either directly or through its authorized agent) the then-current 19a-1
      Disclosure.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">_________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
than a communication on Form 1099.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 13
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">G.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Delivery of 19(a)
      Notices to Beneficial Owners</font>.&#160;&#160;If a broker, dealer, bank
      or other person (each a "Financial Intermediary") holds common stock
      issued by the Fund in nominee name, or otherwise, on behalf of a
      beneficial owner, the Fund shall:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Request
      that the Financial Intermediary, or its agent, forward the 19(a) Notice to
      all beneficial owners of the Fund shares held through such Financial
      Intermediary;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Provide
      in a timely manner to the Financial Intermediary, or its agent, enough
      copies of the 19(a) Notice assembled in the form and at the place that the
      Financial Intermediary, or its agent, reasonably requests to facilitate
      the Financial Intermediary's sending of the 19(a) Notice to each
      beneficial owner of the Fund shares; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">3.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Upon
      the request of any Financial Intermediary, or its agent, that receives
      copies of the 19(a) Notice, pays the Financial Intermediary, or its agent,
      the reasonable expenses of sending the 19(a) Notices to beneficial
      owners.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Rule
19a-1, the Plans and the compliance policies ensure that each Fund's
shareholders will be provided sufficient information to understand that their
periodic distributions are not tied to a Fund's net investment income (which for
this purpose is the Fund's taxable net income other than from capital gains) and
realized capital gains to date, and may not represent yield or investment
return.&#160;&#160;Accordingly, continuing to subject the Funds to Section 19(b)
and Rule 19b-1 would afford shareholders no extra protection.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">3.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Rule
      19b-1, under certain circumstances, gives rise to improper influence on
      portfolio management decisions, with no offsetting benefit to
      shareholders.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Rule
19b-1, when applied to a periodic fixed pay-out policy, actually gives rise to
one of the concerns that Rule 19b-1 was intended to avoid, i.e., inappropriate
influence on portfolio</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 14
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">management
decisions.&#160;&#160;Funds that pay long-term capital gain distributions only
once per year in accordance with Rule 19b-1 impose no pressure on management to
realize capital gain at any time when purely investment considerations would not
dictate doing so.&#160;&#160;However, in the absence of an exemption from Rule
19b-1, periodic fixed payout policies impose pressure on management (i) not to
realize any long-term capital gain until the point in the year that the fund can
pay all of its remaining distributions in accordance with Rule 19b-1 and (ii)
not to realize any long-term capital gain during any particular year in excess
of the amount of the aggregate payout for the year (since as a practical matter
excess gains must be distributed and accordingly would not be available to
satisfy pay-out requirements in following years), notwithstanding that purely
investment considerations might favor realization of long-term gains at
different times or in different amounts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">No
purpose would appear to be served by the distortion in the normal operation of
the proposed specified periodic payments and periodic pay-out policies required
in order to comply with Rule 19b-1.&#160;&#160;There is no reason or logic in
requiring any Fund that adopts a periodic pay-out policy either to retain (and
pay taxes on) net capital gain (with the resulting additional tax return
complexities for the Fund's shareholders) or to avoid designating its
distributions as capital gain dividends for tax purposes (thereby avoiding a
Rule 19b-1 problem but providing distributions taxable at ordinary income rates
rather than the much lower long-term capital gain rates for noncorporate
shareholders and being required to pay income tax on the amount of such
income).&#160;&#160;The desirability of avoiding these anomalous results creates
pressure to limit the realization of long-term capital gain that otherwise would
be taken for purely investment considerations.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 15
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
Order requested by the Applicants would minimize these anomalous effects of Rule
19b-1 by enabling the Funds to realize long-term capital gain as often as
investment considerations dictate without fear of violating Rule
19b-1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">4.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Other
      concerns leading to adoption of Rule 19b-1 are not
applicable.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Another
concern that led to the enactment of Section 19(b) of the Act and adoption of
Rule 19b-1 was that frequent capital gain dividends could facilitate improper
fund sales practices, including, in particular, the practice of urging an
investor to purchase shares of a fund on the basis of an upcoming capital gain
dividend ("selling the dividend"), where the dividend results in an immediate
corresponding reduction in net asset value and is in effect a taxable return of
the investor's capital.&#160;&#160;Applicants submit that this concern should
not apply to closed-end investment companies, such as the Funds, that do not
continuously distribute shares.&#160;&#160;Furthermore, if the underlying
concern extends to secondary market purchases of shares of a Fund that are
subject to a large upcoming capital gain dividend, adoption of a periodic
pay-out policy actually helps minimize the concern by avoiding, through periodic
distributions, any buildup of large end-of-the-year distributions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Applicants
also submit that the "selling the dividend" concern is not applicable to
preferred stock, which entitles a holder to no more than a specified periodic
dividend and, like a debt security, is initially sold at a price based upon its
liquidation preference, credit quality, dividend rate and frequency of
payment.&#160;&#160;Investors buy preferred shares for the purpose of receiving
specific payments at the frequency bargained for, and any application of Rule
19b-1 to preferred stock would be contrary to the expectation of
investors.&#160;&#160;There is also currently a tax rule that provides that any
loss attributable to a long-term capital gain realized within six months prior
to the incurrence of the loss must be treated as a long-term capital loss to
avoid the selling of dividends.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 16
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">5.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Further
      Limitations of Rule 19b-1</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Subparagraphs
(a) and (f) of Rule 19b-1 limit the number of capital gain dividends, as
described in Section 852(b)(3)(C) of the Code ("capital gain dividends"), that
each Fund may make with respect to any one taxable year to one, plus one
additional capital gain dividend made in whole or in part to avoid the excise
tax under Section 4982 of the Code, plus a supplemental "clean-up" capital gain
dividend made pursuant to Section 855 of the Code not exceeding 10% of the total
amount distributed for the year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Rule
19b-1's limitations, when applied to a Fund, such as certain of the BlackRock
Funds, that seeks to pay dividends on preferred stock periodically, make it
difficult and, in some cases contrary to the best interest of shareholders, to
comply with Federal income tax and Commission accounting
requirements.&#160;&#160;In <font style="DISPLAY: inline; TEXT-DECORATION: underline">Revenue Ruling
89-81</font>,<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">8</font> the
Internal Revenue Service has taken the position that if a regulated investment
company has two classes of shares, it may not designate distributions made to
either class in any year as consisting of more than such class's proportionate
share of particular types of income, such as net capital
gain.&#160;&#160;Consequently, any amount designated as a capital gain dividend
with respect to common shares must be proportional to the amount so designated
with respect to preferred shares.&#160;&#160;From an accounting point of view,
in the interpretation of Rule 19b-1 by the Accounting Standards Executive
Committee (the "Committee") of the Institute,<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">9</font> a Fund
is required to estimate, each time it makes a distribution, based on its sources
and amounts of various types of income to date, what portion of each
distribution is from current income of any type or accumulated undistributed
earnings</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">8</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">1989-1
      C.B. 226.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">9</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">American
      Institute of Certified Public Accountants: Statement of Position 93-2,
      February 1, 1993 ("SOP 93-2").</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 17
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">and
profits and what portion is a return of capital.&#160;&#160;Under the accounting
interpretations of the Committee, a Fund may not characterize as a return of
capital any distribution so long as it has any undistributed
income.&#160;&#160;Although a Fund that has sufficient investment income to pay
all of its preferred distributions can avoid characterizing any of its preferred
distributions during the year as capital gain dividends for accounting purposes,
if it distributes any capital gains dividends, it must allocate them
proportionately between its common shares and preferred shares for tax purposes
and may be required retroactively to designate all or part of several preferred
dividends as long-term gain distributions for tax purposes.&#160;&#160;Further,
in cases where a Fund invests in securities that do not pay tax-exempt income
and is not realizing enough investment income to pay all of its preferred
dividends solely out of such sources but is realizing long-term capital gain, it
may also be required prospectively to treat all or a portion of multiple
preferred dividends for accounting purposes as long-term capital gain
distributions or, in a step that would be adverse to shareholders, intentionally
not designate its distributions of net capital gain as capital gain dividends,
in which case noncorporate shareholders will have to pay taxes on such dividends
at ordinary income tax rates rather than the much lower long-term capital gain
rates currently in effect and the Fund would be obligated to pay income tax on
the amount of such income.&#160;&#160;In either of these situations, a Fund
could be faced with either acting inconsistently with Rule 19b-1 or providing
lower after-tax returns for its shareholders.&#160;&#160;The proposed Order will
assist the Funds in avoiding these Rule 19b-1 problems.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">6.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Preferred
      Shares and Common Shares</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
frequency of the specified periodic payments with respect to preferred shares of
the Funds and the periodic pay-out policies with respect to common shares of the
Funds will not be related to one another in any way other than that each Fund's
ability to comply with the requirements of <font style="DISPLAY: inline; TEXT-DECORATION: underline">Revenue Ruling 89-81</font>
and <font style="DISPLAY: inline; TEXT-DECORATION: underline">SOP 93-2</font>
will be enhanced if the Order is granted</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 18
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">with
respect to both its common shares and preferred shares.&#160;&#160;The periodic
pay-out policy with respect to a Fund's common shares will be initially
established and reviewed at least annually in light of the Fund's performance by
its Board.&#160;&#160;No Fund is required to adopt a periodic pay-out policy for
its common shares, and each Fund that does adopt such a policy may change,
modify or discontinue it any time at the discretion of the Fund's
Board.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
potential abuses addressed by Section 19(b) and Rule 19b-1 do not arise with
respect to preferred shares issued by a closed-end fund.&#160;&#160;Such
distributions are either fixed or are determined in periodic auctions by
reference to short-term interest rates rather than by reference to performance
of the issuer, and Revenue Ruling 89-81 determines the proportion of such
distributions that are comprised of the long-term capital gains.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">7.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">General</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
relief requested&#8212;to permit periodic distributions of capital gain dividends as
often as monthly in respect of common shares and in respect of preferred shares
as often as specified in its terms&#8212;would provide the Funds with flexibility in
meeting investor interest in particular kinds of funds in receiving more
frequent distributions.&#160;&#160;By reducing the amount of individual periodic
distributions even further, implementation of the additional relief would
actually ameliorate the concerns that gave rise to Section 19(b) and Rule 19b-1
and help avoid the "selling of dividends" problem, which Section 19(b) and Rule
19b-1 are not effective in preventing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
potential issues under Rule 19b-1 are basically not relevant to distributions on
preferred shares.&#160;&#160;Not only are such distributions fixed or determined
in periodic auctions or remarketings by reference to short-term interest rates
rather than by reference to performance of the issuer but also the long-term
capital gain component is mandated by the Internal Revenue Service to be the
same proportion as the proportion of long-term gain dividends bears to the
total</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 19
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">distributions
in respect of the common shares and consequently the long-term gain component
cannot even be known until the last dividend of the year.&#160;&#160;In these
circumstance it would be very difficult for any of the potential abuses
reflected in Rule 19b-1's restrictions to occur.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">In
summary, Rule 19b-1 in the circumstances referred to above distorts the
effective and proper functioning of the Funds' distribution policies and gives
rise to the very pressures on portfolio management decisions that Rule 19b-1 was
intended to avoid.&#160;&#160;These distortions forced by Rule 19b-1 would
appear to serve no purpose and are not in the best interests of
shareholders.&#160;&#160;Each BlackRock Fund's Board believes that obtaining the
exemptive relief requested is in the best interests of such Fund's
shareholders.</font></div>
    <div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
              <td style="WIDTH: 44px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman bold, times new roman, serif">&#160;</font></td>
              <td width="1066"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman bold, times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
              <td style="WIDTH: 44px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman bold, times new roman, serif">V.</font></div>
              </td>
              <td width="1066">
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman bold, times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Applicants'
      Conditions</font></font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Applicants
agree that, with respect to each Fund seeking to rely on the Order, the Order
will be subject to the following conditions:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">A.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Compliance Review and
      Reporting</font>. The Fund's chief compliance officer
  will:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">report
      to the Fund's Board, no less frequently than once every three months or at
      the next regularly scheduled quarterly Board meeting,
    whether:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      Fund and its Investment Advisor have complied with the conditions of the
      Order and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">a
      material compliance matter (as defined in Rule 38a-1(e)(2) under the Act)
      has occurred with respect to such conditions; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">review
      the adequacy of the policies and procedures adopted by the Board no less
      frequently than annually.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">B.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosures to Fund
      Shareholders</font>.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 20
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Each
      19(a) Notice to the holders of the Fund's common shares, in addition to
      the information required by Section 19(a) and Rule
  19a-1:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Will
      provide, in a tabular or graphical format:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(1)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      amount of the distribution, on a per common share basis, together with the
      amounts of such distribution amount, on a per common share basis and as a
      percentage of such distribution amount, from estimated:&#160;&#160;(A) net
      investment income; (B) net realized short-term capital gains; (C) net
      realized long-term capital gains; and (D) return of capital or other
      capital source;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(2)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      fiscal year-to-date cumulative amount of distributions, on a per common
      share basis, together with the amounts of such cumulative amount, on a per
      common share basis and as a percentage of such cumulative amount of
      distributions, from estimated:&#160;&#160;(A) net investment income; (B)
      net realized short-term capital gains; (C) net realized long-term capital
      gains; and (D) return of capital or other&#160;capital
    source;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(3)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      average annual total return in relation to the change in NAV for the
      5-year period (or, if the Fund's history of operations is less than five
      years, the time period commencing immediately following the Fund's first
      public offering) ending on the last day of the month
  ended</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 21
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">immediately
      prior to the most recent distribution declaration date compared to the
      current fiscal period's annualized distribution rate expressed as a
      percentage of NAV as of the last day of the month prior to the most recent
      distribution declaration date; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(4)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      cumulative total return in relation to the change in NAV from the last
      completed fiscal year to the last day of the month prior to the most
      recent distribution declaration date compared to the fiscal
      year-to-date-cumulative distribution rate expressed as a percentage of NAV
      as of the last day of the month prior to the most recent distribution
      declaration date;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Such
disclosure shall be made in a type size at least as large and as prominent as
the estimate of the sources of the current distribution; and</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Will
      include the following disclosure:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(1)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">"You
      should not draw any conclusions about the Fund's investment performance
      from the amount of this distribution or from the terms of the Fund's
      Plan";</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(2)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">"The
      Fund estimates that it has distributed more than its income and capital
      gains; therefore, a portion of your distribution may be a return of
      capital. A return of capital may occur, for example, when some or all of
      the money that you invested in the Fund is paid back to you.&#160;&#160;A
      return</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 22
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">of
      capital distribution does not necessarily reflect the Fund's investment
      performance and should not be confused with 'yield' or 'income'";<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">0</font>
      and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(3)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">"The
      amounts and sources of distributions reported in this 19(a) Notice are
      only estimates and are not being provided for tax reporting purposes. The
      actual amounts and sources of the amounts for [accounting and] tax
      reporting purposes will depend upon the Fund's investment experience
      during the remainder of its fiscal year and may be subject to changes
      based on tax regulations. The Fund will send you a Form 1099-DIV for the
      calendar year that will tell you how to report these distributions for
      federal income tax purposes.";</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Such
disclosure shall be made in a type size at least as large as and as prominent as
any other information in the 19(a) Notice and placed on the same page in close
proximity to the amount and the sources of the distribution;</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(c)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">On
      the inside front cover of each report to shareholders under Rule 30e-1
      under the Act, the Fund will:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(1)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">describe
      the terms of the Plan (including the fixed amount or fixed percentage of
      the distributions and the frequency of the
  distributions);</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">10</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
      disclosure in this condition B.1(b)(2) will be included only if the
      current distribution or the fiscal year-to-date cumulative distributions
      are estimated to include a return of
capital.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 23
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(2)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">include
      the disclosure required by condition B.1(b)(1) above;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(3)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">state,
      if applicable, that the Plan provides that the Board may amend or
      terminate the Plan at any time without prior notice to Fund shareholders;
      and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(4)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">describe
      any reasonably foreseeable circumstances that might cause the Fund to
      terminate the Plan and any reasonably foreseeable consequences of such
      termination; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(d)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Each
      report provided to shareholders under Rule 30e-1 under the Act and each
      prospectus filed with the Commission on Form N-2 under the Act, will
      provide the Fund's total return in relation to changes in NAV in the
      financial highlights table and in any discussion about the Fund's total
      return.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">C.</font></div>
            </td>
            <td align="left" colspan="4" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosure to
      Shareholders, Prospective Shareholders and Third Parties</font><font style="DISPLAY: inline">.</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Fund will include the information contained in the relevant 19(a) Notice,
      including the disclosure required by condition B.1(b) above, in any
      written communication (other than a communication on Form 1099) about the
      Plan or distributions under the Plan by the Fund, or agents that the Fund
      has authorized to make such communication on the Fund's behalf, to any
      Fund common shareholder, prospective common shareholder or third-party
      information provider;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 24
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Fund will issue, contemporaneously with the issuance of any 19(a) Notice,
      a press release containing the information in the 19(a) Notice and file
      with the Commission the information contained in such 19(a) Notice,
      including the disclosure required by condition B.1(b) above, as an exhibit
      to its next filed Form N-CSR; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">3.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Fund will post prominently a statement on its (or the Investment
      Advisor's) Website containing the information in each 19(a) Notice,
      including the disclosure required by condition B.1(b) above, and maintain
      such information on such Web site for at least 24
  months.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">D.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Delivery of 19(a)
      Notices to Beneficial
Owners</font>.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">If
a broker, dealer, bank or other person ("Financial Intermediary") holds common
stock issued by the Fund in nominee name, or otherwise, on behalf of a
beneficial owner, the Fund:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">will
      request that the Financial Intermediary, or its agent, forward the 19(a)
      Notice to all beneficial owners of the Fund's shares held through such
      Financial Intermediary;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">will
      provide, in a timely manner, to the Financial Intermediary, or its agent,
      enough copies of the 19(a) Notice assembled in the form and at the place
      that the Financial Intermediary, or its agent, reasonably requests to
      facilitate the Financial Intermediary's sending of the 19(a) Notice to
      each beneficial owner of the Fund's shares; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">3.</font></div>
            </td>
            <td align="left" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">upon
      the request of any Financial Intermediary, or its agent, that receives
      copies of the 19(a) Notice, will pay the Financial Intermediary, or its
      agent,</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 25
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="3" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      reasonable expenses of sending the 19(a) Notice to such beneficial
      owners.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">E.</font></div>
            </td>
            <td align="left" colspan="4" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Special Bo</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ard Review for Funds
      Whose Common Stock Trades at a Premium</font>.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">If:</font></div>
            </td>
            <td colspan="4" valign="top" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Fund's common shares have traded on the stock exchange that they primarily
      trade on at the time in question at an average premium to NAV equal to or
      greater than 10%, as determined on the basis of the average of the
      discount or premium to NAV of the Fund's common shares as of the close of
      each trading day over a 12-week rolling period (each such 12-week rolling
      period ending on the last trading day of each week);
and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Fund's annualized distribution rate for such 12-week rolling period,
      expressed as a percentage of NAV as of the ending date of such 12-week
      rolling period, is greater than the Fund's average annual total return in
      relation to the change in NAV over the 2-year period ending on the last
      day of such 12-week rolling period;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">then:</font></div>
            </td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="3" valign="top" width="87%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">At
      the earlier of the next regularly scheduled meeting or within four months
      of the last day of such 12-week rolling period, the Board including a
      majority of the Independent Trustees:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(1)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">will
      request and evaluate, and the Fund's Investment Advisor will furnish, such
      information as may be reasonably necessary to make an informed
      determination of</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 26
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">whether
      the Plan should be continued or continued after
  amendment;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(2)</font></div>
            </td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">will
      determine whether continuation, or continuation after amendment, of the
      Plan is consistent with the Fund's investment objective(s) and policies
      and is in the best interests of the Fund and its shareholders, after
      considering the information in condition E.2(a)(1) above; including,
      without limitation: (A) whether the Plan is accomplishing its purpose(s);
      (B) the reasonably foreseeable material effects of the Plan on the Fund's
      long-term total return in relation to the market price and NAV of the
      Fund's common shares; and the Fund's current distribution rate, as
      described in condition E.2 above, compared with the Fund's average annual
      total return over the 2-year period, as described in condition E.2, or
      such longer period as the Board deems appropriate; and (C) based upon that
      determination, will approve or disapprove the continuation, or
      continuation after amendment, of the Plan; and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Board will record the information considered by it, including its
      consideration of the factors listed in condition E.2(a)(2) above, and the
      basis for its approval or disapproval of the continuation, or continuation
      after amendment, of the Plan in its meeting minutes, which must be made
      and preserved for a period of not less than
six</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 27
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
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        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">years
      from the date of such meeting, the first two years in an easily accessible
      place.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">F.</font></div>
            </td>
            <td align="left" colspan="3" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Public
      Offerings</font>.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="3" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Fund will not make a public offering of the Fund's common shares other
      than:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">1.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">a
      rights offering below NAV to holders of the Fund's common
      shares;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">an
      offering in connection with a dividend reinvestment plan, merger,
      consolidation, acquisition, spin-off or reorganization of the Fund;
      or</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">3.</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="87%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">an
      offering other than an offering described in conditions F.1 and F.2 above,
      provided that, with respect to such other offering:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      Fund's average annual distribution rate for the six months ending on the
      last day of the month ended immediately prior to the most recent
      distribution declaration date,<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">11</font>
      expressed as a percentage of NAV per share as of such date, is no more
      than 1 percentage point greater than the Fund's average annual total
      return for the 5-year period ending on such date;<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">12</font>
      and</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)</font></div>
            </td>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">the
      transmittal letter accompanying any registration statement filed with the
      Commission in connection with such offering discloses that the Fund has
      received an order under Section 19(b) to permit it to make periodic
      distributions of long-term capital gains with respect to its common stock
      as frequently as twelve times each</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">__________________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">11</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">If
      the Fund has been in operation fewer than six months, the measured period
      will begin immediately following the Fund's first public
      offering.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">12</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">If
      the Fund has been in operation fewer than five years, the measured period
      will begin immediately following the Fund's first public
      offering.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 28
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">year,
      and as frequently as distributions are specified by or determined in
      accordance with the terms of any outstanding preferred stock as such Fund
      may issue;</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">G.</font></div>
            </td>
            <td align="left" colspan="4" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendments to Rule
      19b-1</font>.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The requested order will expire on the
effective date of any amendments to Rule 19b-1 that provides relief permitting
certain closed-end investment companies to make periodic distributions of
long-term capital gains with respect to their outstanding common stock as
frequently as twelve times each year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">VI.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Applicable
      Precedent</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
Commission has granted or proposed granting relief substantially the same as
that sought by this Application on several occasions. In <font style="DISPLAY: inline; TEXT-DECORATION: underline">ING Clarion Real Estate
Income Fund</font>, et al., Release Nos. IC &#8211; 28329 (July 8, 2008) (notice of
application) and IC-28352 (August 5, 2008) (order), the Commission granted
relief permitting a family of closed-end management investment companies to make
periodic capital gain dividends (as defined in Section 852(b)(3)(C) of the Code)
as often as monthly in any one taxable year in respect of their common shares
and as often as specified by or determined in accordance with the terms thereof
in respect of their preferred shares.&#160;&#160;Similar relief was granted in
<font style="DISPLAY: inline; TEXT-DECORATION: underline">The Mexico Fund
Inc.</font>, et al., Release Nos. IC-28332 (July 17, 2008) (notice of
application) and IC-28357 (August 12, 2008) (order), <font style="DISPLAY: inline; TEXT-DECORATION: underline">Cohen &amp; Steers Advantage
Income Realty Fund, Inc.</font>, et al., Release Nos. IC-28341 (July 24, 2008)
(notice of application) and IC-28358 (August 19, 2008) (order) and <font style="DISPLAY: inline; TEXT-DECORATION: underline">DNP Select Income
Fund</font>, et al., Release Nos. IC-28348 (July 31, 2008) (notice of
application) and IC-28368 (August 26, 2008) (order).</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 29
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 27.35pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">VII.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposed
      Notice</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
proposed notice of the proceeding initiated by the filing of this Application,
required by Rule 0-2(g) under the Act, is attached as Exhibit C to this
Application.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 44px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">VIII.</font></div>
            </td>
            <td width="1066">
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Procedural
      Compliance</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
Board of Trustees of each of the BlackRock Funds has adopted the following
resolution authorizing the execution and filing of this
Application.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">"RESOLVED,
that the Secretary and each Vice President of the Trust be, and each of them
hereby is, authorized to prepare, with the assistance of counsel, and to sign
and file with the Securities and Exchange Commission on behalf of the Trust, any
applications, and any amendments thereto, for orders of the Securities and
Exchange Commission under Section 6(c) of the Act and any other appropriate
section of the Act or any Rule thereunder, for such exemptions from such
provisions of the Act or Rules thereunder as such officer, upon the advice of
counsel, may deem necessary or advisable."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Pursuant
to Rule 0-2(c) under the Act, each Applicant hereby states that the person
signing and filing this Application on its behalf is fully authorized to do so,
that under the provisions of the Articles of Incorporation or Agreement and
Declaration of Trust, as applicable, of such Applicant responsibility for the
management of the affairs of such Applicant is vested in its Board of Directors
or Trustees, as applicable, and that such Applicant has complied with all
requirements for the execution and filing of this Application in its name and on
its behalf.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">These
verifications required by Rule 0-2(d) are attached to this Application as
Exhibits A and B.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Pursuant
to Rule 0-2(f) under the Act, the Applicants further state that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2.</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(a)
      The address of each of the Applicants is as follows:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="68%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 30
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">c/o
      BlackRock Advisors, LLC</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">100
      Bellevue Parkway</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Wilmington,
      Delaware 19809</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="68%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(b)
      Any questions regarding this Application should be directed
      to:</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="68%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Michael
      Hoffman</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Skadden,
      Arps, Slate, Meagher &amp; Flom LLP</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Four
      Times Square</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">New
      York, New York 10036-6522</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">(212)
      735-3406</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">IX.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Conclusion</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">On
the basis of the foregoing, the Applicants respectfully request that the
Commission enter an order pursuant to Section 6(c) of the Act exempting the
Funds from the provisions of Section 19(b) of the Act and Rule 19b-1 thereunder
to permit each Fund (i) to make capital gain dividends on its common shares as
frequently as once per month so long as it complies with the conditions of the
Order and maintains in effect a distribution policy with respect to its common
shares calling for periodic distributions of an amount equal to at least a fixed
percentage of such Fund's net asset value or market price per common share or
equal to at least a fixed dollar amount, and (ii) to make capital gain dividends
on any series of its preferred shares as frequently as specified by or pursuant
to the terms of such series so long as it complies with the conditions of the
Order and so long as such distributions are a specified percentage of the
liquidation preference of such series of preferred shares, whether such
specified percentage is determined at the time such preferred shares are
initially issued, pursuant to periodic remarketings or auctions or
otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 31
of 36</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="4" valign="top" width="61%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BLACKROCK
      ADVISORS, LLC</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">By:</font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="35%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">/s/
      Anne F. Ackerley</font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Name:</font></div>
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            <td align="left" colspan="2" valign="top" width="49%">
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            </td>
          </tr>
          <tr>
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      </font></td>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
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            </td>
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      Director</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt">&#160;</div>
    <div>
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          <tr>
            <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="48%">
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            </td>
          </tr>
          <tr>
            <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="48%">
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      GLOBAL EQUITY INCOME TRUST</font></div>
            </td>
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          <tr>
            <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="48%">
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          <tr>
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      </font></td>
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      REAL ASSET EQUITY TRUST</font></div>
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          <tr>
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          <tr>
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      ENHANCED CAPITAL AND INCOME</font></div>
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          <tr>
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      </font></td>
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          <tr>
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          <tr>
            <td valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
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            </td>
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          </tr>
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6, 2009</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 32
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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</font></div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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A</font></div>
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Trust</font></div>
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    <div>
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    <div>
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          </tr>
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    <div>
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  Trust</font></div>
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              <td style="WIDTH: 26pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td>
                <div style="LINE-HEIGHT: 1.5"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      Advisors, LLC</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 33
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Page</font></font></div>
    <div>
      <div align="left">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="top" width="4%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">A.</font></div>
                </td>
                <td align="left" colspan="2" valign="top" width="96%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Verification
      of BlackRock International Growth and Income Trust,</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      Global Equity Income Trust, BlackRock</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Preferred
      and Equity Advantage Trust, BlackRock Real Asset Equity
    Trust,</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      World Investment Trust, BlackRock Enhanced Dividend</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Achievers<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">TM</font>
      Trust, BlackRock Global Opportunities Equity Trust,</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      Health Sciences Trust, BlackRock Global Energy and
    Resources</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Trust,
      BlackRock S&amp;P Quality Rankings Global Equity Managed
      Trust,</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      Strategic Dividend Achievers<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">TM</font>
      Trust, BlackRock</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Dividend
      Achievers<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">TM</font>
      Trust BlackRock EcoSolutions Investment Trust, BlackRock Enhanced
      Government Fund, Inc.</font></div>
                </td>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">and
      BlackRock Enhanced Capital and Income Fund, Inc.</font></div>
                </td>
                <td align="right" valign="middle" width="6%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">35</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                <td align="left" valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                <td align="right" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              </tr>
              <tr>
                <td align="left" valign="top" width="4%">
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">B.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                </td>
                <td align="left" valign="top" width="90%">
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Verification
      of BlackRock Advisors, LLC</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                </td>
                <td align="right" valign="top" width="6%">
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">36</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                </td>
              </tr>
          </table>
        </div>
      </div>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 34
of 36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">EXHIBIT
A</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">VERIFICATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">THE
      STATE OF NEW YORK</font></div>
            </td>
            <td align="left" valign="top" width="76%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="76%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">):</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">THE
      COUNTY OF NEW YORK</font></div>
            </td>
            <td align="left" valign="top" width="76%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">The
undersigned states that she has duly executed the attached Application, dated
January 6, 2009, for and on behalf of each applicant listed below; that she is
Vice President of each such Applicant; and that all action by the directors,
trustees or other bodies of such Applicants necessary to authorize the
undersigned&#160;to execute and file such Application has been taken. The
undersigned further states that she is familiar with such Application, and the
contents thereof, and that the facts therein set forth are true to the best of
her knowledge, information and belief.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <div align="left">
                <div align="left">
                  <div align="left">
                    <div align="left">
                      <div align="left">
                        <div align="left">
                          <div align="left">
                            <div align="left">
                              <div align="left">
                                <div align="left">
                                  <div align="left">
                                    <table cellpadding="0" cellspacing="0" width="100%">
                                        <tr>
                                          <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td align="left" valign="top" width="5%">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">By:</font></div>
                                          </td>
                                          <td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black 0.5pt solid">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">/s/
      Anne F. Ackerley</font></div>
                                          </td>
                                          <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                        </tr>
                                        <tr>
                                          <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td align="left" colspan="2" valign="top" width="50%">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Anne
      F. Ackerley</font></div>
                                          </td>
                                        </tr>
                                        <tr>
                                          <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td align="left" colspan="2" valign="top" width="50%">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Vice
      President</font></div>
                                          </td>
                                        </tr>
                                        <tr>
                                          <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                          <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                                        </tr>
                                    </table>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      International Growth and</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;&#160;Income
      Trust</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="45%" style="LINE-HEIGHT: 1.5"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="55%" style="LINE-HEIGHT: 1.5">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">BlackRock
      Global Equity Income Trust</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="45%" style="LINE-HEIGHT: 1.5"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
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    <div>&#160;</div>
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of 36</font></div>
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B</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">VERIFICATION</font></div>
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          <tr>
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            <td align="left" valign="top" width="76%">
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undersigned states that she has duly executed the attached Application, dated
January 6, 2009, for and on behalf of BlackRock Advisors, LLC; that she is a
Managing Director of BlackRock Advisors, LLC, and that all action necessary to
authorize her to execute and file this Application has been
taken.&#160;&#160;The undersigned further states that she is familiar with such
Application, and the contents thereof, and that the facts therein set forth are
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      </font></td>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; TEXT-ALIGN: center">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

      <div>
        <hr style="COLOR: black" align="left" noshade size="2" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Page 36 of
36</font></div>
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