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<SEC-DOCUMENT>0000950123-09-053151.txt : 20091026
<SEC-HEADER>0000950123-09-053151.hdr.sgml : 20091026
<ACCEPTANCE-DATETIME>20091026160546
ACCESSION NUMBER:		0000950123-09-053151
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20091026
DATE AS OF CHANGE:		20091026
EFFECTIVENESS DATE:		20091026

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Gabelli Global Gold, Natural Resources & Income Trust
		CENTRAL INDEX KEY:			0001313510
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-143009
		FILM NUMBER:		091137005

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1422
		BUSINESS PHONE:		800.422.3554

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1422

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Gold, Natural Resources & Income Trust
		DATE OF NAME CHANGE:	20050105
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>y79644ae497.htm
<DESCRIPTION>497
<TEXT>
<HTML>
<HEAD>
<TITLE>e497</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Filed
    Pursuant to Rule&#160;497(e)</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus dated April&#160;3, 2009)</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times">
    Registration Statement No.&#160;333-143009</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y79644ay7964404.gif" alt="(GABELLI LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">The Gabelli Global Gold,
    Natural Resources &#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Up to
    1,600,000&#160;Common Shares of Beneficial Interest</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Gabelli Global Gold, Natural Resources&#160;&#038; Income
    Trust (the &#147;Fund,&#148; &#147;we,&#148; or &#147;our&#148;)
    has entered into a sales agreement with Gabelli&#160;&#038;
    Company, Inc. (the &#147;Sales Manager&#148;) relating to the
    common shares of beneficial interest, par value $0.001 per
    share, (&#147;common shares&#148;) offered by this prospectus
    supplement and the accompanying prospectus. In accordance with
    the terms of the sales agreement, we may offer and sell up to
    1,600,000 of our common shares from time to time through the
    Sales Manager, as our agent for the offer and sales of the
    common shares. Under the Investment Company Act of 1940, as
    amended (the &#147;1940 Act&#148;), the Fund may not sell any
    common shares at a price below the current net asset value of
    such common shares, exclusive of any distributing commission or
    discount. The Fund is a non-diversified, closed-end management
    investment company registered under the 1940 Act. The
    Fund&#146;s primary investment objective is to provide a high
    level of current income. The Fund&#146;s secondary investment
    objective is to seek capital appreciation consistent with the
    Fund&#146;s strategy and its primary objective. The Fund&#146;s
    investment adviser is Gabelli Funds, LLC (the &#147;Investment
    Adviser&#148;). An investment in the Fund is not appropriate for
    all investors. We cannot assure you that the Fund&#146;s
    objectives will be achieved.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common shares are listed on the NYSE Amex (the
    &#147;NYSE&#148;) under the symbol &#147;GGN.&#148; As of
    October&#160;23, 2009, the last reported sale price for our
    common shares on the NYSE was $16.34 per share. As of
    October&#160;23, 2009, the net asset value per share for our
    common shares was $15.73. Our 6.625% Series&#160;A Cumulative
    Preferred Shares are also listed on the NYSE under the symbol
    &#147;GGN&#160;PrA.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales of our common shares, if any, under this prospectus
    supplement and the accompanying prospectus may be made in
    negotiated transactions or transactions that are deemed to be
    &#147;at the market&#148; as defined in Rule&#160;415 under the
    Securities Act of 1933, as amended (the
    &#147;1933&#160;Act&#148;), including sales made directly on the
    NYSE or sales made to or through a market maker other than on an
    exchange.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sales Manager will be entitled to compensation at a
    commission rate of up to 2.50% of the gross sale price per share
    of any common shares sold under the sales agreement, with the
    exact amount of such compensation to be mutually agreed upon by
    the Fund and the Sales Manager from time to time. In connection
    with the sale of the common shares on our behalf, the Sales
    Manager may be deemed to be an &#147;underwriter&#148; within
    the meaning of the 1933&#160;Act and the compensation of the
    Sales Manager may be deemed to be underwriting commissions or
    discounts.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sales Manager is not required to sell any specific number or
    dollar amount of common shares, but will use its reasonable
    efforts to sell the common shares offered by this prospectus
    supplement. There is no arrangement for common shares to be
    received in an escrow, trust or similar arrangement. The
    offering of common shares pursuant to the sales agreement will
    terminate upon the earlier of (i)&#160;the sale of all common
    shares subject to the sales agreement and (ii)&#160;the
    termination of the sales agreement by either the Sales Manager
    or the Fund.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our securities involves certain risks. You could
    lose some or all of your investment. See &#147;Risk Factors and
    Special Considerations&#148; beginning on
    <FONT style="white-space: nowrap">page&#160;S-9</FONT>
    of this prospectus supplement and page&#160;24 of the
    accompanying prospectus. You should consider carefully these
    risks together with all of the other information contained in
    this prospectus supplement and the accompanying prospectus
    before making a decision to purchase our securities.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission (the
    &#147;SEC&#148;) nor any state securities commission has
    approved or disapproved of these securities or determined if
    this prospectus supplement or the accompanying prospectus is
    truthful or complete. Any representation to the contrary is a
    criminal offense.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 14pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Gabelli &#038; Company, Inc.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    October&#160;26, 2009
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus supplement, together with the accompanying
    prospectus, sets forth concisely the information about the Fund
    that a prospective investor should know before investing. You
    should read this prospectus supplement and the accompanying
    prospectus, which contains important information about the Fund,
    before deciding whether to invest in the common shares, and
    retain it for future reference. This prospectus supplement, the
    accompanying prospectus and the Statement of Additional
    Information are part of a &#147;shelf&#148; registration
    statement that the Fund filed with the SEC. This prospectus
    supplement describes the specific details regarding this
    offering, including the method of distribution. If information
    in this prospectus supplement is inconsistent with the
    accompanying prospectus or the statement of additional
    information, you should rely on this prospectus supplement. A
    Statement of Additional Information, dated April&#160;3, 2009,
    containing additional information about the Fund, has been filed
    with the SEC and is incorporated by reference in its entirety
    into this prospectus supplement and accompanying prospectus. You
    may request a free copy of our annual and semi-annual reports,
    request a free copy of the Statement of Additional Information,
    the table of contents of which is on page&#160;57 of this
    prospectus, request other information about the Fund and make
    shareholder inquiries by calling (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or by writing to the Fund, or obtain a copy (and other
    information regarding the Fund) from the SEC&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our shares do not represent a deposit or obligation of, and are
    not guaranteed or endorsed by, any bank or other insured
    depository institution, and are not federally insured by the
    Federal Deposit Insurance Corporation, the Federal Reserve Board
    or any other government agency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus. The Fund has not authorized anyone to
    provide you with different information. The Fund is not making
    an offer to sell these securities in any jurisdiction in which
    the offer or sale is not permitted. You should not assume that
    the information contained in this prospectus supplement and the
    accompanying prospectus is accurate as of any date other than
    the date of this prospectus supplement and the accompanying
    prospectus, respectively.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this prospectus supplement and in the accompanying
    prospectus, unless otherwise indicated, &#147;Fund,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The
    Gabelli Global Gold, Natural Resources&#160;&#038; Income Trust.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#207'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#201'>Table Of Fees And Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#202'>Use Of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#209'>Financial Highlights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#204'>Price Range Of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#208'>Risk Factors And Special Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#205'>Plan Of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#206'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#220'>Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prospectus Summary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Summary Of Fund&#160;Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Use Of Proceeds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Financial Highlights
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment Objectives And Policies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk Factors And Special Considerations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Of The Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Portfolio Transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends And Distributions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Automatic Dividend Reinvestment And Voluntary Cash Purchase Plan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Description Of The Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anti-takeover Provisions Of The Fund&#146;s Governing Documents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Closed-end Fund&#160;Structure
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Repurchase Of Common Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net Asset Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Taxation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Custodian, Transfer Agent And Dividend Disbursing Agent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plan Of Distribution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal Matters
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Independent Registered Public Accounting Firm
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additional Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Privacy Principles Of The Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Table Of Contents Of Statement Of Additional Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='207'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell up to 1,600,000 of our common shares from
    time to time through the Sales Manager as our agent for the
    offer and sale of the common shares under this prospectus
    supplement and the accompanying prospectus. There is no guaranty
    that there will be any sales of our common shares pursuant to
    this prospectus supplement and the accompanying prospectus. The
    table below assumes that we will sell 1,600,000&#160;common
    shares, at a price of $16.34&#160;per share (the last reported
    sale price per share of our common shares on the NYSE on
    October&#160;23, 2009). Actual sales, if any, of our common
    shares under this prospectus supplement and the accompanying
    prospectus may be less than as set forth in the table below. In
    addition, the price per share of any such sale may be greater or
    less than $16.34, depending on the market price of our common
    shares at the time of any such sale. To the extent that the
    market price per share of our common shares on any given day is
    less than the net asset value per share on such day, we will
    instruct the Sales Manager not to make any sales on such day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the unaudited capitalization of
    the Fund as of June&#160;30, 2009, and its adjusted
    capitalization assuming the common shares offered in this
    prospectus supplement had been issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of June&#160;30, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Preferred shares, $0.001 par value per share, unlimited shares
    authorized. (The&#160;&#147;Actual&#148; column reflects the
    Fund&#146;s outstanding capitalization of 3,955,687&#160;shares
    of Series&#160;A Preferred, $25 liquidation preference per share
    as of June&#160;30, 2009; the &#147;As adjusted&#148; column
    reflects the outstanding capitalization of 3,955,687&#160;shares
    of Series&#160;A Preferred, $25 liquidation preference per share
    as of October&#160;23)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,892,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,892,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shareholders&#146; equity applicable to common shares:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common shares, $0.001 par value per share; unlimited shares
    authorized. (The&#160;&#147;Actual&#148; column reflects the
    Fund&#146;s outstanding capitalization of 21,600,241&#160;shares
    as of June&#160;30, 2009; the &#147;As adjusted&#148; column
    assumes the issuance of 8,280,400&#160;shares and outstanding
    capitalization of 29,880,641&#160;shares)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,881
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paid-in surplus*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    354,706,610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    476,978,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated distributions in excess of net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,234,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,234,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (29,339,599
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (29,339,599
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net unrealized depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (49,909,204
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (49,909,204
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net assets applicable to common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    280,713,436
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    402,993,642
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Liquidation preference of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,892,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,892,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net assets, plus the liquidation preference of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    379,605,611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    501,885,817
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    As adjusted paid-in surplus reflects a deduction for the
    estimated underwriting discounts of $3,136,416 and estimated
    offering expenses of common share offerings borne by the Fund of
    $40,000. The total estimated underwriting discounts and offering
    expenses borne by the Fund for this offering and for common
    shares offered by the Fund in the fiscal year ending
    December&#160;31, 2009 are $4,230,702 and $305,000, respectively.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='201'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    FEES AND EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables are intended to assist you in understanding
    the various costs and expenses directly or indirectly associated
    with investing in our common shares as a percentage of net
    assets attributable to common shares. Amounts are for the
    current fiscal year after giving effect to anticipated net
    proceeds of the offering, assuming that we incur the estimated
    offering expenses, including preferred share offering expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Transaction Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(1)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of Net Assets<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Attributable to Common Shares</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.21
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.21
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.42
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    You will be charged a $1.00 service charge and pay brokerage
    charges if you direct the plan agent to sell your common shares
    held in a dividend reinvestment account.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Investment Adviser&#146;s fee is 1.00% annually of the
    Fund&#146;s average weekly net assets, with no deduction for the
    liquidation preference of any outstanding preferred shares.
    Consequently, in as much as the Fund has preferred shares
    outstanding, the investment management fees and other expenses
    as a percentage of net assets attributable to common shares are
    higher than if the Fund did not utilize a leveraged capital
    structure. &#147;Other Expenses&#148; are based on estimated
    amounts for the current year assuming completion of the proposed
    issuances.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Example</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following example illustrates the expenses you would pay on
    a $1,000 investment in common shares, assuming a 5% annual
    portfolio total return.*
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    101
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    191
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    <B>The example should not be considered a representation of
    future expenses</B>. The example assumes that the amounts set
    forth in the Annual Expenses table are accurate and that all
    distributions are reinvested at net asset value. Actual expenses
    may be greater or less than those assumed. Moreover, the
    Fund&#146;s actual rate of return may be greater or less than
    the hypothetical 5% return shown in the example.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='202'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sales of our common shares, if any, under this prospectus
    supplement and the accompanying prospectus may be made in
    negotiated transactions or transactions that are deemed to be
    &#147;at the market&#148; as defined in Rule&#160;415 under the
    1933&#160;Act, including sales made directly on the NYSE or
    sales made to or through a market maker other than on an
    exchange. There is no guaranty that there will be any sales of
    our common shares pursuant to this prospectus supplement and the
    accompanying prospectus. Actual sales, if any, of our common
    shares under this prospectus supplement and the accompanying
    prospectus may be less than as set forth in this paragraph. In
    addition, the price per share of any such sale may be greater or
    less than the price set forth in this paragraph, depending on
    the market price of our common shares at the time of any such
    sale. As a result, the actual net proceeds we receive may be
    more or less than the amount of net proceeds estimated in this
    prospectus supplement. Assuming the sale of all of our common
    shares offered under this prospectus supplement and the
    accompanying prospectus, at the last reported sale price of
    $16.34&#160;per share for our common shares on the NYSE as of
    October&#160;23, 2009, we estimate that the net proceeds of this
    offering will be approximately $25,485,400 after deducting the
    estimated underwriting discount and our estimated offering
    expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser anticipates that the investment of the
    proceeds will be made in accordance with the Fund&#146;s
    investment objectives and policies as appropriate investment
    opportunities are identified, which is expected to substantially
    be completed within three months; however, changes in market
    conditions could result in the Fund&#146;s anticipated
    investment period extending to as long as six months.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='209'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    HIGHLIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selected data below sets forth the per share operating
    performance and ratios for the period presented. The financial
    information was derived from and should be read in conjunction
    with the Financial Statements of the Fund and Notes thereto,
    which are incorporated by reference into this prospectus
    supplement. The financial information for the fiscal year ended
    December&#160;31, 2008 and for each of the preceding fiscal
    periods presented since inception, has been audited by
    PricewaterhouseCoopers LLP, the Fund&#146;s independent
    registered public accounting firm, whose unqualified report on
    such Financial Statements is incorporated by reference into this
    prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interim financial information is derived from unaudited
    financial data, but in the opinion of management, reflects all
    adjustments (consisting only of normal recurring adjustments)
    that are necessary to present fairly the results of such interim
    period. Interim results at and for the six months ended
    June&#160;30, 2009, are not necessarily indicative of the
    results that may be expected for the fiscal year ending
    December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Selected data for a share of beneficial interest outstanding
    throughout each period:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Six Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>June&#160;30, 2009<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005(g)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Operating Performance:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net asset value, beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.06
</TD>
<TD nowrap align="left" valign="bottom">
    (h)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net investment income/(loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net realized and unrealized gain/(loss) on investments, swap
    contracts, securities sold short, written options, and foreign
    currency transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Total from investment operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Distributions to Preferred Shareholders:(a)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
     (0.11
</TD>
<TD nowrap align="left" valign="bottom">
    )(d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.28
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Return of capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.06
</TD>
<TD nowrap align="left" valign="bottom">
    )(d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Total distributions to preferred shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
     (0.17
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Six Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>June&#160;30, 2009<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005(g)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Distributions to Common Shareholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.13
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.48
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.78
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.09
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Return of capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.84
</TD>
<TD nowrap align="left" valign="bottom">
    )(d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Total distributions to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
     (0.84
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.93
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.16
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Fund&#160;Share Transactions:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Increase/(decrease) in net asset value from common share
    transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
     0.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (e)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )(e)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Increase in net asset value from repurchases of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00(e
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Offering costs for preferred shares charged to paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Offering costs for common shares charged to paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Total fund share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
     0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )(e)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>Net Asset Value, End of Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
     $
</TD>
<TD nowrap align="right" valign="bottom">
    13.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    NAV total return &#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.63
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (61.59
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.0
</TD>
<TD nowrap align="left" valign="bottom">
    %*
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Market value, end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Investment total return &#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.90
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50.94
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.86
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.2
</TD>
<TD nowrap align="left" valign="bottom">
    %**
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Ratios to Average Net Assets and Supplemental Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net assets including liquidation value of preferred shares, end
    of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    379,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    633,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Net assets attributable to common shares, end of period
    (in&#160;000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
     $
</TD>
<TD nowrap align="right" valign="bottom">
    280,713
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    533,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    432,741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    390,209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Ratio of net investment income/(loss) to average net assets
    attributable to common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
    %(f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.09
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.47
</TD>
<TD nowrap align="left" valign="bottom">
    %(f)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Ratio of operating expenses to average net assets attributable
    to common shares(b)&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.86
</TD>
<TD nowrap align="left" valign="bottom">
    %(f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.45
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.15
</TD>
<TD nowrap align="left" valign="bottom">
    %(f)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Ratio of operating expenses to average net assets including
    liquidation value of preferred shares(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.28
</TD>
<TD nowrap align="left" valign="bottom">
    %(f)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Portfolio turnover rate &#134;&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    142.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Preferred Shares:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    <B>6.625% Series&#160;A Cumulative Preferred Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Liquidation value, end of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Total shares outstanding (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Liquidation preference per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Average market value(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Asset coverage per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
     $
</TD>
<TD nowrap align="right" valign="bottom">
    95.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    158.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 16pt">
    Asset coverage
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    384
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    633
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share, adjusted for reinvestment of
    distributions at the net asset value per&#160;share on the
    ex-dividend dates. Total return for a period of less than one
    year is not annualized.</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    &#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on market value per share, adjusted for reinvestment of
    distributions at prices obtained under the Fund&#146;s dividend
    reinvestment plan. Total return for a period of less than one
    year is not annualized.</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    &#134;&#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Effective in 2008, a change in accounting policy was adopted
    with regard to the calculation of the portfolio turnover rate to
    include cash proceeds due to mergers. Had this policy been
    adopted retroactively, the portfolio turnover rate for the year
    ended December&#160;31, 2007 and the period ended  </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    December&#160;31, 2005 would have been 77.7% and 143.3%,
    respectively. The portfolio turnover rate for the year ended
    2006 would have been as shown.</TD>
</TR>
    <FONT style="font-size: 10pt">
    </FONT>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share at commencement of operations
    of $19.06 per share.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on market value per share at initial public offering of
    $20.00 per share.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Calculated based upon average common shares outstanding on the
    record dates throughout the periods.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (b) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund incurred interest expense during the six months ended
    June&#160;30, 2009, and the years ended December&#160;31, 2008,
    2007, and 2006. If interest expense had not been incurred, the
    ratio of operating expenses to average net assets attributable
    to common shares would have been 1.85%, 1.54%, 1.33%, and 1.16%,
    respectively, and for 2008 and 2007, the ratio of operating
    expenses to average net assets including liquidation value of
    preferred shares would have been 1.25% and 1.27%, respectively.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (c) </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on weekly prices.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (d) </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on year to date book income. Amounts are subject to change
    and recharacterization at year end.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (e) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amount represents less than $0.005 per share.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (f) </TD>
    <TD></TD>
    <TD valign="bottom">
    Annualized.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (g) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund commenced investment operations on March&#160;31, 2005.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (h) </TD>
    <TD></TD>
    <TD valign="bottom">
    The beginning of period NAV reflects a $0.04 reduction for costs
    associated with the initial public offering.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='204'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth for the quarters indicated, the
    high and low sale prices on the NYSE per share of our common
    shares and the net asset value and the premium or discount from
    net asset value per share at which the common shares were
    trading, expressed as a percentage of net asset value, at each
    of the high and low sale prices provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Corresponding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Corresponding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Net Asset Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Premium or Discount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Market Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(&#147;NAV&#148;) Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>as a% of NAV</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Quarter Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.98
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.93
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.51
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2009 (period from October&#160;1, 2009 through
    October&#160;23, 2009)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The last reported price for our common shares on
    October&#160;23, 2009 was $16.34&#160;per share. As of
    October&#160;23, 2009, the net asset value per share for our
    common shares was $15.73&#160;per share.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='208'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS AND SPECIAL CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in our common shares involves risk, including the risk
    that you may receive little or no return on your investment or
    even that you may lose part or all of your investment.
    Therefore, before investing in our common shares you should
    consider carefully the risk factors described in the
    accompanying prospectus in addition to the risk factors
    described in this prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Events</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While the U.S.&#160;and global markets had experienced extreme
    volatility and disruption for an extended period of time, the
    third quarter of 2009 witnessed more stabilized economic
    activity as expectations for an economic recovery increased.
    However, risks to a robust resumption of growth persist: a weak
    consumer weighed down by too much debt and increasing
    joblessness, the growing size of the Federal Budget deficit and
    national debt, and the threat of inflation. A return to
    unfavorable economic conditions could impair our ability to
    execute our investment strategies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Purchase
    at a Premium to Net Asset Value</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common shares have recently been trading at a substantial
    premium to net asset value per share which may not be
    sustainable. If our common shares are trading at a premium to
    net asset value at the time you purchase shares, you will
    experience an immediate reduction in the net asset value of the
    shares you purchase in comparison to the market price of the
    shares. Please see &#147;Price Range of Common Shares&#148; on
    page&#160;S-8 for further information about our historical share
    prices and premium or discount to net asset value.
</DIV>

<A name='205'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the sales agreement among the Fund, the Investment Adviser
    and the Sales Manager, upon written instructions from the Fund,
    the Sales Manager will use its commercially reasonable efforts
    consistent with its sales and trading practices, to solicit
    offers to purchase the common shares under the terms and subject
    to the conditions set forth in the sales agreement. The Sales
    Manager&#146;s solicitation will continue until we instruct the
    Sales Manager to suspend the solicitations and offers. We will
    instruct the Sales Manager as to the amount of common shares to
    be sold by the Sales Manager. We may instruct the Sales Manager
    not to sell common shares if the sales cannot be effected at or
    above the price designated by the Fund in any instruction. We or
    the Sales Manager may suspend the offering of common shares upon
    proper notice and subject to other conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sales Manager will provide written confirmation to the Fund
    not later than the opening of the trading day on the NYSE
    following the trading day on which common shares are sold under
    the sales agreement. Each confirmation will include the number
    of shares sold on the preceding day, the net proceeds to the
    Fund and the compensation payable by the Fund to the Sales
    Manager in connection with the sales.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay the Sales Manager commissions for its services in
    acting as agent in the sale of common shares. The Sales Manager
    will be entitled to compensation at a commission rate of up to
    2.5% of the gross sale price per share of any common shares sold
    under the sales agreement, with the exact amount of such
    compensation to be mutually agreed upon by the Fund and the
    Sales Manager from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no guaranty that there will be any sales of our common
    shares pursuant to this prospectus supplement and the
    accompanying prospectus. Actual sales, if any, of our common
    shares under this prospectus supplement and the accompanying
    prospectus may be less than as set forth in this paragraph. In
    addition, the price per share of any such sale may be greater or
    less than the price set forth in this paragraph, depending on
    the market price of our common shares at the time of any such
    sale. Assuming 1,600,000 of our common shares offered hereby are
    sold at a market price of $16.34 per share (the last reported
    sale price for our common shares on the NYSE on October&#160;23,
    2009), we estimate that the total expenses for this offering,
    including compensation payable to the Sales Manager under the
    terms of the sales agreement, would be approximately $658,600
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Settlement for sales of common shares will occur on the third
    trading day following the date on which such sales are made, or
    on some other date that is agreed upon by the Fund and the Sales
    Manager in connection with a particular transaction, in return
    for payment of the net proceeds to the Fund. There is no
    arrangement for funds to be received in an escrow, trust or
    similar arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of the common shares on our behalf,
    the Sales Manager may, and will with respect to sales effected
    in an &#147;at the market offering&#148;, be deemed to be an
    &#147;underwriter&#148; within the meaning of the 1933&#160;Act,
    and the compensation of the Sales Manager may be deemed to be
    underwriting commissions or discounts. We have agreed to provide
    indemnification and contribution to the Sales Manager against
    certain civil liabilities, including liabilities under the
    1933&#160;Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The offering of our common shares pursuant to the sales
    agreement will terminate upon the earlier of (i)&#160;the sale
    of all common shares subject the sales agreement or
    (ii)&#160;termination of the sales agreement. The sales
    agreement may be terminated by the Fund in our sole discretion
    under the circumstances specified in the sales agreement by
    giving notice to the Sales Manager. In addition, the Sales
    Manager may terminate the sales agreement under the
    circumstances specified in the sales agreement by giving notice
    to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The principal business address of the Sales Manager is
    Gabelli&#160;&#038; Company, Inc., One Corporate Center, Rye,
    New York,
    <FONT style="white-space: nowrap">10580-1422.</FONT>
</DIV>

<A name='206'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New&#160;York, counsel
    to the Fund in connection with the offering of the common shares.
</DIV>

<A name='220'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following audited financial statements included in the
    annual report to the Fund&#146;s shareholders for the year ended
    December&#160;31, 2008, together with the report of
    PricewaterhouseCoopers LLP for the Fund&#146;s annual report,
    are incorporated herein by reference to the Fund&#146;s annual
    report to shareholders: the Schedule of Investments at
    December&#160;31, 2008, the Statement of Assets and Liabilities
    as of December&#160;31, 2008, the Statement of Operations for
    the Year Ended December&#160;31, 2008, the Statement of Changes
    in Net Assets, and the Notes to Financial Statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following unaudited financial statements included in the
    semi-annual report to the Fund&#146;s shareholders for the six
    months ended June&#160;30, 2009 are incorporated herein by
    reference to the Fund&#146;s semi-annual report to shareholders:
    the Schedule of Investments at June&#160;30, 2009, the Statement
    of Assets and Liabilities as of June&#160;30, 2009, the
    Statement of Operations for the Six Months June&#160;30, 2009,
    the Statement of Changes in Net Assets, and the Notes to
    Financial Statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All other portions of the annual report and the semi-annual
    report to shareholders are not incorporated herein by reference
    and are not part of the Fund&#146;s registration statement, the
    SAI, the prospectus or any prospectus supplement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    S-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Base
    Prospectus dated April&#160;3, 2009</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B> <IMG src="y79644ay7964404.gif" alt="(GABELLI LOGO)"> </B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">$350,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 20pt">The Gabelli Global Gold,
    Natural Resources&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Preferred Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=72 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Investment Objectives.</I>&#160;&#160;The Gabelli Global
    Gold, Natural Resources&#160;&#038; Income Trust (the
    &#147;Fund&#148;) is a non-diversified, closed-end management
    investment company registered under the Investment Company Act
    of 1940, as amended. The Fund&#146;s primary investment
    objective is to provide a high level of current income. The
    Fund&#146;s secondary investment objective is to seek capital
    appreciation consistent with the Fund&#146;s strategy and its
    primary objective. The Fund&#146;s investment adviser is Gabelli
    Funds, LLC (the &#147;Investment Adviser&#148;). An investment
    in the Fund is not appropriate for all investors. We cannot
    assure you that the Fund&#146;s objectives will be achieved.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions, the Fund will attempt to achieve
    its objectives by investing at least 80% of its assets in equity
    securities of companies principally engaged in the gold industry
    and the natural resources industries. The Fund will invest at
    least 25% of its assets in the equity securities of companies
    principally engaged in the exploration, mining, fabrication,
    processing, distribution or trading of gold or the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities. In addition, the Fund will
    invest at least 25% of its assets in the equity securities of
    companies principally engaged in the exploration, production or
    distribution of natural resources, such as gas, oil, paper, food
    and agriculture, forestry products, metals and minerals as well
    as related transportation companies and equipment manufacturers.
    The Fund may invest in the securities of companies located
    anywhere in the world and under normal conditions will invest at
    least 40% of its assets in the securities of issuers located in
    at least three countries other than the U.S.&#160;As part of its
    investment strategy, the Fund intends to generate gains through
    an option strategy of writing (selling) covered call options on
    equity securities in its portfolio. When the Fund sells a
    covered call option, it generates gains in the form of the
    premium paid by the buyer of the call option, but the Fund
    forgoes the opportunity to participate in any increase in the
    value of the underlying equity security above the exercise price
    of the option. See &#147;Investment Objectives and
    Policies.&#148;
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer, from time to time, in one or more offerings, our
    common shares or preferred shares, each having a par value of
    $0.001 per share. Shares may be offered at prices and on terms
    to be set forth in one or more supplements to this Prospectus
    (each a &#147;Prospectus Supplement&#148;). You should read this
    Prospectus and the applicable Prospectus Supplement carefully
    before you invest in our shares.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our shares may be offered directly to one or more purchasers,
    through agents designated from time to time by us, or to or
    through underwriters or dealers. The Prospectus Supplement
    relating to the offering will identify any agents or
    underwriters involved in the sale of our shares, and will set
    forth any applicable purchase price, fee, commission or discount
    arrangement between us and our agents or underwriters, or among
    our underwriters, or the basis upon which such amount may be
    calculated. The Prospectus Supplement relating to any sale of
    preferred shares will set forth the liquidation preference and
    information about the dividend period, dividend rate, any call
    protection or non-call period and other matters. We may not sell
    any of our shares through agents, underwriters or dealers
    without delivery of a Prospectus Supplement describing the
    method and terms of the particular offering of our shares. Our
    common shares are listed on the NYSE Amex  (&#147;NYSE&#148;)
    under the symbol &#147;GGN.&#148; Our 6.625% Series&#160;A
    Cumulative Preferred Shares are listed on the NYSE under the
    symbol &#147;GGN PrA.&#148; On April&#160;2, 2009, the last
    reported sale price of our common shares was $15.17. The net
    asset value of the Fund&#146;s common shares at the close of
    business on April&#160;2, 2009 was $11.53 per share. <B>Shares
    of closed-end funds often trade at a discount from net asset
    value. This creates a risk of loss for an investor purchasing
    shares in a public offering.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the Fund&#146;s shares involves risks. See
    &#147;Risk Factors and Special Considerations&#148; on
    page&#160;24 for factors that should be considered before
    investing in shares of the Fund.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus may not be used to consummate sales of shares by
    us through agents, underwriters or dealers unless accompanied by
    a Prospectus Supplement.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus sets forth concisely the information about the
    Fund that a prospective investor should know before investing.
    You should read this prospectus, which contains important
    information about the Fund, before deciding whether to invest in
    the shares, and retain it for future reference. A Statement of
    Additional Information, dated April&#160;3, 2009, containing
    additional information about the Fund, has been filed with the
    Securities and Exchange Commission and is incorporated by
    reference in its entirety into this prospectus. You may request
    a free copy of our annual and semi-annual reports, request a
    free copy of the Statement of Additional Information, the table
    of contents of which is on page&#160;57 of this prospectus,
    request other information about us and make shareholder
    inquiries by calling (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or by writing to the Fund, or obtain a copy (and other
    information regarding the Fund) from the Securities and Exchange
    Commission&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our shares do not represent a deposit or obligation of, and are
    not guaranteed or endorsed by, any bank or other insured
    depository institution, and are not federally insured by the
    Federal Deposit Insurance Corporation, the Federal Reserve Board
    or any other government agency.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus. The Fund has not
    authorized anyone to provide you with different information. The
    Fund is not making an offer to sell these securities in any
    state where the offer or sale is not permitted. You should not
    assume that the information contained in this prospectus is
    accurate as of any date other than the date of this
    prospectus.</B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Summary of Fund&#160;Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Financial Highlights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Risk Factors and Special Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Dividends and Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Automatic Dividend Reinvestment and Voluntary
    Cash Purchase Plan</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Description of the Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Anti-Takeover Provisions of the Fund&#146;s
    Governing Documents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Closed-End Fund&#160;Structure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Custodian, Transfer Agent and Dividend Disbursing
    Agent</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Independent Registered Public Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>Privacy Principles of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>Table of Contents of Statement of Additional
    Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This is only a summary. This summary may not contain all of
    the information that you should consider before investing in our
    shares. You should review the more detailed information
    contained in this prospectus and the Statement of Additional
    Information, dated April&#160;3, 2009 (the &#147;SAI&#148;).</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Gabelli Global Gold, Natural Resources&#160;&#038; Income
    Trust is a non-diversified, closed-end management investment
    company organized under the laws of the State of Delaware.
    Throughout this prospectus, we refer to The Gabelli Global Gold,
    Natural Resources&#160;&#038; Income Trust as the
    &#147;Fund&#148; or as &#147;we.&#148; See &#147;The Fund.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer, from time to time, in one or more offerings, our
    common or preferred shares, $0.001&#160;par value per share. The
    shares may be offered at prices and on terms to be set forth in
    one or more supplements to this Prospectus (each a
    &#147;Prospectus Supplement&#148;). The offering price per share
    of our common shares will not be less than the net asset value
    per share of our common shares at the time we make the offering,
    exclusive of any underwriting commissions or discounts. You
    should read this Prospectus and the applicable Prospectus
    Supplement carefully before you invest in our shares. Our shares
    may be offered directly to one or more purchasers, through
    agents designated from time to time by us or to or through
    underwriters or dealers. The Prospectus Supplement relating to
    the offering will identify any agents, underwriters or dealers
    involved in the sale of our shares, and will set forth any
    applicable purchase price, fee, commission or discount
    arrangement between us and our agents or underwriters, or among
    our underwriters, or the basis upon which such amount may be
    calculated. The Prospectus Supplement relating to any sale of
    preferred shares will set forth the liquidation preference and
    information about the dividend period, dividend rate, any call
    protection or non-call period and other matters. We may not sell
    any of our shares through agents, underwriters or dealers
    without delivery of a Prospectus Supplement describing the
    method and terms of the particular offering of our shares. Our
    common shares are listed on the NYSE Amex (&#147;NYSE&#148;)
    under the symbol &#147;GGN.&#148; Our 6.625% Series&#160;A
    Cumulative Preferred Shares are listed on the NYSE under the
    symbol &#147;GGN PrA.&#148; On April&#160;2, 2009, the last
    reported sale price of our common shares was $15.17. The net
    asset value of the Fund&#146;s common shares at the close of
    business on April&#160;2, 2009 was $11.53 per share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Objectives and Policies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income. The Fund&#146;s secondary
    investment objective is to seek capital appreciation consistent
    with the Fund&#146;s strategy and its primary objective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions, the Fund will attempt to achieve
    its objectives by investing at least 80% of its assets in equity
    securities of companies principally engaged in the gold and
    natural resources industries. The Fund will invest at least 25%
    of its assets in the equity securities of companies principally
    engaged in the exploration, mining, fabrication, processing,
    distribution or trading of gold or the financing, managing,
    controlling or operating of companies engaged in
    &#147;gold-related&#148; activities (&#147;Gold
    Companies&#148;). In addition, the Fund will invest at least 25%
    of its assets in the equity securities of companies principally
    engaged in the exploration, production or distribution of
    natural resources, such as gas, oil, paper, food and
    agriculture, forestry products, metals and minerals as well as
    related transportation companies and equipment manufacturers
    (&#147;Natural Resources Companies&#148;). The Fund may invest
    in the securities of companies located anywhere in the world and
    under normal market conditions will invest at least 40% of its
    assets in the securities of issuers located in at least three
    countries other than the U.S.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principally engaged, as used in this prospectus, means a company
    that derives at least 50% of its revenues or earnings or devotes
    at least 50% of its assets to the indicated businesses. An
    issuer will be treated as being located outside the U.S.&#160;if
    it is either organized or headquartered outside of the
    U.S.&#160;and has a substantial portion of its operations or
    sales outside the U.S.&#160;Equity securities may include common
    stocks,
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    preferred stocks, convertible securities, warrants, depository
    receipts and equity interests in trusts and other entities.
    Other Fund investments may include investment companies,
    including exchange-traded funds, securities of issuers subject
    to reorganization, derivative instruments, debt (including
    obligations of the U.S.&#160;Government) and money market
    instruments. As part of its investment strategy, the Fund
    intends to generate gains through an option strategy which will
    normally consist of writing (selling) call options on equity
    securities in its portfolio (&#147;covered calls&#148;), but
    may, in amounts up to 15% of the Fund&#146;s assets, consist of
    writing uncovered call options on securities not held by the
    Fund, indices comprised of Gold Companies or Natural Resources
    Companies or exchange traded funds comprised of such issuers and
    put options on securities in its portfolio. When the Fund sells
    a call option, it generates gains in the form of the premium
    paid by the buyer of the call option, but the Fund forgoes the
    opportunity to participate in any increase in the value of the
    underlying equity security above the exercise price of the
    option. When the Fund sells a put option, it generates gains in
    the form of the premium paid by the buyer of the put option, but
    the Fund will have the obligation to buy the underlying security
    at the exercise price if the price of the security decreases
    below the exercise price of the option. See &#147;Investment
    Objectives and Policies.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is a risk that the Fund may generate losses as a result of
    its option strategy. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Risks Associated with Covered Calls
    and Other Option Transactions.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is not intended for those who wish to exploit
    short-term swings in the stock market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser&#146;s investment philosophy with respect
    to selecting investments in the gold industry and the natural
    resources industries is to emphasize quality and value, as
    determined by such factors as asset quality, balance sheet
    leverage, management ability, reserve life, cash flow, and
    commodity hedging exposure. In addition, in making stock
    selections, the Investment Adviser looks for securities that it
    believes may have a superior yield as well as capital gains
    potential and that allow the Fund to earn possible gains from
    writing covered calls on such stocks.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Shares and Borrowings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;16, 2007, the Fund completed the placement of
    $100&#160;million of Cumulative Preferred Shares
    (&#147;Preferred Shares&#148;) consisting of 4&#160;million
    shares designated as Series A and paying dividends of an annual
    rate equal to 6.625% of liquidation preference. The Preferred
    Shares are senior to the common shares and result in the
    financial leveraging of the common shares. Such leveraging tends
    to magnify both the risks and opportunities to common
    shareholders. Dividends on the Preferred Shares are cumulative.
    The Fund is required by the 1940 Act and by the Statement of
    Preferences to meet certain asset coverage tests with respect to
    the Preferred Shares. If the Fund fails to meet these
    requirements and does not correct such failure, the Fund may be
    required to redeem, in part or in full, the Preferred Shares at
    the redemption price of $25 per share plus an amount equal to
    the accumulated and unpaid dividends whether or not declared on
    such shares in order to meet the requirements. Additionally,
    failure to meet the foregoing asset coverage requirements could
    restrict the Fund&#146;s ability to pay dividends to common
    shareholders and could lead to sales of portfolio securities at
    inopportune times. The income received on the Fund&#146;s assets
    may vary in a manner unrelated to the fixed rate, which could
    have either a beneficial or detrimental impact on net investment
    income and gains available to common shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may issue additional series of preferred shares or
    borrow money to leverage its investments. If the Fund&#146;s
    Board of Trustees (the &#147;Board of Trustees&#148;, each
    member of the Board of Trustees individually a
    &#147;Trustee&#148;) determines that it may be advantageous to
    the holders of the Fund&#146;s common shares for the Fund to
    utilize such leverage, the Fund may issue additional series of
    preferred shares or borrow money. Any preferred shares issued by
    the Fund will pay distributions either at a fixed rate or at
    rates that will be reset frequently based on short-term interest
    rates. Any borrowings may also be at fixed or floating rates.
    Leverage creates a greater risk of loss as well as a potential
    for more gains for the common shares than if leverage were not
    used. See &#147;Risk Factors and Special
    Considerations&#151;Leverage Risks.&#148; The Fund may also
    engage in investment management techniques which will not be
    considered senior securities if the Fund establishes in a
    segregated account cash or other liquid securities equal to the
    Fund&#146;s obligations in respect of such techniques.
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends
    and Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund intends to make regular monthly cash distributions of
    all or a portion of its investment company taxable income (which
    includes ordinary income and realized short-term capital gains)
    to common shareholders. The Fund also intends to make annual
    distributions of its realized capital gains (which is the excess
    of net long-term capital gains over net short-term capital
    losses). A portion of the Fund&#146;s distributions on its
    common shares for 2008 and subsequent periods have included, or
    have been estimated to include, a return of capital. Any return
    of capital that is a component of a distribution is not sourced
    from realized gains of the Fund and that portion should not be
    considered by investors as yield or total return on their
    investment in the Fund. Various factors will affect the level of
    the Fund&#146;s income, such as its asset mix and use of covered
    call strategies. To permit the Fund to maintain more stable
    monthly distributions, the Fund may from time to time distribute
    less than the entire amount of income earned in a particular
    period, which would be available to supplement future
    distributions. As a result, the distributions paid by the Fund
    for any particular monthly period may be more or less than the
    amount of income actually earned by the Fund during that period.
    Because the Fund&#146;s distribution policy may be changed by
    the Board of Trustees at any time and the Fund&#146;s income
    will fluctuate, there can be no assurance that the Fund will pay
    dividends or distributions at a particular rate. See
    &#147;Dividends and Distributions.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investment company taxable income (including dividend income)
    and capital gain distributions paid by the Fund are
    automatically reinvested in additional shares of the Fund unless
    a shareholder elects to receive cash or the shareholder&#146;s
    broker does not provide reinvestment services. See
    &#147;Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plan.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Use of
    Proceeds</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will use the net proceeds from the offering to purchase
    portfolio securities in accordance with its investment
    objectives and policies as appropriate investment opportunities
    are identified, which is expected to substantially be completed
    within three months; however, changes in market conditions could
    result in the Fund&#146;s anticipated investment period
    extending to as long as six months. See &#147;Use of
    Proceeds.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Listing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s common shares are listed on the NYSE under the
    trading or &#147;ticker&#148; symbol &#147;GGN.&#148; The
    Fund&#146;s Preferred Shares are listed on the NYSE under the
    ticker symbol &#147;GGN PrA.&#148; See &#147;Description of the
    Shares.&#148; Any additional series of fixed rate preferred
    shares would also likely be listed on a stock exchange.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Price of Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common shares of closed-end investment companies often trade at
    prices lower than their net asset value. Common shares of
    closed-end investment companies may trade during some periods at
    prices higher than their net asset value and during other
    periods at prices lower than their net asset value. The Fund
    cannot assure you that its common shares will trade at a price
    higher than or equal to net asset value. The Fund&#146;s net
    asset value will be reduced immediately following this offering
    by the sales load and the amount of the offering expenses paid
    by the Fund. See &#147;Use of Proceeds.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to net asset value, the market price of the
    Fund&#146;s common shares may be affected by such factors as the
    Fund&#146;s dividend and distribution levels (which are affected
    by expenses) and stability, market liquidity, market supply and
    demand, unrealized gains, general market and economic conditions
    and other factors. See &#147;Risk Factors and Special
    Considerations,&#148; &#147;Description of the Shares&#148; and
    &#147;Repurchase of Common Shares.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The common shares are designed primarily for long-term
    investors, and you should not purchase common shares of the Fund
    if you intend to sell them shortly after purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fixed rate preferred shares may also trade at premiums to or
    discounts from their liquidation preference for a variety of
    reasons, including changes in interest rates.
</DIV>
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    <BR>
    3
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    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors and Special Considerations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Risk is inherent in all investing. Therefore, before investing
    in shares of the Fund, you should consider the risks carefully.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Industry Risks.</I>&#160;&#160;The Fund&#146;s investments
    will be concentrated in each of the gold industry and in the
    natural resources industries. Because the Fund is concentrated
    in these industries, it may present more risks than if it were
    broadly diversified over numerous industries and sectors of the
    economy. A downturn in the gold or natural resources industries
    would have a larger impact on the Fund than on an investment
    company that does not concentrate in such industries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions, the Fund will invest at least
    25% of its assets in equity securities of Gold Companies. Equity
    securities of Gold Companies may experience greater volatility
    than companies not involved in the gold industry. Investments
    related to gold are considered speculative and are affected by a
    variety of worldwide economic, financial and political factors.
    The price of gold may fluctuate sharply over short periods of
    time due to changes in inflation or expectations regarding
    inflation in various countries, the availability of supplies of
    gold, changes in industrial and commercial demand, gold sales by
    governments, central banks or international agencies, investment
    speculation, monetary and other economic policies of various
    governments and government restrictions on private ownership of
    gold. The Investment Adviser&#146;s judgments about trends in
    the prices of securities of Gold Companies may prove to be
    incorrect. It is possible that the performance of securities of
    Gold Companies may lag the performance of other industries or
    the broader market as a whole.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions, the Fund will invest at least
    25% of its assets in equity securities of Natural Resources
    Companies. A downturn in the indicated natural resources
    industries would have a larger impact on the Fund than on an
    investment company that does not invest significantly in such
    industries. Such industries can be significantly affected by
    supply and demand for the indicated commodities and related
    services, exploration and production spending, government
    regulations, world events and economic conditions. The oil,
    paper, food and agriculture, forestry products, metals and
    minerals industries can be significantly affected by events
    relating to international political developments, the success of
    exploration projects, commodity prices, and tax and government
    regulations. The stock prices of Natural Resources Companies may
    also experience greater price volatility than other types of
    common stocks. Securities issued by Natural Resources Companies
    are sensitive to changes in the prices of, and in supply and
    demand for, the indicated commodities. The value of securities
    issued by Natural Resources Companies may be affected by changes
    in overall market movements, changes in interest rates, or
    factors affecting a particular industry or commodity, such as
    weather, embargoes, tariffs, policies of commodity cartels and
    international economic, political and regulatory developments.
    The Investment Adviser&#146;s judgments about trends in the
    prices of these securities and commodities may prove to be
    incorrect. It is possible that the performance of securities of
    Natural Resources Companies may lag the performance of other
    industries or the broader market as a whole. See &#147;Risk
    Factors and Special Considerations&#151;Industry Risks.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Supply and Demand Risk.</I>&#160;&#160;A decrease in the
    production of, or exploitation of, gold, gas, oil, paper, food
    and agriculture, forestry products, metals or minerals or a
    decrease in the volume of such commodities available for
    transportation, mining, processing, storage or distribution may
    adversely impact the financial performance of the Fund&#146;s
    investments. Production declines and volume decreases could be
    caused by various factors, including catastrophic events
    affecting production, depletion of resources, labor
    difficulties, environmental proceedings, increased regulations,
    equipment failures and unexpected maintenance problems, import
    supply disruption, increased competition from alternative energy
    sources or commodity prices. Sustained declines in demand for
    the indicated commodities could also adversely affect the
    financial performance of Gold and Natural Resources Companies
    over the long-term. Factors which could lead to a decline in
    demand include economic recession or other adverse economic
    conditions, higher fuel taxes or governmental regulations,
    increases in fuel economy, consumer shifts to the use of
    alternative fuel sources, changes in commodity prices, or
    weather.
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Depletion and Exploration Risk.</I>&#160;&#160;Many Gold and
    Natural Resources Companies are either engaged in the production
    or exploitation of the particular commodities or are engaged in
    transporting, storing, distributing and processing such
    commodities. To maintain or increase their revenue level, these
    companies or their customers need to maintain or expand their
    reserves through exploration of new sources of supply, through
    the development of existing sources, through acquisitions, or
    through long-term contracts to acquire reserves. The financial
    performance of Gold and Natural Resources Companies may be
    adversely affected if they, or the companies to whom they
    provide products or services, are unable to cost-effectively
    acquire additional products or reserves sufficient to replace
    the natural decline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Regulatory Risk.</I>&#160;&#160;Gold Companies and Natural
    Resources Companies may be subject to extensive government
    regulation in virtually every aspect of their operations,
    including how facilities are constructed, maintained and
    operated, environmental and safety controls, and in some cases
    the prices they may charge for the products and services they
    provide. Various governmental authorities have the power to
    enforce compliance with these regulations and the permits issued
    under them, and violators are subject to administrative, civil
    and criminal penalties, including civil fines, injunctions or
    both. Stricter laws, regulations or enforcement policies could
    be enacted in the future, which would likely increase compliance
    costs and may adversely affect the financial performance of Gold
    Companies and Natural Resources Companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Commodity Pricing Risk.</I>&#160;&#160;The operations and
    financial performance of Gold and Natural Resources Companies
    may be directly affected by the prices of the indicated
    commodities, especially those Gold and Natural Resources
    Companies for whom the commodities they own are significant
    assets. Commodity prices fluctuate for several reasons,
    including changes in market and economic conditions, levels of
    domestic production, impact of governmental regulation and
    taxation, the availability of transportation systems and, in the
    case of oil and gas companies in particular, conservation
    measures and the impact of weather. Volatility of commodity
    prices which may lead to a reduction in production or supply,
    may also negatively affect the performance of Gold and Natural
    Resources Companies which are solely involved in the
    transportation, processing, storing, distribution or marketing
    of commodities. Volatility of commodity prices may also make it
    more difficult for Gold and Natural Resources Companies to raise
    capital to the extent the market perceives that their
    performance may be directly or indirectly tied to commodity
    prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Risks Associated with Covered Calls and Other Option
    Transactions.</I>&#160;&#160;There are several risks associated
    with writing covered calls and entering into other types of
    option transactions. For example, there are significant
    differences between the securities and options markets that
    could result in an imperfect correlation between these markets,
    resulting in a given transaction not achieving its objectives.
    In addition, a decision as to whether, when and how to use
    covered call options involves the exercise of skill and
    judgment, and even a well-conceived transaction may be
    unsuccessful because of market behavior or unexpected events. As
    the writer of a covered call option, the Fund forgoes, during
    the option&#146;s life, the opportunity to profit from increases
    in the market value of the security covering the call option
    above the exercise price of the call option, but has retained
    the risk of loss should the price of the underlying security
    decline. As the writer of an uncovered call option, the Fund has
    no risk of loss should the price of the underlying security
    decline, but bears unlimited risk of loss should the price of
    the underlying security increase above the exercise price until
    the Fund covers its exposure.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    There can be no assurance that a liquid market will exist when
    the Fund seeks to close out an option position. If the Fund were
    unable to close out a covered call option that it had written on
    a security, it would not be able to sell the underlying security
    unless the option expired without exercise. Reasons for the
    absence of a liquid secondary market for exchange-traded options
    include the following: (i)&#160;there may be insufficient
    trading interest; (ii)&#160;restrictions may be imposed by an
    exchange on opening transactions or closing transactions or
    both; (iii)&#160;trading halts, suspensions or other
    restrictions may be imposed with respect to particular classes
    or series of options; (iv)&#160;unusual or unforeseen
    circumstances may interrupt normal operations on an exchange;
    (v)&#160;the trading facilities may not be adequate to handle
    current trading volume; or (vi)&#160;the relevant exchange could
    discontinue the trading of options. In addition, the Fund&#146;s
    ability to terminate over-the-counter options may be more
    limited than with exchange-traded options and may involve the
    risk that
</DIV>
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    <BR>
    5
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    counterparties participating in such transactions will not
    fulfill their obligations. See &#147;Risk Factors and Special
    Considerations&#151;Risks Associated with Covered Calls and
    Other Option Transactions.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limitation on Covered Call Writing Risk.</I>&#160;&#160;The
    number of covered call options the Fund can write is limited by
    the number of shares of common stock the Fund holds.
    Furthermore, the Fund&#146;s covered call options and other
    options transactions will be subject to limitations established
    by the exchanges on which such options are traded. As a result,
    the number of covered call options that the Fund may write or
    purchase may be affected by options written or purchased by it
    and other investment advisory clients of the Investment Adviser.
    See &#147;Risk Factors and Special Considerations&#151;Risks
    Associated with Covered Calls and Other Option
    Transactions&#151;Limitation on Covered Call Writing Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Equity Risk.</I>&#160;&#160;Investing in the Fund involves
    equity risk, which is the risk that the securities held by the
    Fund will fall in market value due to adverse market and
    economic conditions, perceptions regarding the industries in
    which the issuers of securities held by the Fund participate and
    the particular circumstances and performance of particular
    companies whose securities the Fund holds. An investment in the
    Fund represents an indirect economic stake in the securities
    owned by the Fund, which are for the most part traded on
    securities exchanges or in the over-the-counter markets. The
    market value of these securities, like other market investments,
    may move up or down, sometimes rapidly and unpredictably. The
    net asset value of the Fund may at any point in time be worth
    less than the amount at the time the shareholder invested in the
    Fund, even after taking into account any reinvestment of
    distributions. See &#147;Risk Factors and Special
    Considerations&#151;Equity Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Foreign Securities Risk.</I>&#160;&#160;Because many of the
    world&#146;s Gold Companies and Natural Resources Companies are
    located outside of the United States, the Fund may have a
    significant portion of its investments in securities that are
    traded primarily in foreign markets and that are not subject to
    the requirements of the U.S.&#160;securities laws, markets and
    accounting requirements (&#147;Foreign Securities&#148;). Such
    investments involve certain risks not involved in domestic
    investments. Securities markets in certain foreign countries are
    not as developed, efficient or liquid as securities markets in
    the U.S.&#160;Therefore, the prices of Foreign Securities may be
    more volatile. In addition, with respect to these securities,
    the Fund will be subject to risks associated with adverse
    political and economic developments in foreign countries, which
    could cause the Fund to lose money on its investments in Foreign
    Securities. See &#147;Risk Factors and Special
    Considerations&#151;Foreign Securities Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Emerging Markets Risk.</I>&#160;&#160;The Fund may invest
    without limit in securities of issuers whose primary operations
    or principal trading market is in an &#147;emerging
    market.&#148; An &#147;emerging market&#148; country is any
    country that is considered to be an emerging or developing
    country by the International Bank for Reconstruction and
    Development (the &#147;World Bank&#148;). Investing in
    securities of companies in emerging markets may entail special
    risks relating to potential political and economic instability
    and the risks of expropriation, nationalization, confiscation or
    the imposition of restrictions on foreign investment, the lack
    of hedging instruments and restrictions on repatriation of
    capital invested. Emerging securities markets are substantially
    smaller, less developed, less liquid and more volatile than the
    major securities markets. The limited size of emerging
    securities markets and limited trading value compared to the
    volume of trading in U.S.&#160;securities could cause prices to
    be erratic for reasons apart from factors that affect the
    quality of the securities. For example, limited market size may
    cause prices to be unduly influenced by traders who control
    large positions. Adverse publicity and investors&#146;
    perceptions, whether or not based on fundamental analysis, may
    decrease the value and liquidity of portfolio securities,
    especially in these markets. Other risks include high
    concentration of market capitalization and trading volume in a
    small number of issuers representing a limited number of
    industries, as well as a high concentration of investors and
    financial intermediaries; overdependence on exports, including
    gold and natural resources exports, making these economies
    vulnerable to changes in commodity prices; overburdened
    infrastructure and obsolete or unseasoned financial systems;
    environmental problems; less developed legal systems; and less
    reliable securities custodial services and settlement practices.
</DIV>
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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Foreign Currency Risk.</I>&#160;&#160;The Fund expects to
    invest in companies whose securities are denominated or quoted
    in currencies other than U.S.&#160;dollars or have significant
    operations or markets outside of the U.S.&#160;In such
    instances, the Fund will be exposed to currency risk, including
    the risk of fluctuations in the exchange rate between
    U.S.&#160;dollars (in which the Fund&#146;s shares are
    denominated) and such foreign currencies and the risk of
    currency devaluations. Certain
    <FONT style="white-space: nowrap">non-U.S.&#160;currencies,</FONT>
    primarily in developing countries, have been devalued in the
    past and might face devaluation in the future. Currency
    devaluations generally have a significant and adverse impact on
    the devaluing country&#146;s economy in the short and
    intermediate term and on the financial condition and results of
    companies&#146; operations in that country. Currency
    devaluations may also be accompanied by significant declines in
    the values and liquidity of equity and debt securities of
    affected governmental and private sector entities generally. To
    the extent that affected companies have obligations denominated
    in currencies other than the devalued currency, those companies
    may also have difficulty in meeting those obligations under such
    circumstances, which in turn could have an adverse effect upon
    the value of the Fund&#146;s investments in such companies.
    There can be no assurance that current or future developments
    with respect to foreign currency devaluations will not impair
    the Fund&#146;s investment flexibility, its ability to achieve
    its investment objectives or the value of certain of its foreign
    currency denominated investments. See &#147;Risk Factors and
    Special Considerations&#151;Foreign Currency Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Market Discount Risk.</I>&#160;&#160;Whether investors will
    realize gains or losses upon the sale of common shares of the
    Fund will depend upon the market price of the shares at the time
    of sale, which may be less or more than the Fund&#146;s net
    asset value per share. Since the market price of the common
    shares will be affected by such factors as the Fund&#146;s
    dividend and distribution levels (which are in turn affected by
    expenses) and stability, net asset value, market liquidity, the
    relative demand for and supply of the common shares in the
    market, unrealized gains, general market and economic conditions
    and other factors beyond the control of the Fund, the Fund
    cannot predict whether the common shares will trade at, below or
    above net asset value or at, below or above the public offering
    price. Shares of closed-end funds often trade at a discount from
    their net asset value and the Fund&#146;s shares may trade at
    such a discount. This risk may be greater for investors
    expecting to sell their common shares of the Fund soon after the
    completion of the public offering. The common shares of the Fund
    are designed primarily for long-term investors, and investors in
    the common shares should not view the Fund as a vehicle for
    trading purposes. See &#147;Risk Factors and Special
    Considerations&#151;Market Discount Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Common Stock Risk.</I>&#160;&#160;Common stock of an issuer
    in the Fund&#146;s portfolio may decline in price for a variety
    of reasons including if the issuer fails to make anticipated
    dividend payments. Common stock is structurally subordinated as
    to income and residual value to preferred stock and debt in a
    company&#146;s capital structure, and therefore will be subject
    to greater dividend risk than preferred stock or debt
    instruments of such issuers. While common stock has historically
    generated higher average returns over long measurement periods
    than fixed income securities, common stock has also experienced
    significantly more volatility in those returns. See &#147;Risk
    Factors and Special Considerations&#151;Common Stock Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Convertible Securities Risk.</I>&#160;&#160;Convertible
    securities generally offer lower interest or dividend yields
    than non-convertible securities of similar quality. The market
    values of convertible securities tend to decline as interest
    rates increase and, conversely, to increase as interest rates
    decline. In the absence of adequate anti-dilution provisions in
    a convertible security, dilution in the value of the Fund&#146;s
    holding may occur in the event the underlying stock is
    subdivided, additional equity securities are issued for below
    market value, a stock dividend is declared, or the issuer enters
    into another type of corporate transaction that has a similar
    effect. See &#147;Risk Factors and Special
    Considerations&#151;Convertible Securities Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Income Risk.</I>&#160;&#160;The income shareholders receive
    from the Fund is expected to be based primarily on income the
    Fund earns from its investment strategy of writing covered calls
    and dividends and other distributions received from its
    investments. If the Fund&#146;s covered call strategy fails to
    generate sufficient income or the distribution rates or yields
    of the Fund&#146;s holdings decrease, shareholders&#146; income
    from the Fund could decline. See &#147;Risk Factors and Special
    Considerations&#151;Income Risk.&#148;
</DIV>
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    <BR>
    7
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    <I>Distribution Risk for Equity Income Portfolio
    Securities.</I>&#160;&#160;The Fund intends to invest in the
    shares of issuers that pay dividends or other distributions.
    Such dividends or other distributions are not guaranteed, and an
    issuer may forgo paying dividends or other distributions at any
    time and for any reason. See &#147;Risk Factors and Special
    Considerations&#151;Distribution Risk for Equity Income
    Portfolio Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Special Risks Related to Preferred
    Securities.</I>&#160;&#160;Special risks associated with
    investing in preferred securities include deferral of
    distributions or dividend payments, in some cases the right of
    an issuer never to pay missed dividends, subordination to debt
    and other liabilities, illiquidity, limited voting rights and
    redemption by the issuer. Because the Fund has no limit on its
    investment in non-cumulative preferred securities, the amount of
    dividends the Fund pays may be adversely affected if an issuer
    of a non-cumulative preferred stock held by the Fund determines
    not to pay dividends on such stock. There is no assurance that
    dividends or distributions on preferred stock in which the Fund
    invests will be declared or otherwise made payable. See
    &#147;Risk Factors and Special Considerations&#151;Special Risks
    Related to Preferred Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Interest Rate Risk.</I>&#160;&#160;Rising interest rates
    generally adversely affect the financial performance of Gold
    Companies and Natural Resources Companies by increasing their
    costs of capital. This may reduce their ability to execute
    acquisitions or expansion projects in a cost-effective manner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During periods of declining interest rates, the issuer of a
    preferred stock or fixed income security may be able to exercise
    an option to prepay principal earlier than scheduled, forcing
    the Fund to reinvest in lower yielding securities. This is known
    as call or prepayment risk. During periods of rising interest
    rates, the average life of certain types of securities may be
    extended because of slower than expected principal payments.
    This may prolong the length of time the security pays a below
    market interest rate, increase the security&#146;s duration and
    reduce the value of the security. This is known as extension
    risk. See &#147;Risk Factors and Special
    Considerations&#151;Interest Rate Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Inflation Risk.</I>&#160;&#160;Inflation risk is the risk
    that the value of assets or income from investments will be
    worth less in the future as inflation decreases the value of
    money. As inflation increases, the real value of the Fund&#146;s
    shares and distributions thereon can decline. In addition,
    during any periods of rising inflation, dividend rates of any
    variable rate preferred shares or debt securities issued by the
    Fund would likely increase, which would tend to further reduce
    returns to common shareholders. See &#147;Risk Factors and
    Special Considerations&#151;Inflation Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Illiquid Investments.</I>&#160;&#160;Although the Fund
    expects that its portfolio will primarily be comprised of liquid
    securities, the Fund may invest up to 15% of its assets in
    unregistered securities and otherwise illiquid investments.
    Unregistered securities are securities that cannot be sold
    publicly in the United States without registration under the
    Securities Act of 1933. An illiquid investment is a security or
    other investment that cannot be disposed of within seven days in
    the ordinary course of business at approximately the value at
    which the Fund has valued the investment. Unregistered
    securities often can be resold only in privately negotiated
    transactions with a limited number of purchasers or in a public
    offering registered under the Securities Act of 1933.
    Considerable delay could be encountered in either event and,
    unless otherwise contractually provided for, the Fund&#146;s
    proceeds upon sale may be reduced by the costs of registration
    or underwriting discounts. The difficulties and delays
    associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible. In addition, the Fund
    may be unable to sell other illiquid investments when it desires
    to do so, resulting in the Fund obtaining a lower price or being
    required to retain the investment. Illiquid investments
    generally must be valued at fair value, which is inherently less
    precise than utilizing market values for liquid investments, and
    may lead to differences between the price a security is valued
    for determining the Fund&#146;s net asset value and the price
    the Fund actually receives upon sale. See &#147;Risk Factors and
    Special Considerations&#151;Illiquid Investments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Investment Companies.</I>&#160;&#160;The Fund may invest in
    the securities of other investment companies, including exchange
    traded funds. To the extent the Fund invests in the common
    equity of investment companies, the Fund will bear its ratable
    share of any such investment company&#146;s expenses, including
    management fees. The Fund will also remain obligated to pay
    management fees to the Investment Adviser with respect to the
    assets
</DIV>
</DIV><!-- End box 1 -->

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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    invested in the securities of other investment companies. In
    these circumstances, holders of the Fund&#146;s common shares
    will be in effect subject to duplicative investment expenses.
    See &#147;Risk Factors and Special
    Considerations&#151;Investment Companies.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Special Risks of Derivative Transactions.</I>&#160;&#160;The
    Fund may participate in derivative transactions. Such
    transactions entail certain execution, market, liquidity,
    hedging and tax risks. Participation in the options or futures
    markets and in currency exchange transactions involves
    investment risks and transaction costs to which the Fund would
    not be subject absent the use of these strategies. If the
    Investment Adviser&#146;s prediction of movements in the
    direction of the securities, foreign currency and interest rate
    markets is inaccurate, the consequences to the Fund may leave
    the Fund in a worse position than if it had not used such
    strategies. See &#147;Risk Factors and Special
    Considerations&#151;Special Risks of Derivative
    Transactions.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Lower Grade Securities.</I>&#160;&#160;The Fund may invest up
    to 10% of its assets in fixed income and convertible securities
    rated in the lower rating categories of recognized statistical
    rating agencies, such as securities rated &#147;CCC&#148; or
    lower by Standard&#160;&#038; Poor&#146;s Ratings Services
    (&#147;S&#038;P&#148;) or &#147;Caa&#148; by Moody&#146;s
    Investors Service, Inc. (&#147;Moody&#146;s&#148;), or non-rated
    securities of comparable quality. These high yield securities,
    also sometimes referred to as &#147;junk bonds,&#148; generally
    pay a premium above the yields of U.S.&#160;government
    securities or debt securities of investment grade issuers
    because they are subject to greater risks than these securities.
    See &#147;Risk Factors and Special Considerations&#151;Lower
    Grade Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Leverage Risk.</I>&#160;&#160;The use of leverage, which can
    be described as exposure to changes in price at a ratio greater
    than the amount of equity invested, either through the issuance
    of preferred shares, borrowing or other forms of market
    exposure, magnifies both the favorable and unfavorable effects
    of price movements in the investments made by the Fund. To the
    extent that the Fund is leveraged in its investment operations,
    the Fund will be subject to substantial risk of loss. The Fund
    cannot assure you that borrowings or the issuance of preferred
    shares will result in a higher yield or return to the holders of
    the common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Preferred Share Risk.</I>&#160;&#160;The issuance of
    preferred shares causes the net asset value and market value of
    the common shares to become more volatile. If the dividend rate
    on the preferred shares approaches the net rate of return on the
    Fund&#146;s investment portfolio, the benefit of leverage to the
    holders of the common shares would be reduced. If the dividend
    rate on the preferred shares plus the management fee annual rate
    of 1.00% exceeds the net rate of return on the Fund&#146;s
    portfolio, the leverage will result in a lower rate of return to
    the holders of common shares than if the Fund had not issued
    preferred shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any decline in the net asset value of the Fund&#146;s
    investments would be borne entirely by the holders of common
    shares. Therefore, if the market value of the Fund&#146;s
    portfolio declines, the leverage will result in a greater
    decrease in net asset value to the holders of common shares than
    if the Fund were not leveraged. This greater net asset value
    decrease will also tend to cause a greater decline in the market
    price for the common shares. The Fund might be in danger of
    failing to maintain the required asset coverage of the preferred
    shares or of losing its ratings on the preferred shares or, in
    an extreme case, the Fund&#146;s current investment income might
    not be sufficient to meet the dividend requirements on the
    preferred shares. In order to counteract such an event, the Fund
    might need to liquidate investments in order to fund a
    redemption of some or all of the preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund pays (and the holders of common shares
    will bear) all costs and expenses relating to the issuance and
    ongoing maintenance of the preferred shares, including
    additional advisory fees. Holders of preferred shares may have
    different interests than holders of common shares and at times
    may have disproportionate influence over the Fund&#146;s
    affairs. Holders of preferred shares, voting separately as a
    single class, have the right to elect two members of the Board
    of Trustees at all times and in the event dividends become in
    arrears for two full years would have the right to elect a
    majority of the Trustees until the arrearage is completely
    eliminated. In addition, preferred shareholders have class
    voting rights on certain matters, including changes in
    fundamental investment restrictions and conversion of the Fund
    to open-end status, and accordingly can veto any such changes.
</DIV>
</DIV><!-- End box 1 -->

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    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Portfolio Guidelines of Rating Agencies for Preferred Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Credit Facility</I>.&#160;&#160;In order to obtain attractive
    credit quality ratings for preferred shares or borrowings, the
    Fund must comply with investment quality, diversification and
    other guidelines established by the relevant rating agencies.
    These guidelines could affect portfolio decisions and may be
    more stringent than those imposed by the Investment Company Act
    of 1940, as amended (the &#147;1940 Act&#148;).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Dependence on Key Personnel.</I>&#160;&#160;The Investment
    Adviser is dependent upon the expertise of Mr.&#160;Mario J.
    Gabelli. If the Investment Adviser were to lose the services of
    Mr.&#160;Gabelli, it could be adversely affected. There can be
    no assurance that a suitable replacement could be found for
    Mr.&#160;Gabelli in the event of his death, resignation,
    retirement or inability to act on behalf of the Investment
    Adviser. See &#147;Risk Factors and Special
    Considerations&#151;Dependence on Key Personnel.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Long-Term Objective; Not a Complete Investment
    Program.</I>&#160;&#160;The Fund is intended for investors
    seeking a high level of current income. The Fund is not meant to
    provide a vehicle for those who wish to exploit short-term
    swings in the stock market. An investment in shares of the Fund
    should not be considered a complete investment program. Each
    shareholder should take into account the Fund&#146;s investment
    objectives as well as the shareholder&#146;s other investments
    when considering an investment in the Fund. See &#147;Risk
    Factors and Special Considerations&#151;Long-Term Objective; Not
    a Complete Investment Program.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Management Risk.</I>&#160;&#160;The Fund is subject to
    management risk because its portfolio is actively managed. The
    Investment Adviser applies investment techniques and risk
    analyses in making investment decisions for the Fund, but there
    can be no guarantee that these will produce the desired results.
    See &#147;Risk Factors and Special
    Considerations&#151;Management Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Portfolio Turnover.</I>&#160;&#160;The Fund may have a high
    turnover ratio which may result in higher expenses and lower
    after-tax return to shareholders than if the Fund had a lower
    turnover ratio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Non-Diversified Status.</I>&#160;&#160;As a non-diversified
    investment company under the 1940 Act, the Fund may invest a
    greater portion of its assets in a more limited number of
    issuers than may a diversified fund, and accordingly, an
    investment in the Fund may present greater risk to an investor
    than an investment in a diversified company. See &#147;Risk
    Factors and Special Considerations&#151;Non-Diversified
    Status.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Geopolitical Events.</I>&#160;&#160;As a result of the
    terrorist attacks on domestic U.S. targets on September&#160;11,
    2001, some of the U.S.&#160;securities markets were closed for a
    <FONT style="white-space: nowrap">four-day</FONT>
    period. These terrorists attacks, the war in Iraq and its
    aftermath and other geopolitical events have led to, and may in
    the future lead to, increased short-term market volatility and
    may have long-term effects on U.S.&#160;and world economies and
    markets. The nature, scope and duration of the war and
    occupation cannot be predicted with any certainty. Similar
    events in the future or other disruptions of financial markets
    could affect interest rates, securities exchanges, auctions,
    secondary trading, ratings, credit risk, inflation, energy
    prices and other factors relating to the common shares. See
    &#147;Risk Factors and Special Considerations&#151;Geopolitical
    Events.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Anti-Takeover Provisions.</I>&#160;&#160;The Fund&#146;s
    governing documents include provisions that could limit the
    ability of other entities or persons to acquire control of the
    Fund or convert the Fund to an open-end fund. See &#147;Risk
    Factors and Special Considerations&#151;Anti-Takeover
    Provisions&#148; and &#147;Anti-Takeover Provisions of the
    Fund&#146;s Governing Documents.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Management
    and Fees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    and is compensated for its services and its related expenses at
    an annual rate of 1.00% of the Fund&#146;s average weekly net
    assets, with no deduction for the liquidation preference of any
    outstanding preferred shares. Consequently, if the Fund has
    preferred shares outstanding, the management fee as a percentage
    of net assets attributable to the common shares will be higher.
    The Investment Adviser is responsible for administration of the
    Fund and currently utilizes and pays the fees of a third party
    sub-administrator. See &#147;Management of the Fund.&#148;
</DIV>
</DIV><!-- End box 1 -->

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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Repurchase
    of Common Shares and Anti-Takeover Provisions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Trustees has authorized the Fund (and
    the Fund accordingly reserves freedom of action) to repurchase
    its common shares in the open market when the common shares are
    trading at a discount of 7.5% or more from net asset value (or
    such other percentage as the Board of Trustees may determine
    from time to time). Although the Board of Trustees has
    authorized such repurchases, the Fund is not required to
    repurchase its common shares. The Board of Trustees has not
    established a limit on the number of shares that could be
    purchased during such period. Such repurchases are subject to
    certain notice and other requirements under the 1940 Act. See
    &#147;Repurchase of Common Shares.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain provisions of the Fund&#146;s Agreement and Declaration
    of Trust and By-Laws (collectively, the &#147;Governing
    Documents&#148;) may be regarded as &#147;anti-takeover&#148;
    provisions. Pursuant to these provisions, only one of three
    classes of Trustees is elected each year, and the affirmative
    vote of the holders of 75% of the outstanding shares of the Fund
    are necessary to authorize the conversion of the Fund from a
    closed-end to an open-end investment company or to authorize
    certain transactions between the Fund and a beneficial owner of
    more than 5% of any class of the Fund&#146;s capital stock. The
    overall effect of these provisions is to render more difficult
    the accomplishment of a merger with, or the assumption of
    control by, a principal shareholder. These provisions may have
    the effect of depriving Fund common shareholders of an
    opportunity to sell their shares at a premium to the prevailing
    market price. The issuance of preferred shares could make it
    more difficult for the holders of common shares to avoid the
    effect of these provisions. See &#147;Anti-Takeover Provisions
    of the Fund&#146;s Governing Documents.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Custodian,
    Transfer Agent and Dividend Disbursing Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bank of New York Mellon Corporation (&#147;Mellon&#148;),
    located at 135 Santilli Highway, Everett, Massachusetts 02149,
    serves as the custodian (the &#147;Custodian&#148;) of the
    Fund&#146;s assets pursuant to a custody agreement. Under the
    custody agreement, the Custodian holds the Fund&#146;s assets in
    compliance with the 1940 Act. For its services, the Custodian
    will receive a monthly fee paid by the Fund based upon, among
    other things, the average value of the total assets of the Fund,
    plus certain charges for securities transactions and
    out-of-pocket expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    American Stock Transfer&#160;&#038; Trust&#160;Company
    (&#147;American Stock Transfer&#148;), located at 59 Maiden
    Lane, New&#160;York, New York 10038, serves as the Fund&#146;s
    distribution disbursing agent, as agent under the Fund&#146;s
    automatic dividend reinvestment and voluntary cash purchase plan
    and as transfer agent and registrar with respect to the common
    shares of the Fund.
</DIV>
</DIV><!-- End box 1 -->

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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF FUND&#160;EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the Fund&#146;s expenses as a
    percentage of net assets attributable to common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Shareholder Transaction Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.00%(1)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.19%(1)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None(2)
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Assets Attributable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to Common Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.22
</TD>
<TD nowrap align="left" valign="bottom">
    %(3)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.43
</TD>
<TD nowrap align="left" valign="bottom">
    %(3)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
    %(3)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Estimated maximum amount based on offering of $250&#160;million
    in common shares. The actual amounts in connection with any
    offering will be set forth in the Prospectus Supplement if
    applicable.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    You will be charged a $1.00 service charge and pay brokerage
    charges if you direct the plan agent to sell your common shares
    held in a dividend reinvestment account.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Investment Adviser&#146;s fee is 1.00% annually of the
    Fund&#146;s average weekly net assets, with no deduction for the
    liquidation preference of any outstanding preferred shares.
    Consequently, if the Fund has preferred shares outstanding, the
    investment management fees and other expenses as a percentage of
    net assets attributable to common shares will be higher than if
    the Fund does not utilize a leveraged capital structure.
    &#147;Other Expenses&#148; are based on estimated amounts for
    the current year assuming completion of the proposed issuances.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The purpose of the table above and the example below is to help
    you understand all fees and expenses that you, as a holder of
    common shares, would bear directly or indirectly.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following example illustrates the expenses (including the
    maximum estimated sales load of $30 and estimated offering
    expenses of $2 from the issuance of $250&#160;million in common
    shares) you would pay on a $1,000 investment in common shares,
    assuming a 5% annual portfolio total return.* The actual amounts
    in connection with any offering will be set forth in the
    Prospectus Supplement if applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    119
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    221
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 8pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    *&#160;<B>The example should not be considered a representation
    of future expenses.</B> The example assumes that the amounts set
    forth in the Annual Expenses table are accurate and that all
    distributions are reinvested at net asset value. Actual expenses
    may be greater or less than those assumed. Moreover, the
    Fund&#146;s actual rate of return may be greater or less than
    the hypothetical 5% return shown in the example.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser expects that it will initially invest the
    proceeds of the offering in high quality short-term debt
    securities and instruments. The Investment Adviser anticipates
    that the investment of the proceeds will be made in accordance
    with the Fund&#146;s investment objectives and policies as
    appropriate investment opportunities are identified, which is
    expected to substantially be completed within three months;
    however, changes in market conditions could result in the
    Fund&#146;s anticipated investment period extending to as long
    as six months.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    HIGHLIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selected data below sets forth the per share operating
    performance and ratios for the period presented. The financial
    information was derived from and should be read in conjunction
    with the Financial Statements of the Fund and Notes thereto,
    which are incorporated by reference into this prospectus and the
    SAI. The financial information for the fiscal year ended
    December&#160;31, 2008 and for each of the preceding fiscal
    periods presented since inception, has been audited by
    PricewaterhouseCoopers LLP, the Fund&#146;s independent
    registered public accounting firm, whose unqualified report on
    such Financial Statements is incorporated by reference into the
    SAI.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Selected data for a share of beneficial interest outstanding
    throughout each period:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2005(e)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Operating Performance:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net asset value, beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.06
</TD>
<TD nowrap align="left" valign="bottom">
    (f)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net investment income/(loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net realized and unrealized gain/(loss) on investments, swap
    contracts, securities sold short, written options, and foreign
    currency transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total from investment operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Distributions to Preferred Shareholders: (a)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.28
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total distributions to preferred shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Distributions to Common Shareholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.13
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.48
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.78
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.09
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Return of capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total distributions to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.93
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.16
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Fund&#160;Share Transactions:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Increase/(decrease) in net asset value from common share
    transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )(d)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Increase in net asset value from repurchases of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Offering costs for preferred shares charged to paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total fund share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.00
</TD>
<TD nowrap align="left" valign="bottom">
    )(d)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    <B>Net Asset Value, End of Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    NAV total return&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (61.59
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.0
</TD>
<TD nowrap align="left" valign="bottom">
    %*
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Market value, end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Investment total return&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50.94
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.86
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.2
</TD>
<TD nowrap align="left" valign="bottom">
    %**
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Ratios to Average Net Assets and Supplemental Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net assets including liquidation value of preferred shares, end
    of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    633,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Net assets attributable to common shares, end of period
    (in&#160;000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    533,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    432,741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    390,209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Ratio of net investment income/(loss) to average net assets
    attributable to common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.09
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.47
</TD>
<TD nowrap align="left" valign="bottom">
    %(g)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Ratio of operating expenses to average net assets attributable
    to common shares (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.45
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.15
</TD>
<TD nowrap align="left" valign="bottom">
    %(g)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Ratio of operating expenses to average net assets including
    liquidation value of preferred shares (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Portfolio turnover rate&#134;&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    142.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Period Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2005(e)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Preferred Shares:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    <B>6.625% Series&#160;A Cumulative Preferred Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Liquidation value, end of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Total shares outstanding (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Liquidation preference per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Average market value (c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    Asset coverage per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    158.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    <B>Asset coverage</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    633
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share, adjusted for reinvestment of
    distributions at the net asset value per share on the
    ex-dividend dates. Total return for a period of less than one
    year is not annualized.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on market value per share, adjusted for reinvestment of
    distributions at prices obtained under the Fund&#146;s dividend
    reinvestment plan. Total return for a period of less than one
    year is not annualized.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134;&#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Effective in 2008, a change in accounting policy was adopted
    with regard to the calculation of the portfolio turnover rate to
    include cash proceeds due to mergers. Had this policy been
    adopted retroactively, the portfolio turnover rate for the year
    ended December&#160;31, 2007 and period ended December&#160;31,
    2005 would have been 77.7% and 143.3%, respectively. The
    portfolio turnover rate for the year ended 2006 would have been
    as shown.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share at commencement of operations
    of $19.06 per share.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on market value per share at initial public offering of
    $20.00 per share.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Calculated based upon average common shares outstanding on the
    record dates throughout the periods.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (b) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund incurred interest expense during December&#160;31,
    2008, 2007, and 2006. If Interest expense had not been incurred,
    the ratio of operating expenses to average net assets
    attributable to common shares would have been 1.54%, 1.33%, and
    1.16%, respectively, and for 2008 and 2007, the ratio of
    operating expenses to average net assets including liquidation
    value of preferred shares would have been 1.25% and 1.27%,
    respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (c) </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on weekly prices.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (d) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amount represents less than $0.005 per share.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (e) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund commenced investment operations on March&#160;31, 2005.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (f) </TD>
    <TD></TD>
    <TD valign="bottom">
    The beginning of period NAV reflects a $0.04 reduction for costs
    associated with the initial public offering.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (g) </TD>
    <TD></TD>
    <TD valign="bottom">
    Annualized.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is a non-diversified, closed-end management investment
    company registered under the 1940 Act. The Fund was organized as
    a Delaware statutory trust on January&#160;4, 2005, pursuant to
    an Agreement and Declaration of Trust governed by the laws of
    the State of Delaware. The Fund commenced investment operations
    on March&#160;31, 2005. The Fund&#146;s principal office is
    located at One Corporate Center, Rye, New York,
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and its telephone number is
    <FONT style="white-space: nowrap">(800)&#160;422-3554.</FONT>
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    OBJECTIVES AND POLICIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Objectives</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income. The Fund&#146;s secondary
    investment objective is to seek capital appreciation consistent
    with the Fund&#146;s strategy and its primary objective. Under
    normal market conditions, the Fund will attempt to achieve its
    objectives by investing at least 80% of its assets in equity
    securities of companies principally engaged in the gold industry
    and the natural resources industries. The Fund will invest at
    least 25% of its assets in the equity securities of companies
    principally engaged in the exploration, mining, fabrication,
    processing, distribution or trading of gold or the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities. In addition, the Fund will
    invest at least 25% of its assets in the equity securities of
    companies principally engaged in the exploration, production or
    distribution of natural resources, such as gas, oil, paper, food
    and agriculture, forestry products, metals and minerals as well
    as related transportation companies and equipment manufacturers.
    The Fund may invest in the securities of companies located
    anywhere in the world. Under normal market conditions, the Fund
    will invest at least 40% of its assets in the securities of
    issuers located in at least three countries other than the
    U.S.&#160;For this purpose an issuer will be treated as located
    outside the U.S.&#160;if it is either organized or headquartered
    outside the U.S.&#160;and has a substantial portion of its
    operations or sales outside the U.S.&#160;Equity securities may
    include common stocks, preferred stocks, convertible securities,
    warrants, depository receipts and equity interests in trusts and
    other entities. Other Fund investments may include investment
    companies, securities of issuers subject to reorganization or
    other risk arbitrage investments, certain derivative
    instruments, debt (including obligations of the
    U.S.&#160;Government) and money market instruments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of its investment strategy, the Fund intends to generate
    gains through an option strategy of writing (selling) covered
    call options on equity securities in its portfolio. When the
    Fund sells a covered call option, it generates gains in the form
    of the premium paid by the buyer of the call option, but the
    Fund forgoes the opportunity to participate in any increase in
    the value of the underlying equity security above the exercise
    price of the option.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Methodology of the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In selecting securities for the Fund, the Investment Adviser
    normally will consider the following factors, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the industry of the issuer of a security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the ability of the Fund to earn possible gains from writing
    covered call options on such securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interest or dividend income generated by the securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the potential for capital appreciation of the securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the prices of the securities relative to other comparable
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the securities are entitled to the benefits of call
    protection or other protective covenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the existence of any anti-dilution protections or guarantees of
    the security;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number and size of investments of the portfolio as to
    issuers.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser&#146;s investment philosophy with respect
    to selecting investments in the gold industry and the natural
    resources industries is to emphasize quality and value, as
    determined by such factors as asset quality, balance sheet
    leverage, management ability, reserve life, cash flow, and
    commodity hedging exposure. In addition, in making stock
    selections, the Investment Adviser looks for securities that it
    believes may have a superior yield as well as capital gains
    potential.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Investment Practices</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Gold Industry Concentration.</I>&#160;&#160;Under normal
    market conditions the Fund will invest at least 25% of its
    assets in the equity securities of Gold Companies. &#147;Gold
    Companies&#148; are those that are principally engaged in the
    exploration, mining, fabrication, processing, distribution or
    trading of gold, or the financing, managing, controlling or
    operating of companies engaged in &#147;gold-related&#148;
    activities. The Fund&#146;s investments in Gold Companies will
    generally be in the common equity of Gold Companies, but the
    Fund may also invest in preferred stocks, securities convertible
    into common stocks, and securities such as rights and warrants
    that have common stock characteristics.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In selecting investments in Gold Companies for the Fund, the
    Investment Adviser focuses on stocks that are undervalued, but
    which appear to have favorable prospects for growth. Factors
    considered in this determination include capitalization per
    ounce of gold production, capitalization per ounce of
    recoverable reserves, quality of management and ability to
    create shareholder wealth. Because most of the world&#146;s gold
    production is outside of the United States, the Fund may have a
    significant portion of its investments in Gold Companies in
    securities of foreign issuers, including those located in
    developed as well as emerging markets. The percentage of Fund
    assets invested in particular countries or regions will change
    from time to time based on the Investment Adviser&#146;s
    judgment. Among other things, the Investment Adviser will
    consider the economic stability and economic outlook of these
    countries and regions. See &#147;Risk Factors and Special
    Considerations&#151;Industry Risks.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Natural Resources Industries
    Concentration.</I>&#160;&#160;Under normal market conditions,
    the Fund will invest at least 25% of its assets in equity
    securities of Natural Resources Companies. &#147;Natural
    Resources Companies&#148; are those that are principally engaged
    in the exploration, production or distribution of energy or
    natural resources, such as gas, oil, paper, food and
    agriculture, forestry products, metals and minerals as well as
    related transportation companies and equipment manufacturers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principally engaged, as used in this prospectus, means a company
    that derives at least 50% of its revenues or earnings or devotes
    at least 50% of its assets to gold or natural resources related
    activities, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Covered Calls and Other Option
    Transactions.</I>&#160;&#160;The Fund intends to generate gains
    through an option strategy which will normally consist of
    writing (selling) call options on equity securities in its
    portfolio (&#147;covered calls&#148;), but may, in amounts up to
    15% of the Fund&#146;s assets, consist of writing uncovered call
    options on additional amounts of such securities beyond the
    amounts held in its portfolio, on other securities not held in
    its portfolio, on indices comprised of Gold Companies or Natural
    Resources Companies or on exchange traded funds comprised of
    such issuers and also may consist of writing put options on
    securities in its portfolio. Writing a covered call is the
    selling of an option contract entitling the buyer to purchase an
    underlying security that the Fund owns, while writing an
    uncovered call is the selling of such a contract entitling the
    buyer to purchase a security the Fund does not own or in an
    amount in excess of the amount the Fund owns. When the Fund
    sells a call option, it generates gains in the form of the
    premium paid by the buyer of the call option, but the Fund
    forgoes the opportunity to participate in any increase in the
    value of the underlying equity security above the exercise price
    of the option. The writer of the call option has the obligation,
    upon exercise of the option, to deliver the underlying security
    or currency upon payment of the exercise price during the option
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A put option is the reverse of a call option, giving the buyer
    the right, in return for a premium, to sell the underlying
    security to the writer, at a specified price, and obligating the
    writer to purchase the underlying security from the holder at
    that price. When the Fund sells a put option, it generates gains
    in the form of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    premium paid by the buyer of the put option, but the Fund will
    have the obligation to buy the underlying security at the
    exercise price if the price of the security decreases below the
    exercise price of the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund has written a call option, it may terminate its
    obligation by effecting a closing purchase transaction. This is
    accomplished by purchasing a call option with the same terms as
    the option previously written. However, once the Fund has been
    assigned an exercise notice, the Fund will be unable to effect a
    closing purchase transaction. Similarly, if the Fund is the
    holder of an option, it may liquidate its position by effecting
    a closing sale transaction. This is accomplished by selling an
    option with the same terms as the option previously purchased.
    There can be no assurance that either a closing purchase or sale
    transaction can be effected when the Fund so desires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will realize a profit from a closing transaction if the
    price of the transaction is less than the premium it received
    from writing the option or is more than the premium it paid to
    purchase the option; the Fund will realize a loss from a closing
    transaction if the price of the transaction is more than the
    premium it received from writing the option or is less than the
    premium it paid to purchase the option. Since call option prices
    generally reflect increases in the price of the underlying
    security, any loss resulting from the repurchase of a call
    option may also be wholly or partially offset by unrealized
    appreciation of the underlying security. Other principal factors
    affecting the market value of a put or a call option include
    supply and demand, interest rates, the current market price and
    price volatility of the underlying security and the time
    remaining until the expiration date. Gains and losses on
    investments in options depend, in part, on the ability of the
    Investment Adviser to predict correctly the effect of these
    factors. The use of options cannot serve as a complete hedge
    since the price movement of securities underlying the options
    will not necessarily follow the price movements of the portfolio
    securities subject to the hedge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An option position may be closed out only on an exchange that
    provides a secondary market for an option with the same terms or
    in a private transaction. Although the Fund will generally
    purchase or write options for which there appears to be an
    active secondary market, there is no assurance that a liquid
    secondary market on an exchange will exist for any particular
    option. In such event, it might not be possible to effect
    closing transactions in particular options, so that the Fund
    would have to exercise its options in order to realize any
    profit and would incur brokerage commissions upon the exercise
    of call options and upon the subsequent disposition of
    underlying securities for the exercise of put options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the Fund writes an uncovered call option or put option, it
    will segregate liquid assets with its custodian in an amount
    equal to the amount, adjusted daily, by which such option is in
    the money or will treat the unsegregated amount as borrowings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the Investment Adviser will attempt to take appropriate
    measures to minimize the risks relating to the Fund&#146;s
    writing and purchasing of put and call options, there can be no
    assurance that the Fund will succeed in any option-writing
    program it undertakes. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Risks Associated with Covered Calls
    and Other Options.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Foreign Securities.</I>&#160;&#160;Because many of the
    world&#146;s Gold Companies and Natural Resources Companies are
    located outside of the U.S., the Fund may have a significant
    portion of its investments in securities of foreign issuers,
    which are generally denominated in foreign currencies. See
    &#147;Risk Factors and Special Considerations&#151;Foreign
    Securities Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may also purchase sponsored American Depository
    Receipts (&#147;ADRs&#148;) or U.S.&#160;dollar denominated
    securities of foreign issuers. ADRs are receipts issued by
    U.S.&#160;banks or trust companies in respect of securities of
    foreign issuers held on deposit for use in the
    U.S.&#160;securities markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Emerging Markets.</I>&#160;&#160;The Fund may invest without
    limit in securities of emerging market issuers. These securities
    may be U.S.&#160;dollar denominated or
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar</FONT>
    denominated, including emerging market country currency
    denominated. An &#147;emerging market&#148; country is any
    country that is considered to be an emerging or developing
    country by the International Bank for Reconstruction and
    Development (the &#147;World Bank&#148;). Emerging market
    countries generally include every nation in the world except the
    U.S., Canada, Japan, Australia, New Zealand and most countries
    located in Western Europe.
</DIV>

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    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Registered Investment Companies.</I>&#160;&#160;The Fund may
    invest in registered investment companies in accordance with the
    1940 Act, to the extent consistent with the Fund&#146;s
    investment objectives, including exchange traded funds that
    concentrate in investments in the gold or natural resources
    industries. The 1940 Act generally prohibits the Fund from
    investing more than 5% of its assets in any one other investment
    company or more than 10% of its assets in all other investment
    companies. However, many exchange-traded funds are exempt from
    these limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Illiquid Investments.</I>&#160;&#160;The Fund may invest up
    to 15% of its net assets in securities for which there is no
    readily available trading market or are otherwise illiquid.
    Illiquid securities include, among other things, securities
    legally restricted as to resale such as commercial paper issued
    pursuant to Section&#160;4(2) of the Securities Act, 144A
    securities, written over-the-counter options, repurchase
    agreements with maturities in excess of seven days, certain loan
    participation interests, fixed time deposits which are not
    subject to prepayment or provide for withdrawal penalties upon
    prepayment (other than overnight deposits), and other securities
    whose disposition is restricted under the federal securities
    laws. Section&#160;4(2) and Rule&#160;144A securities may,
    however, be treated as liquid by the Investment Adviser pursuant
    to procedures adopted by the Board of Trustees, which require
    consideration of factors such as trading activity, availability
    of market quotations and number of dealers willing to purchase
    the security. If the Fund invests in Rule&#160;144A securities,
    the level of portfolio illiquidity may be increased to the
    extent that eligible buyers become uninterested in purchasing
    such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It may be more difficult to sell illiquid securities at an
    attractive price until such time as such securities may be sold
    publicly. Where registration is desired, a considerable period
    may elapse between a decision to sell the securities and the
    time when registration is complete. Thus, the Fund may not be
    able to obtain as favorable a price as that prevailing at the
    time of the decision to sell. The Fund may also acquire
    securities with contractual restrictions on the resale of such
    securities. Such restrictions might prevent their sale at a time
    when such sale would otherwise be desirable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Income Securities.</I>&#160;&#160;The Fund may invest in
    other equity securities that are expected to periodically accrue
    or generate income for their holders such as common and
    preferred stocks of issuers that have historically paid periodic
    dividends or otherwise made distributions to stockholders.
    Unlike fixed income securities, dividend payments generally are
    not guaranteed and so may be discontinued by the issuer at its
    discretion or because of the issuer&#146;s inability to satisfy
    its liabilities. Further, an issuer&#146;s history of paying
    dividends does not guarantee that it will continue to pay
    dividends in the future. In addition to dividends, under certain
    circumstances the holders of common stock may benefit from the
    capital appreciation of the issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund also may invest in fixed income securities
    such as convertible securities, bonds, debentures, notes, stock,
    short-term discounted Treasury Bills or certain securities of
    the U.S.&#160;government sponsored instrumentalities, as well as
    money market mutual funds that invest in those securities,
    which, in the absence of an applicable exemptive order, will not
    be affiliated with the Investment Adviser. Fixed income
    securities obligate the issuer to pay to the holder of the
    security a specified return, which may be either fixed or reset
    periodically in accordance with the terms of the security. Fixed
    income securities generally are senior to an issuer&#146;s
    common stock and their holders generally are entitled to receive
    amounts due before any distributions are made to common
    stockholders. Common stocks, on the other hand, generally do not
    obligate an issuer to make periodic distributions to holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may also invest in obligations of government sponsored
    instrumentalities. Unlike
    <FONT style="white-space: nowrap">non-U.S.&#160;government</FONT>
    securities, obligations of certain agencies and
    instrumentalities of the U.S.&#160;government, such as the
    Government National Mortgage Association, are supported by the
    &#147;full faith and credit&#148; of the U.S.&#160;government;
    others, such as those of the Export-Import Bank of the U.S., are
    supported by the right of the issuer to borrow from the
    U.S.&#160;Treasury; others, such as those of the Federal
    National Mortgage Association, are supported by the
    discretionary authority of the U.S.&#160;government to purchase
    the agency&#146;s obligations; and still others, such as those
    of the Student Loan Marketing Association, are supported only by
    the credit of the instrumentality. No assurance can be given
    that the U.S.&#160;government would provide financial support to
    U.S.&#160;government sponsored instrumentalities if it is not
    obligated to do so by law. Although the Fund may invest in all
    types of obligations of agencies and instrumentalities of the
    U.S.&#160;government, the Fund
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    currently intends to invest only in obligations of government
    sponsored instrumentalities that are supported by the &#147;full
    faith and credit&#148; of the U.S.&#160;government.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>When Issued, Delayed Delivery Securities and Forward
    Commitments.</I>&#160;&#160;The Fund may enter into forward
    commitments for the purchase or sale of securities, including on
    a &#147;when issued&#148; or &#147;delayed delivery&#148; basis,
    in excess of customary settlement periods for the type of
    security involved. In some cases, a forward commitment may be
    conditioned upon the occurrence of a subsequent event, such as
    approval and consummation of a merger, corporate reorganization
    or debt restructuring (i.e., a when, as and if issued security).
    When such transactions are negotiated, the price is fixed at the
    time of the commitment, with payment and delivery taking place
    in the future, generally a month or more after the date of the
    commitment. While it will only enter into a forward commitment
    with the intention of actually acquiring the security, the Fund
    may sell the security before the settlement date if it is deemed
    advisable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securities purchased under a forward commitment are subject to
    market fluctuation, and no interest (or dividends) accrues to
    the Fund prior to the settlement date. The Fund will segregate
    with its custodian cash or liquid securities in an aggregate
    amount at least equal to the amount of its outstanding forward
    commitments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Short Sales.</I>&#160;&#160;The Fund may make short sales as
    a form of hedging to offset potential declines in long positions
    in the same or similar securities, including short sales against
    the box. The short sale of a security is considered a
    speculative investment technique. At the time of the sale, the
    Fund will own, or have the immediate and unconditional right to
    acquire at no additional cost, identical or similar securities
    or establish a hedge against a security of the same issuer which
    may involve additional cost, such as an &#147;in the money&#148;
    warrant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Short sales &#147;against the box&#148; are subject to special
    tax rules, one of the effects of which may be to accelerate the
    recognition of income by the Fund. Other than with respect to
    short sales against the box, the Fund will limit short sales of
    securities to not more than 5% of the Fund&#146;s assets. When
    the Fund makes a short sale, it must deliver the security to the
    broker-dealer through which it made the short sale in order to
    satisfy its obligation to deliver the security upon conclusion
    of the sale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Repurchase Agreements.</I>&#160;&#160;Repurchase agreements
    may be seen as loans by the Fund collateralized by underlying
    debt securities. Under the terms of a typical repurchase
    agreement, the Fund would acquire an underlying debt obligation
    for a relatively short period (usually not more than one week)
    subject to an obligation of the seller to repurchase, and the
    Fund to resell, the obligation at an agreed price and time. This
    arrangement results in a fixed rate of return to the Fund that
    is not subject to market fluctuations during the holding period.
    The Fund bears a risk of loss in the event that the other party
    to a repurchase agreement defaults on its obligations and the
    Fund is delayed in or prevented from exercising its rights to
    dispose of the collateral securities, including the risk of a
    possible decline in the value of the underlying securities
    during the period in which it seeks to assert these rights. The
    Investment Adviser, acting under the supervision of the Board of
    Trustees, reviews the creditworthiness of those banks and
    dealers with which the Fund enters into repurchase agreements to
    evaluate these risks and monitors on an ongoing basis the value
    of the securities subject to repurchase agreements to ensure
    that the value is maintained at the required level. The Fund
    will not enter into repurchase agreements with the Investment
    Adviser or any of its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Convertible Securities.</I>&#160;&#160;A convertible security
    is a bond, debenture, note, stock or other similar security that
    may be converted into or exchanged for a prescribed amount of
    common stock or other equity security of the same or a different
    issuer within a particular period of time at a specified price
    or formula. Before conversion, convertible securities have
    characteristics similar to non-convertible debt securities in
    that they ordinarily provide a stream of income with generally
    higher yields than those of common stock of the same or similar
    issuers. Convertible securities are senior in rank to common
    stock in a corporation&#146;s capital structure and, therefore,
    generally entail less risk than the corporation&#146;s common
    stock, although the extent to which such risk is reduced depends
    in large measure upon the degree to which the convertible
    security sells above its value as a fixed income security. See
    &#147;Risk Factors and Special Considerations&#151;Convertible
    Securities Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Lower Grade Securities.</I>&#160;&#160;The Fund may invest up
    to 10% of its net assets in fixed income and convertible
    securities rated in the lower rating categories of recognized
    statistical rating agencies, such as
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    securities rated &#147;CCC&#148; or lower by
    Standard&#160;&#038; Poor&#146;s Ratings Services
    (&#147;S&#038;P&#148;) or &#147;Caa&#148; by Moody&#146;s
    Investors Service, Inc. (&#147;Moody&#146;s&#148;), or non-rated
    securities of comparable quality. These debt securities are
    predominantly speculative and involve major risk exposure to
    adverse conditions. Debt securities that are not rated or rated
    lower than &#147;BBB&#148; by S&#038;P or lower than
    &#147;Baa&#148; by Moody&#146;s (or unrated securities of
    comparable quality) are referred to in the financial press as
    &#147;junk bonds.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, such lower grade securities and unrated securities of
    comparable quality offer a higher current yield than is offered
    by higher rated securities, but also (i)&#160;will likely have
    some quality and protective characteristics that, in the
    judgment of the rating organizations, are outweighed by large
    uncertainties or major risk exposures to adverse conditions and
    (ii)&#160;are predominantly speculative with respect to the
    issuer&#146;s capacity to pay interest and repay principal in
    accordance with the terms of the obligation. The market values
    of certain of these securities also tend to be more sensitive to
    individual corporate developments and changes in economic
    conditions than higher quality bonds. In addition, such lower
    grade securities and comparable unrated securities generally
    present a higher degree of credit risk. The risk of loss due to
    default by these issuers is significantly greater because such
    lower grade securities and unrated securities of comparable
    quality generally are unsecured and frequently are subordinated
    to the prior payment of senior indebtedness. In light of these
    risks, the Investment Adviser, in evaluating the
    creditworthiness of an issue, whether rated or unrated, will
    take various factors into consideration, which may include, as
    applicable, the issuer&#146;s operating history, financial
    resources and its sensitivity to economic conditions and trends,
    the market support for the facility financed by the issue, the
    perceived ability and integrity of the issuer&#146;s management
    and regulatory matters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the market value of securities in lower grade
    categories is more volatile than that of higher quality
    securities, and the markets in which such lower grade or unrated
    securities are traded are more limited than those in which
    higher rated securities are traded. The existence of limited
    markets may make it more difficult for the Fund to obtain
    accurate market quotations for purposes of valuing its portfolio
    and calculating its net asset value. Moreover, the lack of a
    liquid trading market may restrict the availability of
    securities for the Fund to purchase and may also have the effect
    of limiting the ability of the Fund to sell securities at their
    fair value to respond to changes in the economy or the financial
    markets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Lower-rated debt obligations also present risks based on payment
    expectations. If an issuer calls the obligation for redemption
    (often a feature of fixed income securities), the Fund may have
    to replace the security with a lower yielding security,
    resulting in a decreased return for investors. Also, as the
    principal value of bonds moves inversely with movements in
    interest rates, in the event of rising interest rates the value
    of the securities held by the Fund may decline proportionately
    more than a portfolio consisting of higher rated securities.
    Investments in zero coupon bonds may be more speculative and
    subject to greater fluctuations in value due to changes in
    interest rates than bonds that pay interest currently. Interest
    rates are at historical lows and, therefore, it is likely that
    they will rise in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of its investments in lower grade securities, the Fund
    may invest without limit in securities of issuers in default.
    The Fund will make an investment in securities of issuers in
    default only when the Investment Adviser believes that such
    issuers will honor their obligations or emerge from bankruptcy
    protection and the value of these securities will appreciate. By
    investing in securities of issuers in default, the Fund bears
    the risk that these issuers will not continue to honor their
    obligations or emerge from bankruptcy protection or that the
    value of the securities will not appreciate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to using recognized rating agencies and other
    sources, the Investment Adviser also performs its own analysis
    of issues in seeking investments that it believes to be
    underrated (and thus higher-yielding) in light of the financial
    condition of the issuer. Its analysis of issuers may include,
    among other things, current and anticipated cash flow and
    borrowing requirements, value of assets in relation to
    historical cost, strength of management, responsiveness to
    business conditions, credit standing and current anticipated
    results of operations. In selecting investments for the Fund,
    the Investment Adviser may also consider general business
    conditions, anticipated changes in interest rates and the
    outlook for specific industries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsequent to its purchase by the Fund, an issue of securities
    may cease to be rated or its rating may be reduced. In addition,
    it is possible that statistical rating agencies might change
    their ratings of a particular issue
</DIV>

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    <BR>
    21
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    to reflect subsequent events on a timely basis. Moreover, such
    ratings do not assess the risk of a decline in market value.
    None of these events will require the sale of the securities by
    the Fund, although the Investment Adviser will consider these
    events in determining whether the Fund should continue to hold
    the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fixed income securities, including lower grade securities and
    comparable unrated securities, frequently have call or buy-back
    features that permit their issuers to call or repurchase the
    securities from their holders, such as the Fund. If an issuer
    exercises these rights during periods of declining interest
    rates, the Fund may have to replace the security with a lower
    yielding security, thus resulting in a decreased return for the
    Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market for lower grade and comparable unrated securities has
    at various times, particularly during times of economic
    recession, experienced substantial reductions in market value
    and liquidity. Past recessions have adversely affected the
    ability of certain issuers of such securities to repay principal
    and pay interest thereon. The market for those securities could
    react in a similar fashion in the event of any future economic
    recession.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other Derivative Instruments.</I>&#160;&#160;The Fund may
    also utilize other types of derivative instruments, primarily
    for hedging or risk management purposes. These instruments
    include futures, forward contracts, options on such contracts
    and interest rate, total return and other kinds of swaps. These
    investment management techniques generally will not be
    considered senior securities if the Fund establishes in a
    segregated account cash or other liquid securities equal to the
    Fund&#146;s obligations in respect of such techniques. For a
    further description of such derivative instruments, see
    &#147;Investment Objectives and Policies&#151;Additional
    Investment Policies&#148; in the SAI.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Leveraging.</I>&#160;&#160;As provided in the 1940 Act and
    subject to certain exceptions, the Fund may issue senior
    securities (which may be additional classes of stock, such as
    preferred shares, or securities representing debt) so long as
    its total assets, less certain ordinary course liabilities,
    exceed 300% of the amount of the debt outstanding and exceed
    200% of the amount of preferred shares and debt outstanding. The
    use of leverage magnifies the impact of changes in net asset
    value. For example, a fund that uses 33% leverage will show a
    1.5% increase or decline in net asset value for each 1% increase
    or decline in the value of its total assets. In addition, if the
    cost of leverage exceeds the return on the securities acquired
    with the proceeds of leverage, the use of leverage will diminish
    rather than enhance the return to the Fund. The use of leverage
    generally increases the volatility of returns to the Fund. See
    &#147;Risk Factors and Special Considerations&#151;Leverage
    Risk.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event the Fund had both outstanding preferred shares and
    senior securities representing debt at the same time, the
    Fund&#146;s obligations to pay dividends or distributions and,
    upon liquidation of the Fund, liquidation payments in respect of
    its preferred shares would be subordinate to the Fund&#146;s
    obligations to make any principal
    <FONT style="white-space: nowrap">and/or</FONT>
    interest payments due and owing with respect to its outstanding
    senior debt securities. Accordingly, the Fund&#146;s issuance of
    senior securities representing debt would have the effect of
    creating special risks for the Fund&#146;s preferred
    shareholders that would not be present in a capital structure
    that did not include such securities. See &#147;Risk Factors and
    Special Considerations&#151;Special Risks Related to Preferred
    Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Temporary Defensive Investments.</I>&#160;&#160;Although
    under normal market conditions the Fund intends to invest at
    least 80% of its assets in equity securities of companies
    principally engaged in the gold industry and the natural
    resources industries, when a temporary defensive posture is
    believed by the Investment Adviser to be warranted
    (&#147;temporary defensive periods&#148;), the Fund may without
    limitation hold cash or invest its assets in money market
    instruments and repurchase agreements in respect of those
    instruments. The money market instruments in which the Fund may
    invest are obligations of the U.S.&#160;government, its agencies
    or instrumentalities; commercial paper rated
    <FONT style="white-space: nowrap">A-1</FONT> or
    higher by S&#038;P or Prime-1 by Moody&#146;s; and certificates
    of deposit and bankers&#146; acceptances issued by domestic
    branches of U.S.&#160;banks that are members of the Federal
    Deposit Insurance Corporation. During temporary defensive
    periods, the Fund may also invest to the extent permitted by
    applicable law in shares of money market mutual funds. Money
    market mutual funds are investment companies and the investments
    in those companies by the Fund are in some cases subject to
    applicable law. See &#147;Investment Restrictions&#148; in the
    SAI. The Fund may find it more difficult to achieve the
    long-term growth of capital component of its investment
    objective during temporary defensive periods.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Portfolio Turnover.</I>&#160;&#160;The Fund will buy and sell
    securities to accomplish its investment objectives. The
    investment policies of the Fund, including its strategy of
    writing covered call options on securities in its portfolio, is
    expected to result in portfolio turnover that is higher than
    that of other investment companies, and is expected to be higher
    than 100%. For the fiscal periods ended December&#160;31, 2007
    and 2008, the portfolio turnover rates were 71.3% and 41.5%,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Portfolio turnover generally involves expense to the Fund,
    including brokerage commissions or dealer
    <FONT style="white-space: nowrap">mark-ups</FONT> and
    other transaction costs on the sale of securities and
    reinvestment in other securities. The portfolio turnover rate is
    computed by dividing the lesser of the amount of the securities
    purchased or securities sold by the average monthly value of
    securities owned during the year (excluding securities whose
    maturities at acquisition were one year or less). Higher
    portfolio turnover may decrease the after-tax return to
    individual investors in the Fund to the extent it results in a
    decrease in the portion of the Fund&#146;s distributions that is
    attributable to long-term capital gain.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest
    Rate Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund borrows money or issues variable rate preferred
    shares, the Fund may enter into interest rate swap or cap
    transactions in relation to all or a portion of such borrowings
    or shares in order to manage the impact on its portfolio of
    changes in the interest or dividend rate of such borrowings or
    shares. Through these transactions the Fund may, for example,
    obtain the equivalent of a fixed rate for such variable rate
    preferred shares that is lower than the Fund would have to pay
    if it issued fixed rate preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The use of interest rate swaps and caps is a highly specialized
    activity that involves investment techniques and risks different
    from those associated with ordinary portfolio security
    transactions. In an interest rate swap, the Fund would agree to
    pay to the other party to the interest rate swap (which is known
    as the &#147;counterparty&#148;) periodically a fixed rate
    payment in exchange for the counterparty agreeing to pay to the
    fund periodically a variable rate payment that is intended to
    approximate the Fund&#146;s variable rate payment obligation on
    its borrowings or variable rate preferred shares. In an interest
    rate cap, the Fund would pay a premium to the counterparty to
    the interest rate cap and, to the extent that a specified
    variable rate index exceeds a predetermined fixed rate, would
    receive from the counterparty payments of the difference based
    on the notional amount of such cap. Interest rate swap and cap
    transactions introduce additional risk because the Fund would
    remain obligated to pay interest or preferred shares dividends
    when due even if the counterparty defaulted. Depending on the
    general state of short-term interest rates and the returns on
    the Fund&#146;s portfolio securities at that point in time, such
    a default could negatively affect the Fund&#146;s ability to
    make interest payments or dividend payments on the preferred
    shares. In addition, at the time an interest rate swap or cap
    transaction reaches its scheduled termination date, there is a
    risk that the Fund will not be able to obtain a replacement
    transaction or that the terms of the replacement will not be as
    favorable as on the expiring transaction. If this occurs, it
    could have a negative impact on the Fund&#146;s ability to make
    interest payments or dividend payments on the preferred shares.
    To the extent there is a decline in interest rates, the value of
    the interest rate swap or cap could decline, resulting in a
    decline in the asset coverage for the borrowings or preferred
    shares. A sudden and dramatic decline in interest rates may
    result in a significant decline in the asset coverage. If the
    Fund fails to maintain the required asset coverage on any
    outstanding preferred shares or fails to comply with other
    covenants, the Fund may be required to redeem some or all of
    these shares. Any redemption would likely result in the Fund
    seeking to terminate early all or a portion of any swap or cap
    transactions. Early termination of a swap could result in a
    termination payment by the Fund to the counterparty, while early
    termination of a cap could result in a termination payment to
    the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will usually enter into swaps or caps on a net basis;
    that is, the two payment streams will be netted out in a cash
    settlement on the payment date or dates specified in the
    instrument, with the Fund receiving or paying, as the case may
    be, only the net amount of the two payments. The Fund intends to
    segregate cash or liquid securities having a value at least
    equal to the value of the Fund&#146;s net payment obligations
    under any swap transaction, marked to market daily. The Fund
    will monitor any such swap with a view to ensuring that the Fund
    remains in compliance with all applicable regulatory investment
    policy and tax requirements.
</DIV>

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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS AND SPECIAL CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investors should consider the following risk factors and special
    considerations associated with investing in the Fund:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Industry
    Risks</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Industry Risks.</I>&#160;&#160;The Fund&#146;s investments
    will be concentrated in each of the gold and natural resources
    industries. Because the Fund is concentrated in these
    industries, it may present more risks than if it were broadly
    diversified over numerous industries and sectors of the economy.
    A downturn in the gold or natural resources industries would
    have a larger impact on the Fund than on an investment company
    that does not concentrate in such industries.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions the Fund will invest at least 25%
    of its assets in equity securities of Gold Companies. Equity
    securities of Gold Companies may experience greater volatility
    than companies not involved in the gold industry. Investments
    related to gold are considered speculative and are affected by a
    variety of worldwide economic, financial and political factors.
    The price of gold may fluctuate sharply over short periods of
    time due to changes in inflation or expectations regarding
    inflation in various countries, the availability of supplies of
    gold, changes in industrial and commercial demand, gold sales by
    governments, central banks or international agencies, investment
    speculation, monetary and other economic policies of various
    governments and government restrictions on private ownership of
    gold. In times of significant inflation or great economic
    uncertainty, Gold Companies have historically outperformed
    securities markets generally. However, in times of stable
    economic growth, traditional equity and debt investments could
    offer greater appreciation potential and the value of gold and
    the prices of equity securities of Gold Companies may be
    adversely affected, which could in turn affect the Fund&#146;s
    returns. Some Gold Companies hedge, to varying degrees, their
    exposure to declines in the price of gold. Such hedging limits a
    Gold Company&#146;s ability to benefit from future rises in the
    price of gold. The Investment Adviser&#146;s judgments about
    trends in the prices of securities of Gold Companies may prove
    to be incorrect. It is possible that the performance of
    securities of Gold Companies may lag the performance of other
    industries or the broader market as a whole.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under normal market conditions, the Fund will invest at least
    25% of its assets in equity securities of Natural Resources
    Companies. A downturn in the indicated natural resources
    industries would have a larger impact on the Fund than on an
    investment company that does not invest significantly in such
    industries. Such industries can be significantly affected by the
    supply of and demand for the indicated commodities and related
    services, exploration and production spending, government
    regulation, world events and economic conditions. The oil, gas,
    paper, food and agriculture, forestry products, metals and
    minerals industries can be significantly affected by events
    relating to international political developments, the success of
    exploration projects, commodity prices, and tax and government
    regulations. The stock prices of Natural Resources Companies may
    also experience greater price volatility than other types of
    common stocks. Securities issued by Natural Resources Companies
    are sensitive to changes in the prices of, and in supply and
    demand for, the indicated commodities. The value of securities
    issued by Natural Resources Companies may be affected by changes
    in overall market movements, changes in interest rates, or
    factors affecting a particular industry or commodity, such as
    weather, embargoes, tariffs, policies of commodity cartels and
    international economic, political and regulatory developments.
    The Investment Adviser&#146;s judgments about trends in the
    prices of these securities and commodities may prove to be
    incorrect. It is possible that the performance of securities of
    Natural Resources Companies may lag the performance of other
    industries or the broader market as a whole.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Supply and Demand Risk.</I>&#160;&#160;A decrease in the
    production of or exploitation of, gold, gas, oil, paper, food
    and agriculture, forestry products, metals or minerals or a
    decrease in the volume of such commodities available for
    transportation, mining, processing, storage or distribution may
    adversely impact the financial performance of the Fund&#146;s
    investments. Production declines and volume decreases could be
    caused by various factors, including catastrophic events
    affecting production, depletion of resources, labor
    difficulties, environmental proceedings, increased regulations,
    equipment failures and unexpected maintenance problems, import
    supply disruption, increased competition from alternative energy
    sources or commodity prices.
</DIV>

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    Sustained declines in demand for the indicated commodities could
    also adversely affect the financial performance of Gold and
    Natural Resources Companies over the long-term. Factors which
    could lead to a decline in demand include economic recession or
    other adverse economic conditions, higher fuel taxes or
    governmental regulations, increases in fuel economy, consumer
    shifts to the use of alternative fuel sources, changes in
    commodity prices, or weather.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Depletion and Exploration Risk.</I>&#160;&#160;Many Gold and
    Natural Resources Companies are either engaged in the production
    or exploitation of the particular commodities or are engaged in
    transporting, storing, distributing and processing such
    commodities. To maintain or increase their revenue level, these
    companies or their customers need to maintain or expand their
    reserves through exploration of new sources of supply, through
    the development of existing sources, through acquisitions, or
    through long-term contracts to acquire reserves. The financial
    performance of Gold and Natural Resources Companies may be
    adversely affected if they, or the companies to whom they
    provide products or services, are unable to cost-effectively
    acquire additional products or reserves sufficient to replace
    the natural decline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Regulatory Risk.</I>&#160;&#160;Gold Companies and Natural
    Resources Companies may be subject to extensive government
    regulation in virtually every aspect of their operations,
    including how facilities are constructed, maintained and
    operated, environmental and safety controls, and in some cases
    the prices they may charge for the products and services they
    provide. Various governmental authorities have the power to
    enforce compliance with these regulations and the permits issued
    under them, and violators are subject to administrative, civil
    and criminal penalties, including civil fines, injunctions or
    both. Stricter laws, regulations or enforcement policies could
    be enacted in the future, which would likely increase compliance
    costs and may adversely affect the financial performance of Gold
    Companies and Natural Resources Companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Commodity Pricing Risk.</I>&#160;&#160;The operations and
    financial performance of Gold and Natural Resources Companies
    may be directly affected by the prices of the indicated
    commodities, especially those Gold and Natural Resources
    Companies for whom the commodities they own are significant
    assets. Commodity prices fluctuate for several reasons,
    including changes in market and economic conditions, levels of
    domestic production, impact of governmental regulation and
    taxation, the availability of transportation systems and, in the
    case of oil and gas companies in particular, conservation
    measures and the impact of weather. Volatility of commodity
    prices, which may lead to a reduction in production or supply,
    may also negatively affect the performance of Gold and Natural
    Resources Companies which are solely involved in the
    transportation, processing, storing, distribution or marketing
    of commodities. Volatility of commodity prices may also make it
    more difficult for Gold and Natural Resources Companies to raise
    capital to the extent the market perceives that their
    performance may be directly or indirectly tied to commodity
    prices.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Associated with Covered Calls and Other Option
    Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are several risks associated with transactions in options
    on securities. For example, there are significant differences
    between the securities and options markets that could result in
    an imperfect correlation between these markets, causing a given
    covered call option transaction not to achieve its objectives. A
    decision as to whether, when and how to use covered calls (or
    other options) involves the exercise of skill and judgment, and
    even a well-conceived transaction may be unsuccessful because of
    market behavior or unexpected events. As the writer of a covered
    call option, the Fund forgoes, during the option&#146;s life,
    the opportunity to profit from increases in the market value of
    the security covering the call option above the exercise price
    of the call option, but has retained the risk of loss should the
    price of the underlying security decline, although such loss
    would be offset in part by the option premium received. The
    writer of an option has no control over the time when it may be
    required to fulfill its obligation as a writer of the option.
    Once an option writer has received an exercise notice, it cannot
    effect a closing purchase transaction in order to terminate its
    obligation under the option and must deliver the underlying
    security at the exercise price. As the writer of an uncovered
    call option, the Fund has no risk of loss should the price of
    the underlying security decline but bears unlimited risk of loss
    should the price of the underlying security increase above the
    exercise price until the Fund covers its exposure.
</DIV>

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    There can be no assurance that a liquid market will exist when
    the Fund seeks to close out a covered call position. Reasons for
    the absence of a liquid secondary market on an exchange include
    the following: (i)&#160;there may be insufficient trading
    interest; (ii)&#160;restrictions may be imposed by an exchange
    on opening transactions or closing transactions or both;
    (iii)&#160;trading halts, suspensions or other restrictions may
    be imposed with respect to particular classes or series of
    options; (iv)&#160;unusual or unforeseen circumstances may
    interrupt normal operations on an exchange; (v)&#160;the trading
    facilities of an exchange or the Options Clearing Corporation
    (the &#147;OCC&#148;) may not at all times be adequate to handle
    current trading volume; or (vi)&#160;the relevant exchange
    could, for economic or other reasons, decide or be compelled at
    some future date to discontinue the trading of options (or a
    particular class or series of options). If trading were
    discontinued, the secondary market on that exchange (or in that
    class or series of options) would cease to exist. However,
    outstanding options on that exchange that had been issued by the
    OCC as a result of trades on that exchange would continue to be
    exercisable in accordance with their terms. The Fund&#146;s
    ability to terminate over-the-counter options may be more
    limited than with exchange-traded options and may involve the
    risk that counterparties participating in such transactions will
    not fulfill their obligations. If the Fund were unable to close
    out a covered call option that it had written on a security, it
    would not be able to sell the underlying security unless the
    option expired without exercise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The hours of trading for options may not conform to the hours
    during which the underlying securities are traded. To the extent
    that the options markets close before the markets for the
    underlying securities, significant price and rate movements can
    take place in the underlying markets that cannot be reflected in
    the options markets. Call options are marked to market daily and
    their value will be affected by changes in the value of and
    dividend rates of the underlying common stocks, an increase in
    interest rates, changes in the actual or perceived volatility of
    the stock market and the underlying common stocks and the
    remaining time to the options&#146; expiration. Additionally,
    the exercise price of an option may be adjusted downward before
    the option&#146;s expiration as a result of the occurrence of
    certain corporate events affecting the underlying equity
    security, such as extraordinary dividends, stock splits, merger
    or other extraordinary distributions or events. A reduction in
    the exercise price of an option would reduce the Fund&#146;s
    capital appreciation potential on the underlying security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limitation on Covered Call Writing Risk.</I>&#160;&#160;The
    number of covered call options the Fund can write is limited by
    the number of shares of common stock the Fund holds.
    Furthermore, the Fund&#146;s covered options transactions will
    be subject to limitations established by each of the exchanges,
    boards of trade or other trading facilities on which such
    options are traded. These limitations govern the maximum number
    of options in each class which may be written or purchased by a
    single investor or group of investors acting in concert,
    regardless of whether the options are written or purchased on
    the same or different exchanges, boards of trade or other
    trading facilities or are held or written in one or more
    accounts or through one or more brokers. Thus, the number of
    covered call options that the Fund may write may be affected by
    options written or purchased by other investment advisory
    clients of the Investment Adviser. An exchange, board of trade
    or other trading facility may order the liquidation of positions
    found to be in excess of these limits, and it may impose certain
    other sanctions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Equity
    Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in the Fund involves equity risk, which is the risk
    that the securities held by the Fund will fall in market value
    due to adverse market and economic conditions, perceptions
    regarding the industries in which the issuers of securities held
    by the Fund participate and the particular circumstances and
    performance of particular companies whose securities the Fund
    holds. An investment in the Fund represents an indirect economic
    stake in the securities owned by the Fund, which are for the
    most part traded on securities exchanges or in the
    over-the-counter markets. The market value of these securities,
    like other market investments, may move up or down, sometimes
    rapidly and unpredictably. The net asset value of the Fund may
    at any point in time be worth less than the amount at the time
    the shareholder invested in the Fund, even after taking into
    account any reinvestment of distribution.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Foreign
    Securities Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because many of the world&#146;s Gold Companies and Natural
    Resources Companies are located outside of the U.S., the Fund
    may have a significant portion of its investments in securities
    that are traded in foreign markets and that are not subject to
    the requirements of the U.S.&#160;securities laws, markets and
    accounting requirements (&#147;Foreign Securities&#148;).
    Investments in the securities of foreign issuers involve certain
    considerations and risks not ordinarily associated with
    investments in securities of domestic issuers. Foreign companies
    are not generally subject to the same accounting, auditing and
    financial standards and requirements as those applicable to
    U.S.&#160;companies. Foreign Securities exchanges, brokers and
    listed companies may be subject to less government supervision
    and regulation than exists in the U.S.&#160;Dividend and
    interest income may be subject to withholding and other foreign
    taxes, which may adversely affect the net return on such
    investments. There may be difficulty in obtaining or enforcing a
    court judgment abroad, and it may be difficult to effect
    repatriation of capital invested in certain countries. In
    addition, with respect to certain countries, there are risks of
    expropriation, confiscatory taxation, political or social
    instability or diplomatic developments that could affect assets
    of the Fund held in foreign countries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There may be less publicly available information about a foreign
    company than a U.S.&#160;company. Foreign Securities markets may
    have substantially less volume than U.S.&#160;securities markets
    and some foreign company securities are less liquid than
    securities of otherwise comparable U.S.&#160;companies. A
    portfolio of Foreign Securities may also be adversely affected
    by fluctuations in the rates of exchange between the currencies
    of different nations and by exchange control regulations.
    Foreign markets also have different clearance and settlement
    procedures that could cause the Fund to encounter difficulties
    in purchasing and selling securities on such markets and may
    result in the Fund missing attractive investment opportunities
    or experiencing loss. In addition, a portfolio that includes
    Foreign Securities can expect to have a higher expense ratio
    because of the increased transaction costs on
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    markets and the increased costs of maintaining the custody of
    Foreign Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investments in Foreign Securities will expose the Fund to the
    direct or indirect consequences of political, social or economic
    changes in the countries that issue the securities or in which
    the issuers are located. Certain countries in which the Fund may
    invest have historically experienced, and may continue to
    experience, high rates of inflation, high interest rates,
    exchange rate fluctuations, large amounts of external debt,
    balance of payments and trade difficulties and extreme poverty
    and unemployment. Many of these countries are also characterized
    by political uncertainty and instability. The cost of servicing
    external debt will generally be adversely affected by rising
    international interest rates because many external debt
    obligations bear interest at rates which are adjusted based upon
    international interest rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund also may purchase sponsored ADRs or
    U.S.&#160;dollar-denominated securities of foreign issuers. ADRs
    are receipts issued by U.S.&#160;banks or trust companies in
    respect of securities of foreign issuers held on deposit for use
    in the U.S.&#160;securities markets. While ADRs may not
    necessarily be denominated in the same currency as the
    securities into which they may be converted, many of the risks
    associated with Foreign Securities may also apply to ADRs. In
    addition, the underlying issuers of certain depositary receipts,
    particularly unsponsored or unregistered depositary receipts,
    are under no obligation to distribute shareholder communications
    to the holders of such receipts, or to pass through to them any
    voting rights with respect to the deposited securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Emerging
    Markets Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest in securities of issuers located or having
    significant operations in &#147;emerging markets.&#148; An
    &#147;emerging market&#148; country is any country that is
    considered to be an emerging or developing country by the World
    Bank. Investing in securities of companies in emerging markets
    may entail special risks relating to potential political and
    economic instability and the risks of expropriation,
    nationalization, confiscation or the imposition of restrictions
    on foreign investment, the lack of hedging instruments and
    restrictions on repatriation of capital invested. Emerging
    securities markets are substantially smaller, less developed,
    less liquid and more volatile than the major securities markets.
    The limited size of emerging
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    securities markets and limited trading value compared to the
    volume of trading in U.S.&#160;securities could cause prices to
    be erratic for reasons apart from factors that affect the
    quality of the securities. For example, limited market size may
    cause prices to be unduly influenced by traders who control
    large positions. Adverse publicity and investors&#146;
    perceptions, whether or not based on fundamental analysis, may
    decrease the value and liquidity of portfolio securities,
    especially in these markets. Other risks include high
    concentration of market capitalization and trading volume in a
    small number of issuers representing a limited number of
    industries, as well as a high concentration of investors and
    financial intermediaries; over-dependence on exports, including
    gold and natural resources exports, making these economies
    vulnerable to changes in commodity prices; overburdened
    infrastructure and obsolete or unseasoned financial systems;
    environmental problems; less developed legal systems; and less
    reliable securities custodial services and settlement practices.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Foreign
    Currency Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund expects to invest in companies whose securities are
    denominated or quoted in currencies other than U.S.&#160;dollars
    or have significant operations or markets outside of the
    U.S.&#160;In such instances, the Fund will be exposed to
    currency risk, including the risk of fluctuations in the
    exchange rate between U.S.&#160;dollars (in which the
    Fund&#146;s shares are denominated) and such foreign currencies,
    the risk of currency devaluations and the risks of
    non-exchangeability and blockage. As
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    may be purchased with and payable in currencies of countries
    other than the U.S.&#160;dollar, the value of these assets
    measured in U.S.&#160;dollars may be affected favorably or
    unfavorably by changes in currency rates and exchange control
    regulations. Fluctuations in currency rates may adversely affect
    the ability of the Investment Adviser to acquire such securities
    at advantageous prices and may also adversely affect the
    performance of such assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain
    <FONT style="white-space: nowrap">non-U.S.&#160;currencies,</FONT>
    primarily in developing countries, have been devalued in the
    past and might face devaluation in the future. Currency
    devaluations generally have a significant and adverse impact on
    the devaluing country&#146;s economy in the short and
    intermediate term and on the financial condition and results of
    companies&#146; operations in that country. Currency
    devaluations may also be accompanied by significant declines in
    the values and liquidity of equity and debt securities of
    affected governmental and private sector entities generally. To
    the extent that affected companies have obligations denominated
    in currencies other than the devalued currency, those companies
    may also have difficulty in meeting those obligations under such
    circumstances, which in turn could have an adverse effect upon
    the value of the Fund&#146;s investments in such companies.
    There can be no assurance that current or future developments
    with respect to foreign currency devaluations will not impair
    the Fund&#146;s investment flexibility, its ability to achieve
    its investment objectives or the value of certain of its foreign
    currency denominated investments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Discount Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whether investors will realize gains or losses upon the sale of
    common shares of the Fund will depend upon the market price of
    the shares at the time of sale, which may be less or more than
    the Fund&#146;s net asset value per share. Since the market
    price of the common shares will be affected by such factors as
    the Fund&#146;s dividend and distribution levels (which are in
    turn affected by expenses), dividend and distribution stability,
    net asset value, market liquidity, the relative demand for and
    supply of the shares in the market, general market and economic
    conditions and other factors beyond the control of the Fund, we
    cannot predict whether the common shares will trade at, below or
    above net asset value or at, below or above the public offering
    price. Common shares of closed-end funds often trade at a
    discount to their net asset values and the Fund&#146;s common
    shares may trade at such a discount. This risk may be greater
    for investors expecting to sell their common shares of the Fund
    soon after completion of the public offering. The common shares
    of the Fund are designed primarily for long-term investors, and
    investors in the shares should not view the Fund as a vehicle
    for trading purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common stock of an issuer in the Fund&#146;s portfolio may
    decline in price for a variety of reasons, including if the
    issuer fails to make anticipated dividend payments because,
    among other reasons, the issuer of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the security experiences a decline in its financial condition.
    Common stock in which the Fund will invest is structurally
    subordinated to preferred stock, bonds and other debt
    instruments in a company&#146;s capital structure, in terms of
    priority to corporate income, and therefore will be subject to
    greater dividend risk than preferred stock or debt instruments
    of such issuers. In addition, while common stock has
    historically generated higher average returns than fixed income
    securities, common stock has also experienced significantly more
    volatility in those returns.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Convertible
    Securities Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Convertible securities generally offer lower interest or
    dividend yields than non-convertible securities of similar
    quality. The market values of convertible securities tend to
    decline as interest rates increase and, conversely, to increase
    as interest rates decline. In the absence of adequate
    anti-dilution provisions in a convertible security, dilution in
    the value of the Fund&#146;s holding may occur in the event the
    underlying stock is subdivided, additional equity securities are
    issued for below market value, a stock dividend is declared or
    the issuer enters into another type of corporate transaction
    that has a similar effect.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Income
    Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The income shareholders receive from the Fund is expected to be
    based primarily on income the Fund earns from its investment
    strategy of writing covered calls and dividends and other
    distributions received from its investments. If the Fund&#146;s
    covered call strategy fails to generate sufficient income or the
    distribution rates or yields of the Fund&#146;s holdings
    decrease, shareholders&#146; income from the Fund could decline.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Distribution
    Risk for Equity Income Portfolio Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In selecting equity income securities in which the Fund will
    invest, the Investment Adviser will consider the issuer&#146;s
    history of making regular periodic distributions (i.e.,
    dividends) to its equity holders. An issuer&#146;s history of
    paying dividends or other distributions, however, does not
    guarantee that the issuer will continue to pay dividends or
    other distributions in the future. The dividend income stream
    associated with equity income securities generally is not
    guaranteed and will be subordinate to payment obligations of the
    issuer on its debt and other liabilities. Accordingly, an issuer
    may forgo paying dividends on its equity securities. In
    addition, because in most instances issuers are not obligated to
    make periodic distributions to the holders of their equity
    securities, such distributions or dividends generally may be
    discontinued at the issuer&#146;s discretion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks Related to Preferred Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are special risks associated with investing in preferred
    securities, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Deferral.</I>&#160;&#160;Preferred securities may include
    provisions that permit the issuer, at its discretion, to defer
    distributions for a stated period without any adverse
    consequences to the issuer. If the Fund owns a preferred
    security on which distributions are being deferred by the
    issuer, the Fund may be required to report income for tax
    purposes although it has not yet received such deferred
    distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Non-Cumulative Dividends.</I>&#160;&#160;Some preferred
    stocks are non-cumulative, meaning that the dividends do not
    accumulate and need not ever be paid. A portion of the portfolio
    may include investments in non-cumulative preferred securities,
    whereby the issuer does not have an obligation to make up any
    arrearages to its shareholders. Should an issuer of a
    non-cumulative preferred stock held by the Fund determine not to
    pay dividends on such stock, the Fund&#146;s return from that
    security may be adversely affected. There is no assurance that
    dividends or distributions on non-cumulative preferred stocks in
    which the Fund invests will be declared or otherwise made
    payable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Subordination.</I>&#160;&#160;Preferred securities are
    subordinated to bonds and other debt instruments in a
    company&#146;s capital structure in terms of priority to
    corporate income and liquidation payments, and therefore will be
    subject to greater credit risk than more senior debt security
    instruments.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidity.</I>&#160;&#160;Preferred securities may be
    substantially less liquid than many other securities, such as
    common stocks or U.S.&#160;Government securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limited Voting Rights.</I>&#160;&#160;Generally, preferred
    security holders (such as the Fund) have no voting rights with
    respect to the issuing company unless preferred dividends have
    been in arrears for a specified number of periods, at which time
    the preferred security holders may be entitled to elect a number
    of Trustees to the issuer&#146;s board. Generally, once all the
    arrearages have been paid, the preferred security holders no
    longer have voting rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Special Redemption&#160;Rights.</I>&#160;&#160;In certain
    varying circumstances, an issuer of preferred securities may
    redeem the securities prior to a specified date. For instance,
    for certain types of preferred securities, a redemption may be
    triggered by a change in federal income tax or securities laws.
    As with call provisions, a redemption by the issuer may
    negatively impact the return of the security held by the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest
    Rate Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Rising interest rates generally adversely affect the financial
    performance of Gold Companies and Natural Resources Companies by
    increasing their costs of capital. This may reduce their ability
    to execute acquisitions or expansion projects in a
    cost-effective manner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During periods of declining interest rates, the issuer of a
    preferred stock or fixed income security may be able to exercise
    an option to prepay principal earlier than scheduled, forcing
    the Fund to reinvest in lower yielding securities. This is known
    as call or prepayment risk. Preferred stock and debt securities
    frequently have call features that allow the issuer to redeem
    the securities prior to their stated maturities. An issuer may
    redeem such a security if the issuer can refinance it at a lower
    cost due to declining interest rates or an improvement in the
    credit standing of the issuer. During periods of rising interest
    rates, the average life of certain types of securities may be
    extended because of slower than expected principal payments.
    This may prolong the length of time the security pays a below
    market interest rate, increase the security&#146;s duration and
    reduce the value of the security. This is known as extension
    risk.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Inflation
    Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Inflation risk is the risk that the value of assets or income
    from investments will be worth less in the future as inflation
    decreases the value of money. As inflation increases, the real
    value of the Fund&#146;s shares and distributions thereon can
    decline. In addition, during any periods of rising inflation,
    dividend rates of any variable rate preferred stock or debt
    securities issued by the Fund would likely increase, which would
    tend to further reduce returns to common shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Illiquid
    Investments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although the Fund expects that its portfolio will primarily be
    comprised of liquid securities, the Fund may invest up to 15% of
    its assets in unregistered securities and otherwise illiquid
    investments. Unregistered securities are securities that cannot
    be sold publicly in the United States without registration under
    the Securities Act of 1933. An illiquid investment is a security
    or other investment that cannot be disposed of within seven days
    in the ordinary course of business at approximately the value at
    which the Fund has valued the securities. Unregistered and
    illiquid securities often can be resold only in privately
    negotiated transactions with a limited number of purchasers or
    in a public offering registered under the Securities Act of
    1933. Considerable delay could be encountered in either event
    and, unless otherwise contractually provided for, the
    Fund&#146;s proceeds upon sale may be reduced by the costs of
    registration or underwriting discounts. The difficulties and
    delays associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible. In addition, the Fund
    may be unable to sell other illiquid investments when it desires
    to do so, resulting in the Fund obtaining a lower price or being
    required to retain the investment. Illiquid investments
    generally must be valued at fair value, which is inherently less
    precise than utilizing market values for it desires to do so,
    resulting in the Fund obtaining a lower price or being required
    to retain the
</DIV>

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    <BR>
    30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    investment. liquid investments, and may lead to differences
    between the price a security is valued for determining the
    Fund&#146;s net asset value and the price the Fund actually
    receives upon sale.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Companies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest in the securities of other investment
    companies, including exchange traded funds, to the extent
    permitted by law. To the extent the Fund invests in the common
    equity of investment companies, the Fund will bear its ratable
    share of any such investment company&#146;s expenses, including
    management fees. The Fund will also remain obligated to pay
    management fees to the Investment Adviser with respect to the
    assets invested in the securities of other investment companies.
    In these circumstances holders of the Fund&#146;s common shares
    will be in effect subject to duplicative investment expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks of Derivative Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Participation in the options or futures markets, in currency
    exchange transactions and in other derivatives transactions
    involves investment risks and transaction costs to which the
    Fund would not be subject absent the use of these strategies. If
    the Investment Adviser&#146;s prediction of movements in the
    direction of the securities, foreign currency, interest rate or
    other referenced instruments or markets is inaccurate, the
    consequences to the Fund may leave the Fund in a worse position
    than if it had not used such strategies. Risks inherent in the
    use of options, foreign currency, futures contracts and options
    on futures contracts, securities indices and foreign currencies
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    dependence on the Investment Adviser&#146;s ability to predict
    correctly movements in the direction of the relevant measure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    imperfect correlation between the price of the derivative
    instrument and movements in the prices of the referenced assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fact that skills needed to use these strategies are
    different from those needed to select portfolio securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible absence of a liquid secondary market for any
    particular instrument at any time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible need to defer closing out certain hedged positions
    to avoid adverse tax consequences;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible inability of the Fund to purchase or sell a
    security or instrument at a time that otherwise would be
    favorable for it to do so, or the possible need for the Fund to
    sell a security or instrument at a disadvantageous time due to a
    need for the Fund to maintain &#147;cover&#148; or to segregate
    securities in connection with the hedging techniques;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the creditworthiness of counterparties.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Forward Currency Exchange Contracts.</I>&#160;&#160;There is
    no independent limit on the Fund&#146;s ability to invest in
    foreign currency exchange contracts. The use of forward currency
    contracts may involve certain risks, including the failure of
    the counterparty to perform its obligations under the contract
    and that the use of forward contracts may not serve as a
    complete hedge because of an imperfect correlation between
    movements in the prices of the contracts and the prices of the
    currencies hedged or used for cover.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Counterparty Risk.</I>&#160;&#160;The Fund will be subject to
    credit risk with respect to the counterparties to the derivative
    contracts purchased by the Fund. If a counterparty becomes
    bankrupt or otherwise fails to perform its obligations under a
    derivative contract due to financial difficulties, the Fund may
    experience significant delays in obtaining any recovery under
    the derivative contract in bankruptcy or other reorganization
    proceeding. The Fund may obtain only a limited recovery or may
    obtain no recovery in such circumstances.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Lower
    Grade Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may invest up to 10% of its assets in fixed income and
    convertible securities rated in the lower rating categories of
    recognized statistical rating agencies or unrated securities of
    comparable quality. These
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    high yield securities, also sometimes referred to as &#147;junk
    bonds,&#148; generally pay a premium above the yields of
    U.S.&#160;government securities or debt securities of investment
    grade issuers because they are subject to greater risks than
    these securities. These risks, which reflect their speculative
    character, include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    greater volatility;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    greater credit risk and risk of default;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potentially greater sensitivity to general economic or industry
    conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential lack of attractive resale opportunities
    (illiquidity);&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional expenses to seek recovery from issuers who default.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the prices of these lower grade securities are more
    sensitive to negative developments, such as a decline in the
    issuer&#146;s revenues or a general economic downturn, than are
    the prices of higher grade securities. Lower grade securities
    tend to be less liquid than investment grade securities. The
    market value of lower grade securities may be more volatile than
    the market value of investment grade securities and generally
    tends to reflect the market&#146;s perception of the
    creditworthiness of the issuer and short-term market
    developments to a greater extent than investment grade
    securities, which primarily reflect fluctuations in general
    levels of interest rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ratings are relative, subjective and not absolute standards of
    quality. Securities ratings are based largely on the
    issuer&#146;s historical financial condition and the rating
    agencies&#146; analysis at the time of rating. Consequently, the
    rating assigned to any particular security is not necessarily a
    reflection of the issuer&#146;s current financial condition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a part of its investments in lower grade securities, the Fund
    may invest in securities of issuers in default. The Fund will
    invest in securities of issuers in default only when the
    Investment Adviser believes that such issuers will honor their
    obligations, emerge from bankruptcy protection and the value of
    these securities will appreciate. By investing in the securities
    of issuers in default, the Fund bears the risk that these
    issuers will not continue to honor their obligations or emerge
    from bankruptcy protection or that the value of these securities
    will not otherwise appreciate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Leverage
    Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund currently uses financial leverage for investment
    purposes by issuing preferred shares. As of December&#160;31,
    2008, the amount of leverage represented approximately 34% of
    the Fund&#146;s total assets. The Fund&#146;s leveraged capital
    structure creates special risks not associated with unleveraged
    funds that have a similar investment objective and policies.
    These include the possibility of greater loss and the likelihood
    of higher volatility of the net asset value of the Fund and the
    asset coverage for the preferred shares. Such volatility may
    increase the likelihood of the Fund having to sell investments
    in order to meet its obligations to make distributions on the
    preferred shares or principal or interest payments on debt
    securities, or to redeem preferred shares or repay debt, when it
    may be disadvantageous to do so. The use of leverage magnifies
    both the favorable and unfavorable effects of price movements in
    the investments made by the Fund. To the extent the Fund is
    leveraged in its investment operations, the Fund will be subject
    to substantial risk of loss. The Fund cannot assure that
    borrowings or the issuance of preferred shares will result in a
    higher yield or return to the holders of the common shares.
    Also, if the Fund is utilizing leverage, a decline in net asset
    value could affect the ability of the Fund to make common share
    distributions and such a failure to make distributions could
    result in the Fund ceasing to qualify as a regulated investment
    company under the Code. See &#147;Taxation.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Preferred Share Risk.</I>&#160;&#160;The issuance of
    preferred shares causes the net asset value and market value of
    the common shares to become more volatile. If the dividend rate
    on the preferred shares approaches the net rate of return on the
    Fund&#146;s investment portfolio, the benefit of leverage to the
    holders of the common shares would be reduced. If the dividend
    rate on the preferred shares plus the management fee annual rate
    of 1.00% exceeds the net rate of return on the Fund&#146;s
    portfolio, the leverage will result in a lower rate of return to
    the holders of common shares than if the Fund had not issued
    preferred shares.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any decline in the net asset value of the Fund&#146;s
    investments would be borne entirely by the holders of common
    shares. Therefore, if the market value of the Fund&#146;s
    portfolio declines, the leverage will result in a greater
    decrease in net asset value to the holders of common shares than
    if the Fund were not leveraged. This greater net asset value
    decrease will also tend to cause a greater decline in the market
    price for the common shares. In such a case, the Fund might be
    in danger of failing to maintain the required asset coverage of
    the preferred shares or of losing its ratings on the preferred
    shares or, in an extreme case, the Fund&#146;s current
    investment income might not be sufficient to meet the dividend
    requirements on the preferred shares. In order to counteract
    such an event, the Fund might need to liquidate investments in
    order to fund a redemption of some or all of the preferred
    shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Fund would pay (and the holders of common
    shares will bear) all costs and expenses relating to the
    issuance and ongoing maintenance of the preferred shares,
    including the advisory fees on the incremental assets
    attributable to such shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of preferred shares may have different interests than
    holders of common shares and may at times have disproportionate
    influence over the Fund&#146;s affairs. Holders of preferred
    shares, voting separately as a single class, would have the
    right to elect two members of the Board of Trustees at all times
    and in the event dividends become two full years in arrears
    would have the right to elect a majority of the Trustees until
    such arrearage is completely eliminated. In addition, preferred
    shareholders have class voting rights on certain matters,
    including changes in fundamental investment restrictions and
    conversion of the fund to open-end status, and accordingly can
    veto any such changes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Restrictions imposed on the declarations and payment of
    dividends or other distributions to the holders of the
    Fund&#146;s common shares and preferred shares, both by the 1940
    Act and by requirements imposed by rating agencies, might impair
    the Fund&#146;s ability to maintain its qualification as a
    regulated investment company for federal income tax purposes.
    While the Fund intends to redeem its preferred shares to the
    extent necessary to enable the Fund to distribute its income as
    required to maintain its qualification as a regulated investment
    company under the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), there can be no assurance that such actions
    can be effected in time to meet the Code requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Portfolio Guidelines of Rating Agencies for Preferred Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Credit Facility</I>.&#160;&#160;In order to obtain and maintain
    attractive credit quality ratings for preferred shares or
    borrowings, the Fund must comply with investment quality,
    diversification and other guidelines established by the relevant
    rating agencies. These guidelines could affect portfolio
    decisions and may be more stringent than those imposed by the
    1940 Act.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Impact on Common Shares.</I>&#160;&#160;The following table
    is furnished in response to requirements of the SEC. It is
    designed to illustrate the effect of leverage on common share
    total return, assuming investment portfolio total returns
    (comprised of net investment income of the Fund, realized gains
    or losses of the Fund and changes in the value of the securities
    held in the Fund&#146;s portfolio) of &#8722;10%, &#8722;5%, 0%,
    5% and 10%. These assumed investment portfolio returns are
    hypothetical figures and are not necessarily indicative of the
    investment portfolio returns experienced or expected to be
    experienced by the Fund. See &#147;Risks.&#148; The table
    further reflects leverage representing 19% of the Fund&#146;s
    total assets, the Fund&#146;s current projected blended annual
    average leverage dividend or interest rate of 6.625%, a
    management fee at an annual rate of 1.00% of the liquidation
    preference of any outstanding preferred shares and estimated
    annual incremental expenses attributable to any outstanding
    preferred shares of 0.01% of the Fund&#146;s net assets
    attributable to common shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Assumed Portfolio Total Return (Net of Expenses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Share Total Return
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14.14
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.96
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.79
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.38
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.56
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common share total return is composed of two elements&#151;the
    common share distributions paid by the Fund (the amount of which
    is largely determined by the taxable income of the Fund
    (including realized gains or losses) after paying interest on
    any debt
    <FONT style="white-space: nowrap">and/or</FONT>
    dividends on any preferred shares) and unrealized gains or
    losses on the value of the securities the Fund owns. As required
    by SEC rules, the table assumes that the Fund
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    is more likely to suffer capital losses than to enjoy total
    return. For example, to assume a total return of 0% the Fund
    must assume that the income it receives on its investments is
    entirely offset by expenses and losses in the value of those
    investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s shares are leveraged, and the risks and special
    considerations related to leverage described in this prospectus
    apply.  Such leveraging of the shares cannot be fully achieved
    until the proceeds resulting from the use of leverage have been
    invested in accordance with the Fund&#146;s investment
    objectives and policies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks to Holders of Fixed Rate Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Illiquidity Prior to Exchange Listing.</I>&#160;&#160;In the
    event any additional series of fixed rate preferred shares are
    issued, prior application will have been made to list such
    shares on the NYSE. However, during an initial period, which is
    not expected to exceed 30&#160;days after the date of its
    initial issuance, such shares may not be listed on any
    securities exchange. During such period, the underwriters may
    make a market in such shares, though they will have no
    obligation to do so. Consequently, an investment in such shares
    may be illiquid during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Market Price Fluctuation.</I>&#160;&#160;Fixed rate preferred
    shares may trade at a premium to or discount from liquidation
    preference for a variety of reasons, including changes in
    interest rates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dependence
    on Key Personnel</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser is dependent upon the expertise of
    Mr.&#160;Mario J. Gabelli. If the Investment Adviser were to
    lose the services of Mr.&#160;Gabelli, it could be adversely
    affected. There can be no assurance that a suitable replacement
    could be found for Mr.&#160;Gabelli in the event of his death,
    resignation, retirement or inability to act on behalf of the
    Investment Adviser.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Objective; Not a Complete Investment Program</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is intended for investors seeking a high level of
    current income. The Fund is not meant to provide a vehicle for
    those who wish to exploit short-term swings in the stock market.
    An investment in shares of the Fund should not be considered a
    complete investment program. Each shareholder should take into
    account the Fund&#146;s investment objectives as well as the
    shareholder&#146;s other investments when considering an
    investment in the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Management
    Risk</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is subject to management risk because its portfolio
    will be actively managed. The Investment Adviser will apply
    investment techniques and risk analyses in making investment
    decisions for the Fund, but there can be no guarantee that these
    will produce the desired results.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Turnover</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may have a high turnover ratio which may result in
    higher expenses and lower after-tax return to shareholders than
    if the Fund had a lower turnover ratio.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Diversified
    Status</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is classified as a &#147;non-diversified&#148;
    investment company under the 1940 Act, which means the Fund is
    not limited by the 1940 Act in the proportion of its assets that
    may be invested in the securities of a single issuer. As a
    non-diversified investment company, the Fund may invest in the
    securities of individual issuers to a greater degree than a
    diversified investment company. As a result, the Fund may be
    more vulnerable to events affecting a single issuer and
    therefore, subject to greater volatility than a fund that is
    more broadly diversified. Accordingly, an investment in the Fund
    may present greater risk to an investor than an investment in a
    diversified company.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Geopolitical
    Events</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of the terrorist attacks on domestic U.S. targets on
    September&#160;11, 2001, some of the U.S.&#160;securities
    markets were closed for a
    <FONT style="white-space: nowrap">four-day</FONT>
    period. These terrorists attacks, the war in Iraq and its
    aftermath and other geopolitical events have led to, and may in
    the future lead to, increased short-term market volatility and
    may have long-term effects on U.S.&#160;and world economies and
    markets. The nature, scope and duration of the war and
    occupation cannot be predicted with any certainty. Similar
    events in the future or other disruptions of financial markets
    could affect interest rates, securities exchanges, auctions,
    secondary trading, ratings, credit risk, inflation, energy
    prices and other factors relating to the common shares or
    preferred shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Provisions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s governing documents include provisions that
    could limit the ability of other entities or persons to acquire
    control of the Fund or convert the Fund to an open-end fund. See
    &#147;Anti-Takeover Provisions of the Fund&#146;s Governing
    Documents.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Restrictions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has adopted certain investment limitations designed to
    limit investment risk and maintain portfolio diversification.
    These limitations are fundamental and may not be changed without
    the approval of the holders of a majority, as defined in the
    1940 Act, of the outstanding shares and preferred shares, if
    any, voting together as a single class. See &#147;Investment
    Restrictions&#148; in the SAI for a complete list of the
    fundamental investment policies of the Fund. Should the Fund
    decide to issue additional series of preferred shares in the
    future, it may become subject to rating agency guidelines that
    are more limiting than its fundamental investment restrictions
    in order to obtain and maintain a desired rating on its
    preferred shares.
</DIV>
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s Board of Trustees (who, with its officers, are
    described in the SAI) has overall responsibility for the
    management of the Fund. The Board of Trustees decides upon
    matters of general policy and reviews the actions of the
    Investment Adviser, Gabelli Funds, LLC, located at One Corporate
    Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    and the Sub-Administrator (as defined below). Pursuant to an
    investment advisory agreement between the Fund and the
    Investment Adviser (the &#147;Investment Advisory
    Agreement&#148;), the Investment Adviser, under the supervision
    of the Fund&#146;s Board of Trustees, provides a continuous
    investment program for the Fund&#146;s portfolio; provides
    investment research and makes and executes recommendations for
    the purchase and sale of securities; and provides all facilities
    and personnel, including officers required for its
    administrative management, and pays the compensation of Trustees
    of the Fund who are officers or employees of the Investment
    Adviser or its affiliates. As compensation for its services and
    the related expenses borne by the Investment Adviser, the Fund
    pays the Investment Adviser a fee, computed daily and payable
    monthly, equal, on an annual basis, to 1.00% of the Fund&#146;s
    average weekly net assets, with no deduction for the liquidation
    preference of any outstanding preferred shares. A discussion
    regarding the basis for the most recent approval of the
    Investment Advisory Agreement by the Board of Trustees of the
    Fund is available in the Fund&#146;s annual report to
    shareholders for the period ending December&#160;31, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Investment Adviser</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gabelli Funds, LLC acts as the Fund&#146;s Investment Adviser
    pursuant to the Investment Advisory Agreement with the Fund. The
    Investment Adviser is a New York limited liability company with
    principal offices located at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422.</FONT>
    The Investment Adviser was organized in 1999 and is the
    successor to Gabelli Funds, Inc., which was organized in 1980.
    As of December 31, 2008, the Investment Adviser acted as
    registered investment adviser to 25 management investment
    companies with aggregate net assets of $11.4&#160;billion. The
    Investment Adviser, together with the other affiliated
    investment
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    advisers noted below had assets under management totaling
    approximately $20.7&#160;billion as of December&#160;31, 2008.
    GAMCO Asset Management Inc., an affiliate of the Investment
    Adviser, acts as investment adviser for individuals, pension
    trusts, profit sharing trusts and endowments, and as a sub
    adviser to management investment companies having aggregate
    assets of $8.5&#160;billion under management as of
    December&#160;31, 2008. Gabelli Securities, Inc., an affiliate
    of the Investment Adviser, acts as investment adviser for
    investment partnerships and entities having aggregate assets of
    approximately $295&#160;million as of December&#160;31, 2008.
    Gabelli Fixed Income LLC, an affiliate of the Investment
    Adviser, acts as investment adviser for separate accounts having
    aggregate assets of approximately $22&#160;million under
    management as of December&#160;31, 2008. Teton Advisors, Inc.,
    an affiliate of the Investment Adviser, acts as investment
    manager to the GAMCO Westwood Funds having aggregate assets of
    approximately $450&#160;million under management as of
    December&#160;31, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser is a wholly-owned subsidiary of GAMCO
    Investors, Inc., a New York corporation, whose Class&#160;A
    Common Stock is traded on the NYSE under the symbol
    &#147;GBL.&#148; Mr.&#160;Mario J. Gabelli may be deemed a
    &#147;controlling person&#148; of the Investment Adviser on the
    basis of his ownership of a majority of the stock of GGCP, Inc.,
    which owns a majority of the capital stock of GAMCO Investors,
    Inc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    of Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser is obligated to pay expenses associated
    with providing the services contemplated by the Investment
    Advisory Agreement including compensation of and office space
    for its officers and employees connected with investment and
    economic research, trading and investment management and
    administration of the Fund (but excluding costs associated with
    the calculation of the net asset value and allocated costs of
    the chief compliance officer function and officers of the Fund
    that are employed by the Fund and are not employed by the
    Investment Adviser although such officers may receive
    incentive-based variable compensation from affiliates of the
    Investment Adviser), as well as the fees of all Trustees of the
    Fund who are officers or employees of the Investment Adviser or
    its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the fees of the Investment Adviser, the Fund is
    responsible for the payment of all its other expenses incurred
    in the operation of the Fund, which include, among other things,
    expenses for legal and the Independent Registered Public
    Accounting Firm&#146;s services, stock exchange listing fees,
    costs of printing proxies, share certificates and shareholder
    reports, charges of the Fund&#146;s custodian, charges of the
    transfer agent and distribution disbursing agent, SEC fees, fees
    and expenses of Trustees who are not officers or employees of
    the Investment Adviser or its affiliates, accounting and
    printing costs, the Fund&#146;s pro rata portion of membership
    fees in trade organizations, the Fund&#146;s pro rata portion of
    the Chief Compliance Officer&#146;s compensation, fidelity bond
    coverage for the Fund&#146;s officers and employees, Trustees
    and officers liability policy, interest, brokerage costs, taxes,
    expenses of qualifying the Fund for sale in various states,
    expenses of personnel performing shareholder servicing
    functions, litigation and other extraordinary or non-recurring
    expenses and other expenses properly payable by the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Selection
    of Securities Brokers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Advisory Agreement contains provisions relating
    to the selection of securities brokers to effect the portfolio
    transactions of the Fund. Under those provisions, the Investment
    Adviser may (i)&#160;direct Fund portfolio brokerage to
    Gabelli&#160;&#038; Company, Inc. or other broker-dealer
    affiliates of the Investment Adviser and (ii)&#160;pay
    commissions to brokers other than Gabelli&#160;&#038; Company,
    Inc. that are higher than might be charged by another qualified
    broker to obtain brokerage
    <FONT style="white-space: nowrap">and/or</FONT>
    research services considered by the Investment Adviser to be
    useful or desirable for its investment management of the Fund
    <FONT style="white-space: nowrap">and/or</FONT> its
    other investment advisory accounts or those of any investment
    adviser affiliated with it. The SAI contains further information
    about the Investment Advisory Agreement, including a more
    complete description of the investment advisory and expense
    arrangements, exculpatory and brokerage provisions, as well as
    information on the brokerage practices of the Fund.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Management</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As Chairman and Chief Executive Officer of GAMCO Investors,
    Inc., Mr.&#160;Gabelli ultimately has oversight over the
    investment professionals responsible for the day-to-day
    management of the Fund. Mr.&#160;Gabelli has served as Chairman
    and Chief Executive Officer of GAMCO Investors, Inc. and its
    predecessors since 1976. Mr.&#160;Gabelli is the Chief
    Investment Officer&#151;Value Products for the Investment
    Adviser and GAMCO Asset Management Inc. Mr.&#160;Gabelli serves
    as Portfolio Manager for several funds in the Gabelli fund
    family and is a director of most of the funds in the family.
    Mr.&#160;Gabelli is also Chairman and Chief Executive Officer of
    GGCP, Inc., a private company owning the majority of the shares
    of GAMCO Investors, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Vincent Hugonnard-Roche serves as a Co-Lead Portfolio Manager
    for the Fund and is primarily responsible for the day-to-day
    management of the Fund&#146;s option strategy. Mr.&#160;Roche
    joined GAMCO Investors, Inc. in 2000 as Director of Quantitative
    Strategies and Head of Risk Management. Prior thereto,
    Mr.&#160;Roche worked at Credit Lyonnais in New York as a
    proprietary equity analyst focused on Risk Arbitrage.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Caesar M.P. Bryan serves as a Co-Lead Portfolio Manager for the
    Fund and is primarily responsible for the day-to-day management
    of the Gold Companies portion of the Fund&#146;s portfolio.
    Mr.&#160;Bryan joined GAMCO Investors, Inc. in 1994 and has been
    primarily responsible for the day-to-day investment management
    of the GAMCO Gold Fund, Inc., a registered open-end investment
    company, since its inception in 1994. Mr.&#160;Bryan has been
    Portfolio Manager of the GAMCO International Growth Fund, Inc.,
    a registered open-end investment company, since 1995 and
    Co-Portfolio Manager of The GAMCO Global Opportunity Fund, a
    registered open-end investment company, since 1998.
    Mr.&#160;Bryan is also a Portfolio Manager for The GAMCO Global
    Growth Fund and The Gabelli Equity Trust&#160;Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Barbara G. Marcin is primarily responsible for the day-to-day
    management of the Natural Resources Companies portion of the
    Fund&#146;s portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ms.&#160;Marcin joined GAMCO Investors, Inc. in 1999 to manage
    larger capitalization value style portfolios. Ms.&#160;Marcin
    currently serves as the Portfolio Manager for The Gabelli Blue
    Chip Value Fund and The GAMCO Westwood Income Fund, registered
    open-end investment companies, and as a Portfolio Manager for
    The Gabelli Dividend&#160;&#038; Income Trust, a registered
    closed-end investment company. Prior thereto, she worked at
    Citibank Global Asset Management where she was head of value
    investments and was a member of the Global Investment Policy
    Committee and co-Chair of the U.S.&#160;Equity Policy Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Statement of Additional Information provides additional
    information about the Portfolio Managers&#146; compensation,
    other accounts managed by the Portfolio Managers, and the
    Portfolio Managers&#146; ownership of securities of the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Resident
    Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Messrs. d&#146;Urso and van Ekris are not U.S.&#160;residents
    and substantially all of each of their assets may be located
    outside of the United States. Messrs. d&#146;Urso and van Ekris
    do not have agents for service of process in the United States.
    As a result, it may be difficult for U.S.&#160;investors to
    effect service of process upon Messrs. d&#146;Urso or van Ekris
    within the United States or to realize judgments of courts of
    the United States predicated upon civil liabilities under the
    federal securities laws of the United States. In addition, it is
    not certain that civil liabilities predicated upon the federal
    securities laws on which a valid judgment of a court in the
    United States is obtained would be enforceable in the courts of
    the jurisdictions in which Messrs. d&#146;Urso or van Ekris
    reside.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sub-Administrator</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investment Adviser has entered into a sub-administration
    agreement with PNC Global Investment Servicing (the
    &#147;Sub-Administrator&#148;) pursuant to which the
    Sub-Administrator provides certain administrative services
    necessary for the Fund&#146;s operations that do not include the
    investment and portfolio management services provided by the
    Investment Adviser. For these services and the related expenses
    borne by the Sub-
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Administrator, the Investment Adviser pays a prorated monthly
    fee at the annual rate of 0.0275% of the first $10&#160;billion
    of the aggregate average net assets of the Fund and all other
    funds advised by the Investment Adviser and Gabelli Advisers,
    Inc. and administered by the Sub-Administrator, 0.0125% of the
    aggregate average net assets exceeding $10&#160;billion and
    0.01% of the aggregate average net assets in excess of
    $15&#160;billion. The Sub-Administrator has its principal office
    at 760 Moore Road, King of Prussia, Pennsylvania 19406.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulatory
    Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;24, 2008, the Investment Adviser entered into an
    administrative settlement with the SEC to resolve the SEC&#146;s
    inquiry regarding prior frequent trading activity in shares of
    the GAMCO Global Growth Fund (the &#147;Global Growth
    Fund&#148;) by one investor who was banned from the Global
    Growth Fund in August 2002. In the settlement, the SEC found
    that the Investment Adviser had violated Section&#160;206(2) of
    the Investment Advisers Act, Section&#160;17(d) of the 1940 Act
    and
    <FONT style="white-space: nowrap">Rule&#160;17d-1</FONT>
    thereunder, and had aided and abetted and caused violations of
    Section&#160;12(d)(1)(B)(i) of the 1940 Act. Under the terms of
    the settlement, the Investment Adviser, while neither admitting
    nor denying the SEC&#146;s findings and allegations, agreed,
    among other things, to pay the previously reserved total of
    $16&#160;million (including a $5&#160;million penalty), of which
    at least $11&#160;million will be distributed to shareholders of
    the Global Growth Fund in accordance with a plan to be developed
    by an independent distribution consultant and approved by the
    independent directors of the Global Growth Fund and the staff of
    the SEC, and to cease and desist from future violations of the
    above referenced federal securities laws. The settlement will
    not have a material adverse impact on the Investment Adviser or
    its ability to fulfill its obligations under the Investment
    Advisory Agreement. On the same day, the SEC filed a civil
    action against the Executive Vice President and Chief Operating
    Officer of the Investment Adviser, alleging violations of
    certain federal securities laws arising from the same matter.
    The officer is also an officer of the Fund, the Global Growth
    Fund and other funds in the Gabelli/GAMCO fund complex. The
    officer denies the allegations and is continuing in his
    positions with the Investment Adviser and the funds. The
    Investment Adviser currently expects that any resolution of the
    action against the officer will not have a material adverse
    impact on the Investment Adviser or its ability to fulfill its
    obligations under the Investment Advisory Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In a separate matter, on January&#160;12, 2009, the SEC issued
    an administrative action approving a final settlement of a
    previously disclosed matter with the Investment Adviser
    involving compliance with Section&#160;19(a) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;19a-1</FONT>
    thereunder by two closed-end funds. These provisions require
    registered investment companies when making a distribution in
    the nature of a dividend from sources other than net investment
    income to contemporaneously provide written statements to
    shareholders that adequately disclose the source or sources of
    such distribution. While the two closed-end funds sent annual
    statements and provided other materials containing this
    information, shareholders did not receive the notices required
    by
    <FONT style="white-space: nowrap">Rule&#160;19a-1</FONT>
    with any of the distributions that were made in 2002 and 2003.
    The Investment Adviser believes that the closed-end funds have
    been in compliance with Section&#160;19(a) and
    <FONT style="white-space: nowrap">Rule&#160;19a-1</FONT>
    since the beginning of 2004. As part of the settlement, in which
    the Investment Adviser neither admits nor denies the findings by
    the SEC, the Investment Adviser agreed to pay a civil monetary
    penalty of $450,000 and to cease and desist from causing
    violations of Section&#160;19(a) and
    <FONT style="white-space: nowrap">Rule&#160;19a-1.</FONT>
    In connection with the settlement, the SEC noted the remedial
    actions previously undertaken by the Investment Adviser.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>
<A name='109'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principal transactions are not entered into with affiliates of
    the Fund. However, Gabelli&#160;&#038; Company, Inc., an
    affiliate of the Investment Adviser, may execute portfolio
    transactions on stock exchanges and in the over-the-counter
    markets on an agency basis and receive a stated commission
    therefor. For a more detailed discussion of the Fund&#146;s
    brokerage allocation practices, see &#147;Portfolio
    Transactions&#148; in the SAI.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>
<A name='110'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDENDS
    AND DISTRIBUTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund intends to make regular monthly cash distributions of
    all or a portion of its investment company taxable income (which
    includes ordinary income and realized short-term capital gains)
    to common
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    shareholders. The Fund also intends to make annual distributions
    of its realized capital gains (which is the excess of net
    long-term capital gains over net short-term capital losses). A
    portion of the Fund&#146;s distributions on its common shares
    for 2008 and subsequent periods have included, or have been
    estimated to include, a return of capital. Any return of capital
    that is a component of a distribution is not sourced from
    realized gains of the Fund and that portion should not be
    considered by investors as yield or total return on their
    investment in the Fund. The Fund will pay common shareholders at
    least annually all, or at least 90%, of its investment company
    taxable income. Various factors will affect the level of the
    Fund&#146;s income, such as its asset mix and use of option
    strategies. To permit the Fund to maintain more stable monthly
    distributions, the Fund may from time to time distribute less
    than the entire amount of income earned in a particular period,
    which would be available to supplement future distributions. As
    a result, the distributions paid by the Fund for any particular
    monthly period may be more or less than the amount of income
    actually earned by the Fund during that period. However, as the
    Fund is covered by an exemption from the 1940 Act which allows
    the Board of Trustees to implement a managed distribution
    policy, the Board of Trustees in the future may determine to
    cause the Fund to distribute a fixed percentage of the
    Fund&#146;s average net asset value or market price per common
    share over a specified period of time at or about the time of
    distribution or to distribute a fixed dollar amount. The Board
    of Trustees has no present intention to implement such a policy.
    Because the Fund&#146;s distribution policy may be changed by
    the Board of Trustees at any time and the Fund&#146;s income
    will fluctuate, there can be no assurance that the Fund will pay
    dividends or distributions at a particular rate. See
    &#147;Dividends and Distributions&#148; in the SAI.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders will automatically have all dividends and
    distributions reinvested in common shares of the Fund issued by
    the Fund or purchased in the open market in accordance with the
    Fund&#146;s dividend reinvestment plan unless an election is
    made to receive cash. See &#147;Automatic Dividend Reinvestment
    and Voluntary Cash Purchase Plan.&#148;
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AUTOMATIC
    DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Fund&#146;s Automatic Dividend Reinvestment and
    Voluntary Cash Purchase Plan (the &#147;Plan&#148;), a
    shareholder whose common shares are registered in his or her own
    name will have all distributions reinvested automatically by the
    transfer agent, which is agent under the Plan, unless the
    shareholder elects to receive cash. Distributions with respect
    to shares registered in the name of a broker-dealer or other
    nominee (that is, in &#147;street name&#148;) will be reinvested
    by the broker or nominee in additional shares under the Plan,
    unless the service is not provided by the broker or nominee or
    the shareholder elects to receive distributions in cash.
    Investors who own common shares registered in street name should
    consult their broker-dealers for details regarding reinvestment.
    All distributions to investors who do not participate in the
    Plan will be paid by check mailed directly to the record holder
    by the transfer agent as dividend disbursing agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Plan, whenever the market price of the common shares
    is equal to or exceeds net asset value at the time shares are
    valued for purposes of determining the number of shares
    equivalent to the cash distribution, participants in the Plan
    will receive newly issued common shares. The number of shares to
    be issued will be computed at a per share rate equal to the
    greater of (i)&#160;the net asset value as most recently
    determined or (ii)&#160;95% of the then-current market price of
    the common shares. The valuation date is the distribution
    payment date or, if that date is not an NYSE trading day, the
    next trading day. If the net asset value of the common shares at
    the time of valuation exceeds the market price of the common
    shares, participants will receive shares purchased by the Plan
    agent in the open market. If the Fund should declare a
    distribution payable only in cash, the Plan agent will buy the
    common shares for such Plan in the open market, on the NYSE or
    elsewhere, for the participants&#146; accounts, except that the
    Plan agent will terminate purchases in the open market and
    instead the Fund will distribute newly issued shares at a per
    share rate equal to the greater of net asset value or 95% of
    market value if, following the commencement of such purchases,
    the market value of the common shares plus estimated brokerage
    commissions exceeds net asset value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Participants in the Plan have the option of making additional
    cash payments to the Plan agent, semi-monthly, for investment in
    the shares as applicable. Such payments may be made in any
    amount from $250 to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    $10,000. The Plan agent will use all funds received from
    participants to purchase shares of the Fund in the open market
    on or about the 1st&#160;or 15th&#160;of each month. The Plan
    agent will charge each shareholder who participates $1.00, plus
    a pro rata share of the brokerage commissions. Brokerage charges
    for such purchases are expected to be less than the usual
    brokerage charge for such transactions. It is suggested that
    participants send voluntary cash payments to the Plan agent in a
    manner that ensures that the Plan agent will receive these
    payments approximately ten days before the investment date. A
    participant may without charge withdraw a voluntary cash payment
    by written notice, if the notice is received by the Plan agent
    at least 48&#160;hours before such payment is to be invested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Plan agent maintains all shareholder accounts in the Plan
    and furnishes written confirmations of all transactions in the
    account, including information needed by shareholders for
    personal and tax records. Shares in the account of each Plan
    participant will be held by the Plan agent in noncertificated
    form in the name of the participant. A Plan participant may send
    its share certificates to the Plan agent so that the shares
    represented by such certificates will be held by the Plan agent
    in the participant&#146;s shareholder account under the Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of shareholders such as banks, brokers or nominees,
    that hold shares for others who are the beneficial owners, the
    Plan agent will administer the Plan on the basis of the number
    of shares certified from time to time by the shareholder as
    representing the total amount registered in the
    shareholder&#146;s name and held for the account of beneficial
    owners who participate in the Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The automatic reinvestment of dividends and other distributions
    will not relieve participants of any U.S.&#160;federal, state or
    local income tax that may be payable (or required to be
    withheld) on such dividends or other distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund reserves the right to amend or terminate its Plan as
    applied to any voluntary cash payments made and any distribution
    paid with at least 90&#160;days written notice to the
    participants in such Plan. The Plan also may be amended or
    terminated by the Plan agent, with the Fund&#146;s prior written
    consent, on at least 90&#160;days written notice to the
    participants in such Plan. All correspondence concerning the
    Plan should be directed to the transfer agent.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following is a brief description of the terms of the
    Fund&#146;s shares. This description does not purport to be
    complete and is qualified by reference to the Fund&#146;s
    Agreement and Declaration of Trust and its By-Laws. For complete
    terms of the shares, please refer to the actual terms of such
    series, which are set forth in the Agreement and Declaration of
    Trust.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is an unincorporated statutory trust organized under
    the laws of Delaware pursuant to a Certificate of Trust dated as
    of January&#160;4, 2005. The Fund is authorized to issue an
    unlimited number of common shares of beneficial interest, par
    value $0.001 per share. Each common share has one vote and, when
    issued and paid for in accordance with the terms of this
    offering, will be fully paid and non-assessable. Though the Fund
    expects to pay distributions monthly on the common shares, it is
    not obligated to do so. All common shares are equal as to
    distributions, assets and voting privileges and have no
    conversion, preemptive or other subscription rights. The Fund
    will send annual and semi-annual reports, including financial
    statements, to all holders of its shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Offerings of shares require approval by the Fund&#146;s Board of
    Trustees. Any additional offering of common shares will be
    subject to the requirements of the 1940 Act, which provides that
    common shares may not be issued at a price below the then
    current net asset value, exclusive of sales load, except in
    connection with an offering to existing holders of common shares
    or with the consent of a majority of the Fund&#146;s outstanding
    voting securities.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s common shares are listed on the NYSE under the
    symbol &#147;GGN.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s net asset value per share will be reduced
    immediately following the offering of common shares by the
    amount of the offering expenses paid by the Fund. See &#147;Use
    of Proceeds.&#148; Unlike open-end funds, closed-end funds like
    the Fund do not continuously offer shares and do not provide
    daily redemptions. Rather, if a shareholder determines to buy
    additional common shares or sell shares already held, the
    shareholder may do so by trading through a broker on the NYSE or
    otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares of closed-end investment companies often trade on an
    exchange at prices lower than net asset value. Because the
    market value of the common shares may be influenced by such
    factors as dividend and distribution levels (which are in turn
    affected by expenses), dividend and distribution stability, net
    asset value, market liquidity, relative demand for and supply of
    such shares in the market, unrealized gains, general market and
    economic conditions and other factors beyond the control of the
    Fund, the Fund cannot assure you that common shares will trade
    at a price equal to or higher than net asset value in the
    future. The common shares are designed primarily for long-term
    investors and you should not purchase the common shares if you
    intend to sell them soon after purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s common shareholders will vote as a single class
    to elect the Fund&#146;s Board of Trustees and on additional
    matters with respect to which the 1940 Act, the Fund&#146;s
    Declaration of Trust, By-Laws or resolutions adopted by the
    Trustees provide for a vote of the Fund&#146;s common
    shareholders. See &#147;Anti-Takeover Provisions of the
    Fund&#146;s Governing Documents.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Book
    Entry</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The common shares sold through this offering will initially be
    held in the name of Cede&#160;&#038; Co. as nominee for the
    Depository Trust&#160;Company (&#147;DTC&#148;). The Fund will
    treat Cede&#160;&#038; Co. as the holder of record of the common
    shares for all purposes. In accordance with the procedures of
    DTC, however, purchasers of common shares will be deemed the
    beneficial owners of shares purchased for purposes of
    distributions, voting and liquidation rights. Purchasers of
    common shares may obtain registered certificates by contacting
    the transfer agent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Currently, an unlimited number of the Fund&#146;s shares have
    been classified by the Board of Trustees as preferred shares,
    par value $0.001 per share. The terms of such preferred shares
    may be fixed by the Board of Trustees and would materially limit
    <FONT style="white-space: nowrap">and/or</FONT>
    qualify the rights of the holders of the Fund&#146;s common
    shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;16, 2007, the Fund completed the placement of
    $100&#160;million of Preferred Shares consisting of
    4&#160;million shares designated as Series&#160;A and paying
    dividends of an annual rate equal to 6.625% of liquidation
    preference. The Preferred Shares are senior to the common shares
    and result in the financial leveraging of the common shares.
    Such leveraging tends to magnify both the risks and
    opportunities to common shareholders. Dividends on the Preferred
    Shares are cumulative. The Fund is required by the 1940 Act and
    by the Statement of Preferences to meet certain asset coverage
    tests with respect to the Preferred Shares. If the Fund fails to
    meet these requirements and does not correct such failure, the
    Fund may be required to redeem, in part or in full, the
    Preferred Shares at the redemption price of $25 per share plus
    an amount equal to the accumulated and unpaid dividends whether
    or not declared on such shares in order to meet the
    requirements. Additionally, failure to meet the foregoing asset
    coverage requirements could restrict the Fund&#146;s ability to
    pay dividends to common shareholders and could lead to sales of
    portfolio securities at inopportune times. The income received
    on the Fund&#146;s assets may vary in a manner unrelated to the
    fixed rate, which could have either a beneficial or detrimental
    impact on net investment income and gains available to common
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Preferred Shares are listed on the NYSE under the ticker
    symbol &#147;GGN PrA.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon a liquidation, each holder of the preferred shares will be
    entitled to receive out of the assets of the Fund available for
    distribution to shareholders (after payment of claims of the
    Fund&#146;s creditors but before any
</DIV>

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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    distributions with respect to the Fund&#146;s common shares or
    any other shares of the Fund ranking junior to the preferred
    shares as to liquidation payments) an amount per share equal to
    such share&#146;s liquidation preference plus any accumulated
    but unpaid distributions (whether or not earned or declared,
    excluding interest thereon) to the date of distribution, and
    such shareholders shall be entitled to no further participation
    in any distribution or payment in connection with such
    liquidation. Each series of the preferred shares will rank on a
    parity with any other series of preferred shares of the Fund as
    to the payment of distributions and the distribution of assets
    upon liquidation, and will be junior to the Fund&#146;s
    obligations with respect to any outstanding senior securities
    representing debt. The preferred shares carry one vote per share
    on all matters on which such shares are entitled to vote. The
    preferred shares will, upon issuance, be fully paid and
    nonassessable and will have no preemptive, exchange or
    conversion rights. The Board of Trustees may by resolution
    classify or reclassify any authorized but unissued capital
    shares of the Fund from time to time by setting or changing the
    preferences, conversion or other rights, voting powers,
    restrictions, limitations as to distributions or terms or
    conditions of redemption. The Fund will not issue any class of
    shares senior to the preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Rating Agency Guidelines.</I>&#160;&#160;Upon issuance, it is
    expected that the preferred shares will be rated &#147;Aaa&#148;
    by Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    &#147;AAA&#148; by S&#038;P. The Fund expects that it will be
    required under Moody&#146;s and S&#038;P guidelines to maintain
    assets having in the aggregate a discounted value at least equal
    to the Basic Maintenance Amount (as defined below) for its
    outstanding preferred shares, with respect to the separate
    guidelines Moody&#146;s and S&#038;P has each established for
    determining discounted value. To the extent any particular
    portfolio holding does not satisfy the applicable rating
    agency&#146;s guidelines, all or a portion of such
    holding&#146;s value will not be included in the calculation of
    discounted value (as defined by such rating agency). The
    Moody&#146;s and S&#038;P guidelines also impose certain
    diversification requirements and industry concentration
    limitations on the Fund&#146;s overall portfolio, and apply
    specified discounts to securities held by the Fund (except
    certain money market securities). The &#147;Basic Maintenance
    Amount&#148; is equal to (i)&#160;the sum of (a)&#160;the
    aggregate liquidation preference of any preferred shares then
    outstanding plus (to the extent not included in the liquidation
    preference of such preferred shares) an amount equal to the
    aggregate accumulated but unpaid distributions (whether or not
    earned or declared) in respect of such preferred shares,
    (b)&#160;the total principal of any debt (plus accrued and
    projected interest), (c)&#160;certain Fund expenses and
    (d)&#160;certain other current liabilities (excluding any unmade
    distributions on the Fund&#146;s common shares) less
    (ii)&#160;the Fund&#146;s (a)&#160;cash and (b)&#160;assets
    consisting of indebtedness which (y)&#160;mature prior to or on
    the date of redemption or repurchase of the preferred shares and
    are U.S.&#160;government securities or evidences of indebtedness
    rated at least &#147;Aaa,&#148;
    <FONT style="white-space: nowrap">&#147;P-1&#148;,</FONT>
    &#147;VMIG-1&#148; or &#147;MIG-1&#148; by Moody&#146;s or
    &#147;AAA&#148;, &#147;SP-1+&#148; or
    <FONT style="white-space: nowrap">&#147;A-1+&#148;</FONT>
    by S&#038;P, and (z)&#160;is held by the Fund for distributions,
    the redemption or repurchase of preferred shares or the
    Fund&#146;s liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund does not cure in a timely manner a failure to
    maintain a discounted value of its portfolio equal to the Basic
    Maintenance Amount in accordance with the requirements of the
    applicable rating agency or agencies then rating the preferred
    shares at the request of the Fund, the Fund may, and in certain
    circumstances will be required to, mandatorily redeem preferred
    shares, as described below under &#147;&#151;Redemption.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may, but is not required to, adopt any modifications to
    the rating agency guidelines that may hereafter be established
    by Moody&#146;s and S&#038;P (or such other rating agency then
    rating the preferred shares at the request of the Fund). Failure
    to adopt any such modifications, however, may result in a change
    in the relevant rating agency&#146;s ratings or a withdrawal of
    such ratings altogether. In addition, any rating agency
    providing a rating for the preferred shares at the request of
    the Fund may, at any time, change or withdraw any such rating.
    The Board of Trustees, without further action by the
    shareholders, may amend, alter, add to or repeal certain of the
    definitions and related provisions that have been adopted by the
    Fund pursuant to the rating agency guidelines if the Board of
    Trustees determines that such modification is necessary to
    prevent a reduction in rating of the preferred shares by
    Moody&#146;s and S&#038;P, as the case may be, is in the best
    interests of the holders of common shares and is not adverse to
    the holders of preferred shares in view of advice to the Fund by
    Moody&#146;s and S&#038;P (or such other rating agency then
    rating the preferred shares at the request of the Fund) that
    such modification would not adversely affect, as the case may
    be, its then current rating of the preferred shares.
</DIV>

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    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Trustees may amend the Statement of Preferences
    definition of &#147;Maximum Rate&#148; (the &#147;maximum
    rate&#148; as defined below under &#147;&#151;Distributions on
    the Preferred Shares&#151;Maximum Rate&#148;) to increase the
    percentage amount by which the applicable reference rate is
    multiplied or to increase the applicable spread to which the
    reference rate is added to determine the maximum rate without
    the vote or consent of the holders of the preferred shares or
    any other shareholder of the Fund, but only after consultation
    with the broker-dealers and with confirmation from each
    applicable rating agency that the Fund could meet applicable
    rating agency asset coverage tests immediately following any
    such increase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As described by Moody&#146;s and S&#038;P, the ratings assigned
    to the preferred shares are assessments of the capacity and
    willingness of the Fund to pay the obligations of each of the
    preferred shares. The ratings on the preferred shares are not
    recommendations to purchase, hold or sell shares of either
    series, inasmuch as the ratings do not comment as to market
    price or suitability for a particular investor. The rating
    agency guidelines also do not address the likelihood that an
    owner of preferred shares will be able to sell such shares on an
    exchange, in an auction or otherwise. The ratings are based on
    current information furnished to Moody&#146;s and S&#038;P by
    the Fund and the Investment Adviser and information obtained
    from other sources. The ratings may be changed, suspended or
    withdrawn as a result of changes in, or the unavailability of,
    such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The rating agency guidelines will apply to the preferred shares,
    as the case may be, only so long as such rating agency is rating
    such shares at the request of the Fund. The Fund will pay fees
    to Moody&#146;s and S&#038;P for rating the preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Asset Maintenance Requirements.</I>&#160;&#160;In addition to
    the requirements summarized under &#147;&#151;Rating Agency
    Guidelines&#148; above, the Fund must also satisfy asset
    maintenance requirements under the 1940 Act with respect to its
    preferred shares. Under the 1940 Act, such debt or preferred
    shares may be issued only if immediately after such issuance the
    value of the Fund&#146;s total assets (less ordinary course
    liabilities) is at least 300% of the amount of any debt
    outstanding and at least 200% of the amount of any preferred
    stock and debt outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will be required under the preferred shares&#146;
    Statement of Preferences (the &#147;Statement of
    Preferences&#148;) to determine whether it has, as of the last
    business day of each March, June, September and December of each
    year, an &#147;asset coverage&#148; (as defined in the 1940 Act)
    of at least 200% (or such higher or lower percentage as may be
    required at the time under the 1940 Act) with respect to all
    outstanding senior securities of the Fund that are debt or
    stock, including any outstanding preferred shares. If the Fund
    fails to maintain the asset coverage required under the 1940 Act
    on such dates and such failure is not cured within 60 calendar
    days, the Fund may, and in certain circumstances will be
    required to, mandatorily redeem the number of preferred shares
    sufficient to satisfy such asset coverage. See
    &#147;&#151;Redemption&#148; below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distributions.</I>&#160;&#160;In connection with the offering
    of one or more series of preferred shares, an accompanying
    Prospectus Supplement will specify whether dividends on such
    preferred shares will be based on a fixed or variable rate. If
    such Prospectus Supplement specifies that dividends will be paid
    at a fixed rate (&#147;Fixed Rate Preferred Shares&#148;),
    holders of such preferred shares will be entitled to receive,
    when, as and if declared by the Board of Trustees, out of funds
    legally available therefor, cumulative cash distributions, at an
    annual rate set forth in the applicable Prospectus Supplement,
    payable with such frequency as set forth in the applicable
    Prospectus Supplement. Such distributions will accumulate from
    the date on which such shares are issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the alternative, the Prospectus Supplement may state that the
    holders of one or more series of the preferred shares are
    entitled to receive cash distributions at annual rates stated as
    a percentage of liquidation preference, that will vary from
    dividend period to dividend period (&#147;Variable Rate
    Preferred Shares&#148;). The liquidation preference per share
    and the dividend rate for the initial dividend period for any
    such series of preferred shares will be the rate set out in the
    Prospectus Supplement for such series. For subsequent dividend
    periods, each such series of preferred shares will pay
    distributions based on a rate set at an auction, normally held
    weekly, but not in excess of a maximum rate. Dividend periods
    generally will be seven days, and the dividend periods generally
    will begin on the first business day after an auction. In most
    instances, distributions are also paid weekly, on the business
    day following the end of the dividend period. The Fund, subject
    to some
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    limitations, may change the length of the dividend periods,
    designating them as &#147;special dividend periods,&#148; as
    described below under &#147;&#151;Designation of Special
    Dividend Periods&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Distribution Payments.</I>&#160;&#160;Except as described
    below, the dividend payment date for a series of Variable Rate
    Preferred Shares will be the first business day after the
    dividend period ends. The dividend payment dates for special
    dividend periods of more (or less) than seven days will be set
    out in the notice designating a special dividend period. See
    &#147;&#151;Designation of Special Dividend Periods&#148; for a
    discussion of payment dates for a special dividend period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a dividend payment date for a series of Variable Rate
    Preferred Shares is not a business day because the NYSE is
    closed for business for more than three consecutive business
    days due to an act of God, natural disaster, act of war, civil
    or military disturbance, act of terrorism, sabotage, riots or a
    loss or malfunction of utilities or communications services, or
    the dividend payable on such date can not be paid for any such
    reason, then:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dividend payment date for the affected dividend period will
    be the next business day on which the Fund and its paying agent,
    if any, are able to cause the distributions to be paid using
    their reasonable best efforts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the affected dividend period will end on the day it would have
    ended had such event not occurred and the dividend payment date
    had remained the scheduled date;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the next dividend period will begin and end on the dates on
    which it would have begun and ended had such event not occurred
    and the dividend payment date remained the scheduled date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Determination of Dividend Rates.</I>&#160;&#160;The Fund
    computes the distributions per share for a series of Variable
    Rate Preferred Shares by multiplying the applicable rate
    determined at the auction by a fraction, the numerator of which
    normally is the number of days in such dividend period and the
    denominator of which is 360. This applicable rate is then
    multiplied by the liquidation preference per share of such
    series to arrive at the distribution per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Maximum Rate.</I>&#160;&#160;The dividend rate for a series
    of Variable Rate Preferred Shares that results from an auction
    for such shares will not be greater than the applicable
    &#147;maximum rate.&#148; The maximum rate for any standard
    dividend period will be the greater of the applicable percentage
    of the reference rate or the reference rate plus the applicable
    spread. The reference rate will be the applicable LIBOR Rate (as
    defined below) for a dividend period of fewer than 365&#160;days
    or the Treasury Index Rate (as defined below) for a dividend
    period of 365&#160;days or more. The applicable percentage and
    the applicable spread will be determined based on the lower of
    the credit ratings assigned to such series of preferred shares
    by Moody&#146;s and S&#038;P on the auction date for such period
    (as set forth in the table below). If Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    S&#038;P do not make such rating available, the rate will be
    determined by reference to equivalent ratings issued by a
    substitute rating agency. In the case of a special dividend
    period, (1)&#160;the Fund will communicate the maximum
    applicable rate in a notice of special rate period for such
    dividend payment period, (2)&#160;the applicable percentage and
    applicable spread will be determined on the date two business
    days before the first day of such special dividend period and
    (3)&#160;the reference rate will be the applicable LIBOR Rate
    for a dividend period of fewer than 365&#160;days or the
    Treasury Index Rate for a dividend period of 365&#160;days or
    more.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;LIBOR Rate,&#148; as described in greater detail in
    the Statement of Preferences, is the applicable London
    Inter-Bank Offered Rate for deposits in U.S.&#160;dollars for
    the period most closely approximating the applicable dividend
    period for the preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;Treasury Index Rate,&#148; as described in greater
    detail in the Statement of Preferences, is the average yield to
    maturity for certain U.S.&#160;Treasury securities having
    substantially the same length to maturity as the applicable
    dividend period for the preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="18%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Credit Ratings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Moody&#146;s</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>S&#038;P</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Spread</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Aaa
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    AAA
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Aa3 to Aa1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    AA&#150;to AA+
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    A3 to A1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A&#150;to A+
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    350
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Baa1 or lower
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    BBB+ or lower
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    550
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming the Fund maintains an &#147;AAA&#148; and
    &#147;Aaa&#148; rating on the preferred shares, the practical
    effect of the different methods used to determine the maximum
    rate is shown in the table below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Method Used to<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Determine the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Rate Using the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Rate Using the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Reference Rate</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Applicable Percentage</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Spread</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Rate</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Spread
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Spread
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Either
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    6%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is no minimum dividend rate in respect of any dividend
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Effect of Failure to Pay Distributions in a Timely
    Manner.</I>&#160;&#160;If the Fund fails to pay the paying agent
    the full amount of any distribution or redemption price, as
    applicable, for a series of variable rate preferred shares in a
    timely manner, the dividend rate for the dividend period
    following such a failure to pay (such period referred to as the
    default period) and any subsequent dividend period for which
    such default is continuing will be the default rate. In the
    event that the Fund fully pays all default amounts due during a
    dividend period, the dividend rate for the remainder of that
    dividend period will be, as the case may be, the applicable rate
    (for the first dividend period following a dividend default) or
    the then maximum rate (for any subsequent dividend period for
    which such default is continuing).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The default rate is 550% of the applicable LIBOR Rate for a
    dividend period of 364&#160;days or fewer and 550% of the
    applicable Treasury Index Rate for a dividend period of longer
    than 364&#160;days.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Designation of Special Dividend Periods.</I>&#160;&#160;The
    Fund may instruct the auction agent to hold auctions more or
    less frequently than weekly and may designate dividend periods
    longer or shorter than one week. The Fund may do this if, for
    example, the Fund expects that short-term rates might increase
    or market conditions otherwise change, in an effort to optimize
    the potential benefit of the Fund&#146;s leverage for holders of
    its common shares. The Fund does not currently expect to hold
    auctions and pay distributions less frequently than weekly or
    establish dividend periods longer or shorter than one week. If
    the Fund designates a special dividend period, changes in
    interest rates could affect the price received if preferred
    shares are sold in the secondary market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any designation of a special dividend period for a series of
    Variable Rate Preferred Shares will be effective only if
    (i)&#160;notice thereof has been given as provided for in the
    governing documents, (ii)&#160;any failure to pay in a timely
    manner to the auction agent the full amount of any distribution
    on, or the redemption price of, any preferred shares has been
    cured as provided for in the governing documents, (iii)&#160;the
    auction immediately preceding the special dividend period was
    not a failed auction, (iv)&#160;if the Fund has mailed a notice
    of redemption with respect to any preferred shares, the Fund has
    deposited with the paying agent all funds necessary for such
    redemption and (v)&#160;the Fund has confirmed that as of the
    auction date next preceding the first day of such special
    dividend period, it has assets with an aggregate discounted
    value at least equal to the Basic Maintenance Amount, and the
    Fund has provided notice of such designation and a Basic
    Maintenance Report to each rating agency then rating the
    preferred shares at the request of the Fund.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The dividend payment date for any such special dividend period
    will be set out in the notice designating the special dividend
    period. In addition, for special dividend periods of at least
    91&#160;days, dividend payment dates will occur on the first
    business day of each calendar month within such dividend period
    and on the business day following the last day of such dividend
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Before the Fund designates a special dividend period:
    (i)&#160;at least seven business days (or two business days in
    the event the duration of the dividend period prior to such
    special dividend period is less than eight days) and not more
    than 30 business days before the first day of the proposed
    special dividend period, the Fund will issue a press release
    stating its intention to designate a special dividend period and
    inform the auction agent of the proposed special dividend period
    by telephonic or other means and confirm it in writing promptly
    thereafter and (ii)&#160;the Fund must inform the auction agent
    of the proposed special dividend period by 3:00&#160;p.m., New
    York City time on the second business day before the first day
    of the proposed special dividend period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Dividends and Other Distributions for the Preferred
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as any preferred shares are outstanding, the Fund may
    not pay any dividend or distribution (other than a dividend or
    distribution paid in common shares or in options, warrants or
    rights to subscribe for or purchase common shares) in respect of
    the common shares or call for redemption, redeem, purchase or
    otherwise acquire for consideration any common shares (except by
    conversion into or exchange for shares of the Fund ranking
    junior to the preferred shares as to the payment of dividends
    and the distribution of assets upon liquidation), unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund has declared and paid (or provided to the relevant
    dividend paying agent) all cumulative distributions on the
    Fund&#146;s outstanding preferred shares due on or prior to the
    date of such common share dividend or distribution;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund has redeemed the full number of preferred shares to be
    redeemed pursuant to any mandatory redemption provision in the
    Fund&#146;s governing documents;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    after making the distribution, the Fund meets applicable asset
    coverage requirements described under &#147;&#151;Rating Agency
    Guidelines&#148; and &#147;&#151;Asset Maintenance
    Requirements.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No full distribution will be declared or made on any series of
    the preferred shares for any dividend period, or part thereof,
    unless full cumulative distributions due through the most recent
    dividend payment dates therefor for all outstanding series of
    preferred shares of the Fund ranking on a parity with such
    series as to distributions have been or contemporaneously are
    declared and made. If full cumulative distributions due have not
    been made on all outstanding preferred shares of the Fund
    ranking on a parity with such series of preferred shares as to
    the payment of distributions, any distributions being paid on
    the preferred shares will be paid as nearly pro rata as possible
    in proportion to the respective amounts of distributions
    accumulated but unmade on each such series of preferred shares
    on the relevant dividend payment date. The Fund&#146;s
    obligation to make distributions on the preferred shares will be
    subordinate to its obligations to pay interest and principal,
    when due, on any of the Fund&#146;s senior securities
    representing debt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Mandatory Redemption&#160;Relating to Asset Coverage
    Requirements.</I>&#160;&#160;The Fund may, at its option,
    consistent with its Governing Documents and the 1940 Act, and in
    certain circumstances will be required to, mandatorily redeem
    preferred shares in the event that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund fails to maintain the asset coverage requirements
    specified under the 1940 Act on a quarterly valuation date and
    such failure is not cured on or before 60&#160;days, in the case
    of the Fixed Rate Preferred Shares, or 10 business days, in the
    case of the Variable Rate Preferred Shares, following such
    failure;&#160;or
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund fails to maintain the asset coverage requirements as
    calculated in accordance with the applicable rating agency
    guidelines as of any monthly valuation date, and such failure is
    not cured on or before 10 business days after such valuation
    date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The redemption price for preferred shares subject to mandatory
    redemption will be the liquidation preference, as stated in the
    Prospectus Supplement accompanying the issuance of such
    preferred shares, plus an amount equal to any accumulated but
    unpaid distributions (whether or not earned or declared) to the
    date fixed for redemption, plus (in the case of Variable Rate
    Preferred Shares having a dividend period of more than one year)
    any applicable redemption premium determined by the Board of
    Trustees and included in the Statement of Preferences.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of preferred shares that will be redeemed in the case
    of a mandatory redemption will equal the minimum number of
    outstanding preferred shares, the redemption of which, if such
    redemption had occurred immediately prior to the opening of
    business on the applicable cure date, would have resulted in the
    relevant asset coverage requirement having been met or, if the
    required asset coverage cannot be so restored, all of the
    preferred shares. In the event that preferred shares are
    redeemed due to a failure to satisfy the 1940 Act asset coverage
    requirements, the Fund may, but is not required to, redeem a
    sufficient number of preferred shares so that the Fund&#146;s
    assets exceed the asset coverage requirements under the 1940 Act
    after the redemption by 10% (that is, 220% asset coverage). In
    the event that preferred shares are redeemed due to a failure to
    satisfy applicable rating agency guidelines, the Fund may, but
    is not required to, redeem a sufficient number of preferred
    shares so that the Fund&#146;s discounted portfolio value (as
    determined in accordance with the applicable rating agency
    guidelines) after redemption exceeds the asset coverage
    requirements of each applicable rating agency by up to 10% (that
    is, 110% rating agency asset coverage). In addition, as
    discussed under &#147;&#151;Optional Redemption of the Preferred
    Shares&#148; below, the Fund generally may redeem Variable Rate
    Preferred Shares subject to a variable rate, in whole or in
    part, at its option at any time (usually on a dividend or
    distribution payment date), other than during a non-call period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Fund does not have funds legally available for the
    redemption of, or is otherwise unable to redeem, all the
    preferred shares to be redeemed on any redemption date, the Fund
    will redeem on such redemption date that number of shares for
    which it has legally available funds, or is otherwise able to
    redeem, from the holders whose shares are to be redeemed ratably
    on the basis of the redemption price of such shares, and the
    remainder of those shares to be redeemed will be redeemed on the
    earliest practicable date on which the Fund will have funds
    legally available for the redemption of, or is otherwise able to
    redeem, such shares upon written notice of redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If fewer than all of the Fund&#146;s outstanding preferred
    shares are to be redeemed, the Fund, at its discretion and
    subject to the limitations of its Governing Documents and the
    1940 Act, will select the one or more series of preferred shares
    from which shares will be redeemed and the amount of preferred
    shares to be redeemed from each such series. If less than all
    preferred shares of a series are to be redeemed, such redemption
    will be made as among the holders of that series pro rata in
    accordance with the respective number of shares of such series
    held by each such holder on the record date for such redemption
    (or by such other equitable method as the Fund may determine).
    If fewer than all the preferred shares held by any holder are to
    be redeemed, the notice of redemption mailed to such holder will
    specify the number of shares to be redeemed from such holder,
    which may be expressed as a percentage of shares held on the
    applicable record date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Optional Redemption of Fixed Rate Preferred
    Shares.</I>&#160;&#160;Fixed Rate Preferred Shares will not be
    subject to optional redemption by the Fund until the date, if
    any, specified in the applicable Prospectus Supplement, unless
    such redemption is necessary, in the judgment of the Fund, to
    maintain the Fund&#146;s status as a regulated investment
    company under the Code. Commencing on such date and thereafter,
    the Trust may at any time redeem such Fixed Rate Preferred
    Shares in whole or in part for cash at a redemption price per
    share equal to the initial liquidation preference per share plus
    accumulated and unpaid distributions (whether or not earned or
    declared) to the redemption date. Such redemptions are subject
    to the notice requirements set forth under
    &#147;&#151;Redemption&#160;Procedures&#148; and the limitations
    of the Governing Documents and 1940 Act.
</DIV>

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    <BR>
    47
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Optional Redemption of Variable Rate Preferred
    Shares.</I>&#160;&#160;The Fund generally may redeem Variable
    Rate Preferred Shares, if issued, in whole or in part, at its
    option at any time (usually on a dividend or distribution
    payment date), other than during a non-call period. The Fund may
    designate a non-call period during a dividend period of more
    than seven days. In the case of such preferred shares having a
    dividend period of one year or less, the redemption price per
    share will equal the initial liquidation preference plus an
    amount equal to any accumulated but unpaid distributions thereon
    (whether or not earned or declared) to the redemption date, and
    in the case of such Preferred Shares having a dividend period of
    more than one year, the redemption price per share will equal
    the initial liquidation preference plus any redemption premium
    applicable during such dividend period. Such redemptions are
    subject to the notice requirements set forth under
    &#147;&#151;Redemption&#160;Procedures&#148; and the limitations
    of the Governing Documents and 1940 Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Redemption&#160;Procedures.</I>&#160;&#160;A notice of
    redemption with respect to an optional redemption will be given
    to the holders of record of preferred shares selected for
    redemption not less than 15&#160;days (subject to NYSE
    requirements), in the case of Fixed Rate Preferred Shares, and
    not less than seven days in the case of Variable Rate Preferred
    Shares, nor, in both cases, more than 40&#160;days prior to the
    date fixed for redemption. Preferred shareholders may receive
    shorter notice in the event of a mandatory redemption. Each
    notice of redemption will state (i)&#160;the redemption date,
    (ii)&#160;the number or percentage of preferred shares to be
    redeemed (which may be expressed as a percentage of such shares
    outstanding), (iii)&#160;the CUSIP number(s) of such shares,
    (iv)&#160;the redemption price (specifying the amount of
    accumulated distributions to be included therein), (v)&#160;the
    place or places where such shares are to be redeemed,
    (vi)&#160;that distributions on the shares to be redeemed will
    cease to accumulate on such redemption date, (vii)&#160;the
    provision of the Statement of Preferences, as applicable, under
    which the redemption is being made and (viii)&#160;any
    conditions precedent to such redemption. No defect in the notice
    of redemption or in the mailing thereof will affect the validity
    of the redemption proceedings, except as required by applicable
    law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of any preferred shares, whether subject to a
    variable or fixed rate, will not have the right to redeem any of
    their shares at their option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liquidation Preference.</I>&#160;&#160;In the event of any
    voluntary or involuntary liquidation, dissolution or winding up
    of the affairs of the Fund, the holders of preferred shares will
    be entitled to receive a preferential liquidating distribution,
    which is expected to equal the original purchase price per
    preferred share plus accumulated and unpaid dividends, whether
    or not declared, before any distribution of assets is made to
    holders of common shares. After payment of the full amount of
    the liquidating distribution to which they are entitled, the
    holders of preferred shares will not be entitled to any further
    participation in any distribution of assets by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Voting Rights.</I>&#160;&#160;The 1940 Act requires that the
    holders of any preferred shares, voting separately as a single
    class, have the right to elect at least two Trustees at all
    times. The remaining Trustees will be elected by holders of
    common shares and preferred shares, voting together as a single
    class. In addition, subject to the prior rights, if any, of the
    holders of any other class of senior securities outstanding, the
    holders of any preferred shares have the right to elect a
    majority of the Trustees at any time two years&#146; dividends
    on any preferred shares are unpaid. The 1940 Act also requires
    that, in addition to any approval by shareholders that might
    otherwise be required, the approval of the holders of a majority
    of any outstanding preferred shares, voting separately as a
    class, would be required to (i)&#160;adopt any plan of
    reorganization that would adversely affect the preferred shares,
    and (ii)&#160;take any action requiring a vote of security
    holders under Section&#160;13(a) of the 1940 Act, including,
    among other things, changes in the Fund&#146;s subclassification
    as a closed-end investment company to an open-end company or
    changes in its fundamental investment restrictions. As a result
    of these voting rights, the Fund&#146;s ability to take any such
    actions may be impeded to the extent that there are any
    preferred shares outstanding. The Board of Trustees presently
    intends that, except as otherwise indicated in this prospectus
    and except as otherwise required by applicable law, holders of
    preferred shares will have equal voting rights with holders of
    common shares (one vote per share, unless otherwise required by
    the 1940 Act) and will vote together with holders of common
    shares as a single class.
</DIV>

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    <BR>
    48
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The affirmative vote of the holders of a majority of the
    outstanding preferred shares, voting as a separate class, will
    be required to amend, alter or repeal any of the preferences,
    rights or powers of holders of preferred shares so as to affect
    materially and adversely such preferences, rights or powers, or
    to increase or decrease the authorized number of preferred
    shares. The class vote of holders of preferred shares described
    above will in each case be in addition to any other vote
    required to authorize the action in question.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing voting provisions will not apply to any preferred
    shares if, at or prior to the time when the act with respect to
    which such vote otherwise would be required will be effected,
    such shares will have been redeemed or called for redemption and
    sufficient cash or cash equivalents provided to the applicable
    paying agent to effect such redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Book Entry.</I>&#160;&#160;Fixed Rate Preferred Shares will
    initially be held in the name of Cede&#160;&#038; Co. as nominee
    for DTC. The Fund will treat Cede&#160;&#038; Co. as the holder
    of record of preferred shares for all purposes. In accordance
    with the procedures of DTC, however, purchasers of Fixed Rate
    Preferred Shares will be deemed the beneficial owners of stock
    purchased for purposes of dividends, voting and liquidation
    rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Variable Rate Preferred Shares will initially be held by the
    auction agent as custodian for Cede&#160;&#038; Co., in whose
    name the Variable Rate Preferred Shares will be registered. The
    Fund will treat Cede&#160;&#038; Co. as the holder of record of
    the Variable Rate Preferred Shares for all purposes.
</DIV>
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANTI-TAKEOVER
    PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund presently has provisions in its Governing Documents
    which could have the effect of limiting, in each case,
    (i)&#160;the ability of other entities or persons to acquire
    control of the Fund, (ii)&#160;the Fund&#146;s freedom to engage
    in certain transactions or (iii)&#160;the ability of the
    Fund&#146;s Trustees or shareholders to amend the Governing
    Documents or effectuate changes in the Fund&#146;s management.
    These provisions of the Governing Documents of the Fund may be
    regarded as &#147;anti-takeover&#148; provisions. The Board of
    Trustees of the Fund is divided into three classes, each having
    a term of no more than three years (except, to ensure that the
    term of a class of the Fund&#146;s Trustees expires each year,
    one class of the Fund&#146;s Trustees will serve an initial
    one-year term and three-year terms thereafter and another class
    of its Trustees will serve an initial two-year term and
    three-year terms thereafter). Each year the term of one class of
    Trustees will expire. Accordingly, only those Trustees in one
    class may be changed in any one year, and it would require a
    minimum of two years to change a majority of the Board of
    Trustees. Such system of electing Trustees may have the effect
    of maintaining the continuity of management and, thus, make it
    more difficult for the shareholders of the Fund to change the
    majority of Trustees. See &#147;Management of the
    Fund&#151;Trustees and Officers&#148; in the SAI. A trustee of
    the Fund may be removed with or without cause by two-thirds of
    the remaining Trustees and, without cause, by
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the votes entitled to be cast for the election of such
    Trustees. Special voting requirements of 75% of the outstanding
    voting shares (in addition to any required class votes) apply to
    certain mergers or a sale of all or substantially all of the
    Fund&#146;s assets, liquidation, conversion of the Fund into an
    open-end fund or interval fund and amendments to several
    provisions of the Declaration of Trust, including the foregoing
    provisions. In addition, after completion of the offering, 80%
    of the holders of the outstanding voting securities of the Fund
    voting as a class is generally required in order to authorize
    any of the following transactions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    merger or consolidation of the Fund with or into any other
    entity;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issuance of any securities of the Fund to any person or entity
    for cash, other than pursuant to the Dividend and Reinvestment
    Plan or any offering if such person or entity acquires no
    greater percentage of the securities offered than the percentage
    beneficially owned by such person or entity immediately prior to
    such offering or, in the case of a class or series not then
    beneficially owned by such person or entity, the percentage of
    common shares beneficially owned by such person or entity
    immediately prior to such offering;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sale, lease or exchange of all or any substantial part of the
    assets of the Fund to any entity or person (except assets having
    an aggregate fair market value of less than $5,000,000);
</TD>
</TR>

</TABLE>

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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sale, lease or exchange to the Fund, in exchange for securities
    of the Fund, of any assets of any entity or person (except
    assets having an aggregate fair market value of less than
    $5,000,000);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase of the Fund&#146;s common shares by the Fund from
    any person or entity other than pursuant to a tender offer
    equally available to other shareholders in which such person or
    entity tenders no greater percentage of common shares than are
    tendered by all other shareholders; if such person or entity is
    directly, or indirectly through affiliates, the beneficial owner
    of more than 5% of the outstanding shares of the Fund.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, such vote would not be required when, under certain
    conditions, the Board of Trustees approves the transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, shareholders have no authority to adopt, amend or
    repeal By-Laws. The Board of Trustees has authority to adopt,
    amend and repeal By-Laws consistent with the Declaration of
    Trust (including to require approval by the holders of a
    majority of the outstanding shares for the election of Trustees).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions of the Governing Documents described above could
    have the effect of depriving the owners of shares in the Fund of
    opportunities to sell their shares at a premium over prevailing
    market prices, by discouraging a third party from seeking to
    obtain control of the Fund in a tender offer or similar
    transaction. The overall effect of these provisions is to render
    more difficult the accomplishment of a merger or the assumption
    of control by a principal shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Governing Documents of the Fund are on file with the SEC.
    For the full text of these provisions, see &#147;Additional
    Information.&#148;
</DIV>
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CLOSED-END
    FUND&#160;STRUCTURE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is a non-diversified, closed-end management investment
    company (commonly referred to as a closed-end fund). Closed-end
    funds differ from open-end funds (which are generally referred
    to as mutual funds) in that closed-end funds generally list
    their shares for trading on a stock exchange and do not redeem
    their shares at the request of the shareholder. This means that
    if you wish to sell your shares of a closed-end fund you must
    trade them on the market like any other stock at the prevailing
    market price at that time. In a mutual fund, if the shareholder
    wishes to sell shares of the fund, the mutual fund will redeem
    or buy back the shares at &#147;net asset value.&#148; Also,
    mutual funds generally offer new shares on a continuous basis to
    new investors, and closed-end funds generally do not. The
    continuous inflows and outflows of assets in a mutual fund can
    make it difficult to manage the fund&#146;s investments. By
    comparison, closed-end funds are generally able to stay more
    fully invested in securities that are consistent with their
    investment objectives, to have greater flexibility to make
    certain types of investments and to use certain investment
    strategies such as financial leverage and investments in
    illiquid securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares of closed-end funds often trade at a discount to their
    net asset value. Because of this possibility and the recognition
    that any such discount may not be in the interest of
    shareholders, the Fund&#146;s Board of Trustees might consider
    from time to time engaging in open-market repurchases, tender
    offers for shares or other programs intended to reduce a
    discount. We cannot guarantee or assure, however, that the
    Fund&#146;s Board of Trustees will decide to engage in any of
    these actions. Nor is there any guarantee or assurance that such
    actions, if undertaken, would result in the shares trading at a
    price equal or close to net asset value per share. The Board of
    Trustees might also consider converting the Fund to an open-end
    mutual fund, which would also require a supermajority vote of
    the shareholders of the Fund and a separate vote of any
    outstanding preferred shares. We cannot assure you that the
    Fund&#146;s common shares will not trade at a discount.
</DIV>
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REPURCHASE
    OF COMMON SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is a non-diversified, closed-end management investment
    company and as such its shareholders do not, and will not, have
    the right to require the Fund to repurchase their shares. The
    Fund, however, may repurchase its common shares from time to
    time as and when it deems such a repurchase advisable. The
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Board of Trustees has authorized such repurchases to be made
    when the Fund&#146;s common shares are trading at a discount
    from net asset value of 7.5% or more (or such other percentage
    as the Board of Trustees of the Fund may determine from time to
    time). Although the Board of Trustees has authorized such
    repurchases, the Fund is not required to repurchase its common
    shares. The Board of Trustees has not established a limit on the
    number of shares that could be purchased during such period.
    Pursuant to the 1940 Act, the Fund may repurchase its common
    shares on a securities exchange (provided that the Fund has
    informed its shareholders within the preceding six months of its
    intention to repurchase such shares) or pursuant to tenders and
    may also repurchase shares privately if the Fund meets certain
    conditions regarding, among other things, distribution of net
    income for the preceding fiscal year, status of the seller,
    price paid, brokerage commissions, prior notice to shareholders
    of an intention to purchase shares and purchasing in a manner
    and on a basis that does not discriminate unfairly against the
    other shareholders through their interest in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When the Fund repurchases its common shares for a price below
    net asset value, the net asset value of the common shares that
    remain outstanding shares will be enhanced, but this does not
    necessarily mean that the market price of the outstanding common
    shares will be affected, either positively or negatively. The
    repurchase of common shares will reduce the total assets of the
    Fund available for investment and may increase the Fund&#146;s
    expense ratio.
</DIV>
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NET ASSET
    VALUE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of determining the Fund&#146;s net asset value per
    share, portfolio securities listed or traded on a nationally
    recognized securities exchange or traded in the
    U.S.&#160;over-the-counter market for which market quotations
    are readily available are valued at the last quoted sale price
    or a market&#146;s official closing price as of the close of
    business on the day the securities are being valued. If there
    were no sales that day, the security is valued at the average of
    the closing bid and asked prices, or, if there were no asked
    prices quoted on such day, the security is valued at the most
    recently available price or, if the Board of Trustees so
    determines, by such other method as the Board of Trustees shall
    determine in good faith, to reflect its fair market value.
    Portfolio securities traded on more than one national securities
    exchange or market are valued according to the broadest and most
    representative market, as determined by the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Portfolio securities primarily traded on foreign markets are
    generally valued at the preceding closing values of such
    securities on the relevant market, but may be fair valued
    pursuant to procedures established by the Board of Trustees if
    market conditions change significantly after the close of the
    foreign market but prior to the close of business on the day the
    securities are being valued. Debt instruments with remaining
    maturities of 60&#160;days or less that are not credit impaired
    are valued at amortized cost, unless the Board of Trustees
    determines such amount does not reflect the securities&#146;
    fair value, in which case these securities will be fair valued
    by or under the direction of the Board of Trustees. Debt
    instruments having a maturity greater than 60&#160;days for
    which market quotations are readily available are valued at the
    average of the latest bid and asked prices. If there were no
    asked prices quoted on such day, the security is valued using
    the closing bid price. Futures contracts are valued at the
    closing settlement price of the exchange or board of trade on
    which the applicable contract is traded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securities and assets for which market quotations are not
    readily available are valued at their fair value as determined
    in good faith under procedures established by and under the
    general supervision of the Board of Trustees. Fair valuation
    methodologies and procedures may include, but are not limited
    to: analysis and review of available financial and non-financial
    information about the company; comparisons to the valuation and
    changes in valuation of similar securities, including a
    comparison of foreign securities to the equivalent
    U.S.&#160;dollar value ADR securities at the close of the
    U.S.&#160;exchange; and evaluation of any other information that
    could be indicative of the value of the security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund obtains valuations on the basis of prices provided by a
    pricing service approved by the Board of Trustees. All other
    investment assets, including restricted and not readily
    marketable securities, are valued in good faith at fair value
    under procedures established by and under the general
    supervision and responsibility of the Fund&#146;s Board of
    Trustees.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, whenever developments in one or more securities
    markets after the close of the principal markets for one or more
    portfolio securities and before the time as of which the Fund
    determines its net asset value would, if such developments had
    been reflected in such principal markets, likely have more than
    a minimal effect on the Fund&#146;s net asset value per share,
    the Fund may fair value such portfolio securities based on
    available market information as of the time the Fund determines
    its net asset value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>NYSE Closings.</I>&#160;&#160;The holidays (as observed) on
    which the NYSE is closed, and therefore days upon which
    shareholders cannot purchase or sell shares, currently are: New
    Year&#146;s Day, Martin Luther King,&#160;Jr. Day,
    Presidents&#146; Day, Good Friday, Memorial Day, Independence
    Day, Labor Day, Thanksgiving Day and Christmas Day and on the
    preceding Friday or subsequent Monday when a holiday falls on a
    Saturday or Sunday, respectively.
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and the purchase, ownership and disposition of the Fund&#146;s
    shares. A more complete discussion of the tax rules applicable
    to the Fund and its shareholders can be found in the SAI that is
    incorporated by reference into this prospectus. This discussion
    assumes you are a U.S.&#160;person and that you hold your shares
    as capital assets. This discussion is based upon current
    provisions of the Code, the regulations promulgated thereunder
    and judicial and administrative authorities, all of which are
    subject to change or differing interpretations by the courts or
    the Internal Revenue Service (the &#147;IRS&#148;), possibly
    with retroactive effect. No attempt is made to present a
    detailed explanation of all U.S.&#160;federal tax concerns
    affecting the Fund and its shareholders (including shareholders
    owning large positions in the Fund).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The discussion set forth herein does not constitute tax
    advice and potential investors are urged to consult their own
    tax advisers to determine the tax consequences to them of
    investing in the Fund.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund has elected to be treated and has qualified, and
    intends to continue to qualify annually, as a regulated
    investment company under Subchapter M of the Code. Accordingly,
    the Fund must, among other things, meet the following
    requirements regarding the source of its income and the
    diversification of its assets:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;The Fund must derive in each taxable year at least 90%
    of its gross income from the following sources, which are
    referred to herein as &#147;Qualifying Income&#148;:
    (a)&#160;dividends, interest (including tax-exempt interest),
    payments with respect to certain securities loans, and gains
    from the sale or other disposition of stock, securities or
    foreign currencies, or other income (including but not limited
    to gain from options, futures and forward contracts) derived
    with respect to its business of investing in such stock,
    securities or foreign currencies; and (b)&#160;interests in
    publicly traded partnerships that are treated as partnerships
    for U.S.&#160;federal income tax purposes and that derive less
    than 90% of their gross income from the items described in
    (a)&#160;above (each a &#147;Qualified Publicly Traded
    Partnership&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;The Fund must diversify its holdings so that, at the
    end of each quarter of each taxable year (a)&#160;at least 50%
    of the market value of the Fund&#146;s total assets is
    represented by cash and cash items, U.S.&#160;government
    securities, the securities of other regulated investment
    companies and other securities, with such other securities
    limited, in respect of any one issuer, to an amount not greater
    than 5% of the value of the Fund&#146;s total assets and not
    more than 10% of the outstanding voting securities of such
    issuer and (b)&#160;not more than 25% of the market value of the
    Fund&#146;s total assets is invested in the securities (other
    than U.S.&#160;government securities and the securities of other
    regulated investment companies) of (I)&#160;any one issuer,
    (II)&#160;any two or more issuers that the Fund controls and
    that are determined to be engaged in the same business or
    similar or related trades or businesses or (III)&#160;any one or
    more Qualified Publicly Traded Partnerships.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Income from the Fund&#146;s investments in grantor trusts and
    equity interest of MLPs that are not Qualified Publicly Traded
    Partnerships (if any) will be Qualifying Income to the extent it
    is attributable to items of income of such trust or MLP that
    would be Qualifying Income if earned directly by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund&#146;s investments in partnerships, including in
    Qualified Publicly Traded Partnerships, may result in the Fund
    being subject to state, local or foreign income, franchise or
    withholding tax liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a regulated investment company, the Fund generally will not
    be subject to U.S.&#160;federal income tax on income and gains
    that the Fund distributes to its shareholders, provided that it
    distributes each taxable year at least the sum of (i)&#160;90%
    of the Fund&#146;s investment company taxable income (which
    includes, among other items, dividends, interest and the excess
    of any net short-term capital gain over net long-term capital
    loss and other taxable income, other than any net long-term
    capital gain, reduced by deductible expenses) determined without
    regard to the deduction for dividends paid and (ii)&#160;90% of
    the Fund&#146;s net tax-exempt interest income (the excess of
    its gross tax-exempt interest over certain disallowed
    deductions). The Fund intends to distribute substantially all of
    such income at least annually. The Fund will be subject to
    income tax at regular corporate rates on any taxable income or
    gains that it does not distribute to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Code imposes a 4% nondeductible excise tax on the Fund to
    the extent the Fund does not distribute by the end of any
    calendar year an amount at least equal to the sum of
    (i)&#160;98% of its ordinary income (not taking into account any
    capital gain or loss) for the calendar year and (ii)&#160;98% of
    its capital gain in excess of its capital loss (adjusted for
    certain ordinary losses) for a one-year period generally ending
    on October 31 of the calendar year (unless an election is made
    to use the Fund&#146;s fiscal year). In addition, the minimum
    amounts that must be distributed in any year to avoid the excise
    tax will be increased or decreased to reflect any
    under-distribution or over-distribution, as the case may be,
    from the previous year. While the Fund intends to distribute any
    income and capital gain in the manner necessary to minimize
    imposition of the 4% excise tax, there can be no assurance that
    sufficient amounts of the Fund&#146;s taxable income and capital
    gain will be distributed to entirely avoid the imposition of the
    excise tax. In that event, the Fund will be liable for the
    excise tax only on the amount by which it does not meet the
    foregoing distribution requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If for any taxable year the Fund does not qualify as a regulated
    investment company, all of its taxable income (including its net
    capital gain) will be subject to tax at regular corporate rates
    without any deduction for distributions to shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Distributions paid to you by the Fund from its net realized
    long-term capital gains, if any, that the Fund designates as
    capital gains dividends (&#147;capital gain dividends&#148;) are
    taxable as long-term capital gains, regardless of how long you
    have held your common shares. All other dividends paid to you by
    the Fund (including dividends from short-term capital gains)
    from its current or accumulated earnings and profits
    (&#147;ordinary income dividends&#148;) are generally subject to
    tax as ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Special rules apply, however, to ordinary income dividends paid
    to individuals with respect to taxable years beginning on or
    before December&#160;31, 2010. If you are an individual, any
    such ordinary income dividend that you receive from the Fund
    generally will be eligible for taxation at the Federal rates
    applicable to long-term capital gains (currently at a maximum
    rate of 15%) to the extent that (i)&#160;the ordinary income
    dividend is attributable to &#147;qualified dividend
    income&#148; (i.e., generally dividends paid by
    U.S.&#160;corporations and certain foreign corporations)
    received by the Fund, (ii)&#160;the Fund satisfies certain
    holding period and other requirements with respect to the stock
    on which such qualified dividend income was paid and
    (iii)&#160;you satisfy certain holding period and other
    requirements with respect to your common shares. There can be no
    assurance as to what portion of the Fund&#146;s ordinary income
    dividends will constitute qualified dividend income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any distributions you receive that are in excess of the
    Fund&#146;s current or accumulated earnings and profits will be
    treated as a tax-free return of capital to the extent of your
    adjusted tax basis in your common shares, and thereafter as
    capital gain from the sale of common shares. The amount of any
    Fund distribution that is treated as a tax-free return of
    capital will reduce your adjusted tax basis in your common
    shares, thereby
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    increasing your potential gain or reducing your potential loss
    on any subsequent sale or other disposition of your common
    shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends and other taxable distributions are taxable to you
    even though they are reinvested in additional common shares of
    the Fund. Dividends and other distributions paid by the Fund are
    generally treated under the Code as received by you at the time
    the dividend or distribution is made. If, however, the Fund pays
    you a dividend in January that was declared in the previous
    October, November or December and you were the shareholder of
    record on a specified date in one of such months, then such
    dividend will be treated for tax purposes as being paid by the
    Fund and received by you on December 31 of the year in which the
    dividend was declared.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund will send you information after the end of each year
    setting forth the amount and tax status of any distributions
    paid to you by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sale or other disposition of common shares of the Fund will
    generally result in capital gain or loss to you, and will be
    long-term capital gain or loss if you have held such common
    shares for more than one year at the time of sale. Any loss upon
    the sale or exchange of common shares held for six months or
    less will be treated as long-term capital loss to the extent of
    any capital gain dividends received (including amounts credited
    as an undistributed capital gain dividend) by you with respect
    to such common shares. Any loss you realize on a sale or
    exchange of common shares will be disallowed if you acquire
    other common shares (whether through the automatic reinvestment
    of dividends or otherwise) within a
    <FONT style="white-space: nowrap">61-day</FONT>
    period beginning 30&#160;days before and ending 30&#160;days
    after your sale or exchange of the common shares. In such case,
    your tax basis in the common shares acquired will be adjusted to
    reflect the disallowed loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund may be required to withhold, for U.S.&#160;federal
    backup withholding tax purposes, a portion of the dividends,
    distributions and redemption proceeds payable to shareholders
    who fail to provide the Fund (or its agent) with their correct
    taxpayer identification number (in the case of individuals,
    generally, their social security number) or to make required
    certifications, or who have been notified by the IRS that they
    are subject to backup withholding. Certain shareholders are
    exempt from backup withholding. Backup withholding is not an
    additional tax and any amount withheld may be refunded or
    credited against your U.S.&#160;federal income tax liability, if
    any, provided that you furnish the required information to the
    IRS.
</DIV>
<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CUSTODIAN,
    TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mellon, located at 135 Santilli Highway, Everett, Massachusetts
    02149, serves as the Custodian of the Fund&#146;s assets
    pursuant to a custody agreement. Under the custody agreement,
    the Custodian holds the Fund&#146;s assets in compliance with
    the 1940 Act. For its services, the Custodian will receive a
    monthly fee paid by the Fund based upon, among other things, the
    average value of the total assets of the Fund, plus certain
    charges for securities transactions and out-of-pocket expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    American Stock Transfer, located at 59 Maiden Lane, New York,
    New York 10038, serves as the Fund&#146;s dividend disbursing
    agent, as agent under the Fund&#146;s Plan and as transfer agent
    and registrar for the common shares of the Fund.
</DIV>
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the shares, being offered hereby in one or more of
    the following ways from time to time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to underwriters or dealers for resale to the public or to
    institutional investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to institutional investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to a limited number of purchasers or to a single
    purchaser;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents to the public or to institutional investors; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of these methods of sale.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    54
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement with respect to each series of
    securities will state the terms of the offering of the
    securities, including:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the offering terms, including the name or names of any
    underwriters, dealers or agents;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase price of the securities and the net proceeds to be
    received by us from the sale;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any underwriting discounts or agency fees and other items
    constituting underwriters&#146; or agents&#146; compensation;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any initial public offering price;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any discounts or concessions allowed or reallowed or paid to
    dealers; and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any securities exchange on which the securities may be listed.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we use underwriters or dealers in the sale, the securities
    will be acquired by the underwriters or dealers for their own
    account and may be resold from time to time in one or more
    transactions, including;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    negotiated transactions;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at a fixed public offering price or prices, which may be changed;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at prices related to prevailing market prices; or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any initial public offering price and any discounts or
    concessions allowed or reallowed or paid to dealers may be
    changed from time to time.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If underwriters are used in the sale of any securities, the
    securities may be either offered to the public through
    underwriting syndicates represented by managing underwriters, or
    directly by underwriters. Generally, the underwriters&#146;
    obligations to purchase the securities will be subject to
    certain conditions precedent. The underwriters will be obligated
    to purchase all of the securities if they purchase any of the
    securities.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If indicated in an applicable prospectus supplement, we may sell
    the securities through agents from time to time. The applicable
    prospectus supplement will name any agent involved in the offer
    or sale of the securities and any commissions we pay to them.
    Generally, any agent will be acting on a best efforts basis for
    the period of its appointment. We may authorize underwriters,
    dealers or agents to solicit offers by certain purchasers to
    purchase the securities from us at the public offering price set
    forth in the applicable prospectus supplement pursuant to
    delayed delivery contracts providing for payment and delivery on
    a specified date in the future. The delayed delivery contracts
    will be subject only to those conditions set forth in the
    applicable prospectus supplement, and the applicable prospectus
    supplement will set forth any commissions we pay for
    solicitation of these delayed delivery contracts.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Offered securities may also be offered and sold, if so indicated
    in the applicable prospectus supplement, in connection with a
    remarketing upon their purchase, in accordance with a redemption
    or repayment pursuant to their terms, or otherwise, by one or
    more remarketing firms, acting as principals for their own
    accounts or as agents for us. Any remarketing firm will be
    identified and the terms of its agreements, if any, with us and
    its compensation will be described in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Agents, underwriters and other third parties described above may
    be entitled to indemnification by us against certain civil
    liabilities under the Securities Act, or to contribution with
    respect to payments which the agents or underwriters may be
    required to make in respect thereof. Agents, underwriters and
    such other third parties may be customers of, engage in
    transactions with, or perform services for us in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each series of securities will be a new issue of securities and
    will have no established trading market other than our common
    shares and Preferred Shares, which are listed on the NYSE. Any
    common shares sold will be listed on NYSE, upon official notice
    of issuance. The securities, other than the common shares, may
    or may not be listed on a national securities exchange. Any
    underwriters to whom securities are sold by us for public
    offering and sale may make a market in the securities, but such
    underwriters will not be obligated to do so and may discontinue
    any market making at any time without notice.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    55
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, counsel to the Fund in connection
    with the offering of the Fund&#146;s shares.
</DIV>
<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PricewaterhouseCoopers LLP serves as the independent registered
    public accounting firm of the Fund and audits the financial
    statements of the Fund. PricewaterhouseCoopers LLP is located at
    300 Madison Avenue, New York, New York 10017.
</DIV>
<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is subject to the informational requirements of the
    Securities Exchange Act of 1934, as amended, and the 1940 Act,
    and in accordance therewith files reports and other information
    with the SEC. Reports, proxy statements and other information
    filed by the Fund with the SEC pursuant to the informational
    requirements of such Acts can be inspected and copied at the
    public reference facilities maintained by the SEC,
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549. The
    SEC maintains a web site at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    containing reports, proxy and information statements and other
    information regarding registrants, including the Fund, that file
    electronically with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The common shares are listed on the NYSE under the symbol
    &#147;GGN.&#148; The Preferred Shares are listed on the NYSE
    under the symbol &#147;GGN PrA.&#148; Reports, proxy statements
    and other information concerning the Fund and filed with the SEC
    by the Fund will be available for inspection at the NYSE,
    11&#160;Wall Street, New&#160;York, New York, 10005.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus constitutes part of a Registration Statement
    filed by the Fund with the SEC under the Securities Act of 1933
    and the 1940 Act. This prospectus omits certain of the
    information contained in the Registration Statement, and
    reference is hereby made to the Registration Statement and
    related exhibits for further information with respect to the
    Fund and the common shares offered hereby. Any statements
    contained herein concerning the provisions of any document are
    not necessarily complete, and, in each instance, reference is
    made to the copy of such document filed as an exhibit to the
    Registration Statement or otherwise filed with the SEC. Each
    such statement is qualified in its entirety by such reference.
    The complete Registration Statement may be obtained from the SEC
    upon payment of the fee prescribed by its rules and regulations
    or free of charge through the SEC&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>
<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRIVACY
    PRINCIPLES OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund is committed to maintaining the privacy of its
    shareholders and to safeguarding their non-public personal
    information. The following information is provided to help you
    understand what personal information the Fund collects, how the
    Fund protects that information and why, in certain cases, the
    Fund may share information with select other parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, the Fund does not receive any non-public personal
    information relating to its shareholders, although certain
    non-public personal information of its shareholders may become
    available to the Fund. The Fund does not disclose any non-public
    personal information about its shareholders or former
    shareholders to anyone, except as permitted by law or as is
    necessary in order to service shareholder accounts (for example,
    to a transfer agent or third party administrator).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Fund restricts access to non-public personal information
    about its shareholders to employees of the Fund, the Investment
    Adviser, and its affiliates with a legitimate business need for
    the information. The Fund maintains physical, electronic and
    procedural safeguards designed to protect the non-public
    personal information of its shareholders.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An SAI dated as of April&#160;3, 2009, has been filed with the
    SEC and is incorporated by reference in this prospectus. An SAI
    may be obtained without charge by writing to the Fund at its
    address at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    or by calling the Fund toll-free at (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554).</FONT>
    The Table of Contents of the SAI is as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#136'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#137'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#138'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#139'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#141'>Dividends and Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#142'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#143'>Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#144'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#145'>General Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#146'>Appendix&#160;A&#151;Proxy Voting Policies and
    Procedures</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No person has been authorized to give any information or to make
    any representations in connection with this offering other than
    those contained in this Prospectus in connection with the offer
    contained herein, and, if given or made, such other information
    or representations must not be relied upon as having been
    authorized by the Fund, the Investment Adviser or the
    underwriters. Neither the delivery of this Prospectus nor any
    sale made hereunder will, under any circumstances, create any
    implication that there has been no change in the affairs of the
    Fund since the date hereof or that the information contained
    herein is correct as of any time subsequent to its date. This
    Prospectus does not constitute an offer to sell or a
    solicitation of an offer to buy any securities other than the
    securities to which it relates. This Prospectus does not
    constitute an offer to sell or the solicitation of an offer to
    buy such securities in any circumstance in which such an offer
    or solicitation is unlawful.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">$350,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y79644ay7964405.gif" alt="(GABELLI LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Common Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Preferred Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=72 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=72 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>April&#160;3, 2009</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y79644ay7964402.gif" alt="(GABELLI LOGO)">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Up to 1,600,000 Common Shares
    of Beneficial Interest</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=144 -->

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>October&#160;26, 2009</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=144 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
