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<SEC-DOCUMENT>0000950123-10-035242.txt : 20100415
<SEC-HEADER>0000950123-10-035242.hdr.sgml : 20100415
<ACCEPTANCE-DATETIME>20100415165838
ACCESSION NUMBER:		0000950123-10-035242
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100415
DATE AS OF CHANGE:		20100415
EFFECTIVENESS DATE:		20100415

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:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164363
		FILM NUMBER:		10752573

	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>POS EX
<SEQUENCE>1
<FILENAME>y82027p3posex.htm
<DESCRIPTION>POST-EFFECTIVE AMENDMENT NO. 3
<TEXT>
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<TITLE>posex</TITLE>
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<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> As filed with the Securities and Exchange Commission on
    April&#160;15, 2010</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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> Securities Act File
    <FONT style="white-space: nowrap">No.&#160;333-164363</FONT></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">

</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>Investment Company Act File
    <FONT style="white-space: nowrap">No.&#160;811-21698</FONT></B>
</DIV>

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    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</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">Washington,&#160;D.C.
    20549</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: 15%; border-bottom: 1pt solid #000000"></CENTER>

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<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: 18pt"><FONT style="white-space: nowrap">Form&#160;N-2</FONT></FONT></B>
</DIV>

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<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

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    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Securities Act of 1933
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;Pre-Effective Amendment No.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Post-Effective
    Amendment No.&#160;3
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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">
    and/or
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Investment Company Act of 1940
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Amendment
    No.&#160;18
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Check Appropriate Box or Boxes)
</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">

</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: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</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: 15pt">THE GABELLI GLOBAL GOLD,
    NATURAL RESOURCES&#160;&#038; INCOME TRUST</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">
    <I><FONT style="font-size: 8pt">(Exact Name of Registrant as
    Specified in the Declaration of Trust)</FONT></I>
</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>One Corporate Center, Rye,</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>New York
    <FONT style="white-space: nowrap">10580-1422</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">
    <I><FONT style="font-size: 8pt">(Address of Principal Executive
    Offices)</FONT></I>
</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>Registrant&#146;s Telephone Number, Including Area Code:
    <FONT style="white-space: nowrap">(800)&#160;422-3554</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>Bruce N. Alpert</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>The Gabelli Global Gold, Natural Resources&#160;&#038; Income
    Trust</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>One Corporate Center</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>Rye, New York
    <FONT style="white-space: nowrap">10580-1422</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="white-space: nowrap">(914)&#160;921-5100</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">
    <I><FONT style="font-size: 8pt">(Name and Address of Agent for
    Service)</FONT></I>
</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: 15%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV style="margin-top: 1pt; 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 -->
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    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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<TR valign="bottom">
<TD align="center" valign="top">
    <B>Richard T. Prins,&#160;Esq. <BR>
    Skadden, Arps, Slate, Meagher&#160;&#038;<BR>
    Flom LLP<BR>
    4 Times Square<BR>
    New York, New York 10036<BR>
    <FONT style="white-space: nowrap">(212)&#160;735-3000</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Christopher Michailoff,&#160;Esq.<BR>
    The Gabelli Global Gold, Natural<BR>
    Resources &#038; Income Trust<BR>
    One Corporate Center<BR>
    Rye, New York 10580-1422<BR>
    (914) 921-5100 </B>
</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: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; 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>Approximate date of proposed public
    offering:</B>&#160;&#160;From time to time after the effective
    date of this Registration Statement.
</DIV>

<DIV style="margin-top: 6pt; 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">
    If any securities being registered on this form will be offered
    on a delayed or continuous basis in reliance on Rule&#160;415
    under the Securities Act of 1933, as amended, other than
    securities offered in connection with a dividend reinvestment
    plan, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

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</FONT></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">EXPLANATORY
    NOTE</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; 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">
    This Post-Effective Amendment No.&#160;3 to the Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    (File Nos.
    <FONT style="white-space: nowrap">333-164363</FONT>
    and
    <FONT style="white-space: nowrap">811-21698)</FONT>
    of The Gabelli Global Gold, Natural Resources&#160;&#038; Income
    Trust (the &#147;Registration Statement&#148;) is being filed
    pursuant to Rule&#160;462(d) under the Securities Act of 1933,
    as amended (the &#147;Securities Act&#148;), solely for the
    purpose of filing exhibits to the Registration Statement.
    Accordingly, this Post-Effective Amendment No.&#160;3 consists
    only of a facing page, this explanatory note and Part&#160;C of
    the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    setting forth the exhibits to the Registration Statement. This
    Post-Effective Amendment No.&#160;3 does not modify any other
    part of the Registration Statement. Pursuant to Rule&#160;462(d)
    under the Securities Act, this Post-Effective Amendment
    No.&#160;3 shall become effective immediately upon filing with
    the Securities and Exchange Commission. The contents of the
    Registration Statement are hereby incorporated by reference.
</DIV>

<DIV align="left"><FONT size="1">

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    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;C<BR>
    OTHER INFORMATION</FONT></B>
</DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;25.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements and Exhibits</FONT></I></B>
</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">
    (1)&#160;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">
    Part&#160;A
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Part&#160;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 statements of the Registrant are incorporated by
    reference in Part&#160;B of the Registration Statement:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Schedule of Investments at 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">
    Statement of Assets and Liabilities as of 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">
    Statement of Operations for the Year Ended 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">
    Statement of Changes in Net Assets for the Year Ended
    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">
    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">
    Report of Independent Registered Public Accounting Firm
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Exhibits
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
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<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Agreement and Declaration of Trust
    of Registrant (6)
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Preferences of Series&#160;A Cumulative Preferred
    Shares (4)
</TD>
</TR>
</TABLE>
</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">

</DIV>

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

<DIV align="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)&#160;Amendment No.&#160;1 to the By-Laws of Registrant (1)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" 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="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Common Share Certificate (2)
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Preferred Share Certificate (4)
</TD>
</TR>
</TABLE>
</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">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Included in Prospectus
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;Not applicable
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;Form of Investment Advisory Agreement between
    Registrant and Gabelli Funds, LLC (2)
</DIV>

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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" 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="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (h)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Purchase Agreement (4)
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Sales Agreement (5)
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Sales Agreement dated April&#160;13, 2010 (9)
</TD>
</TR>
</TABLE>
</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">

</DIV>

<DIV align="left"><FONT size="1">

</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">
    (i)&#160;Not applicable
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;Form of Custodian Agreement (2)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;Form of Registrar, Transfer Agency and Service
    Agreement (2)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" 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="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (l)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion and Consent of Skadden, Arps, Slate, Meagher&#160;&#038;
    Flom LLP with respect to legality of preferred stock (4)
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion and Consent of Skadden, Arps, Slate, Meagher&#160;&#038;
    Flom LLP with respect to legality of common stock (7)
</TD>
</TR>
</TABLE>
</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">

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" 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="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (n)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm (8)
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (6)
</TD>
</TR>
</TABLE>
</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">

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

<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: 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">
    (o)&#160;Not applicable
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (p)&#160;Form of Initial Subscription Agreement (3)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (q)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" 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="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (r)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Ethics of the Fund and the Investment Adviser (6)
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Joint Code of Ethics for Chief Executive and Senior Financial
    Officers (6)
</TD>
</TR>
</TABLE>
</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">

</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>

<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">
    Previously filed with the Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on January&#160;22, 2010
    <FONT style="white-space: nowrap">(333-121998).</FONT></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">
    Previously filed with Pre-Effective Amendment No.&#160;2 to the
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on March&#160;23, 2005
    <FONT style="white-space: nowrap">(333-121998).</FONT></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">
    Previously filed with Pre-Effective Amendment No.&#160;3 to the
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on March&#160;24, 2005
    <FONT style="white-space: nowrap">(333-121998).</FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with Post-Effective Amendment No.&#160;1 to the
    Registration Statement on Form N-2 filed on October&#160;12,
    2007
    <FONT style="white-space: nowrap">(333-143009).</FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with Post-Effective Amendment No.&#160;2 to the
    Registration Statement on Form N-2 filed on January&#160;16,
    2009
    <FONT style="white-space: nowrap">(333-143009).</FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on January&#160;15, 2010
    <FONT style="white-space: nowrap">(333-164363).</FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with Pre-Effective Amendment No.&#160;1 to the
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on February&#160;4, 2010
    <FONT style="white-space: nowrap">(333-164363).</FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with Post-Effective Amendment No.&#160;2 to the
    Registration Statement on Form
    <FONT style="white-space: nowrap">N-2</FONT> filed on
    April&#160;9, 2010
    <FONT style="white-space: nowrap">(333-164363</FONT>
    and
    <FONT style="white-space: nowrap">811-21698).</FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;26.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Marketing
    Arrangements</FONT></I></B>
</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 information contained under the heading &#147;Plan of
    Distribution&#148; on page&#160;54 of the Prospectus is
    incorporated by reference, and any information concerning any
    underwriters will be contained in the accompanying Prospectus
    Supplement, if any.
</DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;27.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution</FONT></I></B>
</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 following table sets forth the estimated expenses to be
    incurred in connection with the offering described in this
    Registration Statement:
</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="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</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">
    Accounting fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</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">
    Legal fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    386,000
</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">
    SEC Registration Fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,955
</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">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,045
</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: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    490,000
</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: 9pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;28.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Persons
    Controlled by or Under Common Control with
    Registrant</FONT></I></B>
</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">
    None
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;<BR>
    29.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    of Holders of Securities as of March&#160;31, 2010</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<DIV align="left"><FONT size="1">

</FONT></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="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" 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="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Record<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title of Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Holders</B>
</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">
    Common Shares of Beneficial Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</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">
    Series&#160;A Cumulative Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    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 align="left"><FONT size="1">

</FONT></DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;30.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification</FONT></I></B>
</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">
    Article&#160;IV of the Registrant&#146;s Agreement and
    Declaration of Trust provides as follows:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.1&#160;No Personal Liability of Shareholders, Trustees, etc.
    No Shareholder of the Trust shall be subject in such capacity to
    any personal liability whatsoever to any Person in connection
    with Trust&#160;Property or the acts,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<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: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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">
    obligations or affairs of the Trust. Shareholders shall have the
    same limitation of personal liability as is extended to
    stockholders of a private corporation for profit incorporated
    under the general corporation law of the State of Delaware. No
    Trustee or officer of the Trust shall be subject in such
    capacity to any personal liability whatsoever to any Person,
    other than the Trust or its Shareholders, in connection with
    Trust&#160;Property or the affairs of the Trust, save only
    liability to the Trust or its Shareholders arising from bad
    faith, willful misfeasance, gross negligence or reckless
    disregard for his duty to such Person; and, subject to the
    foregoing exception, all such Persons shall look solely to the
    Trust&#160;Property for satisfaction of claims of any nature
    arising in connection with the affairs of the Trust. If any
    Shareholder, Trustee or officer, as such, of the Trust, is made
    a party to any suit or proceeding to enforce any such liability,
    subject to the foregoing exception, he shall not, on account
    thereof, be held to any personal liability.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.2&#160;Mandatory Indemnification. (a)&#160;The Trust shall
    indemnify the Trustees and officers of the Trust (each such
    person being an &#147;indemnitee&#148;) against any liabilities
    and expenses, including amounts paid in satisfaction of
    judgments, in compromise or as fines and penalties, and
    reasonable counsel fees reasonably incurred by such indemnitee
    in connection with the defense or disposition of any action,
    suit or other proceeding, whether civil or criminal, before any
    court or administrative or investigative body in which he may be
    or may have been involved as a party or otherwise (other than,
    except as authorized by the Trustees, as the plaintiff or
    complainant) or with which he may be or may have been
    threatened, while acting in any capacity set forth above in this
    Section&#160;4.2 by reason of his having acted in any such
    capacity, except with respect to any matter as to which he shall
    not have acted in good faith in the reasonable belief that his
    action was in the best interest of the Trust or, in the case of
    any criminal proceeding, as to which he shall have had
    reasonable cause to believe that the conduct was unlawful,
    provided, however, that no indemnitee shall be indemnified
    hereunder against any liability to any person or any expense of
    such indemnitee arising by reason of (i)&#160;willful
    misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence
    (negligence in the case of Affiliated Indemnitees), or
    (iv)&#160;reckless disregard of the duties involved in the
    conduct of his position (the conduct referred to in such
    clauses&#160;(i) through (iv)&#160;being sometimes referred to
    herein as &#147;disabling conduct&#148;). Notwithstanding the
    foregoing, with respect to any action, suit or other proceeding
    voluntarily prosecuted by any indemnitee as plaintiff,
    indemnification shall be mandatory only if the prosecution of
    such action, suit or other proceeding by such indemnitee was
    authorized by a majority of the 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">
    (b)&#160;Notwithstanding the foregoing, no indemnification shall
    be made hereunder unless there has been a determination
    (1)&#160;by a final decision on the merits by a court or other
    body of competent jurisdiction before whom the issue of
    entitlement to indemnification hereunder was brought that such
    indemnitee is entitled to indemnification hereunder or,
    (2)&#160;in the absence of such a decision, by (i)&#160;a
    majority vote of a quorum of those Trustees who are neither
    Interested Persons of the Trust nor parties to the proceeding
    (&#147;Disinterested Non-Party Trustees&#148;), that the
    indemnitee is entitled to indemnification hereunder, or
    (ii)&#160;if such quorum is not obtainable or even if
    obtainable, if such majority so directs, independent legal
    counsel in a written opinion conclude that the indemnitee should
    be entitled to indemnification hereunder. All determinations to
    make advance payments in connection with the expense of
    defending any proceeding shall be authorized and made in
    accordance with the immediately succeeding paragraph
    (c)&#160;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">
    (c)&#160;The Trust shall make advance payments in connection
    with the expenses of defending any action with respect to which
    indemnification might be sought hereunder if the Trust receives
    a written affirmation by the indemnitee of the indemnitee&#146;s
    good faith belief that the standards of conduct necessary for
    indemnification have been met and a written undertaking to
    reimburse the Trust unless it is subsequently determined that he
    is entitled to such indemnification and if a majority of the
    Trustees determine that the applicable standards of conduct
    necessary for indemnification appear to have been met. In
    addition, at least one of the following conditions must be met:
    (1)&#160;the indemnitee shall provide adequate security for his
    undertaking, (2)&#160;the Trust shall be insured against losses
    arising by reason of any lawful advances, or (3)&#160;a majority
    of a quorum of the Disinterested Non-Party Trustees, or if a
    majority vote of such quorum so direct, independent legal
    counsel in a written opinion, shall conclude, based on a review
    of readily available facts (as opposed to a full trial-type
    inquiry), that there is substantial reason to believe that the
    indemnitee ultimately will be found entitled to indemnification.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The rights accruing to any indemnitee under these
    provisions shall not exclude any other right to which he may be
    lawfully entitled.
</DIV>
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<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: 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">
    (e)&#160;Notwithstanding the foregoing, subject to any
    limitations provided by the 1940 Act and this Declaration, the
    Trust shall have the power and authority to indemnify Persons
    providing services to the Trust to the full extent provided by
    law as if the Trust were a corporation organized under the
    Delaware General Corporation Law provided that such
    indemnification has been approved by a majority of the 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">
    4.3&#160;No Duty of Investigation; Notice in
    Trust&#160;Instruments, etc. No purchaser, lender, transfer
    agent or other person dealing with the Trustees or with any
    officer, employee or agent of the Trust shall be bound to make
    any inquiry concerning the validity of any transaction
    purporting to be made by the Trustees or by said officer,
    employee or agent or be liable for the application of money or
    property paid, loaned, or delivered to or on the order of the
    Trustees or of said officer, employee or agent. Every
    obligation, contract, undertaking, instrument, certificate,
    Share, other security of the Trust, and every other act or thing
    whatsoever executed in connection with the Trust shall be
    conclusively taken to have been executed or done by the
    executors thereof only in their capacity as Trustees under this
    Declaration or in their capacity as officers, employees or
    agents of the Trust. The Trustees may maintain insurance for the
    protection of the Trust&#160;Property, its Shareholders,
    Trustees, officers, employees and agents in such amount as the
    Trustees shall deem adequate to cover possible liability, and
    such other insurance as the Trustees in their sole judgment
    shall deem advisable or is required by the 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">
    4.4&#160;Reliance on Experts, etc. Each Trustee and officer or
    employee of the Trust shall, in the performance of its duties,
    be fully and completely justified and protected with regard to
    any act or any failure to act resulting from reliance in good
    faith upon the books of account or other records of the Trust,
    upon an opinion of counsel, or upon reports made to the Trust by
    any of the Trust&#146;s officers or employees or by any advisor,
    administrator, manager, distributor, selected dealer,
    accountant, appraiser or other expert or consultant selected
    with reasonable care by the Trustees, officers or employees of
    the Trust, regardless of whether such counsel or other person
    may also be a Trustee.
</DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;31.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Business
    and Other Connections of Investment Adviser</FONT></I></B>
</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 Investment Adviser, a limited liability company organized
    under the laws of the State of New York, acts as investment
    adviser to the Registrant. The Registrant is fulfilling the
    requirement of this Item&#160;31 to provide a list of the
    officers and Trustees of the Investment Adviser, together with
    information as to any other business, profession, vocation or
    employment of a substantial nature engaged in by the Investment
    Adviser or those officers and Trustees during the past two
    years, by incorporating by reference the information contained
    in the Form&#160;ADV of the Investment Adviser filed with the
    commission pursuant to the Investment Advisers Act of 1940
    (Commission File
    <FONT style="white-space: nowrap">No.&#160;801-26202).</FONT>
</DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;32.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Location
    of Accounts and Records</FONT></I></B>
</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 accounts and records of the Registrant are maintained in
    part at the office of the Investment Adviser at One Corporate
    Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    in part at the offices of the Fund&#146;s custodian, Mellon, at
    185 Santilli Highway, Everett, Massachusetts 01249, in part at
    the offices of the Fund&#146;s
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    PNC Global Investment Servicing, at 760 Moore Road, King of
    Prussia, PA 19406, and in part at the offices of the Fund&#146;s
    transfer agent, American Stock Transfer, at 59 Maiden Lane, New
    York, NY 10038.
</DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;33.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Management
    Services</FONT></I></B>
</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">
    Not applicable.
</DIV>

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

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;34.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</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">
    1.&#160;Registrant undertakes to suspend the offering of shares
    until the prospectus is amended, if subsequent to the effective
    date of this Registration Statement, its net asset value
    declines more than ten percent from its net asset value, as of
    the effective date of the Registration Statement or its net
    asset value increases to an amount greater than its net proceeds
    as stated in the prospectus.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Not applicable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Not applicable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;Registrant hereby undertakes:
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<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 -->
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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">
    (a)&#160;to file, during and period in which offers or sales are
    being made, a post-effective amendment to this Registration
    Statement:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;to include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;to reflect in the prospectus any facts or events after
    the effective date of the Registration Statement (or the most
    recent post-effective amendment thereof) which, individually or
    in the aggregate, represent a fundamental change in the
    information set forth in the Registration Statement;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;to include any material information with respect to the
    plan of distribution not previously disclosed in the
    Registration Statement or any material change to such
    information in the Registration Statement.
</DIV>

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

<DIV align="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)&#160;that for the purpose of determining any liability under
    the Securities Act of 1933 (the &#147;1933&#160;Act&#148;), each
    post-effective amendment shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;to remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;that, for the purpose of determining liability under
    the 1933&#160;Act to any purchaser, if the Registrant is subject
    to Rule&#160;430C: Each prospectus filed pursuant to
    Rule&#160;497(b), (c), (d)&#160;or (e)&#160;under the
    1933&#160;Act as part of a registration statement relating to an
    offering, other than prospectuses filed in reliance on
    Rule&#160;430A under the 1933&#160;Act shall be deemed to be
    part of and included in the registration statement as of the
    date it is first used after effectiveness. <I>Provided, however,
    </I>that no statement made in a registration statement or
    prospectus that is part of the registration or made in a
    document incorporated or deemed incorporated by reference into
    the registration statement or prospectus that is part of the
    registration statement will, as to a purchaser with a time of
    contract of sale prior to such first use, supersede or modify
    any statement that was made in the registration statement or
    prospectus that was part of the registration statement or made
    in any such document immediately prior to such date of first use.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;that for the purpose of determining liability of the
    Registrant under the 1933&#160;Act to any purchaser in the
    initial distribution of 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">
    The undersigned Registrant undertakes that in a primary offering
    of securities of the undersigned Registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned Registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to the purchaser:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;any preliminary prospectus or prospectus of the
    undersigned Registrant relating to the offering required to be
    filed pursuant to Rule&#160;497 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">
    (2)&#160;the portion of any advertisement pursuant to
    Rule&#160;482 under the 1933&#160;Act relating to the offering
    containing material information about the undersigned Registrant
    or its securities provided by or on behalf of the undersigned
    Registrant;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;any other communication that is an offer in the
    offering made by the undersigned Registrant to the purchaser.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;Registrant undertakes that, for the purpose of
    determining any liability under the 1933&#160;Act, the
    information omitted from the form of prospectus filed as part of
    the Registration Statement in reliance upon Rule&#160;430A and
    contained in the form of prospectus filed by the Registrant
    pursuant to Rule&#160;497(h) will be deemed to be a part of the
    Registration Statement as of the time it was declared effective.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Registrant undertakes that, for the purpose of determining any
    liability under the 1933&#160;Act, each post-effective amendment
    that contains a form of prospectus will be deemed to be a new
    Registration Statement relating to the securities offered
    therein, and the offering of such securities at that time will
    be deemed to be the initial bona fide offering thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;Registrant undertakes to send by first class mail or
    other means designed to ensure equally prompt delivery, within
    two business days of receipt of a written or oral request, any
    Statement of Additional Information constituting Part&#160;B of
    this Registration Statement.
</DIV>
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</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="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">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    As required by the Securities Act of 1933, as amended, the
    Registrant has duly caused this Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    to be signed on its behalf by the undersigned, in the City of
    Rye, State of New York, on the
    15<SUP style="font-size: 85%; vertical-align: top">th</SUP> day

    of April, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE GABELLI GLOBAL GOLD, NATURAL RESOURCES&#160;&#038; INCOME
    TRUST
</DIV>

<DIV style="margin-top: 28pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bruce N. Alpert
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    President
</DIV>

<DIV align="left"><FONT size="1">

</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">
    As required by the Securities Act of 1933, as amended, this
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    has been signed below by the following persons in the capacities
    set forth below on the
    15<SUP style="font-size: 85%; vertical-align: top">th</SUP> day

    of April, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>NAME</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>TITLE</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Anthony
    J. Colavita*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Anthony
    J. Colavita
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">James
    P. Conn*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>James
    P. Conn
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Mario
    d&#146;Urso*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Mario
    d&#146;Urso
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Vincent
    D. Enright*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Vincent
    D. Enright
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Frank
    J. Fahrenkopf, Jr.*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Frank
    J. Fahrenkopf, Jr.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Michael
    J. Melarkey*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Michael
    J. Melarkey
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Salvatore
    M. Salibello*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Salvatore
    M. Salibello
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Anthonie
    C. van Ekris*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Anthonie
    C. van Ekris
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Salvatore
    J. Zizza*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Salvatore
    J. Zizza
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    N. Alpert
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President (Principal Executive Officer)
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    N. Alpert
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Acting Treasurer (Principal Financial and Accounting Officer)
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    N. Alpert
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="white-space: nowrap">Attorney-in-Fact</FONT>
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    * </TD>
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    Pursuant to a Power of Attorney</TD>
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    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
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    <B>Exhibit Number</B>
</DIV>
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<TD>
&nbsp;
</TD>
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<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
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<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
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&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Sales Agreement dated April&#160;13, 2010
</TD>
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<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
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&nbsp;
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&nbsp;
</TD>
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&nbsp;
</TD>
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<DOCUMENT>
<TYPE>EX-99.H.III
<SEQUENCE>2
<FILENAME>y82027p3exv99whwiii.htm
<DESCRIPTION>EX-99.H.III
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.H.III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The Gabelli Global Gold,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Natural Resources &#038; Income Trust
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SALES AGREEMENT
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">$350,000,000 value of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Common Shares of Beneficial Interest
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Par Value $0.001 Per Share
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SALES AGREEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">April&nbsp;13, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gabelli &#038; Company, Inc.<BR>
One Corporate Center<BR>
Rye, New York 10580

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Global Gold, Natural Resources &#038; Income Trust (the &#147;<U>Fund</U>&#148;), a statutory
trust organized and existing under and by virtue of the laws of the State of Delaware, proposes to
issue and sell through Gabelli &#038; Company, Inc. (the &#147;<U>Sales Manager</U>&#148;), as agent, as much as
$350,000,000 aggregate value (the &#147;<U>Maximum Amount</U>&#148;) of common shares of beneficial
interest, par value $0.001 per share (the &#147;<U>Common Shares</U>&#148;), of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has filed, in accordance with the provisions of the Securities Act of 1933, as
amended, and the rules and regulations thereunder (collectively called the &#147;<U>Securities
Act</U>&#148;), and with the provisions of the Investment Company Act of 1940, as amended, and the rules
and regulations thereunder (collectively called the &#147;<U>Investment Company Act</U>&#148;), with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) a registration statement on Form N-2
(File Nos. 333-164363 and 811-21698), including a base prospectus, a form of supplemental
prospectus and a statement of additional information, relating to the Common Shares. In addition,
the Fund has filed a Notification of Registration on Form N-8A (the &#147;<U>Notification</U>&#148;)
pursuant to Section&nbsp;8 of the Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has prepared and filed, in accordance with Section&nbsp;12 of Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder (collectively, the &#147;<U>Exchange
Act</U>&#148;), and the Commission has declared effective, a registration statement (as amended, the
&#147;<U>Exchange Act Registration Statement</U>&#148;) on Form 8-A (File No.&nbsp;001-32464) under the Exchange
Act to register, under Section 12(b) of the Exchange Act, the class of securities consisting of the
Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except where the context otherwise requires, &#147;<U>Registration Statement</U>,&#148; as used herein,
means the registration statement, as amended at each time such registration statement or an
amendment thereto becomes effective for purposes of Section&nbsp;11 of the Securities Act, as such
section applies to the Sales Manager (the &#147;<U>Effective Time</U>&#148;), including (i)&nbsp;all documents
filed as a part thereof or incorporated by reference therein, and (ii)&nbsp;any information contained in
a prospectus subsequently filed with the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commission pursuant to Rule&nbsp;497 under the Securities Act and deemed to be part of the
registration statement at the Effective Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except where the context otherwise requires, &#147;<U>Prospectus</U>,&#148; as used herein, means the
final base prospectus (including the statement of additional information incorporated therein by
reference) and latest supplemental prospectus relating to the offering of the Common Shares
contemplated by this Sales Agreement, as filed by the Fund with the Commission, each as amended or
supplemented from time to time (i)&nbsp;pursuant to Rule 497(h) under the Securities Act on or before
the second business day after the date hereof (or such earlier time as may be required under the
Securities Act) or (ii)&nbsp;pursuant to Rule 497(b) under the Securities Act on or before the fourth
business day prior to the relevant Settlement Date, in each case in the form furnished by the Fund
to the Sales Manager for its use in connection with the the offering of the Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Sales Materials</U>&#148; means those advertising materials, sales literature or other
promotional materials or documents, if any, constituting an advertisement pursuant to Rule&nbsp;482
under the Securities Act authorized or prepared by the Fund or authorized or prepared on behalf of
the Fund by the Investment Adviser (as defined below) or any representative thereof for use in
connection with the public offering or sale of the Common Shares; <U>provided</U>,
<U>however</U>, that Sales Materials do not include any slides, tapes or other materials or
documents that constitute a &#147;written communication&#148; (as defined in Rule&nbsp;405 under the Securities
Act) used in connection with a &#147;road show&#148; or a &#147;bona fide electronic road show&#148; (each as defined
in Rule&nbsp;433 under the Securities Act) related to the offering of Common Shares contemplated hereby
(collectively, &#147;<U>Road Show Materials</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable Time</U>&#148; means the time as of which this Sales Agreement was entered into,
which shall be 9:00 A.M. (New York City time) on the date of this Sales Agreement (or such other
time as is agreed to by the Fund and the Sales Manager).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Funds, LLC, a New York limited liability company (the &#147;<U>Investment Adviser</U>&#148;),
acts as the Fund&#146;s investment adviser pursuant to an Investment Advisory Agreement by and between
the Fund and the Investment Adviser, dated as of March&nbsp;28, 2005 (the &#147;<U>Investment Advisory
Agreement</U>&#148;). Bank of New York Mellon Corporation acts as the custodian (the
&#147;<U>Custodian</U>&#148;) of the Fund&#146;s cash and portfolio assets pursuant to the Custodian Agreement,
dated as of March&nbsp;30, 2005 (the &#147;<U>Custodian Agreement</U>&#148;). American Stock Transfer and Trust
Company acts as the Fund&#146;s transfer agent, registrar, and dividend disbursing agent (the
&#147;<U>Transfer Agent</U>&#148;) pursuant to a Transfer Agency and Service Agreement, dated as of March
30, 2005 (the &#147;<U>Transfer Agency Agreement</U>&#148;). PFPC Inc. acts as the sub-administrator of the
Fund pursuant to a Sub-Administration Agreement, dated as of March&nbsp;30, 2005 (the
&#147;Sub-Administration Agreement&#148;).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Sales Agreement, &#147;<U>business day</U>&#148; shall mean a day on which the New York
Stock Exchange Amex (the &#147;<U>NYSE Amex</U>&#148;) is open for trading. The terms &#147;herein,&#148; &#147;hereof,&#148;
&#147;hereto,&#148; &#147;hereinafter&#148; and similar terms, as used in this Sales Agreement, shall in each case
refer to this Sales Agreement as a whole and not to any particular section, paragraph, sentence or
other subdivision of this Sales Agreement. The term &#147;or,&#148; as used herein, is not exclusive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund, the Investment Adviser and the Sales Manager agree as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sale and Purchase. </B>Upon the basis of the warranties and representations and subject to the
terms and conditions herein set forth, the Fund agrees to issue and sell through the Sales
Manager, as agent, and the Sales Manager agrees to sell, as agent for the Fund, on a best
efforts basis, up to the Maximum Amount of the Common Shares during the term of this Sales
Agreement on the terms set forth herein. The Common Shares will be sold from time to time as
described in the Registration Statement and Prospectus in amounts and at prices as directed by
the Fund and as agreed to by the Sales Manager.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sales Manager may, if it reasonably believes one of the conditions under
Section 6(a) below exists, upon notice to the Fund by telephone (confirmed promptly by
telecopy or hand delivery), at any time and from time to time suspend the offering of
Common Shares; provided, however, that such suspension shall not affect or impair the
parties&#146; respective obligations with respect to the Common Shares sold hereunder prior
to the giving of such notice and that such suspension shall last no more than ten (10)
business days, at which time the Sales Manager shall either cease such suspension or
notify the Fund that this Sales Agreement is being terminated pursuant to Article&nbsp;6
below, subject to the terms and conditions hereof. The Fund may, upon notice to the
Sales Manager by telephone (confirmed promptly by telecopy or hand delivery), at any
time and from time to time suspend the offering of Common Shares; provided, however,
that such suspension shall not affect or impair the parties&#146; respective obligations
with respect to the Common Shares sold hereunder prior to the giving of such notice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund shall pay compensation to the Sales Manager for sales of Common
Shares at a commission rate as much as 1.00% of the gross sales price per share for
the Common Shares sold under this Sales Agreement as determined by further agreement
between the Sales Manager and the Fund from time to time with respect to particular
sales. The remaining proceeds, after further deduction for any transaction fees
imposed by any governmental or self-regulatory organization in respect to such sale
shall constitute the net proceeds to the Fund for such Common Shares (the &#147;<U>Net
Proceeds</U>&#148;).</TD>
</TR>





</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund shall open and maintain a trading account (the &#147;<U>Trading
Account</U>&#148;) at a clearing agent designated by the Sales Manager to facilitate the
transactions contemplated by this Sales Agreement. The Net Proceeds from the sale of
the Common Shares shall be available in the Trading Account on the third business day
(or such other day as is industry practice for regular-way trading) following each
sale of the Common Shares (each, a &#147;<U>Settlement Date</U>&#148;). The Fund shall effect
the delivery of the applicable number of shares of Common Shares to an account
designated by the Sales Manager at The Depository Trust Company on or before the
Settlement Date of each sale hereunder. The Sales Manager&#146;s compensation shall be
withheld from the sales proceeds on each Settlement Date and shall be paid to the
Sales Manager at that time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section 5(d) below, at each Settlement Date, the Fund shall be
deemed to have affirmed each representation, warranty, covenant and other agreement
contained in this Sales Agreement. Any obligation of the Sales Manager under this
Sales Agreement shall be subject to the continuing accuracy of the representations and
warranties of the Fund herein, to the performance by the Fund of its obligations
hereunder and to the continuing satisfaction of the additional conditions specified in
Article&nbsp;5 below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Fund shall default on its obligation to deliver Common Shares on any
Settlement Date, the Fund shall (i)&nbsp;hold the Sales Manager harmless against any loss,
claim or damage arising from or as a result of such default by the Fund and (ii)&nbsp;pay
the Sales Manager any commission to which it would otherwise be entitled absent such
default.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Representations and Warranties of the Fund and the Investment Adviser. </B>Each of the Fund and
the Investment Adviser jointly and severally represents and warrants to the Sales Manager as
of the date of this Sales Agreement and as of each Settlement Date, as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i) (A)&nbsp;the Registration Statement has heretofore become effective under the
Securities Act; (B)&nbsp;no stop order of the Commission preventing or suspending the use
of any Preliminary Prospectus or Sales Materials or of the Prospectus or the
effectiveness of the Registration Statement has been issued, and no proceedings for
such purpose have been instituted or, to the Fund&#146;s knowledge, are contemplated by the
Commission; and (C)&nbsp;the Exchange Act Registration Statement has become effective as
provided in Section&nbsp;12 of the Exchange Act;</TD>
</TR>





</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(ii) (A)&nbsp;the Registration Statement complied at the Effective Time, complies as of
the date hereof and, as amended or supplemented, at each Settlement Date and at all
times during which a prospectus is required by the Securities Act to be delivered
in connection with any sale of Common Shares, will comply, in all material
respects, with the requirements of the Securities Act and the Investment Company
Act; (B)&nbsp;each Preliminary Prospectus and the Prospectus complied, at the time it
was filed with the Commission, and the Prospectus complies as of the date hereof
and, as amended or supplemented, at each Settlement Date and at all times during
which a prospectus is required by the Securities Act to be delivered in
connection with any sale of Common Shares, will comply, in all material respects
with the requirements of the Securities Act (including, without limitation,
Section 10(a) of the Securities Act) and the Investment Company Act; and (C)&nbsp;each
of the Sales Materials complied, at the time it was first used in connection with
the public offering of the Common Shares, and complies as of the date hereof, in
all material respects with the requirements of the Securities Act (including,
without limitation, Rule&nbsp;482 thereunder), the Investment Company Act and the
applicable rules and interpretations of the Financial Industry Regulatory
Authority, Inc. (&#147;<U>FINRA</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(iii) (A) (1)&nbsp;the Registration Statement as of the Effective Time did not, (2)&nbsp;the
Registration Statement (including any post-effective amendment thereto declared or
deemed to be effective by the Commission) as of the date hereof does not, and (3)
the Registration Statement (including any post-effective amendment thereto declared
or deemed to be effective by the Commission), as of each Settlement Date, will not,
in each case, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading; (B)&nbsp;at no time during the period that begins as of the
Applicable Time and ends at the final Settlement Date did or will the Disclosure
Package in use at the applicable time include an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; (C)&nbsp;at no time during the period that begins at the time each of the
Sales Materials was first used in connection with the public offering of the Common
Shares and ends at the final Settlement Date did any of the Sales Materials in use
at the applicable time include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; and (D)&nbsp;at
no time during the period that begins on the earlier of the date of the Prospectus
and the date the Prospectus is filed with the Commission and ends at the latest of
the final Settlement Date and the end of the period during which a prospectus is
required by the Securities Act to be delivered in connection with any sale
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">of Common Shares did or will the Prospectus, as then amended or supplemented,
include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; <U>provided</U>,
<U>however</U>, that each of the Fund and the Investment Adviser makes no
representation or warranty with respect to any statement contained in the
Registration Statement, the Disclosure Package or the Prospectus in reliance upon
and in conformity with information concerning the Sales Manager and furnished in
writing by or on behalf of the Sales Manager to the Fund expressly for use in the
Registration Statement, the Disclosure Package or the Prospectus as described in
Section 9(f) hereof;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;The Fund has been duly formed, is validly existing as a statutory trust
under the laws of the state of Delaware, with full power and authority to conduct all
the activities conducted by it, to own or lease all assets owned or leased by it and
to conduct its business as described in the Registration Statement and the Prospectus;
(ii)&nbsp;the Fund is duly licensed and qualified to do business and in good standing in
each jurisdiction in which its ownership or leasing of property or its conducting of
business requires such qualification, except where the failure to be so qualified or
be in good standing would not have a material adverse effect on the Fund; (iii)&nbsp;the
Fund owns, possesses or has obtained and currently maintains all governmental
licenses, permits, consents, orders, approvals and other authorizations, whether
foreign or domestic, necessary to carry on its business as contemplated in the
Prospectus; and (iv)&nbsp;the Fund has no subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The capitalization of the Fund is as set forth in the Registration Statement
and the Prospectus. The Common Shares conform in all material respects to the
description of them in the Prospectus. All the outstanding Common Shares have been
duly authorized and are validly issued, fully paid and nonassessable. The Common
Shares to be issued and sold in accordance with this Sales Agreement against payment
therefor as provided by this Sales Agreement have been duly authorized and when issued
and delivered will have been validly issued and will be fully paid and nonassessable.
No person is entitled to any preemptive or other similar rights with respect to the
Common Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund is duly registered with the Commission under the Investment Company
Act as a non-diversified, closed-end management investment company, and, subject to
the filing of any supplemental registration statements, amendments to the Registration
Statement or such registration statements or the Prospectus, all action under the
Securities Act and the</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Company Act, as the case may be, necessary to make the public offering
and consummate the sale of the Common Shares as provided in this Sales Agreement
has or will have been taken by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund has full power and authority to enter into each of this Sales
Agreement, the Investment Advisory Agreement, the Custodian Agreement, the Transfer
Agency Agreement, the Sub-Administration Agreement and the Dividend Reinvestment Plan
(collectively, the &#147;<U>Fund Agreements</U>&#148;) and to perform all of the terms and
provisions hereof and thereof to be carried out by it and (i)&nbsp;each Fund Agreement has
been duly and validly authorized, executed and delivered by or on behalf of the Fund,
(ii)&nbsp;each Fund Agreement does not violate any of the applicable provisions of the
Investment Company Act or the Investment Advisers Act of 1940, as amended, and the
rules and regulations thereunder (collectively called the &#147;<U>Advisers Act</U>&#148;), as
the case may be, and (iii)&nbsp;assuming due authorization, execution and delivery by the
other parties thereto, each Fund Agreement constitutes the legal, valid and binding
obligation of the Fund enforceable in accordance with its terms, (A)&nbsp;subject, as to
enforcement, to applicable bankruptcy, insolvency and similar laws affecting
creditors&#146; rights generally and to general equitable principles (regardless of whether
enforcement is sought in a proceeding in equity or at law) and (B)&nbsp;except as rights to
indemnity thereunder may be limited by federal or state securities laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of (i)&nbsp;the execution and delivery by the Fund of the Fund Agreements,
(ii)&nbsp;the issue and sale by the Fund of the Common Shares as contemplated by this Sales
Agreement and (iii)&nbsp;the performance by the Fund of its obligations under any of the
Fund Agreements or consummation by the Fund of the other transactions contemplated by
the Fund Agreements conflicts with or will conflict with, or results or will result in
a breach of, (A)&nbsp;the Declaration of Trust or the By-laws of the Fund, (B)&nbsp;any
agreement or instrument to which the Fund is a party or by which the Fund is bound, or
(C)&nbsp;any law, rule or regulation, or order of any court, governmental instrumentality,
securities exchange or association or arbitrator, whether foreign or domestic,
applicable to the Fund, other than state securities or &#147;blue sky&#148; laws applicable in
connection with the distribution of the Common Shares by the Sales Manager pursuant
to this Sales Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund is not currently in breach of, or in default under, any written
agreement or instrument to which it is a party or by which it or its property is bound
or affected.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No person has any right to the registration of any securities of the Fund
because of the filing of the registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, approval, authorization or order of any court or governmental
agency or body or securities exchange or association, whether foreign or domestic, is
required by the Fund for the consummation by the Fund of the transactions to be
performed by the Fund or the performance by the Fund of all the terms and provisions
to be performed by or on behalf of it in each case as contemplated in the Fund
Agreements, except such as (i)&nbsp;have been obtained under the Securities Act, the
Investment Company Act, or the Advisers Act, and (ii)&nbsp;may be required by the NYSE Amex
or under state securities or &#147;blue sky&#148; laws, in connection with the distribution of
the Common Shares by the Sales Manager pursuant to this Sales Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Common Shares are duly authorized for listing, subject to official notice
of issuance, on the NYSE Amex (which acquired the American Stock Exchange) and the
Notification has become effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PricewaterhouseCoopers LLP, whose report is incorporated by reference in the
Prospectus, is an independent registered public accounting firm with respect to the
Fund as required by the Securities Act and the Investment Company Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements of assets and liabilities, (operations and changes in net
assets (including the notes thereto) included or incorporated by reference in the
Registration Statement and the Prospectus presents fairly in all material respects, in
accordance with generally accepted accounting principles in the United States applied
on a consistent basis, the financial position of the Fund as of the date indicated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund maintains a system of internal accounting controls sufficient to
provide reasonable assurances that (i)&nbsp;transactions are executed in accordance with
management&#146;s general or specific authorization; (ii)&nbsp;transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain accountability for assets; (iii)&nbsp;access
to assets is permitted only in accordance with management&#146;s general or specific
authorization; and (iv)&nbsp;the recorded accountability for assets is compared with
existing assets through an asset reconciliation procedure or otherwise at reasonable
intervals and appropriate action is taken with respect to any differences.</TD>
</TR>





</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Since the date as of which information is given in the Registration Statement
and the Prospectus, except as otherwise stated therein, (i)&nbsp;there has been no material
adverse change in the condition, financial or otherwise, business prospects,
properties, net assets or results of operations of the Fund, whether or not arising in
the ordinary course of business and (ii)&nbsp;there have been no transactions entered into
by the Fund other than those in the ordinary course of its business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There is no action, suit or proceeding before or by any court, commission,
regulatory body, administrative agency or other governmental agency or body, foreign
or domestic, now pending, or, to the knowledge of the Fund, threatened against or
affecting the Fund, which (i)&nbsp;might result in any material adverse change in the
condition, financial or otherwise, business affairs or business prospects of the Fund
or might materially adversely affect the properties or assets of the Fund or (ii)&nbsp;is
of a character required to be described in the Registration Statement or the
Prospectus; and there are no contracts, franchises or other documents that are of a
character required to be described in, or that are required to be filed as exhibits
to, the Registration Statement that have not been described or filed as required.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund has not taken and will not take, directly or indirectly, any action
designed or which might be reasonably expected to cause or result in, or which will
constitute, (i)&nbsp;manipulation of the price of the Common Shares in violation of
applicable federal securities laws or (ii)&nbsp;except for stabilization transactions
conducted by underwriters in connection with other offerings of the Common Shares and
except for tender offers, Common Share repurchases and the issuance or purchase of
Common Shares pursuant to the Fund&#146;s Dividend Reinvestment Plan effected following the
date on which the distribution of the Common Shares is completed in accordance with
the policies of the Fund as set forth in the Prospectus, stabilization.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund intends to direct the investment of the proceeds of the offering of
the Common Shares in such a manner as to comply with the requirements of Subchapter M
of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund has not distributed and, prior to the final Settlement Date, will
not distribute any offering material in connection with the public offering or sale of
the Common Shares other than the Registration Statement, the Disclosure Package, the
Sales Materials and the Prospectus.</TD>
</TR>





</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the knowledge of the Fund after due inquiry, there are no Sales Materials;
and no Road Show Materials authorized or prepared by the Fund or authorized or
prepared on behalf of the Fund by the Investment Adviser or any representative thereof
for use in connection with the public offering or sale of the Common Shares contained
or contains any untrue statement of a material fact or omitted or omits to state any
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not
misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as disclosed in the Registration Statement and the Prospectus (or any
amendment or supplement to any of them), to the Fund&#146;s knowledge, after due inquiry,
no trustee of the Fund is an &#147;interested person&#148; (as defined in the Investment Company
Act) of the Fund or an &#147;affiliated person&#148; (as defined in the Investment Company Act)
of the Sales Manager.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, any certificate signed by any officer of the Fund and delivered to the Sales
Manager or its counsel in connection with the offering of the Common Shares shall be deemed
to be a representation and warranty by the Fund, as to matters covered thereby, to the
Sales Manager.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Representations and Warranties of the Investment Adviser. </B>The Investment Adviser represents
to the Sales Manager as of the date of this Sales Agreement and as of each Settlement Date, as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Investment Adviser has been duly formed, is validly existing as a limited
liability company under the laws of the State of New York, with full power and
authority to conduct all of the activities conducted by it, to own or lease all of the
assets owned or leased by it and to conduct its business as described in the
Registration Statement and the Prospectus, and the Investment Adviser is duly licensed
and qualified to do business and in good standing in each jurisdiction in which it is
required to be so qualified, except to the extent that failure to be so qualified or
be in good standing would not have a material adverse affect on the Investment
Adviser&#146;s ability to provide services to the Fund; and the Investment Adviser owns,
possesses or has obtained and currently maintains all governmental licenses, permits,
consents, orders, approvals and other authorizations, whether foreign or domestic,
necessary to carry on its business as contemplated in the Registration Statement and
the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Investment Adviser is (i)&nbsp;duly registered as an investment adviser under
the Advisers Act and (ii)&nbsp;not prohibited by the Advisers Act or the</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Company Act from acting as the investment adviser for the Fund as
contemplated by the Investment Advisory Agreement, the Registration Statement and
the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Investment Adviser has full power and authority to enter into each of
this Sales Agreement, the Investment Advisory Agreement and the Sub-Administration
Agreement (collectively, the &#147;<U>Adviser Agreements</U>&#148;), and to carry out all the
terms and provisions hereof and thereof to be carried out by it; and each Adviser
Agreement has been duly and validly authorized, executed and delivered by the
Investment Adviser; none of the Adviser Agreements violate any of the applicable
provisions of the Investment Company Act or the Advisers Act; and assuming due
authorization, execution and delivery by the other parties thereto, each Adviser
Agreement constitutes a legal, valid and binding obligation of the Investment Adviser,
enforceable in accordance with its terms, (i)&nbsp;subject, as to enforcement, to
applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights
generally and to general equitable principles (regardless of whether enforcement is
sought in a proceeding in equity or at law) and (ii)&nbsp;except as rights to indemnity
thereunder may be limited by federal or state securities laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither (i)&nbsp;the execution and delivery by the Investment Adviser of any
Adviser Agreement nor (ii)&nbsp;the consummation by the Investment Adviser of the
transactions contemplated by, or the performance of its obligations under any Adviser
Agreement conflicts or will conflict with, or results or will result in a breach of,
(A)&nbsp;the Limited Liability Company Operating Agreement or Articles of Organization of
the Investment Adviser, (B)&nbsp;any agreement or instrument to which the Investment
Adviser is a party or by which the Investment Adviser is bound, or any law, rule or
regulation, or (C)&nbsp;any order of any court, governmental instrumentality, securities
exchange or association or arbitrator, whether foreign or domestic, applicable to the
Investment Adviser.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, approval, authorization or order of any court, governmental
agency or body or securities exchange or association, whether foreign or domestic, is
required for the consummation of the transactions contemplated in, or the performance
by the Investment Adviser of its obligations under, any Adviser Agreement, as the case
may be, except such as (i)&nbsp;have been obtained under the Securities Act, the Investment
Company Act, or the Advisers Act, and (ii)&nbsp;may be required by the NYSE Amex or under
state securities or &#147;blue sky&#148; laws, in connection with the distribution of the
Common Shares by the Sales Manager pursuant to this Sales Agreement.</TD>
</TR>





</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description the Investment Adviser and its business and the statements
attributable to the Investment Adviser in the Registration Statement and the
Prospectus comply with the requirements of the Securities Act and the Investment
Company Act and do not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary in order to make
the statements therein (in the case of the Prospectus in light of the circumstances in
which they were made) not misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as set forth in the Registration Statement and the Prospectus, there
is no action, suit or proceeding before or by any court, commission, regulatory body,
administrative agency or other governmental agency or body, foreign or domestic, now
pending or, to the knowledge of the Investment Adviser, threatened against or
affecting the Investment Adviser of a nature required to be disclosed in the
Registration Statement or the Prospectus or that might result in any material adverse
change in the condition, financial or otherwise, business affairs or business
prospects of the Investment Adviser or the ability of the Investment Adviser to
fulfill its respective obligations under any Adviser Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Investment Adviser has not taken and will not take, directly or
indirectly, any action designed, or which might reasonably be expected to cause or
result in, or which will constitute, (i)&nbsp;manipulation of the price of the Common
Shares in violation of applicable federal securities laws or (ii)&nbsp;except for
stabilization activities conducted by underwriters in connection with other offerings
of the Common Shares and except for tender offers, Common Share repurchases and the
issuance or purchase of Common Shares pursuant to the Fund&#146;s Dividend Reinvestment
Plan effected following the date on which the distribution of the Common Shares is
completed in accordance with the policies of the Fund as set forth in the Prospectus,
stabilization.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Fund or the Investment Adviser has made available any
Road Show Materials or promotional materials (other than the Sales Materials) by means
of an Internet web site or similar electronic means such as to constitute a bona fide
electronic road show, the Investment Adviser has installed and maintained
pre-qualification and password-protection or similar procedures which are designed and
reasonably expected to effectively prohibit access to such Road Show Materials or
promotional materials by persons other than qualified broker-dealers and registered
representatives thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, any certificate signed by any officer of the Investment Adviser and delivered
to the Sales Manager or its counsel in connection with the offering of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Common Shares shall be deemed to be a representation and warranty by the Investment
Adviser as to matters covered thereby, to the Sales Manager.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agreements of the Parties.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the registration statement relating to the Common Shares has not yet
become effective, the Fund will promptly file a further amendment, if not previously
filed, with the Commission, and will use its best efforts to cause such registration
statement to become effective and, as soon as the Fund is advised, will advise the
Sales Manager when the Registration Statement or any amendment thereto has become
effective. If it is necessary for a post-effective amendment to the Registration
Statement, or a new registration statement under Rule 462(b) under the Securities Act,
to be filed with the Commission and become effective before the Common Shares may be
sold, the Fund will use its best efforts to cause such post-effective amendment or
such further registration statement to be filed and become effective as soon as
possible, and the Fund will advise you promptly and, if requested by you, will confirm
such advice in writing, (i)&nbsp;when such post-effective amendment or such further
registration statement has become effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the period in which a prospectus relating to the Common Shares is
required to be delivered under the Securities Act, the Fund will notify the Sales
Manager promptly of the time when any subsequent amendment to the Registration
Statement has become effective or any subsequent supplement to the Prospectus has been
filed and of any request by the Commission for any amendment or supplement to the
Registration Statement or the Prospectus or for additional information; the Fund will
prepare and file with the Commission, promptly upon the Sales Manager&#146;s reasonable
request, any amendments or supplements to the Registration Statement or Prospectus
that, in the Sales Manager&#146;s reasonable opinion based upon advice of counsel, may be
necessary in connection with the sale of the Common Shares pursuant to this Sales
Agreement; the Fund will not file any amendment or supplement to the Registration
Statement or Prospectus (other than a supplement to the Prospectus that (i)&nbsp;relates
solely to the issuance of securities other than Common Shares of the Fund and (ii)
does not materially change the information about the Fund or its business, operations,
properties or financial condition disclosed in the Registration Statement or
Prospectus previously thereto (an &#147;<U>Excluded Supplement</U>&#148;)) unless a copy
thereof has been submitted to the Sales Manager a reasonable period of time before the
filing and the Sales Manager has not reasonably objected thereto; and it will notify
the Sales Manager at the time of filing of any document that upon filing is deemed to
be incorporated by reference in the Registration Statement or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prospectus. The Fund will cause each amendment or supplement to the Prospectus to
be filed with the Commission as required pursuant to the applicable paragraph of
Rule&nbsp;497 of the Rules and Regulations or, in the case of any document to be
incorporated therein by reference, to be filed with the Commission as required
pursuant to the relevant securities laws, within the time period prescribed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the period of three years from the final Settlement Date, the Fund will
advise the Sales Manager promptly (i)&nbsp;of the issuance by the Commission of any order
in respect of the Fund or the Investment Adviser, which relates to the Fund, or which
relates to any material arrangements or proposed material arrangements involving the
Fund or the Investment Adviser, (ii)&nbsp;of the initiation or threatening of any
proceedings for, or receipt by the Fund of any notice with respect to, any suspension
of the qualification of the Common Shares for sale in any jurisdiction or the issuance
of any order by the Commission suspending the effectiveness of the Registration
Statement, (iii)&nbsp;of receipt by the Fund, or any representative or attorney of the
Fund, of any other communication from the Commission relating in any material way to
the Fund, the Registration Statement, the Notification, the Sales Materials, the
Prospectus or to the transactions contemplated by this Sales Agreement and (iv)&nbsp;the
issuance by any court, regulatory body, administrative agency or other governmental
agency or body, whether foreign or domestic, of any order, ruling or decree, or the
threat to initiate any proceedings with respect thereto, regarding the Fund, which
relates in any material way to the Fund or any material arrangements or proposed
material arrangements involving the Fund. The Fund will make every reasonable effort
to prevent the issuance of any order suspending the effectiveness of the Registration
Statement and, if any such order is issued, to obtain its lifting as soon as possible.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If not delivered prior to the date of this Sales Agreement, the Fund will
deliver to the Sales Manager, without charge, a signed copy of the Registration
Statement, the Exchange Act Registration Statement and the Notification and of any
amendments (except any post-effective amendment which is filed with the Commission
after the later of (i)&nbsp;one year from the date of this Sales Agreement or (ii)&nbsp;the date
on which the distribution of the Common Shares is completed) to either the
Registration Statement, the Exchange Act Registration Statement or the Notification
(including all exhibits filed with any such document) and as many conformed copies of
the Registration Statement and any amendments thereto (except any post-effective
amendment which is filed with the Commission after the later of (ii)&nbsp;one year from the
date of this Sales Agreement or (iv)&nbsp;the date on which the distribution of the Common</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares is completed) (excluding exhibits) as the Sales Manager may reasonably
request.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During such period as a prospectus is required by law to be delivered by an
underwriter or a dealer, the Fund will deliver, without charge, to the Sales Manager
and any dealers, at such office or offices as the Sales Manager may designate, as many
copies of the Prospectus as the Sales Manager may reasonably request, and, if any
event occurs during such period as a result of which it is necessary to amend or
supplement the Prospectus, in order to make the statements therein, in light of the
circumstances under which they were made, not misleading in any material respect, or
if during such period it is necessary to amend or supplement the Prospectus to comply
with the Securities Act or the Investment Company Act, the Fund promptly will prepare,
submit to the Sales Manager, file with the Commission and deliver, without charge, to
others if requested by the Sales Manager, amendments or supplements to the Prospectus
so that the statements in such Prospectus, as so amended or supplemented, will not, in
light of the circumstances under which they were made, be misleading in any material
respect and will comply with the Securities Act and the Investment Company Act.
Delivery by the Sales Manager of any such amendments or supplements to the Prospectus
will not constitute a waiver of any of the conditions in Article&nbsp;5 hereof. The Fund
shall also deliver copies of each such Prospectus and any supplement thereto to the
NYSE Amex in accordance with applicable rules and regulations under the Securities
Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund will make generally available to holders of the Fund&#146;s securities,
as soon as practicable but in no event later than the last day of the 18th full
calendar month following the calendar quarter in which the date of the Effective Time
falls, an earnings statement, if applicable, satisfying the provisions of the last
paragraph of Section 11(a) of the Securities Act and, at the option of the Fund, Rule
158 under the Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund shall pay all costs and expenses incident to the performance of the
obligations of the Fund under this Sales Agreement, including but not limited to costs
and expenses of or relating to (i)&nbsp;the preparation, printing and filing of the
Registration Statement and exhibits to it, each Preliminary Prospectus, the Prospectus
and all amendments and supplements thereto, (ii)&nbsp;the issuance of the Common Shares and
the preparation and delivery of certificates for the Common Shares, (iii)&nbsp;the
registration or qualification of the Common Shares for offer and sale under the
securities or &#147;blue sky&#148; laws of the jurisdictions referred to in the foregoing
paragraph, including the fees and disbursements of counsel for the Sales Manager in
that connection, and the preparation and printing</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of any preliminary and supplemental &#147;blue sky&#148; memoranda, (iv)&nbsp;the furnishing
(including costs of design, production, shipping and mailing) to the Sales Manager
and others of copies of the Common Shares, the Sales Materials, the Prospectus, and
all amendments or supplements to the Prospectus, and of the other documents
required by this Section to be so furnished, (v)&nbsp;the filing requirements of FINRA,
in connection with its review of the financing, including filing fees and the fees,
disbursements and other charges of counsel for the Sales Manager in that
connection, (vi)&nbsp;all transfer taxes, if any, with respect to the sale and delivery
of the Common Shares, (vii)&nbsp;the listing of the Common Shares on the NYSE Amex and
(viii)&nbsp;the transfer agent for the Common Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the transactions contemplated by this Sales Agreement are not consummated,
except as otherwise provided herein, no party will be under any liability to any other
party, except that (i)&nbsp;if this Sales Agreement is terminated by the Sales Manager
because of any inability, failure or refusal on the part of the Fund or the Investment
Adviser to comply with any material terms of this Sales Agreement or because any of
the Sales Manager conditions in Article&nbsp;5 are not satisfied, the Fund will reimburse
the Sales Manager for all out-of-pocket expenses (including the reasonable fees,
disbursements and other charges of its counsel) reasonably incurred by it in
connection with the proposed issuance and sale of the Common Shares and (ii)&nbsp;the Sales
Manager shall not be relieved of liability to the Fund if it breaches its obligations
pursuant to this Sales Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund will not, directly or indirectly, offer or sell any Common Shares
(other than the Common Shares) or securities convertible into or exchangeable for, or
any rights to purchase or acquire, Common Shares, during the period from the date the
Registration Statement is declared effective by the Commission through the final
Settlement Date for the sale of Common Shares hereunder without (i)&nbsp;giving the Sales
Manager at least one business day prior written notice specifying the nature of the
proposed sale and the date of such proposed sale and (ii)&nbsp;suspending activity under
this program for such period of time as may reasonably be determined by agreement of
the Fund and the Sales Manager; provided, however, that no such notice and suspension
shall be required in connection with the Company&#146;s issuance of Common Shares pursuant
to its Dividend Reinvestment Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund will use its best efforts to list the Common Shares on the NYSE Amex
prior to the date the Common Shares are issued and comply with the rules and
regulations of such exchange.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund will direct the investment of the net proceeds of the offering of
the Common Shares in such a manner as to comply with the investment objective and
policies of the Fund as described in the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each time that the Registration Statement or the Prospectus shall be amended
or supplemented (other than an Excluded Supplement), the Fund shall (unless the Fund
is not then selling Common Shares through the Sales Manager and has not requested the
Sales Manager to sell Common Shares) furnish or cause to be furnished to the Sales
Manager forthwith a certificate dated the date of filing with the Commission of such
amendment, supplement or other document, the date of effectiveness of amendment, as
the case may be, in form satisfactory to the Sales Manager to the effect that the
statements contained in the certificates referred to in Section 5(d) below that were
last furnished to the Sales Manager are true and correct at the time of such
amendment, supplement, filing, as the case may be, as though made at and as of such
time (except that such statements shall be deemed to relate to the Registration
Statement or the Prospectus as amended and supplemented to such time) or, in lieu of
such certificates, certificates of the same tenor as the certificates referred to in
said Section 5(d) below, modified as necessary to relate to the Registration Statement
or the Prospectus as amended and supplemented to the time of delivery of such
certificate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;Each time that the Registration Statement shall be amended by the filing
of a post-effective amendment thereto; and (ii)&nbsp;at such other times, including the
date hereof or the first Settlement Date, as may be reasonably requested by the Sales
Manager, when the Prospectus is supplemented and/or any document or report is filed
with the Commission or is incorporated by reference into the Registration Statement or
the Prospectus, the Fund (unless (i)&nbsp;otherwise agreed to by the Sales Manager or (ii)
the Fund is neither selling Common Shares through the Sales Manager nor has requested
the Sales Manager to sell Common Shares) shall furnish or cause to be furnished
forthwith to the Sales Manager and to the Sales Manager&#146;s counsel a written opinion of
counsel to the Fund (&#147;<U>Fund Counsel</U>&#148;), dated the date of filing with the
Commission of such amendment, supplement or other document and the date of
effectiveness of such amendment, as the case may be, in form and substance
satisfactory to the Sales Manager, of the same tenor as the opinion referred to in
Section 5(e) below, but modified as necessary to relate to the Registration Statement
and the Prospectus as amended and supplemented to the time of delivery of such
opinion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each time that the Registration Statement or the Prospectus shall be amended
or supplemented (other than an Excluded Supplement) to include</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional financial information, the Fund shall (unless (i)&nbsp;otherwise agreed to by
the Sales Manager or (ii)&nbsp;the Fund is not then selling Common Shares through the
Sales Manager and has not requested the Sales Manager to sell Common Shares) cause
the independent registered public accounting firm then retained by the Company,
forthwith to furnish to the Sales Manager a letter, dated the date of effectiveness
of such amendment, or the date of filing of such supplement or other document with
the Commission, as the case may be, in form satisfactory to the Sales Manager, of
the same tenor as the letter referred to in Section 5(g) below but modified to
relate to the Registration Statement or the Prospectus, as amended and supplemented
to the date of such letter.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions of the Sales Manager&#146;s Obligations. </B>The obligations of the Sales Manager to sell
Common Shares are subject to the accuracy on the date of this Sales Agreement, and as of each
Settlement Date, of the representations of the Fund and the Investment Adviser in this Sales
Agreement, to the accuracy and completeness of all material statements made by the Fund and
the Investment Adviser or any of their respective officers in any certificate delivered to the
Sales Manager or its counsel pursuant to this Sales Agreement, to performance by the Fund and
the Investment Adviser of their respective obligations under this Sales Agreement and to each
of the following additional conditions:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registration Statement must have become effective. The Prospectus must
have been filed in accordance with Rule 497(b) or (h)&nbsp;or a certificate must have been
filed in accordance with Rule&nbsp;497(j), as the case may be, under the Securities Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No order suspending the effectiveness of the Registration Statement may be in
effect and no proceedings for such purpose may be pending before or, to the knowledge
of counsel to the Sales Manager, threatened by the Commission, and any requests for
additional information on the part of the Commission (to be included in the
Registration Statement or the Prospectus or otherwise) must be complied with or waived
to the reasonable satisfaction of the Sales Manager.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Since the dates as of which information is given in the Registration
Statement and the Prospectus, (i)&nbsp;there must not have been any material change in the
Common Shares except as set forth in or contemplated by the Prospectus; (ii)&nbsp;there
must not have been any material adverse change in the general affairs, prospects,
management, business, financial condition or results of operations of the Fund or the
Investment Adviser whether or not arising from transactions in the ordinary course of
business as set forth in or contemplated by the Prospectus; (iii)&nbsp;the Fund must not
have sustained any material loss or interference with its business from any</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>court or from legislative or other governmental action, order or decree, whether
foreign or domestic, or from any other occurrence not described in the Registration
Statement and the Prospectus; and (iv)&nbsp;there must not have occurred any event that
makes untrue or incorrect in any material respect any statement or information
contained in the Registration Statement or the Prospectus or that is not reflected
in the Registration Statement or the Prospectus but should be reflected therein in
order to make the statements or information therein (in the case of the Prospectus,
in light of the circumstances in which they were made) not misleading in any
material respect; if, in the judgment of the Sales Manager, any such development
referred to in clause (i), (ii), (iii), or (iv)&nbsp;of this paragraph (c)&nbsp;makes it
impracticable or inadvisable to consummate the sale and delivery of the Common
Shares pursuant to this Sales Agreement at the then current market price of the
Common Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise agreed to by the Sales Manager, the Sales Manager must have
received as of each Settlement Date a certificate, dated such date, of the President
or a Vice-President and the chief financial or accounting officer of each of the Fund
and the Investment Adviser certifying (in their capacity as such officers and, with
respect to clauses (ii), (iii)&nbsp;and (vi)&nbsp;below, on behalf of the Fund and the
Investment Adviser, as the case may be) that (i)&nbsp;the signers have carefully examined
the Registration Statement, the Prospectus and this Sales Agreement, (ii)&nbsp;the
representations of the Fund (with respect to the certificates from such Fund officers)
and the representations of the Investment Adviser (with respect to the certificates
from such officers of the Investment Adviser) in this Sales Agreement are accurate on
and as of the date of the certificate, (iii)&nbsp;there has not been any material adverse
change in the general affairs, prospects, management, business, financial condition or
results of operations of the Fund (with respect to the certificates from such Fund
officers) or the Investment Adviser (with respect to the certificates from such
officers of the Investment Adviser), which change would materially and adversely
affect the ability of the Fund or the Investment Adviser, as the case may be, to
fulfill its obligations under this Sales Agreement or the Investment Advisory
Agreement (with respect to the certificates from such officers of the Investment
Adviser), whether or not arising from transactions in the ordinary course of business,
(iv)&nbsp;with respect to the Fund only, no order suspending the effectiveness of the
Registration Statement, prohibiting the sale of any of the Common Shares or otherwise
having a material adverse effect on the Fund has been issued and no proceedings for
any such purpose are pending before or, to the knowledge of such officers after
reasonable investigation, threatened by the Commission or any other regulatory body,
whether foreign or domestic, (v)&nbsp;no order having a material adverse effect on the
ability of the Investment Adviser to fulfill its obligations under this Sales
Agreement or the Investment Advisory Agreement, as the case may be, has been issued
and no proceedings for</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any such purpose are pending before or, to the knowledge of the officers of the
Investment Adviser after reasonable investigation, threatened by the Commission or
any other regulatory body, whether foreign or domestic and (vi)&nbsp;each of the Fund
(with respect to the certificates from such Fund officers) and the Investment
Adviser (with respect to the certificates from such officers of the Investment
Adviser) has performed all of its respective agreements that this Sales Agreement
requires it to perform by such Settlement Date (to the extent not waived in writing
by the Sales Manager).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise agreed to by the Sales Manager, the Sales Manager must have
received as of the date of this Sales Agreement and each time referred to in Section
4(m) the opinions dated as of the date thereof substantially in the form of Schedules
A and B to this Sales Agreement (modified in the case of times referred to in Section
4(m) as necessary to relate to the Registration Statement and the Prospectus as
amended and supplemented to that date) from the counsel identified in each such
Schedule.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise agreed to by the Sales Manager, the Sales Manager must have
received as of the date of this Sales Agreement and each time referred to in Section
4(m) from its counsel an opinion dated as of the date thereof with respect to the
Fund, the Common Shares, the Registration Statement and the Prospectus, this Sales
Agreement and the form and sufficiency of all proceedings taken in connection with the
sale and delivery of the Common Shares. Such opinion and proceedings shall fulfill
the requirements of this Section 5(f) only if such opinion and proceedings are
satisfactory in all respects to the Sales Manager. The Fund and the Investment
Adviser must have furnished to such counsel such documents as counsel may reasonably
request for the purpose of enabling them to render such opinion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise agreed to by the Sales Manager, the Sales Manager must have
received on the date of this Sales Agreement a signed letter, dated such date,
substantially in the form of Schedule&nbsp;C to this Sales Agreement from the independent
registered public accounting firm designated in such Schedule. The Sales Manager also
must have received as of each time referred to in Section 4(n) a signed letter from
such accountants, dated as of the date thereof, confirming on the basis of a review in
accordance with the procedures set forth in their earlier letter that nothing has come
to their attention during the period from a date not more than five business days
before the date of this Sales Agreement, specified in the letter, to a date not more
than five business days before such time, that would require any change in their
letter referred to in the foregoing sentence.</TD>
</TR>





</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All opinions, letters, evidence and certificates mentioned above or elsewhere in this Sales
Agreement will comply only if they are in form and scope reasonably satisfactory to counsel
for the Sales Manager, provided that any such documents, forms of which are annexed hereto,
shall be deemed satisfactory to such counsel if substantially in such form.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination. </B>(a)&nbsp;This Sales Agreement may be terminated by the Sales Manager by notifying
the Fund at any time:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before any of the Common Shares are first generally offered
pursuant to this Sales Agreement by the Sales Manager;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if, in the judgment of the Sales Manager, sale of any Common
Shares is rendered impracticable or inadvisable because (A)&nbsp;trading in the
equity securities of the Fund is suspended by the Commission or by the
principal exchange that lists the Common Shares, (B)&nbsp;trading in securities
generally on the NYSE or the Nasdaq Stock Market shall have been suspended or
limited or minimum or maximum prices shall have been generally established on
such exchange or over-the-counter market, (C)&nbsp;additional material governmental
restrictions, not in force on the date of this Sales Agreement, have been
imposed upon trading in securities or trading has been suspended on any U.S.
securities exchange, (D)&nbsp;a general banking moratorium has been established by
U.S. federal or New York authorities or (E)&nbsp;any material adverse change in the
financial or securities markets in the United States or in political,
financial or economic conditions in the United States or any outbreak or
material escalation of hostilities or declaration by the United States of a
national emergency or war or other calamity, terrorist activity or crisis
shall have occurred the effect of any of which is such as to make it, in the
sole judgment of the Sales Manager, impracticable or inadvisable to market the
Common Shares on the terms and in the manner contemplated by the Prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as of or before any Settlement Date, if any of the
conditions specified in Article&nbsp;5 have not been fulfilled when and as required
by this Sales Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in its sole discretion for any reason on or after the third
anniversary of the date hereof; or</TD>
</TR>





</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in its sole discretion for any reason by giving 30&nbsp;days
notice before the anniversary referred to in Section&nbsp;6.1(a)(iv).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may terminate this Sales Agreement only as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund shall have the right by giving notice as hereinafter
specified at any time to terminate this Sales Agreement if (A)&nbsp;the Sales
Manager shall have failed, refused or been unable, to perform any agreement on
its part to be performed hereunder, (B)&nbsp;any other condition of the Fund&#146;s
obligations hereunder is not fulfilled completely or (C)&nbsp;at any time in the
judgment of the Fund the sale of any shares is rendered inadvisable or
impracticable for any of the reasons set forth in Section&nbsp;6.1(a)(ii)(A)-(E).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund shall have the right, by giving notice as
hereinafter specified, to terminate this Sales Agreement in its sole
discretion at any time and for any reason on or after the third anniversary of
the date of this Sales Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding anything contained in this Section&nbsp;6.1(b) to
the contrary, the Fund shall have the right, by giving notice as hereinafter
specified, to terminate this Sales Agreement in its sole discretion at any
time before the anniversary referred to in Section&nbsp;6.1(b)(ii) provided that
the Fund shall reimburse the Sales Manager for its reasonable costs and
expenses (including, without limitation, legal fees and disbursements of
counsel and ongoing due diligence costs and expenses) incurred in connection
with the negotiation and consummation of this Sales Agreement and the
transactions contemplated thereby (unless already reimbursed by the Fund to
the Sales Manager pursuant to Section&nbsp;4(h)(i) above). Such total expenses to
be paid hereunder and pursuant to Section&nbsp;4(h)(i) shall not together exceed
$25,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any termination of this Sales Agreement shall be effective on the date
specified in such notice of termination; provided that such termination shall not be
effective earlier than the close of business on the date of receipt of such notice by
the Sales Manager or the Fund, as the case may be. If such termination shall occur
during a period when sales of Common Shares are being made pursuant to this Sales
Agreement, any sales of Common Shares made prior to the termination of this Sales
Agreement shall settle in accordance with the provisions of this Sales Agreement.</TD>
</TR>





</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnity and Contribution.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Fund and the Investment Adviser, jointly and severally, agrees to
indemnify, defend and hold harmless the Sales Manager, its partners, directors and
officers, and any person who controls the Sales Manager within the meaning of Section
15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and their successors and
assigns of all of the foregoing persons from and against any loss, damage, expense,
liability or claim (including the reasonable cost of investigation) which, jointly or
severally, the Sales Manager or any such person may incur under the Securities Act,
the Exchange Act, the Investment Company Act, the Advisers Act, the common law or
otherwise, insofar as such loss, damage, expense, liability or claim (i)&nbsp;arises out of
or is based upon any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement (or in the Registration Statement as amended
by any post-effective amendment thereof by the Fund) or arises out of or is based upon
any omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading or (ii)&nbsp;arises out
of or is based any untrue statement or alleged untrue statement of a material fact
included in any Road Show Material, the Disclosure Package, any Sales Material or the
Prospectus or arises out of or is based upon any omission or alleged omission to state
a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; except with respect to
either of the foregoing clause (i)&nbsp;and (ii)&nbsp;insofar as any such loss, damage, expense,
liability or claim arises out of or is based upon any untrue statement or alleged
untrue statement of a material fact contained in and in conformity with information
concerning the Sales Manager furnished in writing by or on behalf of the Sales Manager
to the Fund expressly for use with reference to The Sales Manager in such Registration
Statement or in such Disclosure Package or Prospectus as set forth in Section 7(f)
hereof or arises out of or is based upon any omission or alleged omission to state a
material fact in connection with such information required to be stated in such
Registration Statement or such Disclosure Package or Prospectus or necessary to make
such information (with respect to such Disclosure Package or Prospectus, in light of
the circumstances under which they were made) not misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any action, suit or proceeding (together, a &#147;<U>Proceeding</U>&#148;) is
brought against the Sales Manager or any such person in respect of which indemnity
may be sought against the Fund or the Investment Adviser pursuant to the foregoing
paragraph, the Sales Manager or such person shall promptly notify the Fund or the
Investment Adviser, as the case may be, in writing of the institution of such
Proceeding and the Fund or the Investment Adviser shall assume the defense of such
Proceeding,</TD>
</TR>

</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>including the employment of counsel reasonably satisfactory to such
indemnified party and payment of all fees and expenses; provided, however, that the
omission to so notify the Fund or the Investment Adviser shall not relieve the Fund
or the Investment Adviser from any liability which the Fund or the Investment
Adviser may have to the Sales Manager or any such person or otherwise. The Sales
Manager or such person shall have the right to employ its or their own counsel in
any such case, but the reasonable fees and expenses of such counsel shall be at the
expense of the Sales Manager or of such person unless the employment of such
counsel shall have been authorized in writing by the Fund or the Investment
Adviser, as the case may be, in connection with the defense of such Proceeding or
the Fund or the Investment Adviser shall not have, within a reasonable period of
time in light of the circumstances, employed counsel to have charge of the defense
of such Proceeding or such indemnified party or parties shall have reasonably
concluded that there may be defenses available to it or them, which are different
from, additional to or in conflict with those available, to the Fund or the
Investment Adviser (in which case the Fund, the Investment Adviser shall not have
the right to direct the defense of such Proceeding on behalf of the indemnified
party or parties), in any of which events such reasonable fees and expenses shall
be borne by the Fund or the Investment Adviser and paid as incurred (it being
understood, however, that the Fund or the Investment Adviser shall not be liable
for the expenses of more than one separate counsel (in addition to any local
counsel) in any one Proceeding or series of related Proceedings in the same
jurisdiction representing the indemnified parties who are parties to such
Proceeding). Neither the Fund nor the Investment Adviser shall be liable for any
settlement of any Proceeding effected without its written consent but if settled
with the written consent of the Fund or the Investment Adviser, the Fund or the
Investment Adviser, as the case may be, agrees to indemnify and hold harmless the
Sales Manager and any such person from and against any loss or liability by reason
of such settlement. Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for reasonable fees and expenses of counsel as contemplated by
the second sentence of this paragraph, then the indemnifying party agrees that it
shall be liable for any settlement of any Proceeding effected without its written
consent if (i)&nbsp;such settlement is entered into more than 60 business days after
receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying
party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement and (iii)&nbsp;such indemnified party shall
have given the indemnifying party at least 30&nbsp;days&#146; prior notice of its intention
to settle. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened Proceeding in
respect of which any indemnified party is or could have been a party and indemnity
could</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such Proceeding and does not include an
admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Sales Manager agrees to indemnify, defend and hold harmless the Fund and
the Investment Adviser, and each of their respective shareholders, partners, managers,
members, trustees, directors and officers, and any person who controls the Fund or the
Investment Adviser within the meaning of Section&nbsp;15 of the Securities Act or Section
20 of the Exchange Act, and the successors and assigns of all of the foregoing persons
from and against any loss, damage, expense, liability or claim (including the
reasonable cost of investigation), which, jointly or severally, the Fund, the
Investment Adviser or any such person may incur under the Securities Act, the Exchange
Act, the Investment Company Act, the Advisers Act, the common law or otherwise,
insofar as such loss, damage, expense, liability or claim arises out of or is based
upon any untrue statement or alleged untrue statement of a material fact contained in
and in conformity with information concerning the Sales Manager furnished in writing
by or on behalf of the Sales Manager to the Fund or the Investment Adviser expressly
for use with reference to the Sales Manager in the Registration Statement (or in the
Registration Statement as amended by any post-effective amendment thereof by the Fund)
or in the Disclosure Package or Prospectus as set forth in Section 7(f) hereof, or
arises out of or is based upon any omission or alleged omission to state a material
fact in connection with such information required to be stated in such Registration
Statement or the Disclosure Package or Prospectus or necessary to make such
information not misleading (with respect to the Disclosure Package and Prospectus, in
light of the circumstances under which they were made).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Proceeding is brought against the Fund, the Investment Adviser or any
such person in respect of which indemnity may be sought against the Sales Manager
pursuant to the foregoing paragraph, the Fund, the Investment Adviser or such
person shall promptly notify the Sales Manager in writing of the institution of
such Proceeding and the Sales Manager shall assume the defense of such Proceeding,
including the employment of counsel reasonably satisfactory to such indemnified
party and payment of all fees and expenses; provided, however, that the omission to
so notify the Sales Manager shall not relieve the Sales Manager from any liability
which the Sales Manager may have to the Fund, the Investment Adviser or any such
person or otherwise. The Fund, the Investment Adviser or such person shall have
the right to employ its own counsel in any such case, but the fees and expenses of
such counsel</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall be at the expense of the Fund, the Investment Adviser, the Sub-Adviser
or such person, as the case may be, unless the employment of such counsel shall
have been authorized in writing by the Sales Manager in connection with the defense
of such Proceeding or the Sales Manager shall not have, within a reasonable period
of time in light of the circumstances, employed counsel to have charge of the
defense of such Proceeding or such indemnified party or parties shall have
reasonably concluded that there may be defenses available to it or them, which are
different from or additional to or in conflict with those available to the Sales
Manager (in which case the Sales Manager shall not have the right to direct the
defense of such Proceeding on behalf of the indemnified party or parties, but the
Sales Manager may employ counsel and participate in the defense thereof but the
fees and expenses of such counsel shall be at the expense of the Sales Manager), in
any of which events such fees and expenses shall be borne by the Sales Manager and
paid as incurred (it being understood, however, that the Sales Manager shall not be
liable for the expenses of more than one separate counsel (in addition to any local
counsel) in any one Proceeding or series of related Proceedings in the same
jurisdiction representing the indemnified parties who are parties to such
Proceeding). The Sales Manager shall not be liable for any settlement of any such
Proceeding effected without the written consent of the Sales Manager but if settled
with the written consent of the Sales Manager agrees to indemnify and hold harmless
the Fund, the Investment Adviser and any such person from and against any loss or
liability by reason of such settlement. Notwithstanding the foregoing sentence, if
at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated by
the second sentence of this paragraph, then the indemnifying party agrees that it
shall be liable for any settlement of any Proceeding effected without its written
consent if (i)&nbsp;such settlement is entered into more than 60 business days after
receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying
party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement and (iii)&nbsp;such indemnified party shall
have given the indemnifying party at least 30&nbsp;days&#146; prior notice of its intention
to settle. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened Proceeding in
respect of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such Proceeding and does not include an
admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the indemnification provided for in this Section&nbsp;7 is unavailable to an
indemnified party under subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;7 in respect of any
losses, damages, expenses, liabilities or claims referred to therein, then each
applicable indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such
losses, damages, expenses, liabilities or claims (i)&nbsp;in such proportion as is
appropriate to reflect the relative benefits received by the Fund and the Investment
Adviser on the one hand and the Sales Manager on the other hand from the offering of
the Common Shares or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of
the Fund and the Investment Adviser on the one hand and of the Sales Manager on the
other in connection with the statements or omissions, which resulted in such losses,
damages, expenses, liabilities or claims, as well as any other relevant equitable
considerations. The relative benefits received by the Fund and the Investment Adviser
on the one hand and the Underwriters on the other shall be deemed to be in the same
respective proportions as the total proceeds from the offering (net of underwriting
discounts and commissions but before deducting expenses) received by the Fund and the
total commissions received by bear to the aggregate public offering price of the
Common Shares. The relative fault of the Fund and the Investment Adviser one hand and
of the Sales Manager on the other shall be determined by reference to, among other
things, whether the untrue statement or alleged untrue statement of a material fact or
omission or alleged omission relates to information supplied by the Fund or the
Investment Adviser or by the Sales Manager and the parties&#146; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement
or omission. The amount paid or payable by a party as a result of the losses,
damages, expenses, liabilities and claims referred to in this subsection shall be
deemed to include any legal or other fees or expenses reasonably incurred by such
party in connection with investigating, preparing to defend or defending any
Proceeding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund, the Investment Adviser and the Sales Manager agree that it would
not be just and equitable if contribution pursuant to this Section&nbsp;7 were determined
by pro rata allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in subsection (c)&nbsp;above. Notwithstanding
the provisions of this Section&nbsp;7, the Sales Manager shall not be required to
contribute any amount in excess of the fees and commissions received by the Sales
Manager. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The indemnity and contribution agreements contained in this Section&nbsp;7 and the
covenants, warranties and representations of the Fund contained in this Sales
Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the Sales Manager, its partners, directors or officers or any
person (including each partner, officer or director of such person) who controls the
Sales Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of
the Exchange Act, or by or on behalf of the Fund, the Investment Adviser, its
shareholders, partners, advisers, members, trustees, directors or officers or any
person who controls the Fund, the Investment Adviser or the Sub-Adviser within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and
shall survive any termination of this Sales Agreement or the issuance and delivery of
the Common Shares. The Fund, the Investment Adviser and the Sales Manager agree
promptly to notify each other of the commencement of any Proceeding against it and, in
the case of the Fund or the Investment Adviser, against any of the Fund&#146;s or the
Investment Adviser&#146;s shareholders, partners, managers, members, trustees, directors or
officers in connection with the issuance and sale of the Common Shares, or in
connection with the Registration Statement or Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund and the Investment Adviser each acknowledge that the statements in
the Prospectus with respect to stabilization and selling concessions and reallowances
of selling commissions under the caption &#147;Plan of Distribution&#148; in the Prospectus
constitute the only information furnished in writing by or on behalf of the Sales
Manager to the Fund expressly for use with reference to the Sales Manager in the
Registration Statement or in the Disclosure Package or the Prospectus (as amended or
supplemented). The Sales Manager confirms that these statements are correct in all
material respects and were so furnished by or on behalf of the Sales Manager for use
in the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provisions in this Section&nbsp;7, no party shall be
entitled to indemnification or contribution under this Sales Agreement against any
loss, claim, liability, expense or damage arising by reason of such person&#146;s willful
misfeasance, bad faith, gross negligence or reckless disregard of its duties in the
performance of its duties hereunder. The parties hereto acknowledge that the
foregoing provision shall be applicable solely as to matters arising under Section
17(i) of the Investment Company Act, and shall not be construed to impose any duties
or obligations upon any such parties under this Sales Agreement other than as
specifically set forth herein (it being understood that the Sales Manager have no duty
hereunder to the Fund to perform any due diligence investigation).</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices. </B>Except as otherwise herein provided, all statements, requests, notices and
agreements shall be in writing or by telegram and, if to the Sales Manager shall be sufficient
in all respects if delivered or sent to Gabelli &#038; Company, Inc., One Corporate Center, Rye,
New York 10580, Attention: Syndicate Department, and if to the Fund or the Investment Adviser,
shall be sufficient in all respects if delivered or sent to the Fund or the Investment
Adviser, as the case may be, at the offices of the Fund or the Investment Adviser at the same
address.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing Law; Construction. </B>This Sales Agreement and any claim, counterclaim or dispute of
any kind or nature whatsoever arising out of or in any way relating to this Sales Agreement
(&#147;<U>Claim</U>&#148;), directly or indirectly, shall be governed by, and construed in accordance
with, the laws of the State of New York. The Section headings in this Sales Agreement have
been inserted as a matter of convenience of reference and are not a part of this Sales
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Submission to Jurisdiction. </B>Except as set forth below, no Claim may be commenced, prosecuted
or continued in any court other than the courts of the State of New York located in the County
of Westchester or in the United States District Court for the Southern District of New York,
which courts shall have jurisdiction over the adjudication of such matters, and the Fund and
the Sales Manager each consent to the jurisdiction of such courts and personal service with
respect thereto. Each of the Sales Manager, the Fund (on its behalf and, to the extent
permitted by applicable law, on behalf of its stockholders and affiliates) and the Investment
Adviser (on its behalf and, to the extent permitted by applicable law, on behalf of its
shareholders and affiliates) waives all right to trial by jury in any action, proceeding or
counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or
relating to this Sales Agreement. Each of the Fund and the Investment Adviser agrees that a
final judgment in any such action, proceeding or counterclaim brought in any such court shall
be conclusive and binding upon the Fund and the Investment Adviser, as the case may be, and
may be enforced in any other courts in the jurisdiction of which the Fund or the Investment
Adviser, as the case may be, is or may be subject, by suit upon such judgment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Parties at Interest. </B>The Agreement herein set forth has been and is made solely for the
benefit of the Sales Manager, the Fund, the Investment Adviser and to the extent provided in
Section&nbsp;7 hereof the controlling persons, shareholders, partners, members, trustees, managers,
directors and officers referred to in such section, and their respective successors, assigns,
heirs, personal representatives and executors and administrators. No other person,
partnership, association or corporation (including a purchaser, as such purchaser, through the
Sales Manager) shall acquire or have any right under or by virtue of this Sales Agreement.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Counterparts. </B>This Sales Agreement may be signed by the parties in one or more counterparts
which together shall constitute one and the same agreement among the parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Successors and Assigns. </B>This Sales Agreement shall be binding upon the Sales Manager, the
Fund, the Investment Adviser and any successor or assign of any substantial portion of the
Fund&#146;s, the Investment Adviser&#146;s or the Sales Manager&#146;s respective businesses and/or assets.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth the understanding among the Fund, the Investment Adviser
and the Sales Manager, please so indicate in the space provided below, whereupon this letter and
your acceptance shall constitute a binding agreement among the Fund, the Investment Adviser and the
Sales Manager.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE GABELLI GLOBAL GOLD,<BR>
NATURAL RESOURCES &#038; <br>INCOME TRUST</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ CARTER W. AUSTIN
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By: Carter W. Austin
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GABELLI FUNDS, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ JOSEPH H. EGAN
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By: Joseph H. Egan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to as of the<BR>
date first above written, on behalf of itself

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GABELLI &#038; COMPANY, INC.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
BRUCE N. ALPERT
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
By: Bruce N. Alpert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
Vice President </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF OPINION LEGAL COUNSEL REGARDING THE FUND
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">None.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;A-1
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF OPINION OF LEGAL COUNSEL REGARDING THE INVESTMENT ADVISER
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">None.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;B-1
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM LETTER
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">None.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;C-1
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
