<SEC-DOCUMENT>0000950123-11-040844.txt : 20110829
<SEC-HEADER>0000950123-11-040844.hdr.sgml : 20110829

<ACCEPTANCE-DATETIME>20110428144847

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-11-040844

CONFORMED SUBMISSION TYPE:	POS 8C

PUBLIC DOCUMENT COUNT:		5

FILED AS OF DATE:		20110428

DATE AS OF CHANGE:		20110613


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 8C

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-170691

		FILM NUMBER:		11787585



	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




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 8C

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-21698

		FILM NUMBER:		11787586



	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 8C
<SEQUENCE>1
<FILENAME>y90912pos8c.htm
<DESCRIPTION>FORM POS 8C
<TEXT>
<HTML>
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<TITLE>pos8c</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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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: transparent">
    <B>As filed with the Securities and Exchange Commission on
    April&#160;28, 2011</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: transparent">

</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: transparent">
    <B>Securities Act File
    <FONT style="white-space: nowrap">No.&#160;333-170691</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: transparent">

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<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: transparent">
    <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: transparent">
    <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>

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

<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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <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: transparent">
    Pre-Effective Amendment No.
</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: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Post-Effective
    Amendment No.&#160;2
</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: transparent">
    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: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Investment Company Act of 1940
</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: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Amendment
    No.&#160;23
</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: transparent">
    (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: transparent">

</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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
    <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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
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<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 J. Michailoff, 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: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</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: transparent">
    <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 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: transparent">
    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: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Base Prospectus dated April&#160;28, 2011</B>
</DIV>

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

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> <IMG src="y90912y9091200.gif" alt="(GABELLI LOGO)"> </B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$750,000,000</FONT></B>
</DIV>

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

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

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

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

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

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

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

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER>

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our shares may be offered directly to one or more purchasers,
    through agents designated from time to time by us, or to or
    through underwriters or dealers. The Prospectus Supplement
    relating to the offering will identify any agents or
    underwriters involved in the sale of our shares, and will set
    forth any applicable purchase price, fee, commission or discount
    arrangement between us and our agents or underwriters, or among
    our underwriters, or the basis upon which such amount may be
    calculated. The Prospectus Supplement relating to any sale of
    preferred shares will set forth the liquidation preference and
    information about the dividend period, dividend rate, any call
    protection or non-call period and other matters. We may not sell
    any of our shares through agents, underwriters or dealers
    without delivery of a Prospectus Supplement describing the
    method and terms of the particular offering of our shares. Our
    common shares are listed on the NYSE Amex LLC (&#147;NYSE
    Amex&#148;) under the symbol &#147;GGN.&#148; Our 6.625%
    Series&#160;A Cumulative Preferred Shares are listed on the NYSE
    Amex under the symbol &#147;GGN PrA.&#148; On April&#160;27,
    2011, the last reported sale price of our common shares was
    $19.13. The net asset value of the Fund&#146;s common shares at
    the close of business on April&#160;27, 2011 was $18.72 per
    share. <B>Shares of closed-end funds often trade at a discount
    from net asset value. This creates a risk of loss for an
    investor purchasing shares in a public offering.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investing in the Fund&#146;s shares involves risks. See
    &#147;Risk Factors and Special Considerations&#148; on
    page&#160;25 for factors that should be considered before
    investing in shares of the Fund.</B>
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus sets forth concisely the information about the
    Fund that a prospective investor should know before investing.
    You should read this prospectus, which contains important
    information about the Fund, before deciding whether to invest in
    the shares, and retain it for future reference. A Statement of
    Additional Information, dated April&#160;28, 2011, containing
    additional information about the Fund, has been filed with the
    Securities and Exchange Commission and is incorporated by
    reference in its entirety into this prospectus. You may request
    a free copy of our annual and semi-annual reports, request a
    free copy of the Statement of Additional Information, the table
    of contents of which is on page&#160;62 of this prospectus, by
    calling toll-free (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554),</FONT>
    by visiting the Fund&#146;s website at www.gabelli.com or by
    writing to the Fund, or obtain a copy (and other information
    regarding the Fund) from the Securities and Exchange
    Commission&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
    You may also call this toll-free number to request other
    information about us and make shareholder inquiries.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus. The Fund has not
    authorized anyone to provide you with different information. The
    Fund is not making an offer to sell these securities in any
    state where the offer or sale is not permitted. You should not
    assume that the information contained in this prospectus is
    accurate as of any date other than the date of this
    prospectus.</B>
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

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

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

<DIV align="left">
<A name="Y90912tocpage"></A>
</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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912102'>Summary of Fund&#160;Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912103'>Financial Highlights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912104'>Use Of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912105'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912106'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912107'>Risk Factors and Special Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912108'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912109'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912110'>Dividends And Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912111'>Issuance of Common Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912112'>Automatic Dividend Reinvestment and Voluntary
    Cash Purchase Plan</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912113'>Description of the Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912114'>Anti-Takeover Provisions of the Fund&#146;s
    Governing Documents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912115'>Closed-End Fund&#160;Structure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912116'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912117'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912118'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912119'>Custodian, Transfer Agent and Dividend Disbursing
    Agent</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912120'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912121'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912122'>Independent Registered Public Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912123'>Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912124'>Privacy Principles of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912125'>Table Of Contents of Statement of Additional
    Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y90912exv99wnwi.htm">EX-99.N.I</A></FONT></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: transparent">

</DIV>

<DIV align="left">
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    <BR>
    i
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y90912101'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This is only a summary. This summary may not contain all of
    the information that you should consider before investing in our
    shares. You should review the more detailed information
    contained in this prospectus and the Statement of Additional
    Information, dated April&#160;28, 2011 (the &#147;SAI&#148;).</I>
</DIV>

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may offer, from time to time, in one or more offerings, our
    common or preferred shares, $0.001&#160;par value per share. The
    shares may be offered at prices and on terms to be set forth in
    one or more supplements to this Prospectus (each a
    &#147;Prospectus Supplement&#148;). The offering price per share
    of our common shares will not be less than the net asset value
    per share of our common shares at the time we make the offering,
    exclusive of any underwriting commissions or discounts. You
    should read this Prospectus and the applicable Prospectus
    Supplement carefully before you invest in our shares. Our shares
    may be offered directly to one or more purchasers, through
    agents designated from time to time by us or to or through
    underwriters or dealers. The Prospectus Supplement relating to
    the offering will identify any agents, underwriters or dealers
    involved in the sale of our shares, and will set forth any
    applicable purchase price, fee, commission or discount
    arrangement between us and our agents or underwriters, or among
    our underwriters, or the basis upon which such amount may be
    calculated. The Prospectus Supplement relating to any sale of
    preferred shares will set forth the liquidation preference and
    information about the dividend period, dividend rate, any call
    protection or non-call period and other matters. We may not sell
    any of our shares through agents, underwriters or dealers
    without delivery of a Prospectus Supplement describing the
    method and terms of the particular offering of our shares. Our
    common shares are listed on the NYSE Amex LLC (&#147;NYSE
    Amex&#148;) under the symbol &#147;GGN.&#148; Our 6.625%
    Series&#160;A Cumulative Preferred Shares are listed on the NYSE
    Amex under the symbol &#147;GGN PrA.&#148; On April&#160;27,
    2011, the last reported sale price of our common shares was
    $19.13. The net asset value of the Fund&#146;s common shares at
    the close of business on April&#160;27, 2011 was $18.72 per
    share.
</DIV>

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principally engaged, as used in this prospectus, means a company
    that derives at least 50% of its revenues or earnings or devotes
    at least 50% of its assets to the indicated businesses. An
    issuer will be treated as being located outside the U.S.&#160;if
    it is either organized or headquartered outside of the
    U.S.&#160;and has a substantial portion of its operations or
    sales outside the U.S.&#160;Equity securities may include common
    stocks,
</DIV>
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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    preferred stocks, convertible securities, warrants, depository
    receipts and equity interests in trusts and other entities.
    Other Fund investments may include investment companies,
    including exchange-traded funds, securities of issuers subject
    to reorganization, derivative instruments, debt (including
    obligations of the U.S.&#160;Government) and money market
    instruments. As part of its investment strategy, the Fund
    intends to generate gains through an option strategy which will
    normally consist of writing (selling) call options on equity
    securities in its portfolio (&#147;covered calls&#148;), but
    may, in amounts up to 15% of the Fund&#146;s assets, consist of
    writing uncovered call options on securities not held by the
    Fund, indices comprised of Gold Companies or Natural Resources
    Companies or exchange traded funds comprised of such issuers and
    put options on securities in its portfolio. When the Fund sells
    a call option, it generates gains in the form of the premium
    paid by the buyer of the call option, but the Fund forgoes the
    opportunity to participate in any increase in the value of the
    underlying equity security above the exercise price of the
    option. When the Fund sells a put option, it generates gains in
    the form of the premium paid by the buyer of the put option, but
    the Fund will have the obligation to buy the underlying security
    at the exercise price if the price of the security decreases
    below the exercise price of the option. See &#147;Investment
    Objectives and Policies.&#148;
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may issue additional series of preferred shares or
    borrow money to leverage its investments. If the Fund&#146;s
    Board of Trustees (the &#147;Board of Trustees&#148;, each
    member of the Board of Trustees individually a
    &#147;Trustee&#148;) determines that it may be advantageous to
    the holders of the Fund&#146;s common shares for the Fund to
    utilize such leverage, the Fund may issue additional series of
    preferred shares or borrow money. Any preferred shares issued by
    the Fund will pay distributions either at a fixed rate or at
    rates that will be reset frequently based on short-term interest
    rates. Any borrowings may also be at fixed or floating rates.
    Leverage creates a greater risk of loss as well as a potential
    for more gains for the common shares than if leverage were not
    used.
</DIV>
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    <BR>
    2
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    See &#147;Risk Factors and Special Considerations&#151;Leverage
    Risks.&#148; The Fund may also engage in investment management
    techniques which will not be considered senior securities if the
    Fund establishes in a segregated account cash or other liquid
    securities equal to the Fund&#146;s obligations in respect of
    such techniques.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to net asset value, the market price of the
    Fund&#146;s common shares may be affected by such factors as the
    Fund&#146;s dividend and distribution levels (which are affected
    by expenses) and stability, market liquidity, market supply and
    demand, unrealized gains, general market and economic conditions
    and other
</DIV>
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    <BR>
    3
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    factors. See &#147;Risk Factors and Special
    Considerations,&#148; &#147;Description of the Shares&#148; and
    &#147;Repurchase of Common Shares.&#148;
</DIV>

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

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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors and Special Considerations</FONT></B>
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Total Return Risk.</I>&#160;&#160;The Fund utilizes several
    investment management techniques in an effort to generate
    positive total return. The risks of these techniques, such as
    option writing, leverage, concentration in certain industries,
    and investing in emerging markets, are described in the
    following paragraphs. Taken together these and other techniques
    represent a risk that the Fund will experience a negative total
    return even in market environments that are generally positive
    and that the Fund&#146;s returns, both positive and negative,
    may be more volatile than if the Fund did not utilize these
    investment techniques.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under normal market conditions, the Fund will invest at least
    25% of its assets in equity securities of Natural Resources
    Companies. A downturn in the indicated natural resources
    industries would have a larger impact on the Fund than on an
    investment company that does not invest significantly in such
    industries. Such industries can be significantly affected by the
    supply of and demand for the indicated commodities and related
    services, exploration and production spending, government
    regulations, world events and economic conditions. The oil,
    paper, food and agriculture, forestry products, metals and
    minerals industries can be significantly affected by events
    relating to international political developments, the success of
    exploration projects, commodity prices, and tax and government
    regulations. The stock prices of Natural Resources Companies may
    also experience greater price volatility than other types of
    common stocks. Securities issued by Natural Resources Companies
    are sensitive to changes in the prices of, and in supply and
    demand for, the indicated commodities. The value of securities
    issued by Natural Resources Companies may be affected by changes
    in overall market movements, changes in interest rates, or
    factors affecting a particular industry or commodity, such as
    weather, embargoes, tariffs, policies of commodity cartels and
    international economic, political and regulatory developments.
    The Investment Adviser&#146;s judgments about trends in the
    prices of these securities and commodities may prove to be
    incorrect. It is possible that the performance of securities of
    Natural Resources Companies may lag the performance of other
    industries or the broader market as a whole. See &#147;Risk
    Factors and Special Considerations&#151;Industry
    Risks&#151;Industry Risks.&#148;
</DIV>
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    <BR>
    4
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<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: transparent">
    <I>Supply and Demand Risk.</I>&#160;&#160;A decrease in the
    production of, or exploitation of, gold, gas, oil, paper, food
    and agriculture, forestry products, metals or minerals or a
    decrease in the volume of such commodities available for
    transportation, mining, processing, storage or distribution may
    adversely impact the financial performance of the Fund&#146;s
    investments. Production declines and volume decreases could be
    caused by various factors, including catastrophic events
    affecting production, depletion of resources, labor
    difficulties, environmental proceedings, increased regulations,
    equipment failures and unexpected maintenance problems, import
    supply disruption, increased competition from alternative energy
    sources or commodity prices. Sustained declines in demand for
    the indicated commodities could also adversely affect the
    financial performance of Gold and Natural Resources Companies
    over the long-term. Factors which could lead to a decline in
    demand include economic recession or other adverse economic
    conditions, higher fuel taxes or governmental regulations,
    increases in fuel economy, consumer shifts to the use of
    alternative fuel sources, changes in commodity prices, or
    weather. See &#147;Risk Factors and Special
    Considerations&#151;Industry Risks&#151;Supply and Demand
    Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Depletion and Exploration Risk.</I>&#160;&#160;Many Gold and
    Natural Resources Companies are either engaged in the production
    or exploitation of the particular commodities or are engaged in
    transporting, storing, distributing and processing such
    commodities. To maintain or increase their revenue level, these
    companies or their customers need to maintain or expand their
    reserves through exploration of new sources of supply, through
    the development of existing sources, through acquisitions, or
    through long-term contracts to acquire reserves. The financial
    performance of Gold and Natural Resources Companies may be
    adversely affected if they, or the companies to whom they
    provide products or services, are unable to cost-effectively
    acquire additional products or reserves sufficient to replace
    the natural decline. See &#147;Risk Factors and Special
    Considerations&#151;Industry Risks&#151;Depletion and
    Exploration Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Regulatory Risk.</I>&#160;&#160;Gold Companies and Natural
    Resources Companies may be subject to extensive government
    regulation in virtually every aspect of their operations,
    including how facilities are constructed, maintained and
    operated, environmental and safety controls, and in some cases
    the prices they may charge for the products and services they
    provide. Various governmental authorities have the power to
    enforce compliance with these regulations and the permits issued
    under them, and violators are subject to administrative, civil
    and criminal penalties, including civil fines, injunctions or
    both. Stricter laws, regulations or enforcement policies could
    be enacted in the future, which would likely increase compliance
    costs and may adversely affect the financial performance of Gold
    Companies and Natural Resources Companies. See &#147;Risk
    Factors and Special Considerations&#151;Industry
    Risks&#151;Regulatory Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Commodity Pricing Risk.</I>&#160;&#160;The operations and
    financial performance of Gold and Natural Resources Companies
    may be directly affected by the prices of the indicated
    commodities, especially those Gold and Natural Resources
    Companies for whom the commodities they own are significant
    assets. Commodity prices fluctuate for several reasons,
    including changes in market and economic conditions, levels of
    domestic production, impact of governmental regulation and
    taxation, the availability of transportation systems and, in the
    case of oil and gas companies in particular, conservation
    measures and the impact of weather. Volatility of commodity
    prices which may lead to a reduction in production or supply,
    may also negatively affect the performance of Gold and Natural
    Resources Companies which are solely involved in the
    transportation, processing, storing, distribution or marketing
    of commodities. Volatility of commodity prices may also make it
    more difficult for Gold and Natural Resources Companies to raise
    capital to the extent the market perceives that their
    performance may be directly or indirectly tied to commodity
    prices. See &#147;Risk Factors and Special
    Considerations&#151;Industry Risks&#151;Commodity Pricing
    Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risks Associated with Covered Calls and Other Option
    Transactions.</I>&#160;&#160;There are several risks associated
    with transactions in options on securities. For example, there
    are significant differences between the securities and options
    markets that could result in an imperfect correlation between
    these markets, causing a given covered call option transaction
    not to achieve its objectives. A decision as to whether, when
    and how to use covered call options (or other options) involves
    the exercise of skill and judgment, and even a well-conceived
    transaction may be unsuccessful because of market behavior or
    unexpected events. The use of options may require the Fund to
    sell portfolio securities at inopportune times or for prices
    other than current market values,
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    may limit the amount of appreciation the Fund can realize on an
    investment, or may cause the Fund to hold a security it might
    otherwise sell. As the writer of a covered call option, the Fund
    forgoes, during the option&#146;s life, the opportunity to
    profit from increases in the market value of the security
    covering the call option above the exercise price of the call
    option, but has retained the risk of loss should the price of
    the underlying security decline. Although such loss would be
    offset in part by the option premium received, in a situation in
    which the price of a particular stock on which the Fund has
    written a covered call option declines rapidly and materially or
    in which prices in general on all or a substantial portion of
    the stocks on which the Fund has written covered call options
    decline rapidly and materially, the Fund could sustain material
    depreciation or loss in its net assets to the extent it does not
    sell the underlying securities (which may require it to
    terminate, offset or otherwise cover its option position as
    well).
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There can be no assurance that a liquid market will exist when
    the Fund seeks to close out an option position. If the Fund were
    unable to close out a covered call option that it had written on
    a security, it would not be able to sell the underlying security
    unless the option expired without exercise. Reasons for the
    absence of a liquid secondary market for exchange-traded options
    include the following: (i)&#160;there may be insufficient
    trading interest; (ii)&#160;restrictions may be imposed by an
    exchange on opening transactions or closing transactions or
    both; (iii)&#160;trading halts, suspensions or other
    restrictions may be imposed with respect to particular classes
    or series of options; (iv)&#160;unusual or unforeseen
    circumstances may interrupt normal operations on an exchange;
    (v)&#160;the trading facilities may not be adequate to handle
    current trading volume; or (vi)&#160;the relevant exchange could
    discontinue the trading of options. In addition, the Fund&#146;s
    ability to terminate
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    options may be more limited than with exchange-traded options
    and may involve the risk that counterparties participating in
    such transactions will not fulfill their obligations. See
    &#147;Risk Factors and Special Considerations&#151;Risks
    Associated with Covered Calls and Other Option
    Transactions.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risks Associated with Uncovered Calls.</I>&#160;&#160;There
    are special risks associated with uncovered option writing which
    expose the Fund to potentially significant loss. As the writer
    of an uncovered call option, the Fund has no risk of loss should
    the price of the underlying security decline, but bears
    unlimited risk of loss should the price of the underlying
    security increase above the exercise price until the Fund covers
    its exposure. As with writing uncovered calls, the risk of
    writing uncovered put options is substantial. The writer of an
    uncovered put option bears a risk of loss if the value of the
    underlying instrument declines below the exercise price. Such
    loss could be substantial if there is a significant decline in
    the value of the underlying instrument. See &#147;Risk Factors
    and Special Considerations&#151;Risks Associated with Uncovered
    Calls.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Leverage Risk.</I>&#160;&#160;The use of leverage, which can
    be described as exposure to changes in price at a ratio greater
    than the amount of equity invested, either through the issuance
    of preferred shares, borrowing or other
</DIV>
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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    forms of market exposure, magnifies both the favorable and
    unfavorable effects of price movements in the investments made
    by the Fund. To the extent that the Fund is leveraged in its
    investment operations, the Fund will be subject to substantial
    risk of loss. The Fund cannot assure you that borrowings or the
    issuance of preferred shares will result in a higher yield or
    return to the holders of the common shares. As of March&#160;31,
    2011, the amount of leverage represented approximately 8% of the
    Fund&#146;s net assets.
</DIV>

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

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

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

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

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

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

</TABLE>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund pays (and the holders of common shares
    will bear) all costs and expenses relating to the issuance and
    ongoing maintenance of the preferred shares, including
    additional advisory fees. Holders of preferred shares may have
    different interests than holders of common shares and at times
    may have disproportionate influence over the Fund&#146;s
    affairs. Holders of preferred shares, voting separately as a
    single class, have the right to elect two members of the Board
    of Trustees at all times and in the event dividends become in
    arrears for two full years would have the right to elect a
    majority of the Trustees until the arrearage is completely
    eliminated. In addition, preferred shareholders have class
    voting rights on certain matters, including changes in
    fundamental investment restrictions and conversion of the Fund
    to open-end status, and accordingly can veto any such changes.
</DIV>

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    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
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    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Portfolio Guidelines of Rating Agencies for Preferred Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Credit Facility.</I>&#160;&#160;In order to obtain attractive
    credit quality ratings for preferred shares or borrowings, the
    Fund must comply with investment quality, diversification and
    other guidelines established by the relevant rating agencies.
    These guidelines could affect portfolio decisions and may be
    more stringent than those imposed by the 1940 Act.
</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: transparent">
    <I>Foreign Securities Risk.</I>&#160;&#160;Because many of the
    world&#146;s Gold Companies and Natural Resources Companies are
    located outside of the U.S., the Fund may have a significant
    portion of its investments in securities that are traded
    primarily in foreign markets and that are not subject to the
    requirements of the U.S.&#160;securities laws, markets and
    accounting requirements (&#147;Foreign Securities&#148;).
    Investments in Foreign Securities involve certain considerations
    and risks not ordinarily associated with investments in
    securities of U.S.&#160;issuers. Foreign companies are not
    generally subject to the same accounting, auditing and financial
    standards and requirements as those applicable to
    U.S.&#160;companies. Foreign securities exchanges, brokers and
    listed companies may be subject to less government supervision
    and regulation than exists in the U.S.&#160;Dividend and
    interest income may be subject to withholding and other foreign
    taxes, which may adversely affect the net return on such
    investments. There may be difficulty in obtaining or enforcing a
    court judgment abroad, and it may be difficult to effect
    repatriation of capital invested in certain countries. In
    addition, with respect to certain countries, there are risks of
    expropriation, confiscatory taxation, political or social
    instability or diplomatic developments that could affect
</DIV>
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    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    assets of the Fund held in foreign countries. See &#147;Risk
    Factors and Special Considerations&#151;Foreign Securities
    Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Emerging Markets Risk.</I>&#160;&#160;The Fund may invest
    without limit in securities of issuers whose primary operations
    or principal trading market is in an &#147;emerging
    market.&#148; An &#147;emerging market&#148; country is any
    country that is considered to be an emerging or developing
    country by the International Bank for Reconstruction and
    Development (the &#147;World Bank&#148;). Investing in
    securities of companies in emerging markets may entail special
    risks relating to potential political and economic instability
    and the risks of expropriation, nationalization, confiscation or
    the imposition of restrictions on foreign investment, the lack
    of hedging instruments and restrictions on repatriation of
    capital invested. Emerging securities markets are substantially
    smaller, less developed, less liquid and more volatile than the
    major securities markets. The limited size of emerging
    securities markets and limited trading value compared to the
    volume of trading in U.S.&#160;securities could cause prices to
    be erratic for reasons apart from factors that affect the
    quality of the securities. For example, limited market size may
    cause prices to be unduly influenced by traders who control
    large positions. Adverse publicity and investors&#146;
    perceptions, whether or not based on fundamental analysis, may
    decrease the value and liquidity of portfolio securities,
    especially in these markets. Other risks include high
    concentration of market capitalization and trading volume in a
    small number of issuers representing a limited number of
    industries, as well as a high concentration of investors and
    financial intermediaries; overdependence on exports, including
    gold and natural resources exports, making these economies
    vulnerable to changes in commodity prices; overburdened
    infrastructure and obsolete or unseasoned financial systems;
    environmental problems; less developed legal systems; and less
    reliable securities custodial services and settlement practices.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Currency Risk.</I>&#160;&#160;The Fund expects to
    invest in companies whose securities are denominated or quoted
    in currencies other than U.S.&#160;dollars or have significant
    operations or markets outside of the U.S.&#160;In such
    instances, the Fund will be exposed to currency risk, including
    the risk of fluctuations in the exchange rate between
    U.S.&#160;dollars (in which the Fund&#146;s shares are
    denominated) and such foreign currencies and the risk of
    currency devaluations. Certain
    <FONT style="white-space: nowrap">non-U.S.&#160;currencies,</FONT>
    primarily in developing countries, have been devalued in the
    past and might face devaluation in the future. Currency
    devaluations generally have a significant and adverse impact on
    the devaluing country&#146;s economy in the short and
    intermediate term and on the financial condition and results of
    companies&#146; operations in that country. Currency
    devaluations may also be accompanied by significant declines in
    the values and liquidity of equity and debt securities of
    affected governmental and private sector entities generally. To
    the extent that affected companies have obligations denominated
    in currencies other than the devalued currency, those companies
    may also have difficulty in meeting those obligations under such
    circumstances, which in turn could have an adverse effect upon
    the value of the Fund&#146;s investments in such companies.
    There can be no assurance that current or future developments
    with respect to foreign currency devaluations will not impair
    the Fund&#146;s investment flexibility, its ability to achieve
    its investment objectives or the value of certain of its foreign
    currency denominated investments. See &#147;Risk Factors and
    Special Considerations&#151;Foreign Currency Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Market Discount Risk.</I>&#160;&#160;Whether investors will
    realize gains or losses upon the sale of common shares of the
    Fund will depend upon the market price of the shares at the time
    of sale, which may be less or more than the Fund&#146;s net
    asset value per share. Since the market price of the common
    shares will be affected by various factors as the Fund&#146;s
    dividend and distribution levels (which are in turn affected by
    expenses) and stability, net asset value, market liquidity, the
    relative demand for and supply of the common shares in the
    market, unrealized gains, general market and economic conditions
    and other factors beyond the control of the Fund, we cannot
    predict whether the common shares will trade at, below or above
    net asset value or at, below or above the public offering price.
    Common shares of closed-end funds often trade at a discount from
    their net asset value and the Fund&#146;s shares may trade at
    such a discount. This risk may be greater for investors
    expecting to sell their common shares of the Fund soon after
    completion of the public offering. The common shares of the Fund
    are designed primarily for long-term investors, and investors in
    the common shares should not view the Fund as a vehicle for
    trading purposes. See &#147;Risk Factors and Special
    Considerations&#151;Market Discount Risk.&#148;
</DIV>
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    <BR>
    8
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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: transparent">
    <I>Common Stock Risk.</I>&#160;&#160;Common stock of an issuer
    in the Fund&#146;s portfolio may decline in price for a variety
    of reasons including if the issuer fails to make anticipated
    dividend payments. Common stock in which the Fund will invest is
    structurally subordinated as to income and residual value to
    preferred stock, bonds and other debt instruments in a
    company&#146;s capital structure in terms of priority to
    corporate income, and therefore will be subject to greater
    dividend risk than preferred stock or debt instruments of such
    issuers. In addition, while common stock has historically
    generated higher average returns than fixed income securities,
    common stock has also experienced significantly more volatility
    in those returns. See &#147;Risk Factors and Special
    Considerations&#151;Common Stock Risk.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Income Risk.</I>&#160;&#160;The income shareholders receive
    from the Fund is expected to be based primarily on income the
    Fund earns from its investment strategy of writing covered calls
    and dividends and other distributions received from its
    investments. If the Fund&#146;s covered call strategy fails to
    generate sufficient income or the distribution rates or yields
    of the Fund&#146;s holdings decrease, shareholders&#146; income
    from the Fund could decline. See &#147;Risk Factors and Special
    Considerations&#151;Income Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distribution Risk for Equity Income Portfolio
    Securities.</I>&#160;&#160;The Fund intends to invest in the
    shares of issuers that pay dividends or other distributions.
    Such dividends or other distributions are not guaranteed, and an
    issuer may forgo paying dividends or other distributions at any
    time and for any reason. See &#147;Risk Factors and Special
    Considerations&#151;Distribution Risk for Equity Income
    Portfolio Securities.&#148;
</DIV>

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Inflation Risk.</I>&#160;&#160;Inflation risk is the risk
    that the value of assets or income from investments will be
    worth less in the future as inflation decreases the value of
    money. As inflation increases, the real value of the Fund&#146;s
    shares and distributions thereon can decline. In addition,
    during any periods of rising inflation, dividend rates of any
    variable rate preferred shares or debt securities issued by the
    Fund would likely increase, which would tend to further reduce
    returns to common shareholders. See &#147;Risk Factors and
    Special Considerations&#151;Inflation Risk.&#148;
</DIV>
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    <BR>
    9
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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: transparent">
    <I>Illiquid Investments Risk.</I>&#160;&#160;Although the Fund
    expects that its portfolio will primarily be comprised of liquid
    securities, the Fund may invest up to 15% of its assets in
    unregistered securities and otherwise illiquid investments.
    Unregistered securities are securities that cannot be sold
    publicly in the United States without registration under the
    Securities Act of 1933. An illiquid investment is a security or
    other investment that cannot be disposed of within seven days in
    the ordinary course of business at approximately the value at
    which the Fund has valued the investment. Unregistered
    securities often can be resold only in privately negotiated
    transactions with a limited number of purchasers or in a public
    offering registered under the Securities Act of 1933.
    Considerable delay could be encountered in either event and,
    unless otherwise contractually provided for, the Fund&#146;s
    proceeds upon sale may be reduced by the costs of registration
    or underwriting discounts. The difficulties and delays
    associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible. In addition, the Fund
    may be unable to sell other illiquid investments when it desires
    to do so, resulting in the Fund obtaining a lower price or being
    required to retain the investment. Illiquid investments
    generally must be valued at fair value, which is inherently less
    precise than utilizing market values for liquid investments, and
    may lead to differences between the price a security is valued
    for determining the Fund&#146;s net asset value and the price
    the Fund actually receives upon sale. See &#147;Risk Factors and
    Special Considerations&#151;Illiquid Investments Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Companies.</I>&#160;&#160;The Fund may invest in
    the securities of other investment companies, including exchange
    traded funds, to the extent permitted by law. To the extent the
    Fund invests in the common equity of investment companies, the
    Fund will bear its ratable share of any such investment
    company&#146;s expenses, including management fees. The Fund
    will also remain obligated to pay management fees to the
    Investment Adviser with respect to the assets invested in the
    securities of other investment companies. In these
    circumstances, holders of the Fund&#146;s common shares will be
    in effect subject to duplicative investment expenses. See
    &#147;Risk Factors and Special Considerations&#151;Investment
    Companies.&#148;
</DIV>

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is dependent upon the expertise of Vincent
    Hugonnard-Roche as the sole option strategist on the Fund&#146;s
    portfolio management team. If the Fund were to lose the services
    of Mr.&#160;Roche, it could be temporarily adversely affected
    until a suitable replacement could be found. See &#147;Risk
    Factors and Special Considerations&#151;Dependence on Key
    Personnel.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Long-Term Objective; Not a Complete Investment
    Program.</I>&#160;&#160;The Fund is intended for investors
    seeking a high level of current income. The Fund is not meant to
    provide a vehicle for those who wish to exploit
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    short-term swings in the stock market. An investment in shares
    of the Fund should not be considered a complete investment
    program. Each shareholder should take into account the
    Fund&#146;s investment objectives as well as the
    shareholder&#146;s other investments when considering an
    investment in the Fund. See &#147;Risk Factors and Special
    Considerations&#151;Long-Term Objective; Not a Complete
    Investment Program.&#148;
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Non-Diversified Status.</I>&#160;&#160;The Fund is classified
    as a &#147;non-diversified&#148; investment company under the
    1940 Act, which means the Fund is not limited by the 1940 Act in
    the proportion of its assets that may be invested in the
    securities of a single issuer. As a non-diversified investment
    company, the Fund may invest in the securities of individual
    issuers to a greater degree than a diversified investment
    company. As a result, the Fund may be more vulnerable to events
    affecting a single issuer and therefore, subject to greater
    volatility than a fund that is more broadly diversified.
    Accordingly, an investment in the Fund may present greater risk
    to an investor than an investment in a diversified company. See
    &#147;Risk Factors and Special
    Considerations&#151;Non-Diversified Status.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Recent Market Conditions.</I>&#160;&#160;While the
    U.S.&#160;and global markets had experienced extreme volatility
    and disruption for an extended period of time, fiscal year 2010
    witnessed more stabilized economic activity as expectations for
    an economic recovery increased. However, risks to a robust
    resumption of growth persist: a weak consumer weighed down by
    too much debt and increasing joblessness, the growing size of
    the federal budget deficit and national debt, and the threat of
    inflation. A return to unfavorable economic conditions could
    impair our ability to execute our investment strategies. See
    &#147;Risk Factors and Special Considerations&#151;Recent Market
    Conditions.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>2012 U.S.&#160;Federal Budget.</I>&#160;&#160;The proposed
    U.S.&#160;federal budget for fiscal year 2012 calls for the
    elimination of approximately $40&#160;billion in tax incentives
    widely used by oil, gas and coal companies and the imposition of
    new fees on certain energy producers. The elimination of such
    tax incentives and imposition of such fees could adversely
    affect Natural Resources Companies in which the Fund invests
    <FONT style="white-space: nowrap">and/or</FONT> the
    natural resources sector generally. See &#147;Risk Factors and
    Special Considerations&#151;2012 U.S.&#160;Federal Budget.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Government Intervention in Financial Markets
    Risk.</I>&#160;&#160;The recent instability in the financial
    markets has led the U.S.&#160;government and foreign governments
    to take a number of unprecedented actions designed to support
    certain financial institutions and segments of the financial
    markets that have experienced extreme volatility, and in some
    cases a lack of liquidity. U.S.&#160;federal and state
    governments and foreign governments, their regulatory agencies
    or self regulatory organizations may take additional actions
    that affect the regulation of the securities in which the Fund
    invests, or the issuers of such securities, in ways that are
    unforeseeable. Issuers of corporate securities might seek
    protection under the bankruptcy laws. Legislation or regulation
    may also change the way in which the Fund itself is regulated.
    Such legislation or regulation could limit or preclude the
    Fund&#146;s ability to achieve its investment objectives. The
    Investment Adviser will monitor developments and seek to manage
    the Fund&#146;s portfolio in a manner consistent with achieving
    the Fund&#146;s
</DIV>
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    <BR>
    11
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    investment objectives, but there can be no assurance that it
    will be successful in doing so. See &#147;Risk Factors and
    Special Considerations&#151;Government Intervention in Financial
    Markets Risk.&#148;
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    American Stock Transfer&#160;&#038; Trust&#160;Company
    (&#147;American Stock Transfer&#148;), located at 59 Maiden
    Lane, New York, New York 10038, serves as the Fund&#146;s
    distribution disbursing agent, as agent under the Fund&#146;s
    automatic dividend reinvestment and voluntary cash purchase plan
    and as transfer agent and registrar with respect to the common
    and preferred shares of the Fund.
</DIV>
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    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y90912102'>
<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: transparent">

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Shareholder Transaction Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.29%(1)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.02%(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None(2)
</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: transparent">

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- 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>Percentage of Net<BR>
    </B>
</TD>
</TR>
<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>Assets Attributable<BR>
    </B>
</TD>
</TR>
<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" style="border-bottom: 1px solid #000000">
    <B>to Common Shares</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.12
</TD>
<TD nowrap align="left" valign="bottom">
    %(3)
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.09
</TD>
<TD nowrap align="left" valign="bottom">
    %(3)
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends on preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.76
</TD>
<TD nowrap align="left" valign="bottom">
    %(4)
</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: transparent">

</DIV>
<DIV style="margin-left: 4%; margin-right: 6%">
<TABLE border="0" width="90%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total annual fund operating expenses and dividends on preferred
    shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
</DIV>

<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: transparent">

</DIV>
<DIV style="margin-left: 0%; margin-right: 2%">
<TABLE border="0" width="98%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.97
</TD>
<TD nowrap align="left" valign="bottom">
    %(3)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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: transparent">

</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: transparent">

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Estimated maximum amount based on offering of $650&#160;million
    in common shares and $100&#160;million in preferred shares. The
    actual amounts in connection with any offering will be set forth
    in the Prospectus Supplement if applicable.</TD>
</TR>


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

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


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

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


<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">
    The Dividends on preferred shares represent distributions on the
    existing preferred shares outstanding and the proposed $100
    million of preferred shares at 6.00%.</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: transparent">
    The purpose of the table above and the example below is to help
    you understand all fees and expenses that you, as a holder of
    common shares, would bear directly or indirectly.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following example illustrates the expenses (including the
    maximum estimated sales load of $10 and estimated offering
    expenses of $1 from the issuance of $650&#160;million in common
    shares and $100&#160;million in preferred shares) you would pay
    on a $1,000 investment in common shares, assuming a 5% annual
    portfolio total return.* The actual amounts in connection with
    any offering will be set forth in the Prospectus Supplement if
    applicable.
</DIV>

<DIV style="margin-top: 9pt; 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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    118
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    240
</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: transparent">

</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>



<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: transparent">
    *&#160;<B>The example should not be considered a representation
    of future expenses. </B>The example assumes that the amounts set
    forth in the Annual Expenses table are accurate and that all
    distributions are reinvested at net asset value. Actual expenses
    may be greater or less than those assumed. Moreover, the
    Fund&#146;s actual rate of return may be greater or less than
    the hypothetical 5% return shown in the example.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912103'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selected data below sets forth the per share operating
    performance and ratios for the periods presented. The financial
    information was derived from and should be read in conjunction
    with the Financial Statements of the Fund and Notes thereto,
    which are incorporated by reference into this prospectus and the
    SAI. The financial information for the fiscal year ended
    December&#160;31, 2010 and for each of the preceding fiscal
    periods presented since inception, has been audited by
    PricewaterhouseCoopers LLP, the Fund&#146;s independent
    registered public accounting firm, whose unqualified report on
    such Financial Statements is incorporated by reference into
    the&#160;SAI.
</DIV>

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operating Performance:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net asset value, beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income/(loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized and unrealized gain/(loss) on investments, swap
    contracts, securities sold short, written options, and foreign
    currency transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total from investment operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Distributions to Preferred Shareholders: (a)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.11
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.12
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.28
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total distributions to preferred shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.29
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Distributions to Common Shareholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.31
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.26
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.13
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.37
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.45
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.48
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.78
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Return of capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.97
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total distributions to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.93
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Fund&#160;Share Transactions:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Increase in net asset value from common share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Increase in net asset value from repurchases of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Offering costs for preferred shares charged to paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total fund share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Net Asset Value, End of Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    NAV total return&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74.36
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (61.59
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Market value, end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Investment total return&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.14
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50.94
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.86
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratios to Average Net Assets and <BR>
    Supplemental Data: </B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net assets including liquidation value of preferred shares, end
    of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,119,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    620,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    633,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net assets attributable to common shares, end of period (in
    000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,020,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    521,155
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    533,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    432,741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of net investment income/(loss) to average net assets
    attributable to common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.41
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.09
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of operating expenses to average net assets attributable
    to common shares (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.78
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.45
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of operating expenses to average net assets including
    liquidation value of preferred shares&#160;(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Portfolio turnover rate&#134;&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Preferred Shares:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>6.625% Series&#160;A Cumulative Preferred Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Liquidation value, end of period (in&#160;000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total shares outstanding (in&#160;000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Liquidation preference per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Average market value&#160;(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Asset coverage per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    282.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    156.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    158.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Asset coverage</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,132
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    627
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    633
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</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: transparent">

</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: transparent">

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

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share, adjusted for reinvestment of
    distributions at the net asset value per share on the
    ex-dividend dates.</TD>
</TR>


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

<TR>
    <TD valign="top">
    &#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on market value per share, adjusted for reinvestment of
    distributions at prices determined under the Fund&#146;s
    dividend reinvestment plan.</TD>
</TR>


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

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


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

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


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

<TR>
    <TD valign="top">
    (b) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund incurred interest expense during the years ended
    December&#160;31, 2008, 2007, and 2006. If interest expense had
    not been incurred, the ratio of operating expenses to average
    net assets attributable to common shares would have been 1.54%,
    1.33%, and 1.16%, respectively, and for 2008 and 2007, the ratio
    of operating expenses to average net assets including
    liquidation value of preferred shares would have been 1.25% and
    1.27%, respectively. For the years ended December&#160;31, 2010
    and 2009, the effect of interest expense was minimal.</TD>
</TR>


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

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


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

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

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912104'>
<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: transparent">

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912105'>
<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: transparent">

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

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

<A name='Y90912106'>
<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: transparent">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Emerging Markets.</I>&#160;&#160;The Fund may invest without
    limit in securities of emerging market issuers. These securities
    may be U.S.&#160;dollar denominated or
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar</FONT>
    denominated, including emerging market country currency
    denominated. An &#147;emerging market&#148; country is any
    country that is considered to be an emerging or developing
    country by the International Bank for Reconstruction and
    Development (the &#147;World Bank&#148;). Emerging market
    countries generally include every nation in the world except the
    U.S., Canada, Japan, Australia, New Zealand and most countries
    located in Western Europe.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Registered Investment Companies.</I>&#160;&#160;The Fund may
    invest in registered investment companies in accordance with the
    1940 Act, to the extent consistent with the Fund&#146;s
    investment objectives, including exchange traded funds that
    concentrate in investments in the gold or natural resources
    industries. The 1940 Act generally prohibits the Fund from
    investing more than 5% of its assets in any one other investment
    company or more than 10% of its assets in all other investment
    companies. However, many exchange-traded funds are exempt from
    these limitations.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Lower Grade Securities.</I>&#160;&#160;The Fund may invest up
    to 10% of its net assets in fixed income and convertible
    securities rated in the lower rating categories of recognized
    statistical rating agencies, such as
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    securities rated &#147;CCC&#148; or lower by
    Standard&#160;&#038; Poor&#146;s Ratings Services
    (&#147;S&#038;P&#148;) or &#147;Caa&#148; by Moody&#146;s
    Investors Service, Inc. (&#147;Moody&#146;s&#148;), or non-rated
    securities of comparable quality as determined by the Investment
    Adviser. These securities are predominantly speculative with
    respect to the issuer&#146;s capacity to pay interest and repay
    principal, and involve major risk exposure to adverse
    conditions. Debt securities that are not rated or rated lower
    than &#147;BBB&#148; by S&#038;P or lower than &#147;Baa&#148;
    by Moody&#146;s (or unrated securities of comparable quality)
    are referred to in the financial press as &#147;junk bonds.&#148;
</DIV>

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

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

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

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

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

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

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

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

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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: transparent">
    In addition to using recognized statistical rating agencies and
    other sources, the Investment Adviser also performs its own
    analysis of issues in seeking investments that it believes to be
    underrated (and thus higher-yielding) in light of the financial
    condition of the issuer. Its analysis of issuers may include,
    among other things, current and anticipated cash flow and
    borrowing requirements, value of assets in relation to
    historical cost, strength of management, responsiveness to
    business conditions, credit standing and current anticipated
    results of operations. In selecting investments for the Fund,
    the Investment Adviser may also consider general business
    conditions, anticipated changes in interest rates and the
    outlook for specific industries.
</DIV>
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    Subsequent to its purchase by the Fund, an issue of securities
    may cease to be rated or its rating may be reduced. In addition,
    it is possible that statistical rating agencies might change
    their ratings of a particular issue to reflect subsequent events
    on a timely basis. Moreover, such ratings do not assess the risk
    of a decline in market value. None of these events will require
    the sale of the securities by the Fund, although the Investment
    Adviser will consider these events in determining whether the
    Fund should continue to hold the securities.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Temporary Defensive Investments.</I>&#160;&#160;Although
    under normal market conditions the Fund intends to invest at
    least 80% of its assets in equity securities of companies
    principally engaged in the gold industry and the natural
    resources industries, when a temporary defensive posture is
    believed by the Investment Adviser to be warranted
    (&#147;temporary defensive periods&#148;), the Fund may without
    limitation hold cash or invest its assets in money market
    instruments and repurchase agreements in respect of those
    instruments. The money market instruments in which the Fund may
    invest are obligations of the U.S.&#160;government, its agencies
    or instrumentalities; commercial paper rated
    <FONT style="white-space: nowrap">A-1</FONT> or
    higher by S&#038;P or Prime-1 by Moody&#146;s; and certificates
    of deposit and bankers&#146; acceptances issued by domestic
    branches of U.S.&#160;banks that are members of the Federal
    Deposit Insurance Corporation. During temporary defensive
    periods, the Fund may also invest to the extent permitted by
    applicable law in shares of money market mutual funds. Money
    market mutual funds are investment companies and the investments
    in those companies by the Fund are in some cases subject to
    applicable law. See &#147;Investment Restrictions&#148; in the
    SAI. The Fund may find it more difficult to achieve the
    long-term growth of capital component of its investment
    objectives during temporary defensive periods.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Portfolio Turnover.</I>&#160;&#160;The Fund will buy and sell
    securities to accomplish its investment objectives. The
    investment policies of the Fund, including its strategy of
    writing covered call options on securities in its portfolio, are
    expected to result in portfolio turnover that is higher than
    that of many investment companies, and is expected to be higher
    than 100%. For the years ending December&#160;31, 2009 and 2010,
    the portfolio turnover rates were 61.0% and 51.5%, respectively.
</DIV>

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will usually enter into swaps or caps on a net basis;
    that is, the two payment streams will be netted out in a cash
    settlement on the payment date or dates specified in the
    instrument, with the Fund receiving or paying, as the case may
    be, only the net amount of the two payments. The Fund intends to
    segregate cash or liquid securities having a value at least
    equal to the value of the Fund&#146;s net payment obligations
    under any swap transaction, marked to market daily. The Fund
    will monitor any such swap with a view to ensuring that the Fund
    remains in compliance with all applicable regulatory, investment
    policy and tax requirements.
</DIV>
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<A name='Y90912107'>
<DIV style="margin-top: 12pt; 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS AND SPECIAL CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund utilizes several investment management techniques in an
    effort to generate positive total return. The risks of these
    techniques, such as option writing, leverage, concentration in
    certain industries, and investing in emerging markets, are
    described in the following paragraphs. Taken together these and
    other techniques represent a risk that the Fund will experience
    a negative total return even in market environments that are
    generally positive and that the Fund&#146;s returns, both
    positive and negative, may be more volatile than if the Fund did
    not utilize these investment techniques.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Sustained declines in demand for the indicated commodities could
    also adversely affect the financial performance of Gold and
    Natural Resources Companies over the long-term. Factors which
    could lead to a decline in demand include economic recession or
    other adverse economic conditions, higher fuel taxes or
    governmental regulations, increases in fuel economy, consumer
    shifts to the use of alternative fuel sources, changes in
    commodity prices, or weather.
</DIV>

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

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

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

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

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

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

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are several risks associated with transactions in options
    on securities. For example, there are significant differences
    between the securities and options markets that could result in
    an imperfect correlation between these markets, causing a given
    covered call option transaction not to achieve its objectives. A
    decision as to whether, when and how to use covered calls (or
    other options) involves the exercise of skill and judgment, and
    even a well-conceived transaction may be unsuccessful because of
    market behavior or unexpected events. The use of options may
    require the Fund to sell portfolio securities at inopportune
    times or for prices other than current market values, may limit
    the amount of appreciation the Fund can realize on an
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    investment, or may cause the Fund to hold a security it might
    otherwise sell. As the writer of a covered call option, the Fund
    forgoes, during the option&#146;s life, the opportunity to
    profit from increases in the market value of the security
    covering the call option above the exercise price of the call
    option, but has retained the risk of loss should the price of
    the underlying security decline. Although such loss would be
    offset in part by the option premium received, in a situation in
    which the price of a particular stock on which the Fund has
    written a covered call option declines rapidly and materially or
    in which prices in general on all or a substantial portion of
    the stocks on which the Fund has written covered call options
    decline rapidly and materially, the Fund could sustain material
    depreciation or loss in its net assets to the extent it does not
    sell the underlying securities (which may require it to
    terminate, offset or otherwise cover its option position as
    well). The writer of an option has no control over the time when
    it may be required to fulfill its obligation as a writer of the
    option. Once an option writer has received an exercise notice,
    it cannot effect a closing purchase transaction in order to
    terminate its obligation under the option and must deliver the
    underlying security at the exercise price.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There can be no assurance that a liquid market will exist when
    the Fund seeks to close out an option position. Reasons for the
    absence of a liquid secondary market for exchange-traded options
    include the following: (i)&#160;there may be insufficient
    trading interest; (ii)&#160;restrictions may be imposed by an
    exchange on opening transactions or closing transactions or
    both; (iii)&#160;trading halts, suspensions or other
    restrictions may be imposed with respect to particular classes
    or series of options; (iv)&#160;unusual or unforeseen
    circumstances may interrupt normal operations on an exchange;
    (v)&#160;the trading facilities of an exchange or the Options
    Clearing Corporation (the &#147;OCC&#148;) may not be adequate
    to handle current trading volume; or (vi)&#160;the relevant
    exchange could, for economic or other reasons, decide or be
    compelled at some future date to discontinue the trading of
    options (or a particular class or series of options). If trading
    were discontinued, the secondary market on that exchange (or in
    that class or series of options) would cease to exist. However,
    outstanding options on that exchange that had been issued by the
    OCC as a result of trades on that exchange would continue to be
    exercisable in accordance with their terms. The Fund&#146;s
    ability to terminate
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    options may be more limited than with exchange-traded options
    and may involve the risk that counterparties participating in
    such transactions will not fulfill their obligations. If the
    Fund were unable to close out a covered call option that it had
    written on a security, it would not be able to sell the
    underlying security unless the option expired without exercise.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Limitation on Covered Call Writing Risk.</I>&#160;&#160;The
    number of covered call options the Fund can write is limited by
    the number of shares of common stock the Fund holds.
    Furthermore, the Fund&#146;s covered call options and other
    options transactions will be subject to limitations established
    by each of the exchanges, boards of trade or other trading
    facilities on which such options are traded. These limitations
    govern the maximum number of options in each class which may be
    written or purchased by a single investor or group of investors
    acting in concert, regardless of whether the options are written
    or purchased on the same or different exchanges, boards of trade
    or other trading facilities or are held or written in one or
    more accounts or through one or more brokers. As a result, the
    number of covered call options that the Fund may write or
    purchase may be affected by options written or purchased by it
    and other investment advisory clients of the Investment Adviser.
    An exchange, board of trade or other trading facility may order
    the liquidation of positions found to be in excess of these
    limits, and it may impose certain other sanctions.
</DIV>
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    27
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Associated with Uncovered Calls</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are special risks associated with uncovered option writing
    which expose the Fund to potentially significant loss. As the
    writer of an uncovered call option, the Fund has no risk of loss
    should the price of the underlying security decline, but bears
    unlimited risk of loss should the price of the underlying
    security increase above the exercise price until the Fund covers
    its exposure. As with writing uncovered calls, the risk of
    writing uncovered put options is substantial. The writer of an
    uncovered put option bears a risk of loss if the value of the
    underlying instrument declines below the exercise price. Such
    loss could be substantial if there is a significant decline in
    the value of the underlying instrument.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For combination writing, where the Fund writes both a put and a
    call on the same underlying instrument, the potential risk is
    unlimited. If a secondary market in options were to become
    unavailable, the Fund could not engage in losing transactions
    and would remain obligated until expiration or assignment.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund currently uses financial leverage for investment
    purposes by issuing preferred shares. As of March&#160;31, 2011,
    the amount of leverage represented approximately 8% of the
    Fund&#146;s net assets. The Fund&#146;s leveraged capital
    structure creates special risks not associated with unleveraged
    funds that have a similar investment objective and policies.
    These include the possibility of greater loss and the likelihood
    of higher volatility of the net asset value of the Fund and the
    asset coverage for the preferred shares. Such volatility may
    increase the likelihood of the Fund having to sell investments
    in order to meet its obligations to make distributions on the
    preferred shares or principal or interest payments on debt
    securities, or to redeem preferred shares or repay debt, when it
    may be disadvantageous to do so. The use of leverage magnifies
    both the favorable and unfavorable effects of price movements in
    the investments made by the Fund. To the extent the Fund is
    leveraged in its investment operations, the Fund will be subject
    to substantial risk of loss. The Fund cannot assure that
    borrowings or the issuance of preferred shares will result in a
    higher yield or return to the holders of the common shares.
    Also, if the Fund is utilizing leverage, a decline in net asset
    value could affect the ability of the Fund to make common share
    distributions and such a failure to make distributions could
    result in the Fund ceasing to qualify as a regulated investment
    company under the Code. See &#147;Taxation.&#148;
</DIV>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Preferred Share Risk.</I>&#160;&#160;The issuance of
    preferred shares causes the net asset value and market value of
    the common shares to become more volatile. If the dividend rate
    on the preferred shares approaches the net rate of return on the
    Fund&#146;s investment portfolio, the benefit of leverage to the
    holders of the common shares would be reduced. If the dividend
    rate on the preferred shares plus the management fee
</TD>
</TR>

</TABLE>
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    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    annual rate of 1.00% exceeds the net rate of return on the
    Fund&#146;s portfolio, the leverage will result in a lower rate
    of return to the holders of common shares than if the Fund had
    not issued preferred shares. If the Fund has insufficient
    investment income and gains, all or a portion of the
    distributions to preferred shareholders would come from the
    common shareholders&#146; capital. Such distributions reduce the
    net assets attributable to common shareholders since the
    liquidation value of the preferred shareholders is constant.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund would pay (and the holders of common
    shares will bear) all costs and expenses relating to the
    issuance and ongoing maintenance of the preferred shares,
    including the advisory fees on the incremental assets
    attributable to such shares.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of preferred shares may have different interests than
    holders of common shares and may at times have disproportionate
    influence over the Fund&#146;s affairs. Holders of preferred
    shares, voting separately as a single class, would have the
    right to elect two members of the Board of Trustees at all times
    and in the event dividends become two full years in arrears
    would have the right to elect a majority of the Trustees until
    such arrearage is completely eliminated. In addition, preferred
    shareholders have class voting rights on certain matters,
    including changes in fundamental investment restrictions and
    conversion of the fund to open-end status, and accordingly can
    veto any such changes.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Restrictions imposed on the declarations and payment of
    dividends or other distributions to the holders of the
    Fund&#146;s common shares and preferred shares, both by the 1940
    Act and by requirements imposed by rating agencies, might impair
    the Fund&#146;s ability to maintain its qualification as a
    regulated investment company for federal income tax purposes.
    While the Fund intends to redeem its preferred shares to the
    extent necessary to enable the Fund to distribute its income as
    required to maintain its qualification as a regulated investment
    company under the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), there can be no assurance that such actions
    can be effected in time to meet the Code requirements.
</DIV>

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

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

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

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


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Impact on Common Shares.</I>&#160;&#160;The following table
    is furnished in response to requirements of the SEC. It is
    designed to illustrate the effect of leverage on common share
    total return, assuming investment portfolio total returns
    (comprised of net investment income of the Fund, realized gains
    or losses of the Fund and changes in the value of the securities
    held in the Fund&#146;s portfolio) of &#8722;10%, &#8722;5%, 0%,
    5% and 10%. These assumed investment portfolio returns are
    hypothetical figures and are not necessarily indicative of the
    investment portfolio returns experienced or expected to be
    experienced by the Fund. See &#147;Risks.&#148; The table
    further reflects leverage representing 8% of the Fund&#146;s net
    assets, the Fund&#146;s current projected blended annual average
    leverage dividend or interest rate of 6.625%, a management fee
    at an annual rate of 1.00% of the liquidation preference of any
    outstanding preferred shares and estimated annual incremental
    expenses attributable to any outstanding preferred shares of
    0.01% of the Fund&#146;s net assets attributable to common
    shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; 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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Assumed Portfolio Total Return (Net of Expenses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Share Total Return
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11.53
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6.10
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.66
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.21
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common share total return is composed of two elements&#151;the
    common share distributions paid by the Fund (the amount of which
    is largely determined by the taxable income of the Fund
    (including realized gains or losses) after paying interest on
    any debt
    <FONT style="white-space: nowrap">and/or</FONT>
    dividends on any preferred shares) and unrealized gains or
    losses on the value of the securities the Fund owns. As required
    by SEC rules, the table assumes that the Fund is more likely to
    suffer capital losses than to enjoy total return. For example,
    to assume a total return of 0% the Fund must assume that the
    income it receives on its investments is entirely offset by
    expenses and losses in the value of those investments.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Foreign
    Securities Risk</FONT></B>
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest without limit in securities of issuers whose
    primary operations or principal trading market are located in an
    &#147;emerging market.&#148; An &#147;emerging market&#148;
    country is any country that is considered to be an emerging or
    developing country by the World Bank. Investing in securities of
    companies in emerging markets may entail special risks relating
    to potential political and economic instability and the risks of
    expropriation, nationalization, confiscation or the imposition
    of restrictions on foreign investment, the lack of hedging
    instruments and restrictions on repatriation of capital
    invested. Emerging securities markets are substantially smaller,
    less developed, less liquid and more volatile than the major
    securities markets. The limited size of emerging securities
    markets and limited trading value compared to the volume of
    trading in U.S.&#160;securities could cause prices to be erratic
    for reasons apart from factors that affect the quality of the
</DIV>
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    securities. For example, limited market size may cause prices to
    be unduly influenced by traders who control large positions.
    Adverse publicity and investors&#146; perceptions, whether or
    not based on fundamental analysis, may decrease the value and
    liquidity of portfolio securities, especially in these markets.
    Other risks include high concentration of market capitalization
    and trading volume in a small number of issuers representing a
    limited number of industries, as well as a high concentration of
    investors and financial intermediaries; over-dependence on
    exports, including gold and natural resources exports, making
    these economies vulnerable to changes in commodity prices;
    overburdened infrastructure and obsolete or unseasoned financial
    systems; environmental problems; less developed legal systems;
    and less reliable securities custodial services and settlement
    practices.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common stock of an issuer in the Fund&#146;s portfolio may
    decline in price for a variety of reasons, including if the
    issuer fails to make anticipated dividend payments because,
    among other reasons, the issuer of the security experiences a
    decline in its financial condition. Common stock in which the
    Fund will invest is
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    structurally subordinated as to income and residual value to
    preferred stock, bonds and other debt instruments in a
    company&#146;s capital structure, in terms of priority to
    corporate income, and therefore will be subject to greater
    dividend risk than preferred stock or debt instruments of such
    issuers. In addition, while common stock has historically
    generated higher average returns than fixed income securities,
    common stock has also experienced significantly more volatility
    in those returns.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liquidity.</I>&#160;&#160;Preferred securities may be
    substantially less liquid than many other securities, such as
    common stocks or U.S.&#160;Government securities.
</DIV>
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    <BR>
    32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Limited Voting Rights.</I>&#160;&#160;Generally, preferred
    security holders (such as the Fund) have no voting rights with
    respect to the issuing company unless preferred dividends have
    been in arrears for a specified number of periods, at which time
    the preferred security holders may be entitled to elect a number
    of Trustees to the issuer&#146;s board. Generally, once all the
    arrearages have been paid, the preferred security holders no
    longer have voting rights.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Fund expects that its portfolio will primarily be
    comprised of liquid securities, the Fund may invest up to 15% of
    its assets in unregistered securities and otherwise illiquid
    investments. Unregistered securities are securities that cannot
    be sold publicly in the United States without registration under
    the Securities Act of 1933. An illiquid investment is a security
    or other investment that cannot be disposed of within seven days
    in the ordinary course of business at approximately the value at
    which the Fund has valued the investment. Unregistered
    securities often can be resold only in privately negotiated
    transactions with a limited number of purchasers or in a public
    offering registered under the Securities Act of 1933.
    Considerable delay could be encountered in either event and,
    unless otherwise contractually provided for, the Fund&#146;s
    proceeds upon sale may be reduced by the costs of registration
    or underwriting discounts. The difficulties and delays
    associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible. In addition, the Fund
    may be unable to sell other illiquid investments when it desires
    to do so, resulting in the Fund obtaining a lower price or being
    required to retain the investment. Illiquid investments
    generally must be valued at fair value, which is inherently less
    precise than utilizing market values for it desires to do so,
    resulting in the Fund obtaining a lower price or being required
    to retain the investment. liquid investments, and may lead to
    differences between the price a security is valued for
    determining the Fund&#146;s net asset value and the price the
    Fund actually receives upon sale.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

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

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

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

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

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

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

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

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

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

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


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible absence of a liquid secondary market for any
    particular instrument at any time;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible need to defer closing out certain hedged positions
    to avoid adverse tax consequences;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possible inability of the Fund to purchase or sell a
    security or instrument at a time that otherwise would be
    favorable for it to do so, or the possible need for the Fund to
    sell a security or instrument at a disadvantageous time due to a
    need for the Fund to maintain &#147;cover&#148; or to segregate
    securities in connection with the hedging techniques;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the creditworthiness of counterparties.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Forward Currency Exchange Contracts.</I>&#160;&#160;There is
    no independent limit on the Fund&#146;s ability to invest in
    foreign currency exchange contracts. The use of forward currency
    contracts may involve certain risks, including the failure of
    the counterparty to perform its obligations under the contract
    and that the use of forward contracts may not serve as a
    complete hedge because of an imperfect correlation between
    movements in the prices of the contracts and the prices of the
    currencies hedged or used for cover.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Counterparty Risk.</I>&#160;&#160;The Fund will be subject to
    credit risk with respect to the counterparties to the derivative
    contracts purchased by the Fund. If a counterparty becomes
    bankrupt or otherwise fails to perform its obligations under a
    derivative contract due to financial difficulties, the Fund may
    experience significant delays in obtaining any recovery under
    the derivative contract in bankruptcy or other reorganization
    proceeding. The Fund may obtain only a limited recovery or may
    obtain no recovery in such circumstances.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a further description of the risks associated with the
    Fund&#146;s derivative transactions, see &#147;Investment
    Objectives and Policies&#160;&#151; Derivative Instruments&#148;
    in the SAI.
</DIV>
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    34
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest up to 10% of its assets in fixed income and
    convertible securities rated in the lower rating categories of
    recognized statistical rating agencies, such as securities rate
    &#147;CCC&#148; or lower by S&#038;P or &#147;Caa&#148; by
    Moody&#146;s, or non-rated securities of comparable quality.
    These high yield securities, also sometimes referred to as
    &#147;junk bonds,&#148; generally pay a premium above the yields
    of U.S.&#160;government securities or debt securities of
    investment grade issuers because they are subject to greater
    risks than these securities. These risks, which reflect their
    speculative character, include the following:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    greater volatility;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    greater credit risk and risk of default;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potentially greater sensitivity to general economic or industry
    conditions;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential lack of attractive resale opportunities
    (illiquidity);&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional expenses to seek recovery from issuers who default.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the prices of these lower grade securities are more
    sensitive to negative developments, such as a decline in the
    issuer&#146;s revenues or a general economic downturn, than are
    the prices of higher grade securities. Lower grade securities
    tend to be less liquid than investment grade securities. The
    market value of lower grade securities may be more volatile than
    the market value of investment grade securities and generally
    tends to reflect the market&#146;s perception of the
    creditworthiness of the issuer and short-term market
    developments to a greater extent than investment grade
    securities, which primarily reflect fluctuations in general
    levels of interest rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ratings are relative, subjective and not absolute standards of
    quality. Securities ratings are based largely on the
    issuer&#146;s historical financial condition and the rating
    agencies&#146; analysis at the time of rating. Consequently, the
    rating assigned to any particular security is not necessarily a
    reflection of the issuer&#146;s current financial condition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a part of its investments in lower grade securities, the Fund
    may invest in securities of issuers in default. The Fund will
    invest in securities of issuers in default only when the
    Investment Adviser believes that such issuers will honor their
    obligations, emerge from bankruptcy protection and the value of
    these securities will appreciate. By investing in the securities
    of issuers in default, the Fund bears the risk that these
    issuers will not continue to honor their obligations or emerge
    from bankruptcy protection or that the value of these securities
    will not otherwise appreciate.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks to Holders of Fixed Rate Preferred Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Illiquidity Prior to Exchange Listing.</I>&#160;&#160;In the
    event any additional series of fixed rate preferred shares are
    issued, prior application will have been made to list such
    shares on the NYSE Amex. However, during an initial period,
    which is not expected to exceed 30&#160;days after the date of
    its initial issuance, such shares may not be listed on any
    securities exchange. During such period, the underwriters may
    make a market in such shares, though they will have no
    obligation to do so. Consequently, an investment in such shares
    may be illiquid during such period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Market Price Fluctuation.</I>&#160;&#160;Fixed rate preferred
    shares may trade at a premium to or discount from liquidation
    preference for a variety of reasons, including changes in
    interest rates.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Dependence
    on Key Personnel</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is dependent upon the expertise of
    Mr.&#160;Mario J. Gabelli. If the Investment Adviser were to
    lose the services of Mr.&#160;Gabelli, it could be adversely
    affected. There can be no assurance that a suitable replacement
    could be found for Mr.&#160;Gabelli in the event of his death,
    resignation, retirement or inability to act on behalf of the
    Investment Adviser.
</DIV>
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<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: transparent">
    The Fund is dependent upon the expertise of Vincent
    Hugonnard-Roche as the sole option strategist on the Fund&#146;s
    portfolio management team. If the Fund were to lose the services
    of Mr.&#160;Roche, it could be temporarily adversely affected
    until a suitable replacement could be found.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Objective; Not a Complete Investment Program</FONT></B>
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is classified as a &#147;non-diversified&#148;
    investment company under the 1940 Act, which means the Fund is
    not limited by the 1940 Act in the proportion of its assets that
    may be invested in the securities of a single issuer. As a
    non-diversified investment company, the Fund may invest in the
    securities of individual issuers to a greater degree than a
    diversified investment company. As a result, the Fund may be
    more vulnerable to events affecting a single issuer and
    therefore, subject to greater volatility than a fund that is
    more broadly diversified. Accordingly, an investment in the Fund
    may present greater risk to an investor than an investment in a
    diversified company.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terrorist attacks on domestic U.S. targets on
    September&#160;11, 2001, the wars in Iraq and Afghanistan and
    other geopolitical events have led to, and may in the future
    lead to, increased short-term market volatility and may have
    long-term effects on U.S.&#160;and world economies and markets.
    The nature, scope and duration of the war and occupation cannot
    be predicted with any certainty. Similar events in the future or
    other disruptions of financial markets could affect interest
    rates, securities exchanges, auctions, secondary trading,
    ratings, credit risk, inflation, energy prices and other factors
    relating to the common shares or preferred shares.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While the U.S. and global markets had experienced extreme
    volatility and disruption for an extended period of time, fiscal
    year 2010 witnessed more stabilized economic activity as
    expectations for an economic recovery increased. However, risks
    to a robust resumption of growth persist: a weak consumer
    weighed down by too much debt and increasing joblessness, the
    growing size of the federal budget deficit and national debt,
    and the threat of inflation. A return to unfavorable economic
    conditions could impair our ability to execute our investment
    strategies.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">2012 U.S.
    Federal Budget</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The proposed U.S.&#160;federal budget for fiscal year 2012 calls
    for the elimination of approximately $40&#160;billion in tax
    incentives widely used by oil, gas and coal companies and the
    imposition of new fees on
</DIV>
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    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    certain energy producers. The elimination of such tax incentives
    and imposition of such fees could adversely affect Natural
    Resources Companies in which the Fund invests
    <FONT style="white-space: nowrap">and/or</FONT> the
    natural resources sector generally.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The recent instability in the financial markets has led the
    U.S.&#160;government and foreign governments to take a number of
    unprecedented actions designed to support certain financial
    institutions and segments of the financial markets that have
    experienced extreme volatility, and in some cases a lack of
    liquidity. U.S.&#160;federal and state governments and foreign
    governments, their regulatory agencies or self regulatory
    organizations may take additional actions that affect the
    regulation of the securities in which the Fund invests, or the
    issuers of such securities, in ways that are unforeseeable.
    Issuers of corporate securities might seek protection under the
    bankruptcy laws. Legislation or regulation may also change the
    way in which the Fund itself is regulated. Such legislation or
    regulation could limit or preclude the Fund&#146;s ability to
    achieve its investment objectives. The Investment Adviser will
    monitor developments and seek to manage the Fund&#146;s
    portfolio in a manner consistent with achieving the Fund&#146;s
    investment objectives, but there can be no assurance that it
    will be successful in doing so.
</DIV>

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has adopted certain investment limitations designed to
    limit investment risk and maintain portfolio diversification.
    These limitations are fundamental and may not be changed without
    the approval of the holders of a majority, as defined in the
    1940 Act, of the outstanding shares and preferred shares, if
    any, voting together as a single class. See &#147;Investment
    Restrictions&#148; in the SAI for a complete list of the
    fundamental investment policies of the Fund. Should the Fund
    decide to issue additional series of preferred shares in the
    future, it may become subject to rating agency guidelines that
    are more limiting than its fundamental investment restrictions
    in order to obtain and maintain a desired rating on its
    preferred shares.
</DIV>

<A name='Y90912108'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Board of Trustees (who, with its officers, are
    described in the SAI) has overall responsibility for the
    management of the Fund. The Board of Trustees decides upon
    matters of general policy and reviews the actions of the
    Investment Adviser, Gabelli Funds, LLC, and the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    (as defined below). Pursuant to an investment advisory agreement
    between the Fund and the Investment Adviser (the
    &#147;Investment Advisory Agreement&#148;), the Investment
    Adviser, under the supervision of the Fund&#146;s Board of
    Trustees, provides a continuous investment program for the
    Fund&#146;s portfolio; provides investment research and makes
    and executes recommendations for the purchase and sale of
    securities; and provides all facilities and personnel, including
    officers required for its administrative management, and pays
    the compensation of Trustees of the Fund who are officers or
    employees of the Investment Adviser or its affiliates. As
    compensation for its services and the related expenses borne by
    the Investment Adviser, the Fund pays the Investment Adviser a
    fee, computed weekly and payable monthly, equal, on an annual
    basis, to 1.00% of the Fund&#146;s average weekly net assets,
    with no deduction for the liquidation preference of any
    outstanding preferred shares. The Fund&#146;s average weekly net
    assets will be deemed to be the average weekly value of the
    Fund&#146;s total assets minus the sum of the Fund&#146;s
    liabilities (such liabilities exclude the aggregate liquidation
    preference of outstanding preferred shares and accumulated
    dividends, if any, on those shares and the outstanding principal
    amount of any debt securities the proceeds of which were used
    for investment purposes,
</DIV>
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    <BR>
    37
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    plus accrued and unpaid interest thereon). For purposes of the
    calculation of the fees payable to the Investment Adviser by the
    Fund, average weekly net assets of the Fund are determined at
    the end of each month on the basis of its average net assets for
    each week during the month. The assets for each weekly period
    are determined by averaging the net assets at the end of a week
    with the net assets at the end of the prior week. A discussion
    regarding the basis for the most recent approval of the
    Investment Advisory Agreement by the Board of Trustees of the
    Fund is available in the Fund&#146;s semi-annual report to
    shareholders for the period ending June&#160;30, 2010.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC acts as the Fund&#146;s Investment Adviser
    pursuant to the Investment Advisory Agreement with the Fund. The
    Investment Adviser is a New York limited liability company with
    principal offices located at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and is registered under the Investment Advisers Act of 1940 (the
    &#147;Advisers Act&#148;). The Investment Adviser was organized
    in 1999 and is the successor to Gabelli Funds, Inc., which was
    organized in 1980. As of December&#160;31, 2010, the Investment
    Adviser acted as registered investment adviser to 25 management
    investment companies with aggregate net assets of
    $18.3&#160;billion. The Investment Adviser, together with the
    other affiliated investment advisers noted below had assets
    under management totaling approximately $33.3&#160;billion as of
    December&#160;31, 2010. GAMCO Asset Management Inc., an
    affiliate of the Investment Adviser, acts as investment adviser
    for individuals, pension trusts, profit sharing trusts and
    endowments, and as a sub adviser to management investment
    companies having aggregate assets of $13.7&#160;billion under
    management as of December&#160;31, 2010. Gabelli Securities,
    Inc., an affiliate of the Investment Adviser, acts as investment
    adviser for investment partnerships and entities having
    aggregate assets of approximately $515&#160;million as of
    December&#160;31, 2010. Teton Advisors, Inc., an affiliate of
    the Investment Adviser, acts as investment manager to the GAMCO
    Westwood Funds and separately managed accounts having aggregate
    assets of approximately $820&#160;million under management as of
    December&#160;31, 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is a wholly-owned subsidiary of GAMCO
    Investors, Inc., a New York corporation, whose Class&#160;A
    Common Stock is traded on the New York Stock Exchange (the
    &#147;NYSE&#148;) under the symbol &#147;GBL.&#148;
    Mr.&#160;Mario J. Gabelli may be deemed a &#147;controlling
    person&#148; of the Investment Adviser on the basis of his
    ownership of a majority of the stock of GGCP, Inc., which owns a
    majority of the capital stock of GAMCO Investors, Inc.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is obligated to pay expenses associated
    with providing the services contemplated by the Investment
    Advisory Agreement including compensation of and office space
    for its officers and employees connected with investment and
    economic research, trading and investment management and
    administration of the Fund (but excluding costs associated with
    the calculation of the net asset value and allocated costs of
    the chief compliance officer function and officers of the Fund
    who are employed by the Fund and are not employed by the
    Investment Adviser although such officers may receive
    incentive-based variable compensation from affiliates of the
    Investment Adviser), as well as the fees of all Trustees of the
    Fund who are officers or employees of the Investment Adviser or
    its affiliates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the fees of the Investment Adviser, the Fund is
    responsible for the payment of all its other expenses incurred
    in the operation of the Fund, which include, among other things,
    expenses for legal and the Independent Registered Public
    Accounting Firm&#146;s services, stock exchange listing fees,
    costs of printing proxies, share certificates and shareholder
    reports, charges of the Fund&#146;s custodian, charges of the
    transfer agent and distribution disbursing agent, SEC fees, fees
    and expenses of Trustees who are not officers or employees of
    the Investment Adviser or its affiliates, accounting and
    printing costs, the Fund&#146;s pro rata portion of membership
    fees in trade organizations, the Fund&#146;s pro rata portion of
    the Chief Compliance Officer&#146;s compensation, fidelity bond
    coverage for the Fund&#146;s officers and employees, Trustees
    and officers liability policy, interest, brokerage costs, taxes,
    expenses of qualifying the Fund for sale in various states,
    expenses of
</DIV>
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    <BR>
    38
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    personnel performing shareholder servicing functions, litigation
    and other extraordinary or non-recurring expenses and other
    expenses properly payable by the Fund.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Selection
    of Securities Brokers</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement contains provisions relating
    to the selection of securities brokers to effect the portfolio
    transactions of the Fund. Under those provisions, the Investment
    Adviser may (i)&#160;direct Fund portfolio brokerage to
    Gabelli&#160;&#038; Company, Inc. or other broker-dealer
    affiliates of the Investment Adviser and (ii)&#160;pay
    commissions to brokers other than Gabelli&#160;&#038; Company,
    Inc. that are higher than might be charged by another qualified
    broker to obtain brokerage
    <FONT style="white-space: nowrap">and/or</FONT>
    research services considered by the Investment Adviser to be
    useful or desirable for its investment management of the Fund
    <FONT style="white-space: nowrap">and/or</FONT> its
    other investment advisory accounts or those of any investment
    adviser affiliated with it. The SAI contains further information
    about the Investment Advisory Agreement, including a more
    complete description of the investment advisory and expense
    arrangements, exculpatory and brokerage provisions, as well as
    information on the brokerage practices of the Fund.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As Chairman and Chief Executive Officer of GAMCO Investors,
    Inc., Mr.&#160;Gabelli ultimately has oversight over the
    investment professionals responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Fund. Mr.&#160;Gabelli has served as Chairman
    and Chief Executive Officer of GAMCO Investors, Inc. and its
    predecessors since 1976. Mr.&#160;Gabelli is the Chief
    Investment Officer&#151;Value Products for the Investment
    Adviser and GAMCO Asset Management Inc. Mr.&#160;Gabelli serves
    as Portfolio Manager for several funds in the GAMCO/Gabelli fund
    family and is a director/trustee of most of the funds in the
    family. Mr.&#160;Gabelli is also a director and the Chief
    Executive Officer of GGCP, Inc., a private company which
    controls GAMCO Investors, Inc.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Vincent Hugonnard-Roche serves as a Co-Lead Portfolio Manager
    for the Fund and is primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Fund&#146;s option strategy. Mr.&#160;Roche
    joined GAMCO Investors, Inc. in 2000 as Director of Quantitative
    Strategies and Head of Risk Management. Prior thereto,
    Mr.&#160;Roche worked at Credit Lyonnais in New York as a
    proprietary equity analyst focused on Risk Arbitrage.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Caesar M.P. Bryan serves as a Co-Lead Portfolio Manager for the
    Fund and is primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Gold Companies portion of the Fund&#146;s
    portfolio. Mr.&#160;Bryan joined GAMCO Investors, Inc. in 1994
    and has been primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    investment management of the GAMCO Gold Fund, Inc., a registered
    open-end investment company, since its inception in 1994.
    Mr.&#160;Bryan has been Portfolio Manager of the GAMCO
    International Growth Fund, Inc., a registered open-end
    investment company, since 1995; Co-Portfolio Manager of The
    GAMCO Global Opportunity Fund, a registered open-end investment
    company, since 1998; and Co-Portfolio Manager of The GAMCO
    Global Growth Fund, a registered open-end investment company,
    since 2008.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Barbara G. Marcin serves as a Co-Lead Portfolio Manager for the
    Fund and is primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Natural Resources Companies portion of the
    Fund&#146;s portfolio. Ms.&#160;Marcin joined GAMCO Investors,
    Inc. in 1999 to manage larger capitalization value style
    portfolios. Ms.&#160;Marcin currently serves as the Portfolio
    Manager for The Gabelli Blue Chip Value Fund and The GAMCO
    Westwood Income Fund, registered open-end investment companies,
    and as a Portfolio Manager for The Gabelli Dividend&#160;&#038;
    Income Trust, a registered closed-end investment company. Prior
    thereto, she worked at Citibank Global Asset Management where
    she was head of value investments and was a member of the Global
    Investment Policy Committee and co-Chair of the U.S.&#160;Equity
    Policy Committee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Statement of Additional Information provides additional
    information about the Portfolio Managers&#146; compensation,
    other accounts managed by the Portfolio Managers, and the
    Portfolio Managers&#146; ownership of securities of the Fund.
</DIV>
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    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Messrs. d&#146;Urso and van Ekris are not U.S.&#160;residents
    and substantially all of each of their assets may be located
    outside of the United States. Messrs. d&#146;Urso and van Ekris
    do not have agents for service of process in the United States.
    As a result, it may be difficult for U.S.&#160;investors to
    effect service of process upon Messrs. d&#146;Urso or van Ekris
    within the United States or to realize judgments of courts of
    the United States predicated upon civil liabilities under the
    federal securities laws of the United States. In addition, it is
    not certain that civil liabilities predicated upon the federal
    securities laws on which a valid judgment of a court in the
    United States is obtained would be enforceable in the courts of
    the jurisdictions in which Messrs. d&#146;Urso or van
    Ekris&#160;reside.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Sub-Administrator</FONT></FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser has entered into a
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement with BNY Mellon Investment Servicing (US) Inc. (the
    <FONT style="white-space: nowrap">&#147;Sub-Administrator&#148;)</FONT>
    pursuant to which the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    provides certain administrative services necessary for the
    Fund&#146;s operations that do not include the investment and
    portfolio management services provided by the Investment
    Adviser. For these services and the related expenses borne by
    the
    <FONT style="white-space: nowrap">Sub-Administrator,</FONT>
    the Investment Adviser pays a prorated monthly fee at the annual
    rate of 0.0275% of the first $10&#160;billion of the aggregate
    average net assets of the Fund and all other funds advised by
    the Investment Adviser and Teton Advisors, Inc. and administered
    by the
    <FONT style="white-space: nowrap">Sub-Administrator,</FONT>
    0.0125% of the aggregate average net assets exceeding
    $10&#160;billion and 0.01% of the aggregate average net assets
    in excess of $15&#160;billion. The
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    has its principal office at 760 Moore Road, King of Prussia,
    Pennsylvania&#160;19406.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;24, 2008, the Investment Adviser entered into a
    settlement with the SEC to resolve an inquiry regarding prior
    frequent trading activity in shares of the GAMCO Global Growth
    Fund (the &#147;Global Growth Fund&#148;) by one investor who
    was banned from the Global Growth Fund in August 2002. In the
    administrative settlement order, the SEC found that the
    Investment Adviser had willfully violated Section&#160;206(2) of
    the Advisers Act, Section&#160;17(d) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;17d-1</FONT>
    thereunder, and had willfully aided and abetted and caused
    violations of Section&#160;12(d)(1)(B)(i) of the 1940 Act. Under
    the terms of the settlement, the Investment Adviser, while
    neither admitting nor denying the SEC&#146;s findings and
    allegations, paid $16&#160;million (which included a
    $5&#160;million civil monetary penalty), approximately
    $12.8&#160;million of which is in the process of being paid to
    shareholders of the Global Growth Fund in accordance with a plan
    developed by an independent distribution consultant and approved
    by the independent directors of the Global Growth Fund and
    acceptable to the staff of the SEC, and agreed to cease and
    desist from future violations of the above-referenced federal
    securities laws and rule. The SEC order also noted the
    cooperation that the Investment Adviser had given the staff of
    the SEC during its inquiry. The settlement did not have a
    material adverse impact on the Investment Adviser. On the same
    day, the SEC filed a civil action against the Executive Vice
    President and Chief Operating Officer of the Investment Adviser,
    alleging violations of certain federal securities laws arising
    from the same matter. The officer is also an officer of the
    Fund, the Global Growth Fund and other funds in the
    Gabelli/GAMCO fund complex. The officer denied the allegations
    and is continuing in his positions with the Investment Adviser
    and the funds. The court dismissed certain claims and found that
    the SEC was not entitled to pursue various remedies against the
    officer while leaving one remedy in the event the SEC were able
    to prove violations of law. The court subsequently dismissed
    without prejudice the remaining remedy against the officer,
    which would allow the SEC to appeal the court&#146;s rulings. On
    October&#160;29, 2010, the SEC filed its appeal with the
    U.S.&#160;Court of Appeals for the Second Circuit regarding the
    lower court&#146;s orders. The Investment Adviser currently
    expects that any resolution of the action against the officer
    will not have a material adverse impact on the Investment
    Adviser or its ability to fulfill its obligations under the
    Investment Advisory Agreement.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y90912109'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principal transactions are not entered into with affiliates of
    the Fund. However, Gabelli&#160;&#038; Company, Inc., an
    affiliate of the Investment Adviser, may execute portfolio
    transactions on stock exchanges and in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets on an agency basis and may be paid commissions. For a
    more detailed discussion of the Fund&#146;s brokerage allocation
    practices, see &#147;Portfolio Transactions&#148; in the SAI.
</DIV>

<A name='Y90912110'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund intends to make regular monthly cash distributions of
    all or a portion of its investment company taxable income (which
    includes ordinary income and realized short-term capital gains)
    to common shareholders. The Fund also intends to make annual
    distributions of its realized capital gains (which is the excess
    of net long-term capital gains over net short-term capital
    losses). <B>A significant portion of the Fund&#146;s
    distributions on its common shares for recent periods have
    included, or have been estimated to include, a return of
    capital. </B>A portion of the distributions to the preferred
    shareholders may also be sourced from capital attributable to
    the common shareholders. Any return of capital that is a
    component of a distribution is not sourced from realized gains
    of the Fund and that portion should not be considered by
    investors as yield or total return on their investment in the
    Fund. The Fund will pay common shareholders annually all, or at
    least 90%, of its investment company taxable income. Various
    factors will affect the level of the Fund&#146;s income, such as
    its asset mix and use of option strategies. To permit the Fund
    to maintain more stable monthly distributions, the Fund may from
    time to time distribute less than the entire amount of income
    earned in a particular period, which would be available to
    supplement future distributions. As a result, the distributions
    paid by the Fund for any particular monthly period may be more
    or less than the amount of income actually earned by the Fund
    during that period. However, as the Fund is covered by an
    exemption from the 1940 Act which allows the Board of Trustees
    to implement a managed distribution policy, the Board of
    Trustees in the future may determine to cause the Fund to
    distribute a fixed percentage of the Fund&#146;s average net
    asset value or market price per common share over a specified
    period of time at or about the time of distribution or to
    distribute a fixed dollar amount. The Board of Trustees has no
    present intention to implement such a policy. Because the
    Fund&#146;s distribution policy may be changed by the Board of
    Trustees at any time and the Fund&#146;s income will fluctuate,
    there can be no assurance that the Fund will pay dividends or
    distributions at a particular rate. See &#147;Dividends and
    Distributions&#148; in the SAI.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders will automatically have all dividends and
    distributions reinvested in common shares of the Fund issued by
    the Fund or purchased in the open market in accordance with the
    Fund&#146;s dividend reinvestment plan unless an election is
    made to receive cash. See &#147;Automatic Dividend Reinvestment
    and Voluntary Cash Purchase Plan.&#148;
</DIV>

<A name='Y90912111'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During the twelve months ended December&#160;31, 2010, the Fund
    issued 22,553,236&#160;shares of beneficial interest through
    various &#147;at the market offerings.&#148; The net proceeds
    received from these various offerings were $375,431,472 (net of
    sales manager commissions of $3,792,237 and offering expenses of
    $216,336). The net proceeds received from the various offerings
    exceeded the NAV of the issued shares by $15,753,426.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During the three months ended March 31, 2011, the Fund issued
    3,964,387 shares of beneficial interest through various &#147;at
    the market offerings.&#148; The net proceeds received from these
    various offerings were $72,954,879 (net of sales manager
    commissions of $736,967 and offering expenses of $4,837). The
    net proceeds received from the various offerings exceeded the
    NAV of the issued shares by $2,662,589.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli&#160;&#038; Company, Inc., an affiliate of Gabelli
    Funds, LLC, the Fund&#146;s Adviser, acted as sales manager for
    all of the offerings.
</DIV>
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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y90912112'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">AUTOMATIC
    DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Fund&#146;s Automatic Dividend Reinvestment and
    Voluntary Cash Purchase Plan (the &#147;Plan&#148;), a
    shareholder whose common shares are registered in his or her own
    name will have all distributions reinvested automatically by the
    transfer agent, which is agent under the Plan, unless the
    shareholder elects to receive cash. Distributions with respect
    to shares registered in the name of a broker-dealer or other
    nominee (that is, in &#147;street name&#148;) will be reinvested
    by the broker or nominee in additional shares under the Plan,
    unless the service is not provided by the broker or nominee or
    the shareholder elects to receive distributions in cash.
    Investors who own common shares registered in street name should
    consult their broker-dealers for details regarding reinvestment.
    All distributions to investors who do not participate in the
    Plan will be paid by check mailed directly to the record holder
    by the transfer agent as dividend disbursing agent. A
    participant in the Plan may elect to receive all dividends in
    cash by contacting the Plan agent in writing at the address
    specified below or by calling the Plan agent at
    <FONT style="white-space: nowrap">(800)&#160;937-5449.</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: transparent">
    Under the Plan, whenever the market price of the common shares
    is equal to or exceeds net asset value at the time shares are
    valued for purposes of determining the number of shares
    equivalent to the cash distribution, participants in the Plan
    will receive newly issued common shares. The number of shares to
    be issued will be computed at a per share rate equal to the
    greater of (i)&#160;the net asset value as most recently
    determined or (ii)&#160;95% of the then-current market price of
    the common shares. The valuation date is the distribution
    payment date or, if that date is not an NYSE Amex trading day,
    the next trading day. If the net asset value of the common
    shares at the time of valuation exceeds the market price of the
    common shares, participants will receive shares purchased by the
    Plan agent in the open market. If the Fund should declare a
    distribution payable only in cash, the Plan agent will buy the
    common shares for such Plan in the open market, on the NYSE Amex
    or elsewhere, for the participants&#146; accounts, except that
    the Plan agent will terminate purchases in the open market and
    instead the Fund will distribute newly issued shares at a per
    share rate equal to the greater of net asset value or 95% of
    market value if, following the commencement of such purchases,
    the market value of the common shares plus estimated brokerage
    commissions exceeds net asset value.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Participants in the Plan have the option of making additional
    cash payments to the Plan agent, semi-monthly, for investment in
    the shares as applicable. Such payments may be made in any
    amount from $250 to $10,000. The Plan agent will use all funds
    received from participants to purchase shares of the Fund in the
    open market on or about the 15th&#160;of each month. The Plan
    agent will charge each shareholder who participates $0.75, plus
    a pro rata share of the brokerage commissions. Brokerage charges
    for such purchases are expected to be less than the usual
    brokerage charge for such transactions. It is suggested that
    participants send voluntary cash payments to the Plan agent in a
    manner that ensures that the Plan agent will receive these
    payments approximately ten days (10) before the 15th of each
    month. A participant may without charge withdraw a voluntary
    cash payment by written notice, if the notice is received by the
    Plan agent at least 48&#160;hours before such payment is to be
    invested.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Plan agent maintains all shareholder accounts in the Plan
    and furnishes written confirmations of all transactions in the
    account, including information needed by shareholders for
    personal and tax records. Shares in the account of each Plan
    participant will be held by the Plan agent in noncertificated
    form in the name of the participant. A Plan participant may send
    its share certificates to the Plan agent so that the shares
    represented by such certificates will be held by the Plan agent
    in the participant&#146;s shareholder account under the Plan.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the case of shareholders such as banks, brokers or nominees,
    that hold shares for others who are the beneficial owners, the
    Plan agent will administer the Plan on the basis of the number
    of shares certified from time to time by the shareholder as
    representing the total amount registered in the
    shareholder&#146;s name and held for the account of beneficial
    owners who participate in the Plan.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The automatic reinvestment of dividends and other distributions
    will not relieve participants of any U.S.&#160;federal, state or
    local income tax that may be payable (or required to be
    withheld) on such dividends or other distributions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Plan participant may terminate his or her account under the
    Plan by notifying the Plan agent in writing to the address
    specified below or by telephone at
    <FONT style="white-space: nowrap">(800)&#160;937-5449.</FONT>
    A termination will be effective immediately if notice
</DIV>
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    <BR>
    42
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    is received by the Plan agent not less than ten (10)&#160;days
    prior to any dividend or distribution record date. If such
    notice is received less than ten (10)&#160;days prior to any
    dividend or distribution record date, then such termination
    shall be immediately effective with respect to all shares then
    held in such Plan participant&#146;s shareholder account except
    that shares to be received pursuant to the reinvestment of
    dividends or distributions shall be sold by the Plan agent on
    the first trading day after such shares have been posted to such
    terminating Plan participant&#146;s shareholder account. If the
    Plan participant elects by written notice to the Plan agent in
    advance of such termination to have the Plan agent sell part or
    all of such Plan participant&#146;s shares and remit the
    proceeds to him or her, the Plan agent is authorized to deduct
    $2.50 per transaction plus brokerage commissions for this
    transaction from the proceeds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund reserves the right to amend or terminate its Plan as
    applied to any voluntary cash payments made and any distribution
    paid with at least 90&#160;days written notice to the
    participants in such Plan. The Plan also may be amended or
    terminated by the Plan agent, with the Fund&#146;s prior written
    consent, on at least 90&#160;days written notice to the
    participants in such Plan. All correspondence concerning the
    Plan should be directed to the transfer agent.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For more information about the Plan you may contact the Plan
    agent in writing at Gabelli Funds, C/O American Stock
    Transfer&#160;&#038; Trust&#160;Company, 59 Maiden Lane, New
    York, New York 10038, or by calling the Plan agent at
    <FONT style="white-space: nowrap">(800)&#160;937-5449.</FONT>
</DIV>

<A name='Y90912113'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following is a brief description of the terms of the
    Fund&#146;s shares. This description does not purport to be
    complete and is qualified by reference to the Fund&#146;s
    Agreement and Declaration of Trust and its By-Laws. For complete
    terms of the shares, please refer to the actual terms of such
    series, which are set forth in the Agreement and Declaration of
    Trust.</I>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is an unincorporated statutory trust organized under
    the laws of Delaware pursuant to a Certificate of Trust dated as
    of January&#160;4, 2005. The Fund is authorized to issue an
    unlimited number of common shares of beneficial interest, par
    value $0.001 per share. Each common share of beneficial interest
    has one vote and, when issued and paid for in accordance with
    the terms of this offering, will be fully paid and
    non-assessable. Though the Fund expects to pay distributions
    monthly on the common shares of beneficial interest, it is not
    obligated to do so. All common shares of beneficial interest are
    equal as to distributions, assets and voting privileges and have
    no conversion, preemptive or other subscription rights. The Fund
    will send annual and semi-annual reports, including financial
    statements, to all holders of its shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Offerings of shares require approval by the Fund&#146;s Board of
    Trustees. Any additional offering of common shares of beneficial
    interest will be subject to the requirements of the 1940 Act,
    which provides that common stock may not be issued at a price
    below the then current net asset value, exclusive of sales load,
    except in connection with an offering to existing holders of
    common shares or with the consent of a majority of the
    Fund&#146;s outstanding voting securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s common shares of beneficial interest are listed
    on the NYSE Amex under the symbol &#147;GGN.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s net asset value per share will be reduced
    immediately following the offering of common shares by the
    amount of the offering expenses paid by the Fund. See &#147;Use
    of Proceeds.&#148; Unlike open-end funds, closed-end funds like
    the Fund do not continuously offer shares and do not provide
    daily redemptions. Rather, if a shareholder determines to buy
    additional common shares or sell shares already held, the
    shareholder may do so by trading through a broker on the NYSE
    Amex or otherwise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of closed-end investment companies often trade on an
    exchange at prices lower than net asset value. Because the
    market value of the common shares may be influenced by such
    factors as dividend and distribution levels (which are in turn
    affected by expenses), dividend and distribution stability, net
    asset value, market liquidity, relative demand for and supply of
    such shares in the market, unrealized gains, general market
</DIV>
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    <BR>
    43
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and economic conditions and other factors beyond the control of
    the Fund, the Fund cannot assure you that common shares will
    trade at a price equal to or higher than net asset value in the
    future. The common shares are designed primarily for long-term
    investors and you should not purchase the common shares if you
    intend to sell them soon after purchase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the rights of the outstanding preferred shares, the
    Fund&#146;s common shares vote as a single class on election of
    Trustees and on additional matters with respect to which the
    1940 Act, the Fund&#146;s Declaration of Trust, By-Laws or
    resolutions adopted by the Trustees provide for a vote of the
    Fund&#146;s common shares. See &#147;Anti-Takeover Provisions of
    the Fund&#146;s Governing Documents.&#148;
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The common shares sold through this offering will initially be
    held in the name of Cede&#160;&#038; Co. as nominee for the
    Depository Trust&#160;Company (&#147;DTC&#148;). The Fund will
    treat Cede&#160;&#038; Co. as the holder of record of the common
    shares for all purposes. In accordance with the procedures of
    DTC, however, purchasers of common shares will be deemed the
    beneficial owners of shares purchased for purposes of
    distributions, voting and liquidation rights. Purchasers of
    common shares may obtain registered certificates by contacting
    the transfer agent.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Currently, an unlimited number of the Fund&#146;s shares have
    been classified by the Board of Trustees as preferred shares,
    par value $0.001 per share. The terms of such preferred shares
    may be fixed by the Board of Trustees and would materially limit
    <FONT style="white-space: nowrap">and/or</FONT>
    qualify the rights of the holders of the Fund&#146;s common
    shares.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Preferred Shares are listed on the NYSE Amex under the
    ticker symbol &#147;GGN PrA.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon a liquidation, each holder of the preferred shares will be
    entitled to receive out of the assets of the Fund available for
    distribution to shareholders (after payment of claims of the
    Fund&#146;s creditors but before any distributions with respect
    to the Fund&#146;s common shares or any other shares of the Fund
    ranking junior to the preferred shares as to liquidation
    payments) an amount per share equal to such share&#146;s
    liquidation preference plus any accumulated but unpaid
    distributions (whether or not earned or declared, excluding
    interest thereon) to the date of distribution, and such
    shareholders shall be entitled to no further participation in
    any distribution or payment in connection with such liquidation.
    Each series of the preferred shares will rank on a parity with
    any other series of preferred shares of the Fund as to the
    payment of distributions and the distribution of assets upon
    liquidation, and will be junior to the Fund&#146;s obligations
    with respect to any outstanding senior securities representing
    debt. If the Fund has insufficient investment income and gains,
    all or a portion of the distributions to preferred shareholders
    would come from the common shareholders&#146; capital. Such
    distributions reduce the net assets attributable to common
    shareholders since the liquidation value of the preferred
    shareholders is constant. The preferred shares carry one vote
    per share on all matters on which such shares are entitled to
    vote. The preferred shares will, upon issuance, be fully paid
    and nonassessable and will have no preemptive,
</DIV>
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    44
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    exchange or conversion rights. The Board of Trustees may by
    resolution classify or reclassify any authorized but unissued
    capital shares of the Fund from time to time by setting or
    changing the preferences, conversion or other rights, voting
    powers, restrictions, limitations as to distributions or terms
    or conditions of redemption. The Fund will not issue any class
    of shares senior to the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Rating Agency Guidelines.</I>&#160;&#160;Upon issuance, it is
    expected that the preferred shares will be rated &#147;Aaa&#148;
    by Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    &#147;AAA&#148; by S&#038;P. The Fund expects that it will be
    required under Moody&#146;s and S&#038;P guidelines to maintain
    assets having in the aggregate a discounted value at least equal
    to the Basic Maintenance Amount (as defined below) for its
    outstanding preferred shares, with respect to the separate
    guidelines Moody&#146;s and S&#038;P has each established for
    determining discounted value. To the extent any particular
    portfolio holding does not satisfy the applicable rating
    agency&#146;s guidelines, all or a portion of such
    holding&#146;s value will not be included in the calculation of
    discounted value (as defined by such rating agency). The
    Moody&#146;s and S&#038;P guidelines also impose certain
    diversification requirements and industry concentration
    limitations on the Fund&#146;s overall portfolio, and apply
    specified discounts to securities held by the Fund (except
    certain money market securities). The &#147;Basic Maintenance
    Amount&#148; is equal to (i)&#160;the sum of (a)&#160;the
    aggregate liquidation preference of any preferred shares then
    outstanding plus (to the extent not included in the liquidation
    preference of such preferred shares) an amount equal to the
    aggregate accumulated but unpaid distributions (whether or not
    earned or declared) in respect of such preferred shares,
    (b)&#160;the total principal of any debt (plus accrued and
    projected interest), (c)&#160;certain Fund expenses and
    (d)&#160;certain other current liabilities (excluding any unmade
    distributions on the Fund&#146;s common shares) less
    (ii)&#160;the Fund&#146;s (a)&#160;cash and (b)&#160;assets
    consisting of indebtedness which (y)&#160;mature prior to or on
    the date of redemption or repurchase of the preferred shares and
    are U.S.&#160;government securities or evidences of indebtedness
    rated at least &#147;Aaa,&#148;
    <FONT style="white-space: nowrap">&#147;P-1&#148;,</FONT>
    &#147;VMIG-1&#148; or &#147;MIG-1&#148; by Moody&#146;s or
    &#147;AAA&#148;, &#147;SP-1+&#148; or
    <FONT style="white-space: nowrap">&#147;A-1+&#148;</FONT>
    by S&#038;P, and (z)&#160;is held by the Fund for distributions,
    the redemption or repurchase of preferred shares or the
    Fund&#146;s liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund does not cure in a timely manner a failure to
    maintain a discounted value of its portfolio equal to the Basic
    Maintenance Amount in accordance with the requirements of the
    applicable rating agency or agencies then rating the preferred
    shares at the request of the Fund, the Fund may, and in certain
    circumstances will be required to, mandatorily redeem preferred
    shares, as described below under
    &#147;&#151;&#160;Redemption.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may, but is not required to, adopt any modifications to
    the rating agency guidelines that may hereafter be established
    by Moody&#146;s and S&#038;P (or such other rating agency then
    rating the preferred shares at the request of the Fund). Failure
    to adopt any such modifications, however, may result in a change
    in the relevant rating agency&#146;s ratings or a withdrawal of
    such ratings altogether. In addition, any rating agency
    providing a rating for the preferred shares at the request of
    the Fund may, at any time, change or withdraw any such rating.
    The Board of Trustees, without further action by the
    shareholders, may amend, alter, add to or repeal certain of the
    definitions and related provisions that have been adopted by the
    Fund pursuant to the rating agency guidelines if the Board of
    Trustees determines that such modification is necessary to
    prevent a reduction in rating of the preferred shares by
    Moody&#146;s and S&#038;P, as the case may be, is in the best
    interests of the holders of common shares and is not adverse to
    the holders of preferred shares in view of advice to the Fund by
    Moody&#146;s and S&#038;P (or such other rating agency then
    rating the preferred shares at the request of the Fund) that
    such modification would not adversely affect, as the case may
    be, its then current rating of the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees may amend the Statement of Preferences
    definition of &#147;Maximum Rate&#148; (the &#147;maximum
    rate&#148; as defined below under
    &#147;&#151;&#160;Distributions on the Preferred
    Shares&#151;Maximum Rate&#148;) to increase the percentage
    amount by which the applicable reference rate is multiplied or
    to increase the applicable spread to which the reference rate is
    added to determine the maximum rate without the vote or consent
    of the holders of the preferred shares or any other shareholder
    of the Fund, but only after consultation with the broker-dealers
    and with confirmation from each applicable rating agency that
    the Fund could meet applicable rating agency asset coverage
    tests immediately following any such increase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described by Moody&#146;s and S&#038;P, the ratings assigned
    to the preferred shares are assessments of the capacity and
    willingness of the Fund to pay the obligations of each of the
    preferred shares. The ratings on the preferred shares are not
    recommendations to purchase, hold or sell shares of either
    series, inasmuch as the
</DIV>
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    45
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ratings do not comment as to market price or suitability for a
    particular investor. The rating agency guidelines also do not
    address the likelihood that an owner of preferred shares will be
    able to sell such shares on an exchange, in an auction or
    otherwise. The ratings are based on current information
    furnished to Moody&#146;s and S&#038;P by the Fund and the
    Investment Adviser and information obtained from other sources.
    The ratings may be changed, suspended or withdrawn as a result
    of changes in, or the unavailability of, such information.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rating agency guidelines will apply to the preferred shares,
    as the case may be, only so long as such rating agency is rating
    such shares at the request of the Fund. The Fund will pay fees
    to Moody&#146;s and S&#038;P for rating the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Asset Maintenance Requirements.</I>&#160;&#160;In addition to
    the requirements summarized under &#147;&#151;&#160;Rating
    Agency Guidelines&#148; above, the Fund must also satisfy asset
    maintenance requirements under the 1940 Act with respect to its
    preferred shares. Under the 1940 Act, such debt or preferred
    shares may be issued only if immediately after such issuance the
    value of the Fund&#146;s total assets (less ordinary course
    liabilities) is at least 300% of the amount of any debt
    outstanding and at least 200% of the amount of any preferred
    stock and debt outstanding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will be required under the preferred shares&#146;
    Statement of Preferences (the &#147;Statement of
    Preferences&#148;) to determine whether it has, as of the last
    business day of each March, June, September and December of each
    year, an &#147;asset coverage&#148; (as defined in the 1940 Act)
    of at least 200% (or such higher or lower percentage as may be
    required at the time under the 1940 Act) with respect to all
    outstanding senior securities of the Fund that are debt or
    stock, including any outstanding preferred shares. If the Fund
    fails to maintain the asset coverage required under the 1940 Act
    on such dates and such failure is not cured within 60 calendar
    days, the Fund may, and in certain circumstances will be
    required to, mandatorily redeem the number of preferred shares
    sufficient to satisfy such asset coverage. See
    &#147;&#151;&#160;Redemption&#148; below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distributions.</I>&#160;&#160;In connection with the offering
    of one or more series of preferred shares, an accompanying
    Prospectus Supplement will specify whether dividends on such
    preferred shares will be based on a fixed or variable rate. If
    such Prospectus Supplement specifies that dividends will be paid
    at a fixed rate (&#147;Fixed Rate Preferred Shares&#148;),
    holders of such preferred shares will be entitled to receive,
    when, as and if declared by the Board of Trustees, out of funds
    legally available therefor, cumulative cash distributions, at an
    annual rate set forth in the applicable Prospectus Supplement,
    payable with such frequency as set forth in the applicable
    Prospectus Supplement. Such distributions will accumulate from
    the date on which such shares are issued.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the alternative, the Prospectus Supplement may state that the
    holders of one or more series of the preferred shares are
    entitled to receive cash distributions at annual rates stated as
    a percentage of liquidation preference, that will vary from
    dividend period to dividend period (&#147;Variable Rate
    Preferred Shares&#148;). The liquidation preference per share
    and the dividend rate for the initial dividend period for any
    such series of preferred shares will be the rate set out in the
    Prospectus Supplement for such series. For subsequent dividend
    periods, each such series of preferred shares will pay
    distributions based on a rate set at an auction, normally held
    weekly, but not in excess of a maximum rate. Dividend periods
    generally will be seven days, and the dividend periods generally
    will begin on the first business day after an auction. In most
    instances, distributions are also paid weekly, on the business
    day following the end of the dividend period. The Fund, subject
    to some limitations, may change the length o f the dividend
    periods, designating them as &#147;special dividend
    periods,&#148; as described below under
    &#147;&#151;&#160;Designation of Special Dividend Periods&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distribution Payments.</I>&#160;&#160;Except as described
    below, the dividend payment date for a series of Variable Rate
    Preferred Shares will be the first business day after the
    dividend period ends. The dividend payment dates for special
    dividend periods of more (or less) than seven days will be set
    out in the notice designating a special dividend period. See
    &#147;&#151;&#160;Designation of Special Dividend Periods&#148;
    for a discussion of payment dates for a special dividend period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a dividend payment date for a series of Variable Rate
    Preferred Shares is not a business day because the NYSE Amex is
    closed for business for more than three consecutive business
    days due to an act of God, natural disaster, act of war, civil
    or military disturbance, act of terrorism, sabotage, riots or a
    loss or
</DIV>
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    malfunction of utilities or communications services, or the
    dividend payable on such date can not be paid for any such
    reason, then:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dividend payment date for the affected dividend period will
    be the next business day on which the Fund and its paying agent,
    if any, are able to cause the distributions to be paid using
    their reasonable best efforts;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the affected dividend period will end on the day it would have
    ended had such event not occurred and the dividend payment date
    had remained the scheduled date;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the next dividend period will begin and end on the dates on
    which it would have begun and ended had such event not occurred
    and the dividend payment date remained the scheduled date.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Determination of Dividend Rates.</I>&#160;&#160;The Fund
    computes the distributions per share for a series of Variable
    Rate Preferred Shares by multiplying the applicable rate
    determined at the auction by a fraction, the numerator of which
    normally is the number of days in such dividend period and the
    denominator of which is 360. This applicable rate is then
    multiplied by the liquidation preference per share of such
    series to arrive at the distribution per share.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Maximum Rate.</I>&#160;&#160;The dividend rate for a series
    of Variable Rate Preferred Shares that results from an auction
    for such shares will not be greater than the applicable
    &#147;maximum rate.&#148; The maximum rate for any standard
    dividend period will be the greater of the applicable percentage
    of the reference rate or the reference rate plus the applicable
    spread. The reference rate will be the applicable LIBOR Rate (as
    defined below) for a dividend period of fewer than 365&#160;days
    or the Treasury Index Rate (as defined below) for a dividend
    period of 365&#160;days or more. The applicable percentage and
    the applicable spread will be determined based on the lower of
    the credit ratings assigned to such series of preferred shares
    by Moody&#146;s and S&#038;P on the auction date for such period
    (as set forth in the table below). If Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    S&#038;P do not make such rating available, the rate will be
    determined by reference to equivalent ratings issued by a
    substitute rating agency. In the case of a special dividend
    period, (1)&#160;the Fund will communicate the maximum
    applicable rate in a notice of special rate period for such
    dividend payment period, (2)&#160;the applicable percentage and
    applicable spread will be determined on the date two business
    days before the first day of such special dividend period and
    (3)&#160;the reference rate will be the applicable LIBOR Rate
    for a dividend period of fewer than 365&#160;days or the
    Treasury Index Rate for a dividend period of 365&#160;days or
    more.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;LIBOR Rate,&#148; as described in greater detail in
    the Statement of Preferences, is the applicable London
    Inter-Bank Offered Rate for deposits in U.S.&#160;dollars for
    the period most closely approximating the applicable dividend
    period for the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;Treasury Index Rate,&#148; as described in greater
    detail in the Statement of Preferences, is the average yield to
    maturity for certain U.S.&#160;Treasury securities having
    substantially the same length to maturity as the applicable
    dividend period for the preferred shares.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Credit Ratings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Moody&#146;s</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>S&#038;P</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Spread</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Aaa
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    AAA
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    150%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Aa3 to Aa1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    AA&#150;to AA+
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    250%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    A3 to A1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A&#150;to A+
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    350%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Baa1 or lower
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    BBB+ or lower
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    550%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50%
</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: transparent">

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Assuming the Fund maintains an &#147;AAA&#148; and
    &#147;Aaa&#148; rating on the preferred shares, the practical
    effect of the different methods used to determine the maximum
    rate is shown in the table below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="20%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="20%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Method Used to<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Determine the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Rate Using the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Rate Using the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Reference Rate</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Spread</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Rate</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Spread
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Spread
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Either
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    6%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no minimum dividend rate in respect of any dividend
    period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Effect of Failure to Pay Distributions in a Timely
    Manner.</I>&#160;&#160;If the Fund fails to pay the paying agent
    the full amount of any distribution or redemption price, as
    applicable, for a series of variable rate preferred shares in a
    timely manner, the dividend rate for the dividend period
    following such a failure to pay (such period referred to as the
    default period) and any subsequent dividend period for which
    such default is continuing will be the default rate. In the
    event that the Fund fully pays all default amounts due during a
    dividend period, the dividend rate for the remainder of that
    dividend period will be, as the case may be, the applicable rate
    (for the first dividend period following a dividend default) or
    the then maximum rate (for any subsequent dividend period for
    which such default is continuing).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The default rate is 550% of the applicable LIBOR Rate for a
    dividend period of 364&#160;days or fewer and 550% of the
    applicable Treasury Index Rate for a dividend period of longer
    than 364&#160;days.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Designation of Special Dividend Periods.</I>&#160;&#160;The
    Fund may instruct the auction agent to hold auctions more or
    less frequently than weekly and may designate dividend periods
    longer or shorter than one week. The Fund may do this if, for
    example, the Fund expects that short-term rates might increase
    or market conditions otherwise change, in an effort to optimize
    the potential benefit of the Fund&#146;s leverage for holders of
    its common shares. The Fund does not currently expect to hold
    auctions and pay distributions less frequently than weekly or
    establish dividend periods longer or shorter than one week. If
    the Fund designates a special dividend period, changes in
    interest rates could affect the price received if preferred
    shares are sold in the secondary market.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any designation of a special dividend period for a series of
    Variable Rate Preferred Shares will be effective only if
    (i)&#160;notice thereof has been given as provided for in the
    governing documents, (ii)&#160;any failure to pay in a timely
    manner to the auction agent the full amount of any distribution
    on, or the redemption price of, any preferred shares has been
    cured as provided for in the governing documents, (iii)&#160;the
    auction immediately preceding the special dividend period was
    not a failed auction, (iv)&#160;if the Fund has mailed a notice
    of redemption with respect to any preferred shares, the Fund has
    deposited with the paying agent all funds necessary for such
    redemption and (v)&#160;the Fund has confirmed that as of the
    auction date next preceding the first day of such special
    dividend period, it has assets with an aggregate discounted
    value at least equal to the Basic Maintenance Amount, and the
    Fund has provided notice of such designation and a Basic
    Maintenance Report to each rating agency then rating the
    preferred shares at the request of the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The dividend payment date for any such special dividend period
    will be set out in the notice designating the special dividend
    period. In addition, for special dividend periods of at least
    91&#160;days, dividend payment dates will occur on the first
    business day of each calendar month within such dividend period
    and on the business day following the last day of such dividend
    period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Before the Fund designates a special dividend period:
    (i)&#160;at least seven business days (or two business days in
    the event the duration of the dividend period prior to such
    special dividend period is less than eight days) and not more
    than 30 business days before the first day of the proposed
    special dividend period, the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Fund will issue a press release stating its intention to
    designate a special dividend period and inform the auction agent
    of the proposed special dividend period by telephonic or other
    means and confirm it in writing promptly thereafter and
    (ii)&#160;the Fund must inform the auction agent of the proposed
    special dividend period by 3:00&#160;p.m., New York City time on
    the second business day before the first day of the proposed
    special dividend period.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Dividends and Other Distributions for the Preferred
    Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as any preferred shares are outstanding, the Fund may
    not pay any dividend or distribution (other than a dividend or
    distribution paid in common shares or in options, warrants or
    rights to subscribe for or purchase common shares) in respect of
    the common shares or call for redemption, redeem, purchase or
    otherwise acquire for consideration any common shares (except by
    conversion into or exchange for shares of the Fund ranking
    junior to the preferred shares as to the payment of dividends
    and the distribution of assets upon liquidation), unless:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund has declared and paid (or provided to the relevant
    dividend paying agent) all cumulative distributions on the
    Fund&#146;s outstanding preferred shares due on or prior to the
    date of such common share dividend or distribution;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund has redeemed the full number of preferred shares to be
    redeemed pursuant to any mandatory redemption provision in the
    Fund&#146;s governing documents;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    after making the distribution, the Fund meets applicable asset
    coverage requirements described under &#147;&#151;&#160;Rating
    Agency Guidelines&#148; and &#147;&#151;&#160;Asset Maintenance
    Requirements.&#148;
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No full distribution will be declared or made on any series of
    the preferred shares for any dividend period, or part thereof,
    unless full cumulative distributions due through the most recent
    dividend payment dates therefor for all outstanding series of
    preferred shares of the Fund ranking on a parity with such
    series as to distributions have been or contemporaneously are
    declared and made. If full cumulative distributions due have not
    been made on all outstanding preferred shares of the Fund
    ranking on a parity with such series of preferred shares as to
    the payment of distributions, any distributions being paid on
    the preferred shares will be paid as nearly pro rata as possible
    in proportion to the respective amounts of distributions
    accumulated but unmade on each such series of preferred shares
    on the relevant dividend payment date. The Fund&#146;s
    obligation to make distributions on the preferred shares will be
    subordinate to its obligations to pay interest and principal,
    when due, on any of the Fund&#146;s senior securities
    representing debt.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mandatory Redemption&#160;Relating to Asset Coverage
    Requirements.</I>&#160;&#160;The Fund may, at its option,
    consistent with its Governing Documents and the 1940 Act, and in
    certain circumstances will be required to, mandatorily redeem
    preferred shares in the event that:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund fails to maintain the asset coverage requirements
    specified under the 1940 Act on a quarterly valuation date and
    such failure is not cured on or before 60&#160;days, in the case
    of the Fixed Rate Preferred Shares, or 10 business days, in the
    case of the Variable Rate Preferred Shares, following such
    failure;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund fails to maintain the asset coverage requirements as
    calculated in accordance with the applicable rating agency
    guidelines as of any monthly valuation date, and such failure is
    not cured on or before 10 business days after such valuation
    date.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The redemption price for preferred shares subject to mandatory
    redemption will be the liquidation preference, as stated in the
    Prospectus Supplement accompanying the issuance of such
    preferred shares, plus an amount equal to any accumulated but
    unpaid distributions (whether or not earned or declared) to the
    date fixed for redemption, plus (in the case of Variable Rate
    Preferred Shares having a dividend period of more
</DIV>
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    <BR>
    49
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    than one year) any applicable redemption premium determined by
    the Board of Trustees and included in the Statement of
    Preferences.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The number of preferred shares that will be redeemed in the case
    of a mandatory redemption will equal the minimum number of
    outstanding preferred shares, the redemption of which, if such
    redemption had occurred immediately prior to the opening of
    business on the applicable cure date, would have resulted in the
    relevant asset coverage requirement having been met or, if the
    required asset coverage cannot be so restored, all of the
    preferred shares. In the event that preferred shares are
    redeemed due to a failure to satisfy the 1940 Act asset coverage
    requirements, the Fund may, but is not required to, redeem a
    sufficient number of preferred shares so that the Fund&#146;s
    assets exceed the asset coverage requirements under the 1940 Act
    after the redemption by 10% (that is, 220% asset coverage). In
    the event that preferred shares are redeemed due to a failure to
    satisfy applicable rating agency guidelines, the Fund may, but
    is not required to, redeem a sufficient number of preferred
    shares so that the Fund&#146;s discounted portfolio value (as
    determined in accordance with the applicable rating agency
    guidelines) after redemption exceeds the asset coverage
    requirements of each applicable rating agency by up to 5% (that
    is, 105% rating agency asset coverage). In addition, as
    discussed under &#147;&#151;&#160;Optional Redemption of the
    Preferred Shares&#148; below, the Fund generally may redeem
    Variable Rate Preferred Shares subject to a variable rate, in
    whole or in part, at its option at any time (usually on a
    dividend or distribution payment date), other than during a
    non-call period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund does not have funds legally available for the
    redemption of, or is otherwise unable to redeem, all the
    preferred shares to be redeemed on any redemption date, the Fund
    will redeem on such redemption date that number of shares for
    which it has legally available funds, or is otherwise able to
    redeem, from the holders whose shares are to be redeemed ratably
    on the basis of the redemption price of such shares, and the
    remainder of those shares to be redeemed will be redeemed on the
    earliest practicable date on which the Fund will have funds
    legally available for the redemption of, or is otherwise able to
    redeem, such shares upon written notice of redemption.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If fewer than all of the Fund&#146;s outstanding preferred
    shares are to be redeemed, the Fund, at its discretion and
    subject to the limitations of its Governing Documents and the
    1940 Act, will select the one or more series of preferred shares
    from which shares will be redeemed and the amount of preferred
    shares to be redeemed from each such series. If less than all
    preferred shares of a series are to be redeemed, such redemption
    will be made as among the holders of that series pro rata in
    accordance with the respective number of shares of such series
    held by each such holder on the record date for such redemption
    (or by such other equitable method as the Fund may determine).
    If fewer than all the preferred shares held by any holder are to
    be redeemed, the notice of redemption mailed to such holder will
    specify the number of shares to be redeemed from such holder,
    which may be expressed as a percentage of shares held on the
    applicable record date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption of Fixed Rate Preferred
    Shares.</I>&#160;&#160;Fixed Rate Preferred Shares will not be
    subject to optional redemption by the Fund until the date, if
    any, specified in the applicable Prospectus Supplement, unless
    such redemption is necessary, in the judgment of the Fund, to
    maintain the Fund&#146;s status as a regulated investment
    company under the Code. Commencing on such date and thereafter,
    the Trust may at any time redeem such Fixed Rate Preferred
    Shares in whole or in part for cash at a redemption price per
    share equal to the initial liquidation preference per share plus
    accumulated and unpaid distributions (whether or not earned or
    declared) to the redemption date. Such redemptions are subject
    to the notice requirements set forth under
    &#147;&#151;&#160;Redemption&#160;Procedures&#148; and the
    limitations of the Governing Documents and 1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption of Variable Rate Preferred
    Shares.</I>&#160;&#160;The Fund generally may redeem Variable
    Rate Preferred Shares, if issued, in whole or in part, at its
    option at any time (usually on a dividend or distribution
    payment date), other than during a non-call period. The Fund may
    designate a non-call period during a dividend period of more
    than seven days. In the case of such preferred shares having a
    dividend period of one year or less, the redemption price per
    share will equal the initial liquidation preference plus an
    amount equal to any accumulated but unpaid distributions thereon
    (whether or not earned or declared) to the redemption date, and
    in the case of such Preferred Shares having a dividend period of
    more than one year, the redemption price per share will equal
    the initial liquidation preference plus any redemption premium
    applicable during
</DIV>
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    <BR>
    50
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    such dividend period. Such redemptions are subject to the notice
    requirements set forth under
    &#147;&#151;&#160;Redemption&#160;Procedures&#148; and the
    limitations of the Governing Documents and 1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Redemption&#160;Procedures.</I>&#160;&#160;A notice of
    redemption with respect to an optional redemption will be given
    to the holders of record of preferred shares selected for
    redemption not less than 15&#160;days (subject to NYSE Amex
    requirements), in the case of Fixed Rate Preferred Shares, and
    not less than seven days in the case of Variable Rate Preferred
    Shares, nor, in both cases, more than 40&#160;days prior to the
    date fixed for redemption. Preferred shareholders may receive
    shorter notice in the event of a mandatory redemption. Each
    notice of redemption will state (i)&#160;the redemption date,
    (ii)&#160;the number or percentage of preferred shares to be
    redeemed (which may be expressed as a percentage of such shares
    outstanding), (iii)&#160;the CUSIP number(s) of such shares,
    (iv)&#160;the redemption price (specifying the amount of
    accumulated distributions to be included therein), (v)&#160;the
    place or places where such shares are to be redeemed,
    (vi)&#160;that distributions on the shares to be redeemed will
    cease to accumulate on such redemption date, (vii)&#160;the
    provision of the Statement of Preferences, as applicable, under
    which the redemption is being made and (viii)&#160;any
    conditions precedent to such redemption. No defect in the notice
    of redemption or in the mailing thereof will affect the validity
    of the redemption proceedings, except as required by applicable
    law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of any preferred shares, whether subject to a
    variable or fixed rate, will not have the right to redeem any of
    their shares at their option.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liquidation Preference.</I>&#160;&#160;In the event of any
    voluntary or involuntary liquidation, dissolution or winding up
    of the affairs of the Fund, the holders of preferred shares will
    be entitled to receive a preferential liquidating distribution,
    which is expected to equal the original purchase price per
    preferred share plus accumulated and unpaid dividends, whether
    or not declared, before any distribution of assets is made to
    holders of common shares. After payment of the full amount of
    the liquidating distribution to which they are entitled, the
    holders of preferred shares will not be entitled to any further
    participation in any distribution of assets by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Voting Rights.</I>&#160;&#160;The 1940 Act requires that the
    holders of any preferred shares, voting separately as a single
    class, have the right to elect at least two Trustees at all
    times. The remaining Trustees will be elected by holders of
    common shares and preferred shares, voting together as a single
    class. In addition, subject to the prior rights, if any, of the
    holders of any other class of senior securities outstanding, the
    holders of any preferred shares have the right to elect a
    majority of the Trustees at any time two years&#146; dividends
    on any preferred shares are unpaid. The 1940 Act also requires
    that, in addition to any approval by shareholders that might
    otherwise be required, the approval of the holders of a majority
    of any outstanding preferred shares, voting separately as a
    class, would be required to (i)&#160;adopt any plan of
    reorganization that would adversely affect the preferred shares,
    and (ii)&#160;take any action requiring a vote of security
    holders under Section&#160;13(a) of the 1940 Act, including,
    among other things, changes in the Fund&#146;s subclassification
    as a closed-end investment company to an open-end company or
    changes in its fundamental investment restrictions. As a result
    of these voting rights, the Fund&#146;s ability to take any such
    actions may be impeded to the extent that there are any
    preferred shares outstanding. The Board of Trustees presently
    intends that, except as otherwise indicated in this prospectus
    and except as otherwise required by applicable law, holders of
    preferred shares will have equal voting rights with holders of
    common shares (one vote per share, unless otherwise required by
    the 1940 Act) and will vote together with holders of common
    shares as a single class.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The affirmative vote of the holders of a majority of the
    outstanding preferred shares, voting as a separate class, will
    be required to amend, alter or repeal any of the preferences,
    rights or powers of holders of preferred shares so as to affect
    materially and adversely such preferences, rights or powers, or
    to increase or decrease the authorized number of preferred
    shares. The class vote of holders of preferred shares described
    above will in each case be in addition to any other vote
    required to authorize the action in question.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing voting provisions will not apply to any preferred
    shares if, at or prior to the time when the act with respect to
    which such vote otherwise would be required will be effected,
    such shares will have been redeemed or called for redemption and
    sufficient cash or cash equivalents provided to the applicable
    paying agent to effect such redemption.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    51
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Book Entry.</I>&#160;&#160;Fixed Rate Preferred Shares will
    initially be held in the name of Cede&#160;&#038; Co. as nominee
    for DTC. The Fund will treat Cede&#160;&#038; Co. as the holder
    of record of preferred shares for all purposes. In accordance
    with the procedures of DTC, however, purchasers of Fixed Rate
    Preferred Shares will be deemed the beneficial owners of stock
    purchased for purposes of dividends, voting and liquidation
    rights.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Variable Rate Preferred Shares will initially be held by the
    auction agent as custodian for Cede&#160;&#038; Co., in whose
    name the Variable Rate Preferred Shares will be registered. The
    Fund will treat Cede&#160;&#038; Co. as the holder of record of
    the Variable Rate Preferred Shares for all purposes.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following information regarding the Fund&#146;s authorized
    shares is as of March&#160;31, 2011.
</DIV>

<DIV style="margin-top: 9pt; 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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
</TR>
<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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
</TR>
<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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amount Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exclusive of<BR>
    </B>
</TD>
</TR>
<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>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>by Fund or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Amount Held<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>Authorized</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>for its Account</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Fund</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    Common Shares
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Unlimited
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,039,937
</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">
    6.625% Series A Cumulative<BR>
    Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Unlimited
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,955,687
</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: transparent">

</DIV>

<A name='Y90912114'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ANTI-TAKEOVER
    PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund presently has provisions in its Governing Documents
    which could have the effect of limiting, in each case,
    (i)&#160;the ability of other entities or persons to acquire
    control of the Fund, (ii)&#160;the Fund&#146;s freedom to engage
    in certain transactions or (iii)&#160;the ability of the
    Fund&#146;s Trustees or shareholders to amend the Governing
    Documents or effectuate changes in the Fund&#146;s management.
    These provisions of the Governing Documents of the Fund may be
    regarded as &#147;anti-takeover&#148; provisions. The Board of
    Trustees of the Fund is divided into three classes, each having
    a term of no more than three years (except, to ensure that the
    term of a class of the Fund&#146;s Trustees expires each year,
    one class of the Fund&#146;s Trustees will serve an initial
    one-year term and three-year terms thereafter and another class
    of its Trustees will serve an initial two-year term and
    three-year terms thereafter). Each year the term of one class of
    Trustees will expire. Accordingly, only those Trustees in one
    class may be changed in any one year, and it would require a
    minimum of two years to change a majority of the Board of
    Trustees. Such system of electing Trustees may have the effect
    of maintaining the continuity of management and, thus, make it
    more difficult for the shareholders of the Fund to change the
    majority of Trustees. See &#147;Management of the
    Fund&#151;Trustees and Officers&#148; in the SAI. A trustee of
    the Fund may be removed with cause by a majority of the
    remaining Trustees and, without cause, by two-thirds of the
    remaining Trustees or by no less than two-thirds of the
    aggregate number of votes entitled to be cast for the election
    of such Trustee. Special voting requirements of 75% of the
    outstanding voting shares (in addition to any required class
    votes) apply to certain mergers or a sale of all or
    substantially all of the Fund&#146;s assets, liquidation,
    conversion of the Fund into an open-end fund or interval fund
    and amendments to several provisions of the Declaration of
    Trust, including the foregoing provisions. In addition, after
    completion of the offering, 80% of the holders of the
    outstanding voting securities of the Fund voting as a class is
    generally required in order to authorize any of the following
    transactions:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    merger or consolidation of the Fund with or into any other
    entity;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issuance of any securities of the Fund to any person or entity
    for cash, other than pursuant to the Dividend and Reinvestment
    Plan or any offering if such person or entity acquires no
    greater percentage of the securities offered than the percentage
    beneficially owned by such person or entity immediately prior to
    such offering or, in the case of a class or series not then
    beneficially owned by such person or entity, the percentage of
    common shares beneficially owned by such person or entity
    immediately prior to such offering;
</TD>
</TR>

</TABLE>
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    52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sale, lease or exchange of all or any substantial part of the
    assets of the Fund to any entity or person (except assets having
    an aggregate fair market value of less than $5,000,000);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sale, lease or exchange to the Fund, in exchange for securities
    of the Fund, of any assets of any entity or person (except
    assets having an aggregate fair market value of less than
    $5,000,000);&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase of the Fund&#146;s common shares by the Fund from
    any person or entity other than pursuant to a tender offer
    equally available to other shareholders in which such person or
    entity tenders no greater percentage of common shares than are
    tendered by all other shareholders; if such person or entity is
    directly, or indirectly through affiliates, the beneficial owner
    of more than 5% of the outstanding shares of the Fund.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, such vote would not be required when, under certain
    conditions, the Board of Trustees approves the transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, shareholders have no authority to adopt, amend or
    repeal By-Laws. The Board of Trustees has authority to adopt,
    amend and repeal By-Laws consistent with the Declaration of
    Trust (including to require approval by the holders of a
    majority of the outstanding shares for the election of Trustees).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions of the Governing Documents described above could
    have the effect of depriving the owners of shares in the Fund of
    opportunities to sell their shares at a premium over prevailing
    market prices, by discouraging a third party from seeking to
    obtain control of the Fund in a tender offer or similar
    transaction. The overall effect of these provisions is to render
    more difficult the accomplishment of a merger or the assumption
    of control by a principal shareholder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governing Documents of the Fund are on file with the SEC.
    For access to the full text of these provisions, see
    &#147;Additional Information.&#148;
</DIV>

<A name='Y90912115'>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company (commonly referred to as a closed-end fund). Closed-end
    funds differ from open-end funds (which are generally referred
    to as mutual funds) in that closed-end funds generally list
    their shares for trading on a stock exchange and do not redeem
    their shares at the request of the shareholder. This means that
    if you wish to sell your shares of a closed-end fund you must
    trade them on the market like any other stock at the prevailing
    market price at that time. In a mutual fund, if the shareholder
    wishes to sell shares of the fund, the mutual fund will redeem
    or buy back the shares at &#147;net asset value.&#148; Also,
    mutual funds generally offer new shares on a continuous basis to
    new investors, and closed-end funds generally do not. The
    continuous inflows and outflows of assets in a mutual fund can
    make it difficult to manage the fund&#146;s investments. By
    comparison, closed-end funds are generally able to stay more
    fully invested in securities that are consistent with their
    investment objectives, to have greater flexibility to make
    certain types of investments and to use certain investment
    strategies such as financial leverage and investments in
    illiquid securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of closed-end funds often trade at a discount to their
    net asset value. Because of this possibility and the recognition
    that any such discount may not be in the interest of
    shareholders, the Fund&#146;s Board of Trustees might consider
    from time to time engaging in open-market repurchases, tender
    offers for shares or other programs intended to reduce a
    discount. We cannot guarantee or assure, however, that the
    Fund&#146;s Board of Trustees will decide to engage in any of
    these actions. Nor is there any guarantee or assurance that such
    actions, if undertaken, would result in the shares trading at a
    price equal or close to net asset value per share. The Board of
    Trustees might also consider converting the Fund to an open-end
    mutual fund, which would also require a supermajority vote of
    the shareholders of the Fund and a separate vote of any
    outstanding preferred shares. We cannot assure you that the
    Fund&#146;s common shares will not trade at a discount.
</DIV>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y90912116'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company and as such its shareholders do not, and will not, have
    the right to require the Fund to repurchase their shares. The
    Fund, however, may repurchase its common shares from time to
    time as and when it deems such a repurchase advisable. The Board
    of Trustees has authorized such repurchases to be made when the
    Fund&#146;s common shares are trading at a discount from net
    asset value of 7.5% or more (or such other percentage as the
    Board of Trustees of the Fund may determine from time to time).
    Although the Board of Trustees has authorized such repurchases,
    the Fund is not required to repurchase its common shares. The
    Board of Trustees has not established a limit on the number of
    shares that could be purchased during such period. Pursuant to
    the 1940 Act, the Fund may repurchase its common shares on a
    securities exchange (provided that the Fund has informed its
    shareholders within the preceding six months of its intention to
    repurchase such shares) or pursuant to tenders and may also
    repurchase shares privately if the Fund meets certain conditions
    regarding, among other things, distribution of net income for
    the preceding fiscal year, status of the seller, price paid,
    brokerage commissions, prior notice to shareholders of an
    intention to purchase shares and purchasing in a manner and on a
    basis that does not discriminate unfairly against the other
    shareholders through their interest in the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When the Fund repurchases its common shares for a price below
    net asset value, the net asset value of the common shares that
    remain outstanding shares will be enhanced, but this does not
    necessarily mean that the market price of the outstanding common
    shares will be affected, either positively or negatively. The
    repurchase of common shares will reduce the total assets of the
    Fund available for investment and may increase the Fund&#146;s
    expense ratio.
</DIV>

<A name='Y90912117'>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The net asset value of the Fund&#146;s shares is computed based
    on the market value of the securities it holds and is determined
    daily as of the close of the regular trading day on the NYSE
    Amex. For purposes of determining the Fund&#146;s net asset
    value per share, portfolio securities listed or traded on a
    nationally recognized securities exchange or traded in the
    <FONT style="white-space: nowrap">U.S.&#160;over-the-counter</FONT>
    market for which market quotations are readily available are
    valued at the last quoted sale price or a market&#146;s official
    closing price as of the close of business on the day the
    securities are being valued. If there were no sales that day,
    the security is valued at the average of the closing bid and
    asked prices, or, if there were no asked prices quoted on that
    day, then the security is valued at the closing bid price on
    that day. If no bid or asked prices are quoted on such day, the
    security is valued at the most recently available price or if
    the Board of Trustees so determines, by such other method as the
    Board of Trustees shall determine in good faith to reflect its
    fair market value. Portfolio securities traded on more than one
    national securities exchange or market are valued according to
    the broadest and most representative market, as determined by
    the Investment Adviser.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio securities primarily traded on a foreign market are
    generally valued at the preceding closing values of such
    securities on the relevant market, but may be fair valued
    pursuant to procedures established by the Board of Trustees if
    market conditions change significantly after the close of the
    foreign market but prior to the close of business on the day the
    securities are being valued. Debt instruments with remaining
    maturities of 60&#160;days or less that are not credit impaired
    are valued at amortized cost, unless the Board of Trustees
    determines such amount does not reflect the securities&#146;
    fair value, in which case these securities will be fair valued
    as determined by the Board of Trustees. Debt instruments having
    a maturity greater than 60&#160;days for which market quotations
    are readily available are valued at the average of the latest
    bid and asked prices. If there were no asked prices quoted on
    such day, the security is valued using the closing bid price.
    Futures contracts are valued at the closing settlement price of
    the exchange or board of trade on which the applicable contract
    is traded.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities and assets for which market quotations are not
    readily available are fair valued as determined by the Board of
    Trustees. Fair valuation methodologies and procedures may
    include, but are not limited to: analysis and review of
    available financial and non-financial information about the
    company; comparisons to the valuation and changes in valuation
    of similar securities, including a comparison of foreign
    securities to the
</DIV>
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    <BR>
    54
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    equivalent U.S.&#160;dollar value ADR securities at the close of
    the U.S.&#160;exchange; and evaluation of any other information
    that could be indicative of the value of the security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund obtains valuations on the basis of prices provided by a
    pricing service approved by the Board of Trustees. All other
    investment assets, including restricted and not readily
    marketable securities, are valued in good faith at fair value
    under procedures established by and under the general
    supervision and responsibility of the Fund&#146;s Board of
    Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, whenever developments in one or more securities
    markets after the close of the principal markets for one or more
    portfolio securities and before the time as of which the Fund
    determines its net asset value would, if such developments had
    been reflected in such principal markets, likely have more than
    a minimal effect on the Fund&#146;s net asset value per share,
    the Fund may fair value such portfolio securities based on
    available market information as of the time the Fund determines
    its net asset value.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>NYSE Amex Closings.</I>&#160;&#160;The holidays (as observed)
    on which the NYSE Amex is closed, and therefore days upon which
    shareholders cannot purchase or sell shares, currently are: New
    Year&#146;s Day, Martin Luther King,&#160;Jr. Day,
    Presidents&#146; Day, Good Friday, Memorial Day, Independence
    Day, Labor Day, Thanksgiving Day and Christmas Day and on the
    preceding Friday or subsequent Monday when a holiday falls on a
    Saturday or Sunday, respectively.
</DIV>

<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LIMITATION
    ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governing Documents provide that the Fund will indemnify its
    Trustees and officers and may indemnify its employees or agents
    against liabilities and expenses incurred in connection with
    litigation in which they may be involved because of their
    positions with the Fund, to the fullest extent permitted by
    applicable law. However, nothing in the Governing Documents
    protects or indemnifies a Trustee, officer, employee or agent of
    the Fund against any liability to which such person would
    otherwise be subject in the event of such person&#146;s willful
    misfeasance, bad faith, gross negligence or reckless disregard
    of the duties involved in the conduct of his or her position.
</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and the purchase, ownership and disposition of the Fund&#146;s
    shares. A more complete discussion of the tax rules applicable
    to the Fund and its shareholders can be found in the SAI that is
    incorporated by reference into this prospectus. This discussion
    assumes you are a U.S.&#160;person and that you hold your shares
    as capital assets. This discussion is based upon current
    provisions of the Code, the regulations promulgated thereunder
    and judicial and administrative authorities, all of which are
    subject to change or differing interpretations by the courts or
    the Internal Revenue Service (the &#147;IRS&#148;), possibly
    with retroactive effect. No ruling has been or will be sought
    from the IRS regarding any matter discussed herein. Counsel to
    the Fund has not rendered and will not render any legal opinion
    regarding any tax consequences relating to the Fund or an
    investment in the Fund. No attempt is made to present a detailed
    explanation of all U.S.&#160;federal tax concerns affecting the
    Fund and its shareholders (including shareholders owning large
    positions in the Fund).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The discussion set forth herein does not constitute tax
    advice and potential investors are urged to consult their own
    tax advisers to determine the tax consequences to them of
    investing in the Fund.</B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has elected to be treated and has qualified, and
    intends to continue to qualify annually, as a regulated
    investment company under Subchapter M of the Code. Accordingly,
    the Fund must, among other things, meet the following
    requirements regarding the source of its income and the
    diversification of its assets:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;The Fund must derive in each taxable year at least 90%
    of its gross income from the following sources, which are
    referred to herein as &#147;Qualifying Income&#148;:
    (a)&#160;dividends, interest (including tax-
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    exempt interest), payments with respect to certain securities
    loans, and gains from the sale or other disposition of stock,
    securities or foreign currencies, or other income (including but
    not limited to gain from options, futures and forward contracts)
    derived with respect to its business of investing in such stock,
    securities or foreign currencies; and (b)&#160;net income
    derived from interests in publicly traded partnerships that are
    treated as partnerships for U.S.&#160;federal income tax
    purposes and that derive less than 90% of their gross income
    from the items described in clause&#160;(a)&#160;above (each a
    &#147;Qualified Publicly Traded Partnership&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;The Fund must diversify its holdings so that, at the
    end of each quarter of each taxable year (a)&#160;at least 50%
    of the market value of the Fund&#146;s total assets is
    represented by cash and cash items, U.S.&#160;government
    securities, the securities of other regulated investment
    companies and other securities, with such other securities
    limited, in respect of any one issuer, to an amount not greater
    than 5% of the value of the Fund&#146;s total assets and not
    more than 10% of the outstanding voting securities of such
    issuer and (b)&#160;not more than 25% of the market value of the
    Fund&#146;s total assets is invested in the securities of
    (I)&#160;any one issuer (other than U.S.&#160;government
    securities and the securities of other regulated investment
    companies), (II)&#160;any two or more issuers (other than
    regulated investment companies) that the Fund controls and that
    are determined to be engaged in the same business or similar or
    related trades or businesses or (III)&#160;any one or more
    Qualified Publicly Traded Partnerships.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Income from the Fund&#146;s investments in grantor trusts and
    equity interest of MLPs that are not Qualified Publicly Traded
    Partnerships (if any) will be Qualifying Income to the extent it
    is attributable to items of income of such trust or MLP that
    would be Qualifying Income if earned directly by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although in general the passive loss rules of the Code do not
    apply to regulated investment companies, such rules do apply to
    a regulated investment company with respect to items
    attributable to an interest in a Qualified Publicly Traded
    Partnership. The Fund&#146;s investments in partnerships,
    including in Qualified Publicly Traded Partnerships, may result
    in the Fund being subject to state, local or foreign income,
    franchise or withholding tax liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a regulated investment company, the Fund generally will not
    be subject to U.S.&#160;federal income tax on income and gains
    that the Fund distributes to its shareholders, provided that it
    distributes each taxable year at least the sum of (i)&#160;90%
    of the Fund&#146;s investment company taxable income (which
    includes, among other items, dividends, interest and the excess
    of any net short-term capital gain over net long-term capital
    loss and other taxable income, other than any net long-term
    capital gain (as defined below), reduced by deductible expenses)
    determined without regard to the deduction for dividends paid
    and (ii)&#160;90% of the Fund&#146;s net tax-exempt interest
    income (the excess of its gross tax-exempt interest over certain
    disallowed deductions). The Fund intends to distribute
    substantially all of such income at least annually. The Fund
    will be subject to income tax at regular corporate rates on any
    taxable income or gains that it does not distribute to its
    shareholders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Code imposes a 4% nondeductible federal excise tax on the
    Fund to the extent the Fund does not distribute by the end of
    any calendar year an amount at least equal to the sum of
    (i)&#160;98% of its ordinary income (not taking into account any
    capital gain or loss) for the calendar year, (ii)&#160;98.2% of
    its capital gain in excess of its capital loss (adjusted for
    certain ordinary losses) for a one-year period generally ending
    on October 31 of the calendar year (unless an election is made
    to use the Fund&#146;s fiscal year), and (iii)&#160;certain
    undistributed amounts from previous years on which the Fund paid
    no U.S.&#160;federal income tax. In addition, the minimum
    amounts that must be distributed in any year to avoid the
    federal excise tax will be increased or decreased to reflect any
    under-distribution or over-distribution, as the case may be,
    from the previous year. While the Fund intends to distribute any
    income and capital gain in the manner necessary to minimize
    imposition of the 4% federal excise tax, there can be no
    assurance that sufficient amounts of the Fund&#146;s taxable
    income and capital gain will be distributed to entirely avoid
    the imposition of the federal excise tax. In that event, the
    Fund will be liable for the federal excise tax only on the
    amount by which it does not meet the foregoing distribution
    requirement.
</DIV>
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    <BR>
    56
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any taxable year the Fund does not qualify as a regulated
    investment company, all of its taxable income (including its net
    capital gain) will be subject to tax at regular corporate rates
    without any deduction for distributions to shareholders.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid to you by the Fund from its net realized
    long-term capital gains, if any, that the Fund reports as
    capital gains dividends (&#147;capital gain dividends&#148;) are
    taxable at rates applicable to long-term capital gain,
    regardless of how long you have held your common shares. All
    other dividends paid to you by the Fund (including dividends
    from short-term capital gains) from its current or accumulated
    earnings and profits (&#147;ordinary income dividends&#148;) are
    generally subject to tax as ordinary income.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any distributions you receive that are in excess of the
    Fund&#146;s current or accumulated earnings and profits will be
    treated as a tax-free return of capital to the extent of your
    adjusted tax basis in your common shares, and thereafter as
    capital gain from the sale of common shares. The amount of any
    Fund distribution that is treated as a tax-free return of
    capital will reduce your adjusted tax basis in your common
    shares, thereby increasing your potential gain or reducing your
    potential loss on any subsequent sale or other disposition of
    your common shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends and other taxable distributions are taxable to you
    even though they are reinvested in additional common shares of
    the Fund. Dividends and other distributions paid by the Fund are
    generally treated under the Code as received by you at the time
    the dividend or distribution is made. If, however, the Fund pays
    you a dividend in January that was declared in the previous
    October, November or December and you were the shareholder of
    record on a specified date in one of such months, then such
    dividend will be treated for tax purposes as being paid by the
    Fund and received by you on December 31 of the year in which the
    dividend was declared.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will send you information after the end of each year
    setting forth the amount and tax status of any distributions
    paid to you by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The sale or other disposition of common shares of the Fund will
    generally result in capital gain or loss to you, and will be
    long-term capital gain or loss if you have held such common
    shares for more than one year at the time of sale. Any loss upon
    the sale or exchange of common shares held for six months or
    less will be treated as long-term capital loss to the extent of
    any capital gain dividends received (including amounts credited
    as an undistributed capital gain dividend) by you with respect
    to such common shares. Any loss you realize on a sale or
    exchange of common shares will be disallowed if you acquire
    other common shares (whether through the automatic reinvestment
    of dividends or otherwise) within a
    <FONT style="white-space: nowrap">61-day</FONT>
    period beginning 30&#160;days before and ending 30&#160;days
    after your sale or exchange of the common shares. In such a
    case, your tax basis in the common shares acquired will be
    adjusted to reflect the disallowed loss.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may be required to withhold, for U.S.&#160;federal
    backup withholding tax purposes, a portion of the dividends,
    distributions and redemption proceeds payable to shareholders
    who fail to provide the Fund (or its agent) with their correct
    taxpayer identification number (in the case of individuals,
    generally, their social security number) or to make required
    certifications, or who have been notified by the IRS that they
    are subject to backup withholding. Certain shareholders are
    exempt from backup withholding. Backup withholding is not an
    additional tax and any amount withheld may be refunded or
    credited against your U.S.&#160;federal income tax liability, if
    any, provided that you furnish the required information to the
    IRS.
</DIV>

<A name='Y90912119'>
<DIV style="margin-top: 12pt; 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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CUSTODIAN,
    TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    American Stock Transfer, located at 59 Maiden Lane, New York,
    New York 10038, serves as the Fund&#146;s dividend disbursing
    agent, as agent under the Fund&#146;s Plan and as transfer agent
    and registrar for the common shares of the Fund.
</DIV>
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    <BR>
    57
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912120'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell the shares, being offered hereby in one or more of
    the following ways from time to time:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to underwriters or dealers for resale to the public or to
    institutional investors;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to institutional investors;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to a limited number of purchasers or to a single
    purchaser;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents to the public or to institutional
    investors;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of these methods of sale.
</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: transparent">
    The Prospectus Supplement with respect to each series of
    securities will state the terms of the offering of the
    securities, including:
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the offering terms, including the name or names of any
    underwriters, dealers or agents;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase price of the securities and the net proceeds to be
    received by us from the sale;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any underwriting discounts or agency fees and other items
    constituting underwriters&#146; or agents&#146; compensation,
    which compensation for any sale will in no event exceed 8% of
    the sales price;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any initial public offering price;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any discounts or concessions allowed or reallowed or paid to
    dealers;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any securities exchange on which the securities may be listed.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we use underwriters or dealers in the sale, the securities
    will be acquired by the underwriters or dealers for their own
    account and may be resold from time to time in one or more
    transactions, including;
</DIV>

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

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    negotiated transactions;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at a fixed public offering price or prices, which may be changed;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at prices related to prevailing market prices;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</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: transparent">
    Any initial public offering price and any discounts or
    concessions allowed or reallowed or paid to dealers may be
    changed from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If underwriters are used in the sale of any securities, the
    securities may be either offered to the public through
    underwriting syndicates represented by managing underwriters, or
    directly by underwriters. Generally, the underwriters&#146;
    obligations to purchase the securities will be subject to
    certain conditions precedent. The underwriters will be obligated
    to purchase all of the securities if they purchase any of the
    securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If indicated in an applicable Prospectus Supplement, we may sell
    the securities through agents from time to time. The applicable
    Prospectus Supplement will name any agent involved in the offer
    or sale of the securities and any commissions we pay to them. In
    compliance with the guidelines of the Financial Industry
    Regulatory Authority, Inc., the maximum compensation to any
    agent in connection with the sale of our securities pursuant to
    this prospectus and any accompanying Prospectus Supplement may
    not exceed 8% of the aggregate offering price of the securities
    as set forth on the cover page of the supplement to this
    prospectus. Generally, any agent will be acting on a best
    efforts basis for the period of its appointment. We may
    authorize underwriters, dealers or agents to solicit offers by
    certain purchasers to purchase the securities from us at the
    public offering price set forth in the applicable Prospectus
    Supplement pursuant to delayed delivery contracts providing for
    payment and delivery on a specified date in the future. The
    delayed delivery contracts will be subject only to those
    conditions set forth in the applicable Prospectus Supplement,
    and the applicable
</DIV>
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    <BR>
    58
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<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: transparent">
    Prospectus Supplement will set forth any commissions we pay for
    solicitation of these delayed delivery contracts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Offered securities may also be offered and sold, if so indicated
    in the applicable Prospectus Supplement, in connection with a
    remarketing upon their purchase, in accordance with a redemption
    or repayment pursuant to their terms, or otherwise, by one or
    more remarketing firms, acting as principals for their own
    accounts or as agents for us. Any remarketing firm will be
    identified and the terms of its agreements, if any, with us and
    its compensation will be described in the applicable Prospectus
    Supplement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Agents, underwriters and other third parties described above may
    be entitled to indemnification by us against certain civil
    liabilities under the Securities Act, or to contribution with
    respect to payments which the agents or underwriters may be
    required to make in respect thereof. Agents, underwriters and
    such other third parties may be customers of, engage in
    transactions with, or perform services for us in the ordinary
    course of business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each series of securities will be a new issue of securities and
    will have no established trading market other than our common
    shares and Preferred Shares, which are listed on the NYSE Amex.
    Any common shares sold will be listed on NYSE Amex, upon
    official notice of issuance. The securities, other than the
    common shares, may or may not be listed on a national securities
    exchange. Any underwriters to whom securities are sold by us for
    public offering and sale may make a market in the securities,
    but such underwriters will not be obligated to do so and may
    discontinue any market making at any time without notice.
</DIV>

<A name='Y90912121'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, counsel to the Fund in connection
    with the offering of the Fund&#146;s shares.
</DIV>

<A name='Y90912122'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers LLP serves as the independent registered
    public accounting firm of the Fund and audits the financial
    statements of the Fund. PricewaterhouseCoopers LLP is located at
    300&#160;Madison Avenue, New&#160;York, New&#160;York 10017.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<A name='Y90912123'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is subject to the informational requirements of the
    Securities Exchange Act of 1934, as amended, and the 1940 Act,
    and in accordance therewith files reports and other information
    with the SEC. Reports, proxy statements and other information
    filed by the Fund with the SEC pursuant to the informational
    requirements of such Acts can be inspected and copied at the
    public reference facilities maintained by the SEC,
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549. The
    SEC maintains a web site at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    containing reports, proxy and information statements and other
    information regarding registrants, including the Fund, that file
    electronically with the SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The common shares are listed on the NYSE Amex under the symbol
    &#147;GGN.&#148; The Preferred Shares are listed on the NYSE
    Amex under the symbol &#147;GGN PrA.&#148; Reports, proxy
    statements and other information concerning the Fund and filed
    with the SEC by the Fund will be available for inspection at the
    NYSE Amex, 11 Wall Street, New York, New York, 10005.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus constitutes part of a Registration Statement
    filed by the Fund with the SEC under the Securities Act of 1933
    and the 1940 Act. This prospectus omits certain of the
    information contained in the Registration Statement, and
    reference is hereby made to the Registration Statement and
    related exhibits for further information with respect to the
    Fund and the common shares offered hereby. Any statements
    contained herein concerning the provisions of any document are
    not necessarily complete, and, in each instance, reference is
    made to the copy of such document filed as an exhibit to the
    Registration Statement or otherwise
</DIV>
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    <BR>
    59
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    filed with the SEC. Each such statement is qualified in its
    entirety by such reference. The complete Registration Statement
    may be obtained from the SEC upon payment of the fee prescribed
    by its rules and regulations or free of charge through the
    SEC&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<A name='Y90912124'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is committed to maintaining the privacy of its
    shareholders and to safeguarding their non-public personal
    information. The following information is provided to help you
    understand what personal information the Fund collects, how the
    Fund protects that information and why, in certain cases, the
    Fund may share information with select other parties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, the Fund does not receive any non-public personal
    information relating to its shareholders, although certain
    non-public personal information of its shareholders may become
    available to the Fund. The Fund does not disclose any non-public
    personal information about its shareholders or former
    shareholders to anyone, except as permitted by law or as is
    necessary in order to service shareholder accounts (for example,
    to a transfer agent or third party administrator).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund restricts access to non-public personal information
    about its shareholders to employees of the Fund, the Investment
    Adviser, and its affiliates with a legitimate business need for
    the information. The Fund maintains physical, electronic and
    procedural safeguards designed to protect the non-public
    personal information of its shareholders.
</DIV>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    60
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912125'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An SAI dated as of April&#160;28, 2011, has been filed with the
    SEC and is incorporated by reference in this prospectus. An SAI
    may be obtained without charge by writing to the Fund at its
    address at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    or by calling the Fund toll-free at (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554).</FONT>
    The Table of Contents of the SAI is as follows:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment Objectives and Policies
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment Restrictions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management of The Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends and Distributions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</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">
    Portfolio Transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</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">
    Portfolio Turnover
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</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">
    Taxation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</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">
    General Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</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">
    Appendix&#160;A&#151;Proxy Voting Policy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No dealer, sales person or other person has been authorized to
    give any information or to make any representations in
    connection with this offering other than those contained in this
    Prospectus in connection with the offer contained herein, and,
    if given or made, such other information or representations must
    not be relied upon as having been authorized by the Fund, the
    Investment Adviser or the underwriters. Neither the delivery of
    this Prospectus nor any sale made hereunder will, under any
    circumstances, create any implication that there has been no
    change in the affairs of the Fund since the date hereof or that
    the information contained herein is correct as of any time
    subsequent to its date. This Prospectus does not constitute an
    offer to sell or a solicitation of an offer to buy any
    securities other than the securities to which it relates. This
    Prospectus does not constitute an offer to sell or the
    solicitation of an offer to buy such securities in any
    circumstance in which such an offer or solicitation is unlawful.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    61
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">$750,000,000</FONT></B>
</DIV>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y90912y9091201.gif" alt="(GABELLI LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Common Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Preferred Shares of Beneficial
    Interest</FONT></B>
</DIV>

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

</DIV>

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

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

<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: transparent">
    <B>PROSPECTUS</B>
</DIV>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>April&#160;28, 2011</B>
</DIV>

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

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

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

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this Prospectus is not complete and may be
changed. The Fund may not sell these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell
these securities and is not soliciting offers to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</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: transparent">
    PROSPECTUS SUPPLEMENT
</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: transparent">
    (To Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011)
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Shares</FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">The Gabelli Global Gold,
    Natural Resources&#160;&#038; Income Trust</FONT></B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering for
    sale&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common shares. Our common shares are traded on the NYSE
    Amex LLC (the &#147;NYSE Amex&#148;) under the symbol
    &#147;GGN.&#148; Our 6.625% Series&#160;A Cumulative Preferred
    Shares are listed on the NYSE Amex under the symbol &#147;GGN
    PrA.&#148; The last reported sale price for our common shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    was $&#160;&#160;&#160;&#160;&#160; per share. The net asset
    value of the Fund&#146;s common shares at the close of business
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 was $&#160;&#160;&#160;&#160;&#160; per share.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should review the information set forth under &#147;Risk
    Factors and Special Considerations&#148; on page&#160;25 of the
    accompanying Prospectus before investing in our common shares.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- 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="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 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total(1)</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">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</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">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</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: transparent">

</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: transparent">

<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">
    The aggregate expenses of the offering are estimated to be
    $&#160;&#160;&#160;&#160;&#160; , which represents approximately
    $&#160;&#160;&#160;&#160;&#160; per share.</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: transparent">
    [The underwriters may also purchase up to an
    additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    common shares from us at the public offering price, less
    underwriting discounts and commissions, to cover
    over-allotments, if any, within 30&#160;days after the date of
    this Prospectus Supplement. If the over-allotment option is
    exercised in full, the total proceeds, before expenses, to the
    Fund would be $&#160;&#160;&#160;&#160;&#160; and the total
    underwriting discounts and commissions would be
    $&#160;&#160;&#160;&#160;&#160;. The common shares will be ready
    for delivery on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    .]
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read this Prospectus Supplement and the accompanying
    Prospectus before deciding whether to invest in our common
    shares and retain it for future reference. The Prospectus
    Supplement and the accompanying Prospectus contain important
    information about us. Material that has been incorporated by
    reference and other information about us can be obtained from us
    by calling toll free (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554),</FONT>
    by visiting the Fund&#146;s website at www.gabelli.com, by
    writing to the Fund or from the Securities and Exchange
    Commission&#146;s (&#147;SEC&#148;) website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the SEC nor any state securities commission has approved
    or disapproved these securities or determined if this Prospectus
    Supplement is truthful or complete. Any representation to the
    contrary is a criminal offense.
</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: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></U><FONT style="font-family: 'Times New Roman', Times">,
    <U>&#160;&#160;</U></FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this Prospectus Supplement and the
    accompanying Prospectus. We have not authorized any other person
    to provide you with different information. If anyone provides
    you with different or inconsistent information, you should not
    rely on it. We are not making an offer to sell these securities
    in any jurisdiction in which the offer or sale is not
    permitted.</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: transparent">
    In this Prospectus Supplement and in the accompanying
    Prospectus, unless otherwise indicated, &#147;Fund,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The
    Gabelli Global Gold, Natural Resources&#160;&#038; Income Trust.
    This Prospectus Supplement also includes trademarks owned by
    other persons.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<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: transparent">

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

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912305'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912300'>Table of Fees and Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912301'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912306'>Financial Highlights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912302'>Price Range of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912303'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912304'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912102'>Summary of Fund&#160;Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912103'>Financial Highlights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912104'>Use Of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912105'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912106'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912107'>Risk Factors and Special Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912108'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912109'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912110'>Dividends And Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912111'>Issuance of Common Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912112'>Automatic Dividend Reinvestment and Voluntary
    Cash Purchase Plan</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912113'>Description of the Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912114'>Anti-Takeover Provisions of the Fund&#146;s
    Governing Documents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912115'>Closed-End Fund&#160;Structure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912116'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912117'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912118'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912119'>Custodian, Transfer Agent and Dividend Disbursing
    Agent</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912120'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912121'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912122'>Independent Registered Public Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912123'>Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912124'>Privacy Principles of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912125'>Table Of Contents of Statement of Additional
    Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912305'>
<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: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The table below assumes that we will
    sell&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    common shares, at a price of $&#160;&#160;&#160;&#160;&#160; per
    share (the last reported sale price per share of our common
    shares on the NYSE Amex
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the [unaudited/audited]
    capitalization of the Fund as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;, and its adjusted capitalization assuming the
    common shares offered in this Prospectus Supplement had been
    issued.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Preferred shares, $0.001&#160;par value per share, unlimited
    shares authorized. (The &#147;Actual&#148; column reflects the
    fund&#146;s outstanding capitalization
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Series&#160;A Preferred, $25 liquidation preference per share
    as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;; the &#147;As adjusted&#148; column reflects the
    outstanding capitalization
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Series&#160;A Preferred, $25 liquidation preference per share
    as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shareholders&#146; equity applicable to common shares:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common shares, $0.001&#160;par value per share; unlimited shares
    authorized. (The &#147;Actual&#148; column reflects the
    Fund&#146;s outstanding capitalization
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;; the &#147;As adjusted&#148; column assumes the
    issuance
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    (of which all but
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    offered pursuant to this Prospectus Supplement have been issued)
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    pursuant to the dividend reinvestment plan and outstanding
    capitalization
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    through&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paid-in surplus*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated distributions in excess of net investment income and
    net realized gains
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net unrealized depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net assets applicable to common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Liquidation preference of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net assets, plus the liquidation preference of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</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: transparent">

</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: transparent">

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

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    As Adjusted paid-in surplus reflects a deduction for the
    estimated underwriting discounts of
    $&#160;&#160;&#160;&#160;&#160; and estimated offering expenses
    of common shares offerings borne by the Fund of
    $&#160;&#160;&#160;&#160;&#160;
    through&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;. The total estimated underwriting discounts and
    offering expenses borne by the Fund for common shares offered by
    the Fund in the&#160;&#160; months
    ended&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160; were $&#160;&#160;&#160;&#160;&#160; and
    $&#160;&#160;&#160;&#160;&#160;, respectively. The total
    estimated underwriting discounts and offering expenses borne by
    the Fund for this offering are $&#160;&#160;&#160;&#160;&#160;
    and $&#160;&#160;&#160;&#160;&#160;, respectively.</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

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

<A name='Y90912300'>
<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: transparent">

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

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

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Transaction Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of Net Assets<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Attributable to Common Shares</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends on preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total annual fund operating expenses and dividends on preferred
    shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</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: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    You will be charged a $1.00 service charge and pay brokerage
    charges if you direct the plan agent to sell your common shares
    held in a dividend reinvestment account.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Investment Adviser&#146;s fee is 1.00% annually of the
    Fund&#146;s average weekly net assets, with no deduction for the
    liquidation preference of any outstanding preferred shares.
    Consequently, if the Fund has preferred shares outstanding, the
    investment management fees and other expenses as a percentage of
    net assets attributable to common shares are higher than if the
    Fund did not utilize a leveraged capital structure. &#147;Other
    Expenses&#148; are based on estimated amounts for the current
    year assuming completion of the proposed issuances.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Example</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following example illustrates the expenses you would pay on
    a $1,000 investment in common shares, assuming a 5% annual
    portfolio total return.*
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</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: transparent">

</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: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    <B>The example should not be considered a representation of
    future expenses</B>. The example assumes that the amounts set
    forth in the Annual Expenses table are accurate and that all
    distributions are reinvested at net asset value. Actual expenses
    may be greater or less than those assumed. Moreover, the
    Fund&#146;s actual rate of return may be greater or less than
    the hypothetical 5% return shown in the example.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y90912301'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We estimate the total net proceeds of the offering to be
    $&#160;&#160;&#160;&#160;&#160; based on the public offering
    price of $&#160;&#160;&#160;&#160;&#160; per share and after
    deducting underwriting discounts and commissions and estimated
    offering expenses payable by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser expects that it will initially invest the
    proceeds of the offering in high-quality short-term debt
    securities and instruments. The Investment Adviser anticipates
    that the investment of the proceeds will be made in accordance
    with the Fund&#146;s investment objectives and policies as
    appropriate investment opportunities are identified.
</DIV>

<A name='Y90912306'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    HIGHLIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selected data below sets forth the per share operating
    performance and ratios for the periods presented. The financial
    information was derived from and should be read in conjunction
    with the Financial Statements of the Fund and Notes thereto,
    which are incorporated by reference into this prospectus and the
    SAI. The financial information for the fiscal year ended
    December&#160;31, 2010 and for each of the preceding fiscal
    periods presented since inception, has been audited by
    PricewaterhouseCoopers LLP, the Fund&#146;s independent
    registered public accounting firm, whose unqualified report on
    such Financial Statements is incorporated by reference into
    the&#160;SAI.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Selected data for a share of beneficial interest outstanding
    throughout each period:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="48%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operating Performance:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net asset value, beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income/(loss)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized and unrealized gain/(loss) on investments, swap
    contracts, securities sold short, written options, and foreign
    currency transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total from investment operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Distributions to Preferred Shareholders: (a)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.03
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.11
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.12
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.28
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total distributions to preferred shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.29
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.36
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.08
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Distributions to Common Shareholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.31
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.26
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.13
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.15
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.37
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.45
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.48
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.78
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Return of capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.97
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.07
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total distributions to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.93
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Fund&#160;Share Transactions:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Increase in net asset value from common share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Increase in net asset value from repurchases of preferred shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (d)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Offering costs for preferred shares charged to paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total fund share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Net Asset Value, End of Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    NAV total return&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74.36
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (61.59
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.47
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Market value, end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Investment total return&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.77
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.14
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50.94
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.40
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.86
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="48%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratios to Average Net Assets and Supplemental Data: </B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net assets including liquidation value of preferred shares, end
    of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,119,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    620,047
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    633,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net assets attributable to common shares, end of period (in
    000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,020,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    521,155
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    190,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    533,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    432,741
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of net investment income/(loss) to average net assets
    attributable to common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.41
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.09
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of operating expenses to average net assets attributable
    to common shares (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.78
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.45
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of operating expenses to average net assets including
    liquidation value of preferred shares&#160;(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Portfolio turnover rate&#134;&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Preferred Shares:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>6.625% Series&#160;A Cumulative Preferred Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Liquidation value, end of period (in&#160;000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,937
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total shares outstanding (in&#160;000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Liquidation preference per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Average market value&#160;(c)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    26.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Asset coverage per share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    282.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    156.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    158.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Asset coverage</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,132
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    627
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    633
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</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: transparent">

</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: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share, adjusted for reinvestment of
    distributions at the net asset value per share on the
    ex-dividend dates.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on market value per share, adjusted for reinvestment of
    distributions at prices determined under the Fund&#146;s
    dividend reinvestment plan.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134;&#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Effective in 2008, a change in accounting policy was adopted
    with regard to the calculation of the portfolio turnover rate to
    include cash proceeds due to mergers. Had this policy been
    adopted retroactively, the portfolio turnover rate for the year
    ended December&#160;31, 2007 would have been 77.7%. The
    portfolio turnover rate for the year ended 2006 would have been
    as shown.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Calculated based upon average common shares outstanding on the
    record dates throughout the periods.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (b) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund incurred interest expense during the years ended
    December&#160;31, 2008, 2007, and 2006. If interest expense had
    not been incurred, the ratio of operating expenses to average
    net assets attributable to common shares would have been 1.54%,
    1.33%, and 1.16%, respectively, and for 2008 and 2007, the ratio
    of operating expenses to average net assets including
    liquidation value of preferred shares would have been 1.25% and
    1.27%, respectively. For the years ended December&#160;31, 2010
    and 2009, the effect of interest expense was minimal.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (c) </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on weekly prices.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (d) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amount represents less than $0.005 per share.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y90912302'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth for the quarters indicated, the
    high and low closing sale prices on the NYSE Amex per share of
    our common shares and the net asset value and the premium or
    discount from net asset value per share at which the common
    shares were trading, expressed as a percentage of net asset
    value, at each of the high and low closing sale prices provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Corresponding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Corresponding<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Net Asset Value<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Premium or Discount<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Market Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(&#147;NAV&#148;) Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>as a% of NAV</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Quarter Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September 30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December 31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April&#160;27, 2011 (period from April&#160;1, 2011 through
    April&#160;27, 2011)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.26
</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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The last reported price for our common shares on April&#160;27,
    2011 was $19.13&#160;per share. As of April&#160;27, 2011, the
    net asset value per share for our common shares was
    $18.72&#160;per share.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y90912303'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are selling common shares under this Prospectus Supplement.
    Subject to the terms
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    we have agreed to
    sell&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;common
    shares at a price of $&#160;&#160;&#160;&#160;&#160; per share
    in cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our common shares are listed on the NYSE Amex under the symbol
    &#147;GGN.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We estimate the total expenses payable by us in connection with
    the offering will be approximately
    $&#160;&#160;&#160;&#160;&#160;.
</DIV>

<A name='Y90912304'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New&#160;York, counsel
    to the Fund in connection with the offering of the common shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y90912y9091201.gif" alt="(GABELLI LOGO)">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Common Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;, 2011</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Dated
    April&#160;28, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    GABELLI GLOBAL GOLD, NATURAL RESOURCES&#160;&#038; INCOME
    TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF ADDITIONAL INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS
    NOT COMPLETE AND MAY BE CHANGED. THE FUND&#160;MAY NOT SELL
    THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
    SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT
    OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE
    SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE
    SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Statement of Additional Information (the &#147;SAI&#148;)
    does not constitute a prospectus, but should be read in
    conjunction with the Fund&#146;s prospectus relating thereto
    dated April&#160;28, 2011, and as it may be supplemented. This
    SAI does not include all information that a prospective investor
    should consider before investing in the Fund&#146;s common
    shares, and investors should obtain and read the Fund&#146;s
    prospectus prior to purchasing such shares. A copy of the
    Fund&#146;s Registration Statement, including the prospectus and
    any supplement, may be obtained from the Securities and Exchange
    Commission (the &#147;SEC&#148;) upon payment of the fee
    prescribed, or inspected at the SEC&#146;s office or via its
    website (www.sec.gov) at no charge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Global Gold, Natural Resources&#160;&#038; Income
    Trust, or the &#147;Fund,&#148; is a non-diversified, closed-end
    management investment company registered under the Investment
    Company Act of 1940, as amended (the &#147;1940 Act&#148;). The
    Fund&#146;s primary investment objective is to provide a high
    level of current income. The Fund&#146;s secondary investment
    objective is to seek capital appreciation consistent with the
    Fund&#146;s strategy and its primary objective. An investment in
    the Fund is not appropriate for all investors. We cannot assure
    you that the Fund&#146;s objectives will be achieved. Gabelli
    Funds, LLC serves as Investment Adviser to the Fund. See
    &#147;Management of the Fund.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under normal market conditions, the Fund will attempt to achieve
    its objectives by investing at least 80% of its assets in equity
    securities of companies principally engaged in the gold industry
    and the natural resources industries. The Fund will invest at
    least 25% of its assets in the equity securities of companies
    principally engaged in the exploration, mining, fabrication,
    processing, distribution or trading of gold or the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities. In addition, the Fund will
    invest at least 25% of its assets in the equity securities of
    companies principally engaged in the exploration, production or
    distribution of natural resources, such as gas, oil, paper, food
    and agriculture, forestry products, metals and minerals as well
    as related transportation companies and equipment manufacturers.
    The Fund may invest in the securities of companies located
    anywhere in the world. Under normal market conditions, the Fund
    will invest at least 40% of its assets in the securities of
    issuers located in at least three countries other than the
    U.S.&#160;As part of its investment strategy, the Fund intends
    to generate gains through an option strategy of writing
    (selling) covered call options on equity securities in its
    portfolio. When the Fund sells a covered call option, it
    generates gains in the form of the premium paid by the buyer of
    the call, but the Fund forgoes the opportunity to participate in
    any increase in the value of the underlying equity security
    above the exercise price of the option. See &#147;Investment
    Objectives and Policies.&#148;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912150'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912151'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912152'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912153'>Management of The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912154'>Dividends and Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912155'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912156'>Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912157'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912158'>General Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y90912159'>Appendix&#160;A&#151;Proxy Voting Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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</DIV>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y90912150'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Global Gold, Natural Resources&#160;&#038; Income
    Trust is a non-diversified, closed-end management investment
    company organized under the laws of the State of Delaware. The
    Fund&#146;s common shares of beneficial interest, par value
    $0.001 per share, are listed on the NYSE Amex LLC (the
    &#147;NYSE Amex&#148;) under the symbol &#147;GGN.&#148; Our
    6.625% Series&#160;A Cumulative Preferred Shares are listed on
    the NYSE Amex under the symbol &#147;GGN PrA.&#148;
</DIV>

<A name='Y90912151'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    OBJECTIVES AND POLICIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Objectives and Policies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income. The Fund&#146;s secondary
    investment objective is to seek capital appreciation consistent
    with the Fund&#146;s strategy and its primary objective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under normal market conditions, the Fund will attempt to achieve
    its objectives by investing at least 80% of its assets in equity
    securities of companies principally engaged in the gold industry
    and the natural resources industries. The Fund will invest at
    least 25% of its assets in the equity securities of companies
    principally engaged in the exploration, mining, fabrication,
    processing, distribution or trading of gold or the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities (&#147;Gold
    Companies&#148;). In addition, the Fund will invest at least 25%
    of its assets in the equity securities of companies principally
    engaged in the exploration, production or distribution of
    natural resources, such as gas, oil, paper, food and
    agriculture, forestry products, metals and minerals as well as
    related transportation companies and equipment manufacturers
    (&#147;Natural Resources Companies&#148;). The Fund may invest
    in the securities of companies located anywhere in the world.
    Under normal market conditions, the Fund will invest at least
    40% of its assets in the securities of issuers located in at
    least three countries other than the U.S.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principally engaged, as used in this SAI, means a company that
    derives at least 50% of its revenues or earnings or devotes at
    least 50% of its assets to the indicated businesses. An issue
    will be treated as being located outside the U.S.&#160;if it is
    either organized or headquartered outside of the U.S.&#160;and
    has a substantial portion of its operations or sales outside the
    U.S.&#160;Equity securities may include common stocks, preferred
    stocks, convertible securities, warrants, depository receipts
    and equity interests in trusts and other entities. Other Fund
    investments may include investment companies, including
    exchange-traded funds, securities of issuers subject to
    reorganization or other risk arbitrage investments, derivative
    instruments, debt (including obligations of the
    U.S.&#160;Government) and money market instruments. As part of
    its investment strategy, the Fund intends to generate gains
    through an option strategy of writing (selling) covered call
    options on equity securities in its portfolio. When the Fund
    sells a covered call option, it generates gains in the form of
    the premium paid by the buyer of the call option, but the Fund
    forgoes the opportunity to participate in any increase in the
    value of the underlying equity security above the exercise price
    of the option. See &#147;Investment Objectives and
    Policies.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is not intended for those who wish to exploit
    short-term swings in the stock market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser&#146;s investment philosophy with respect
    to selecting investments in the gold industry and the natural
    resources industries is to emphasize quality and value, as
    determined by such factors as asset quality, balance sheet
    leverage, management ability, reserve life, cash flow and
    commodity hedging exposure. In addition, in making stock
    selections, the Investment Adviser looks for securities that it
    believes may have a superior yield, as well as capital gains
    potential and that allow the Fund to earn income from writing
    covered calls on such stocks.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Investment Policies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Canadian Royalty Trusts.</I>&#160;&#160;The Fund may invest
    in equity interests in Canadian Royalty Trusts. A Canadian
    Royalty Trust is a royalty trust whose securities are generally
    listed on a Canadian securities
</DIV>
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    <BR>
    3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    exchange and which controls an underlying company whose business
    is the acquisition, exploitation, production and sale of oil and
    natural gas. These trusts generally pay out to unitholders the
    majority of the cash flow that they receive from the production
    and sale of underlying oil and natural gas reserves. The amount
    of distributions paid on a Canadian Royalty Trust&#146;s units
    will vary from time to time based on production levels,
    commodity prices, royalty rates and certain expenses, deductions
    and costs, as well as on the distribution payout ratio policy
    adopted. As a result of distributing the bulk of its cash flow
    to unitholders, the ability of a Canadian Royalty Trust to
    finance internal growth through exploration is limited.
    Therefore, Canadian Royalty Trusts typically grow through
    acquisition of additional oil and gas properties or producing
    companies with proven reserves of oil and gas, funded through
    the issuance of additional equity or, where the trust is able,
    additional debt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Canadian Royalty Trusts, like other types of Natural Resources
    Companies, are exposed to pricing risk, supply and demand risk
    and depletion and exploration risk with respect to their
    underlying commodities, among other risks. An investment in
    units of Canadian Royalty Trusts involves some risks which
    differ from an investment in common stock of a corporation,
    including increased liability for the obligations of the trust.
    There are certain regulatory and tax risks associated with an
    investment in Canadian Royalty Trusts resulting from reliance on
    beneficial Canadian incentive programs and tax laws that may be
    changed in the future. In addition, securities of certain
    Canadian Royalty Trusts may not be qualifying assets for the
    Fund&#146;s asset diversification requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Master Limited Partnerships
    (&#147;MLPs&#148;).</I>&#160;&#160;MLPs in which the Fund
    intends to invest will be limited partnerships (or limited
    liability companies taxable as partnerships), the units of which
    will generally be listed and traded on a U.S.&#160;securities
    exchange. MLPs normally derive income and gains from the
    exploration, development, mining or production, processing,
    refining, transportation (including pipeline transporting gas,
    oil, or products thereof), or the marketing of mineral or
    natural resources. MLPs generally have two classes of owners,
    the general partner and limited partners. When investing in an
    MLP, the Fund intends to purchase publicly traded common units
    issued to limited partners of the MLP. The general partner
    typically controls the operations and management of the MLP.
    MLPs are typically structured such that common units and general
    partner interests have first priority to receive quarterly cash
    distributions up to an established minimum amount (&#147;minimum
    quarterly distributions&#148; or &#147;MQD&#148;). Common and
    general partner interests also accrue arrearages in
    distributions to the extent the MQD is not paid. Once common and
    general partner interests have been paid, subordinated units
    receive distributions of up to the MQD; however, subordinated
    units do not accrue arrearages. Distributable cash in excess of
    the MQD paid to both common and subordinated units is
    distributed to both common and subordinated units generally on a
    pro rata basis. The general partner is also eligible to receive
    incentive distributions if the general partner operates the
    business in a manner that results in distributions paid per
    common unit surpassing specified target levels.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MLPs, like other types of Natural Resources Companies, are
    exposed to pricing risk, supply and demand risk and depletion
    and exploration risk with respect to their underlying
    commodities, among other risks. An investment in MLP units
    involves some risks which differ from an investment in the
    common stock of a corporation. Holders of MLP units have limited
    control and voting rights on matters affecting the partnership.
    In addition, there are certain tax risks associated with an
    investment in MLP units and conflicts of interest may exist
    between common unit holders and the general partner, including
    those arising from incentive distribution payments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk Arbitrage.</I>&#160;&#160;The Fund may invest up to 10%
    of its assets at the time of investment in securities pursuant
    to &#147;risk arbitrage&#148; strategies or in other investment
    funds managed pursuant to such strategies. Risk arbitrage
    investments are made in securities of companies for which a
    tender or exchange offer has been made or announced and in
    securities of companies for which a merger, consolidation,
    liquidation or reorganization proposal has been announced if, in
    the judgment of the Investment Adviser, there is a reasonable
    prospect of total return significantly greater than the
    brokerage and other transaction expenses involved. Risk
    arbitrage strategies attempt to exploit merger activity to
    capture the spread between current market values of securities
    and their values after successful completion of a merger,
    restructuring or similar corporate transaction. Transactions
    associated with risk arbitrage strategies typically involve the
    purchases or sales of securities in
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    connection with announced corporate actions which may include,
    but are not limited to, mergers, consolidations, acquisitions,
    transfers of assets, tender offers, exchange offers,
    re-capitalizations, liquidations, divestitures, spin-offs and
    similar transactions. However, a merger or other restructuring
    or tender or exchange offer anticipated by the Fund and in which
    it holds an arbitrage position may not be completed on the terms
    contemplated or within the time frame anticipated, resulting in
    losses to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, securities which are the subject of such an offer or
    proposal sell at a premium to their historic market price
    immediately prior to the announcement of the offer but may trade
    at a discount or premium to what the stated or appraised value
    of the security would be if the contemplated transaction were
    approved or consummated. Such investments may be advantageous
    when the discount significantly overstates the risk of the
    contingencies involved; significantly undervalues the
    securities, assets or cash to be received by shareholders as a
    result of the contemplated transaction; or fails adequately to
    recognize the possibility that the offer or proposal may be
    replaced or superseded by an offer or proposal of greater value.
    The evaluation of such contingencies requires unusually broad
    knowledge and experience on the part of the Investment Adviser
    which must appraise not only the value of the issuer and its
    component businesses as well as the assets or securities to be
    received as a result of the contemplated transaction but also
    the financial resources and business motivation behind the offer
    <FONT style="white-space: nowrap">and/or</FONT> the
    dynamics and business climate when the offer or proposal is in
    process. Since such investments are ordinarily short-term in
    nature, they will tend to increase the turnover ratio of the
    Fund, thereby increasing its brokerage and other transaction
    expenses. Risk arbitrage strategies may also involve short
    selling, options hedging and other arbitrage techniques to
    capture price differentials.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Derivative
    Instruments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options.</I>&#160;&#160;The Fund may, from time to time,
    subject to guidelines of the Board of Trustees and the
    limitations set forth in the prospectus, purchase or sell (i.e.,
    write) options on securities, securities indices and foreign
    currencies which are listed on a national securities exchange or
    in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    (&#147;OTC&#148;) market, as a means of achieving additional
    return or of hedging the value of the Fund&#146;s portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A call option is a contract that gives the holder of the option
    the right to buy from the writer of the call option, in return
    for a premium, the security or currency underlying the option at
    a specified exercise price at any time during the term of the
    option. The writer of the call option has the obligation, upon
    exercise of the option, to deliver the underlying security or
    currency upon payment of the exercise price during the option
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A put option is a contract that gives the holder of the option
    the right, in return for a premium, to sell to the seller the
    underlying security at a specified price. The seller of the put
    option has the obligation to buy the underlying security upon
    exercise at the exercise price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A call option is &#147;covered&#148; if the Fund owns the
    underlying instrument covered by the call or has an absolute and
    immediate right to acquire that instrument without additional
    cash consideration (or for additional cash consideration held in
    a segregated account by its custodian) upon conversion or
    exchange of other instruments held in its portfolio. A call
    option is also covered if the Fund holds a call option on the
    same instrument as the call option written where the exercise
    price of the call option held is (i)&#160;equal to or less than
    the exercise price of the call option written or
    (ii)&#160;greater than the exercise price of the call option
    written if the difference is maintained by the Fund in cash,
    U.S.&#160;Government Securities or other high-grade short-term
    obligations in a segregated account with its custodian. A put
    option is &#147;covered&#148; if the Fund maintains cash or
    other liquid securities with a value equal to the exercise price
    in a segregated account with its custodian, or else holds a put
    option on the same instrument as the put option written where
    the exercise price of the put option held is equal to or greater
    than the exercise price of the put option written.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund has written an option, it may terminate its
    obligation by effecting a closing purchase transaction. This is
    accomplished by purchasing an option of the same series as the
    option previously written. However, once the Fund has been
    assigned an exercise notice, the Fund will be unable to effect a
    closing purchase transaction. Similarly, if the Fund is the
    holder of an option it may liquidate its position by effecting a
    closing sale transaction. This is accomplished by selling an
    option of the same series as the option
</DIV>
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    <BR>
    5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    previously purchased. There can be no assurance that either a
    closing purchase or sale transaction can be effected when the
    Fund so desires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will realize a profit from a closing transaction if the
    price of the transaction is less than the premium received from
    writing the option or is more than the premium paid to purchase
    the option; the Fund will realize a loss from a closing
    transaction if the price of the transaction is more than the
    premium received from writing the option or is less than the
    premium paid to purchase the option. Since call option prices
    generally reflect increases in the price of the underlying
    security, any loss resulting from the repurchase of a call
    option may also be wholly or partially offset by unrealized
    appreciation of the underlying security. Other principal factors
    affecting the market value of a put or a call option include
    supply and demand, interest rates, the current market price and
    price volatility of the underlying security and the time
    remaining until the expiration date of the option. Gains and
    losses on investments in options depend, in part, on the ability
    of the Investment Adviser to correctly predict the effect of
    these factors. The use of options cannot serve as a complete
    hedge since the price movement of securities underlying the
    options will not necessarily follow the price movements of the
    portfolio securities subject to the hedge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option position may be closed out only on an exchange that
    provides a secondary market for an option of the same series or
    in a private transaction. Although the Fund will generally
    purchase or write only those options for which there appears to
    be an active secondary market, there is no assurance that a
    liquid secondary market on an exchange will exist for any
    particular option. In such event it might not be possible to
    effect closing transactions in particular options, in which case
    the Fund would have to exercise its options in order to realize
    any profit and would incur brokerage commissions upon the
    exercise of call options and upon the subsequent disposition of
    underlying securities for the exercise of put options. If the
    Fund, as a covered call option writer, is unable to effect a
    closing purchase transaction in a secondary market, it will not
    be able to sell the underlying security until the option expires
    or it delivers the underlying security upon exercise, or
    otherwise covers the position.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the Fund purchases options pursuant to a
    hedging strategy, the Fund will be subject to the following
    additional risks. If a put or call option purchased by the Fund
    is not sold when it has remaining value, and if the market price
    of the underlying security remains equal to or greater than the
    exercise price (in the case of a put), or remains less than or
    equal to the exercise price (in the case of a call), the Fund
    will lose its entire investment in the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where a put or call option on a particular security is purchased
    to hedge against price movements in that or a related security,
    the price of the put or call option may move more or less than
    the price of the security. If restrictions on exercise are
    imposed, the Fund may be unable to exercise an option it has
    purchased. If the Fund is unable to close out an option that it
    has purchased on a security, it will have to exercise the option
    in order to realize any profit, or the option may expire
    worthless.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options on Securities Indices.</I>&#160;&#160;The Fund may
    purchase and sell securities index options. One effect of such
    transactions may be to hedge all or part of the Fund&#146;s
    securities holdings against a general decline in the securities
    market or a segment of the securities market. Options on
    securities indices are similar to options on stocks except that,
    rather than the right to take or make delivery of stock at a
    specified price, an option on a securities index gives the
    holder the right to receive, upon exercise of the option, an
    amount of cash if the closing level of the securities index upon
    which the option is based is greater than, in the case of a call
    option, or less than, in the case of a put option, the exercise
    price of the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s successful use of options on indices depends
    upon its ability to predict the direction of the market and is
    subject to various additional risks. The correlation between
    movements in the index and the price of the securities being
    hedged against is imperfect and the risk from imperfect
    correlation increases as the composition of the Fund diverges
    from the composition of the relevant index. Accordingly, a
    decrease in the value of the securities being hedged against may
    not be wholly offset by a gain on the exercise or sale of a
    securities index put option held by the Fund.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options on Foreign Currencies.</I>&#160;&#160;Instead of
    purchasing or selling currency futures (as described below), the
    Fund may attempt to accomplish similar objectives by purchasing
    put or call options on currencies or by writing put options or
    call options on currencies either on exchanges or in OTC
    markets. A put option gives the Fund the right to sell a
    currency at the exercise price until the option expires. A call
    option gives the Fund the right to purchase a currency at the
    exercise price until the option expires. Both types of options
    serve to insure against adverse currency price movements in the
    underlying portfolio assets designated in a given currency. The
    Fund&#146;s use of options on currencies will be subject to the
    same limitations as its use of options on securities, described
    above and in the prospectus. Currency options may be subject to
    position limits that may limit the ability of the Fund to fully
    hedge its positions by purchasing the options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As in the case of interest rate futures contracts and options
    thereon, described below, the Fund may hedge against the risk of
    a decrease or increase in the U.S.&#160;dollar value of a
    foreign currency denominated debt security that the Fund owns or
    intends to acquire by purchasing or selling options contracts,
    futures contracts or options thereon with respect to a foreign
    currency other than the foreign currency in which such debt
    security is denominated, where the values of such different
    currencies (vis-&#224;-vis the U.S.&#160;dollar) historically
    have a high degree of positive correlation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Futures Contracts and Options on Futures.</I>&#160;&#160;The
    Fund may purchase and sell financial futures contracts and
    options thereon which are traded on a commodities exchange or
    board of trade for certain hedging, yield enhancement and risk
    management purposes. A financial futures contract is an
    agreement to purchase or sell an agreed amount of securities or
    currencies at a set price for delivery in the future. These
    futures contracts and related options may be on debt securities,
    financial indices, securities indices, U.S.&#160;government
    securities and foreign currencies. The Investment Adviser has
    claimed an exclusion from the definition of the term
    &#147;commodity pool operator&#148; under the Commodity Exchange
    Act and therefore is not subject to registration under the
    Commodity Exchange Act. Accordingly, the Fund&#146;s investments
    in derivative instruments described in this prospectus and the
    Statement of Additional Information (the &#147;SAI&#148;) are
    not limited by or subject to regulation under the Commodity
    Exchange Act or otherwise regulated by the Commodity Futures
    Trading Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will not enter into futures contracts or options on
    futures contracts unless (i)&#160;the aggregate initial margins
    and premiums do not exceed 5% of the fair market value of its
    assets and (ii)&#160;the aggregate market value of its
    outstanding futures contracts and the market value of the
    currencies and futures contracts subject to outstanding options
    written by the Fund, as the case may be, do not exceed 50% of
    its total assets. It is anticipated that these investments, if
    any, will be made by the Fund solely for the purpose of hedging
    against changes in the value of its portfolio securities and in
    the value of securities it intends to purchase. Such investments
    will only be made if they are economically appropriate to the
    reduction of risks involved in the management of the Fund. In
    this regard, the Fund may enter into futures contracts or
    options on futures for the purchase or sale of securities
    indices or other financial instruments including but not limited
    to U.S.&#160;Government 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: transparent">
    A &#147;sale&#148; of a futures contract (or a &#147;short&#148;
    futures position) means the assumption of a contractual
    obligation to deliver the securities underlying the contract at
    a specified price at a specified future time. A
    &#147;purchase&#148; of a futures contract (or a
    &#147;long&#148; futures position) means the assumption of a
    contractual obligation to acquire the securities underlying the
    contract at a specified price at a specified future time.
    Certain futures contracts, including stock and bond index
    futures, are settled on a net cash payment basis rather than by
    the sale and delivery of the securities underlying the futures
    contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No consideration will be paid or received by the Fund upon the
    purchase or sale of a futures contract. Initially, the Fund will
    be required to deposit with the broker an amount of cash or cash
    equivalents equal to approximately 1% to 10% of the contract
    amount (this amount is subject to change by the exchange or
    board of trade on which the contract is traded and brokers or
    members of such board of trade may charge a higher amount). This
    amount is known as the &#147;initial margin&#148; and is in the
    nature of a performance bond or good faith deposit on the
    contract. Subsequent payments, known as &#147;variation
    margin,&#148; to and from the broker will be made daily as the
    price of the index or security underlying the futures contract
    fluctuates. At any time prior
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to the expiration of the futures contract, the Fund may elect to
    close the position by taking an opposite position, which will
    operate to terminate its existing position in the contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option on a futures contract gives the purchaser the right,
    in return for the premium paid, to assume a position in a
    futures contract at a specified exercise price at any time prior
    to the expiration of the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon exercise of an option, the delivery of the futures position
    by the writer of the option to the holder of the option will be
    accompanied by delivery of the accumulated balance in the
    writer&#146;s futures margin account attributable to that
    contract, which represents the amount by which the market price
    of the futures contract exceeds, in the case of a call option,
    or is less than, in the case of a put option, the exercise price
    of the option on the futures contract. The potential loss
    related to the purchase of an option on a futures contract is
    limited to the premium paid for the option (plus transaction
    costs). Because the value of the option purchased is fixed at
    the point of sale, there are no daily cash payments by the
    purchaser to reflect changes in the value of the underlying
    contract; however, the value of the option does change daily and
    that change would be reflected in the net assets of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Futures and options on futures entail certain risks, including
    but not limited to the following: no assurance that futures
    contracts or options on futures can be offset at favorable
    prices, possible reduction of the yield of the Fund due to the
    use of hedging, possible reduction in value of both the
    securities hedged and the hedging instrument, possible lack of
    liquidity due to daily limits on price fluctuations, imperfect
    correlation between the contracts and the securities being
    hedged, losses from investing in futures transactions that are
    potentially unlimited and the segregation requirements described
    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: transparent">
    In the event the Fund sells a put option or enters into long
    futures contracts, under current interpretations of the 1940
    Act, an amount of cash, U.S.&#160;Government Securities or other
    liquid securities equal to the market value of the contract must
    be deposited and maintained in a segregated account with the
    Fund&#146;s custodian (the &#147;Custodian&#148;) to
    collateralize the positions, in order for the Fund to avoid
    being treated as having issued a senior security in the amount
    of its obligations. For short positions in futures contracts and
    sales of call options, the Fund may establish a segregated
    account (not with a futures commission merchant or broker) with
    cash, U.S.&#160;Government Securities or other high grade debt
    securities that, when added to amounts deposited with a futures
    commission merchant or a broker as margin, equal the market
    value of the instruments or currency underlying the futures
    contracts or call options, respectively (but are no less than
    the stock price of the call option or the market price at which
    the short positions were established).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest Rate Futures Contracts and Options
    Thereon.</I>&#160;&#160;The Fund may purchase or sell interest
    rate futures contracts to take advantage of or to protect the
    Fund against fluctuations in interest rates affecting the value
    of debt securities which the Fund holds or intends to acquire.
    For example, if interest rates are expected to increase, the
    Fund might sell futures contracts on debt securities, the values
    of which historically have a high degree of positive correlation
    to the values of the Fund&#146;s portfolio securities. Such a
    sale would have an effect similar to selling an equivalent value
    of the Fund&#146;s portfolio securities. If interest rates
    increase, the value of the Fund&#146;s portfolio securities will
    decline, but the value of the futures contracts to the Fund will
    increase at approximately an equivalent rate thereby keeping the
    net asset value of the Fund from declining as much as it
    otherwise would have. The Fund could accomplish similar results
    by selling debt securities with longer maturities and investing
    in debt securities with shorter maturities when interest rates
    are expected to increase. However, since the futures market may
    be more liquid than the cash market, the use of futures
    contracts as a risk management technique allows the Fund to
    maintain a defensive position without having to sell its
    portfolio 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: transparent">
    Similarly, the Fund may purchase interest rate futures contracts
    when it is expected that interest rates may decline. The
    purchase of futures contracts for this purpose constitutes a
    hedge against increases in the price of debt securities (caused
    by declining interest rates), which the Fund intends to acquire.
    Since fluctuations in the value of appropriately selected
    futures contracts should approximate that of the debt securities
    that will be purchased, the Fund can take advantage of the
    anticipated rise in the cost of the debt securities without
    actually buying them. Subsequently, the Fund can make its
    intended purchase of the debt securities in the cash market and
    currently liquidate its futures position. To the extent the Fund
    enters into futures contracts for this
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    purpose, it will maintain in a segregated asset account with the
    Fund&#146;s Custodian, assets sufficient to cover the
    Fund&#146;s obligations with respect to such futures contracts,
    which will consist of cash or other liquid securities from its
    portfolio in an amount equal to the difference between the
    fluctuating market value of such futures contracts and the
    aggregate value of the initial margin deposited by the Fund with
    its Custodian with respect to such futures contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of a call option on a futures contract is similar
    in some respects to the purchase of a call option on an
    individual security. Depending on the pricing of the option
    compared to either the price of the futures contract upon which
    it is based or the price of the underlying debt securities, it
    may or may not be less risky than ownership of the futures
    contract or underlying debt securities. As with the purchase of
    futures contracts, when the Fund is not fully invested it may
    purchase a call option on a futures contract to hedge against a
    market advance due to declining interest rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of a put option on a futures contract is similar to
    the purchase of protective put options on portfolio securities.
    The Fund will purchase a put option on a futures contract to
    hedge the Fund&#146;s portfolio against the risk of rising
    interest rates and a consequent reduction in the value of
    portfolio 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: transparent">
    The writing of a call option on a futures contract constitutes a
    partial hedge against declining prices of the securities that
    are deliverable upon exercise of the futures contract. If the
    futures price at expiration of the option is below the exercise
    price, the Fund will retain the full amount of the option
    premium, which provides a partial hedge against any decline that
    may have occurred in the Fund&#146;s portfolio holdings. The
    writing of a put option on a futures contract constitutes a
    partial hedge against increasing prices of the securities that
    are deliverable upon exercise of the futures contract. If the
    futures price at expiration of the option is higher than the
    exercise price, the Fund will retain the full amount of the
    option premium, which provides a partial hedge against any
    increase in the price of debt securities that the Fund intends
    to purchase. If a put or call option the Fund has written is
    exercised, the Fund will incur a loss which will be reduced by
    the amount of the premium it received. Depending on the degree
    of correlation between changes in the value of its portfolio
    securities and changes in the value of its futures positions,
    the Fund&#146;s losses from options on futures it has written
    may to some extent be reduced or increased by changes in the
    value of its portfolio 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: transparent">
    <I>Currency Futures and Options
    Thereon.</I>&#160;&#160;Generally, foreign currency futures
    contracts and options thereon are similar to the interest rate
    futures contracts and options thereon discussed previously. By
    entering into currency futures and options thereon, the Fund
    will seek to establish the rate at which it will be entitled to
    exchange U.S.&#160;dollars for another currency at a future
    time. By selling currency futures, the Fund will seek to
    establish the number of dollars it will receive at delivery for
    a certain amount of a foreign currency. In this way, whenever
    the Fund anticipates a decline in the value of a foreign
    currency against the U.S.&#160;dollar, the Fund can attempt to
    &#147;lock in&#148; the U.S.&#160;dollar value of some or all of
    the securities held in its portfolio that are denominated in
    that currency. By purchasing currency futures, the Fund can
    establish the number of dollars it will be required to pay for a
    specified amount of a foreign currency in a future month. Thus,
    if the Fund intends to buy securities in the future and expects
    the U.S.&#160;dollar to decline against the relevant foreign
    currency during the period before the purchase is effected, the
    Fund can attempt to &#147;lock in&#148; the price in
    U.S.&#160;dollars of the securities it intends to acquire.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of options on currency futures will allow the Fund,
    for the price of the premium and related transaction costs it
    must pay for the option, to decide whether or not to buy (in the
    case of a call option) or to sell (in the case of a put option)
    a futures contract at a specified price at any time during the
    period before the option expires. If the Investment Adviser, in
    purchasing an option, has been correct in its judgment
    concerning the direction in which the price of a foreign
    currency would move against the U.S.&#160;dollar, the Fund may
    exercise the option and thereby take a futures position to hedge
    against the risk it had correctly anticipated or close out the
    option position at a gain that will offset, to some extent,
    currency exchange losses otherwise suffered by the Fund. If
    exchange rates move in a way the Fund did not anticipate,
    however, the Fund will have incurred the expense of the option
    without obtaining the expected benefit; any such movement in
    exchange rates may also thereby reduce rather than enhance the
    Fund&#146;s profits on its underlying securities transactions.
</DIV>
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    <BR>
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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: transparent">
    <I>Securities Index Futures Contracts and Options
    Thereon.</I>&#160;&#160;Purchases or sales of securities index
    futures contracts are used for hedging purposes to attempt to
    protect the Fund&#146;s current or intended investments from
    broad fluctuations in stock or bond prices. For example, the
    Fund may sell securities index futures contracts in anticipation
    of or during a market decline to attempt to offset the decrease
    in market value of the Fund&#146;s securities portfolio that
    might otherwise result. If such decline occurs, the loss in
    value of portfolio securities may be offset, in whole or part,
    by gains on the futures position. When the Fund is not fully
    invested in the securities market and anticipates a significant
    market advance, it may purchase securities index futures
    contracts in order to gain rapid market exposure that may, in
    part or entirely, offset increases in the cost of securities
    that the Fund intends to purchase. As such purchases are made,
    the corresponding positions in securities index futures
    contracts will be closed out. The Fund may write put and call
    options on securities index futures contracts for hedging
    purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Forward Currency Exchange Contracts.</I>&#160;&#160;Subject
    to guidelines of the Board of Trustees, the Fund may enter into
    forward foreign currency exchange contracts to protect the value
    of its portfolio against uncertainty in the level of future
    currency exchange rates between a particular foreign currency
    and the U.S.&#160;dollar or between foreign currencies in which
    its securities are or may be denominated. The Fund may enter
    into such contracts on a spot (i.e., cash) basis at the rate
    then prevailing in the currency exchange market or on a forward
    basis by entering into a forward contract to purchase or sell
    currency. A forward contract on foreign currency is an
    obligation to purchase or sell a specific currency at a future
    date, which may be any fixed number of days agreed upon by the
    parties from the date of the contract at a price set on the date
    of the contract. Forward currency contracts (i)&#160;are traded
    in a market conducted directly between currency traders
    (typically, commercial banks or other financial institutions)
    and their customers, (ii)&#160;generally have no deposit
    requirements and (iii)&#160;are typically consummated without
    payment of any commissions. The Fund, however, may enter into
    forward currency contracts requiring deposits or involving the
    payment of commissions. To assure that its forward currency
    contracts are not used to achieve investment leverage, the Fund
    will segregate liquid assets consisting of cash,
    U.S.&#160;Government Securities or other liquid securities with
    its Custodian, or a designated
    <FONT style="white-space: nowrap">sub-custodian,</FONT>
    in an amount at all times equal to or exceeding its commitment
    with respect to the contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The dealings of the Fund in forward foreign currency exchange
    are limited to hedging involving either specific transactions or
    portfolio positions. Transaction hedging is the purchase or sale
    of one forward foreign currency for another currency with
    respect to specific receivables or payables of the Fund accruing
    in connection with the purchase and sale of its portfolio
    securities or its payment of dividends and distributions.
    Position hedging is the purchase or sale of one forward foreign
    currency for another currency with respect to portfolio security
    positions denominated or quoted in the foreign currency to
    offset the effect of an anticipated substantial appreciation or
    depreciation, respectively, in the value of the currency
    relative to the U.S.&#160;dollar. In this situation, the Fund
    also may, for example, enter into a forward contract to sell or
    purchase a different foreign currency for a fixed
    U.S.&#160;dollar amount when it is believed that the
    U.S.&#160;dollar value of the currency to be sold or bought
    pursuant to the forward contract will fall or rise, as the case
    may be, whenever there is a decline or increase, respectively,
    in the U.S.&#160;dollar value of the currency in which its
    portfolio securities are denominated (this practice being
    referred to as a &#147;cross-hedge&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In hedging a specific transaction, the Fund may enter into a
    forward contract with respect to either the currency in which
    the transaction is denominated or another currency deemed
    appropriate by the Investment Adviser. The amount the Fund may
    invest in forward currency contracts is limited to the amount of
    its aggregate investments in foreign currencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The use of forward currency contracts may involve certain risks,
    including the failure of the counterparty to perform its
    obligations under the contract, and such use may not serve as a
    complete hedge because of an imperfect correlation between
    movements in the prices of the contracts and the prices of the
    currencies hedged or used for cover. The Fund will only enter
    into forward currency contracts with parties that the Investment
    Adviser believes to be creditworthy institutions.
</DIV>
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    <I>Special Risk Considerations Relating to Futures and Options
    Thereon.</I>&#160;&#160;The Fund&#146;s ability to establish and
    close out positions in futures contracts and options thereon
    will be subject to the development and maintenance of liquid
    markets. Although the Fund generally will purchase or sell only
    those futures contracts and options thereon for which there
    appears to be a liquid market, there is no assurance that a
    liquid market on an exchange will exist for any particular
    futures contract or option thereon at any particular time. In
    the event no liquid market exists for a particular futures
    contract or option thereon in which the Fund maintains a
    position, it will not be possible to effect a closing
    transaction in that contract or to do so at a satisfactory price
    and the Fund would have to either make or take delivery under
    the futures contract or, in the case of a written option, wait
    to sell the underlying securities until the option expires or is
    exercised or, in the case of a purchased option, exercise the
    option. In the case of a futures contract or an option thereon
    which the Fund has written and which the Fund is unable to
    close, the Fund would be required to maintain margin deposits on
    the futures contract or option thereon and to make variation
    margin payments until the contract is closed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Successful use of futures contracts and options thereon and
    forward contracts by the Fund is subject to the ability of the
    Investment Adviser to predict correctly movements in the
    direction of interest and foreign currency rates. If the
    Investment Adviser&#146;s expectations are not met, the Fund
    will be in a worse position than if a hedging strategy had not
    been pursued. For example, if the Fund has hedged against the
    possibility of an increase in interest rates that would
    adversely affect the price of securities in its portfolio and
    the price of such securities increases instead, the Fund will
    lose part or all of the benefit of the increased value of its
    securities because it will have offsetting losses in its futures
    positions. In addition, in such situations, if the Fund has
    insufficient cash to meet daily variation margin requirements,
    it may have to sell securities to meet the requirements. These
    sales may be, but will not necessarily be, at increased prices
    that reflect the rising market. The Fund may have to sell
    securities at a time when it is disadvantageous to do so.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Additional Risks of Foreign Options, Futures Contracts,
    Options on Futures Contracts and Forward
    Contracts</I>.&#160;&#160;Options, futures contracts and options
    thereon and forward contracts on securities and currencies may
    be traded on foreign exchanges. Such transactions may not be
    regulated as effectively as similar transactions in the U.S.,
    may not involve a clearing mechanism and related guarantees, and
    are subject to the risk of governmental actions affecting
    trading in, or the prices of, securities of foreign issuers
    (&#147;Foreign Securities&#148;). The value of such positions
    also could be adversely affected by (i)&#160;other complex
    foreign political, legal and economic factors, (ii)&#160;lesser
    availability than in the U.S.&#160;of data on which to make
    trading decisions, (iii)&#160;delays in the Fund&#146;s ability
    to act upon economic events occurring in the foreign markets
    during non-business hours in the U.S., (iv)&#160;the imposition
    of different exercise and settlement terms and procedures and
    margin requirements than in the U.S.&#160;and (v)&#160;less
    trading volume.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Exchanges on which options, options on futures and forward
    contracts are traded may impose limits on the positions that the
    Fund may take in certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Swaps.</I>&#160;&#160;The Fund may enter into total rate of
    return, credit default or other types of swaps and related
    derivatives for the purpose of hedging and risk management.
    These transactions generally provide for the transfer from one
    counterparty to another of certain risks inherent in the
    ownership of a financial asset such as a common stock or debt
    instrument. Such risks include, among other things, the risk of
    default and insolvency of the obligor of such asset, the risk
    that the credit of the obligor or the underlying collateral will
    decline or the risk that the common stock of the underlying
    issuer will decline in value. The transfer of risk pursuant to a
    derivative of this type may be complete or partial, and may be
    for the life of the related asset or for a shorter period. These
    derivatives may be used as a risk management tool for a pool of
    financial assets, providing the Fund with the opportunity to
    gain or reduce exposure to one or more reference securities or
    other financial assets (each, a &#147;Reference Asset&#148;)
    without actually owning or selling such assets in order, for
    example, to increase or reduce a concentration risk or to
    diversify a portfolio. Conversely, these derivatives may be used
    by the Fund to reduce exposure to an owned asset without
    selling&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because the Fund would not own the Reference Assets, the Fund
    may not have any voting rights with respect to the Reference
    Assets, and in such cases all decisions related to the obligors
    or issuers of the
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reference Assets, including whether to exercise certain
    remedies, will be controlled by the swap counterparties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total rate of return swaps and similar derivatives are subject
    to many risks, including the possibility that the market will
    move in a manner or direction that would have resulted in gain
    for the Fund had the swap or other derivative not been utilized
    (in which case it would have been better had the Fund not
    engaged in the interest rate hedging transactions), the risk of
    imperfect correlation between the risk sought to be hedged and
    the derivative transactions utilized, the possible inability of
    the counterparty to fulfill its obligations under the swap and
    potential illiquidity of the hedging instrument utilized, which
    may make it difficult for the Fund to close out or unwind one or
    more hedging transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total rate of return swaps and related derivatives are a
    relatively recent development in the financial markets.
    Consequently, there are certain legal, tax and market
    uncertainties that present risks in entering into such
    arrangements. There is currently little or no case law or
    litigation characterizing total rate of return swaps or related
    derivatives, interpreting their provisions, or characterizing
    their tax treatment. In addition, additional regulations and
    laws may apply to these types of derivatives that have not
    previously been applied. There can be no assurance that future
    decisions construing similar provisions to those in any swap
    agreement or other related documents or additional regulations
    and laws will not have an adverse effect on the Fund that
    utilizes these instruments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Commodities-Linked Equity Derivative Instrument
    Risk.</I>&#160;&#160;The Fund may invest in structured notes
    that are linked to one or more underlying commodities. Such
    structured notes provide exposure to the investment returns of
    physical commodities without actually investing directly in
    physical commodities. Such structured notes in which the Fund
    expects to invest are hybrid instruments that have substantial
    risks, including risk of loss of all or a significant portion of
    their principal value. Because the payouts on these notes are
    linked to the price change of the underlying commodities, these
    investments are subject to market risks that relate to the
    movement of prices in the commodities markets. They may also be
    subject to additional special risks that do not affect
    traditional equity and debt securities that may be greater than
    or in addition to the risks of derivatives in general, including
    risk of loss of interest, risk of loss of principal, lack of
    liquidity and risk of greater volatility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk of Loss of Interest.</I>&#160;&#160;If payment of
    interest on a structured note or other hybrid instrument is
    linked to the value of a particular commodity, futures contract,
    index or other economic variable, the Fund might not receive all
    (or a portion) of the interest due on its investment if there is
    a loss in value of the underlying instrument.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk of Loss of Principal.</I>&#160;&#160;To the extent that
    the amount of the principal to be repaid upon maturity is linked
    to the value of a particular commodity, futures contract, index
    or other economic variable, the Fund might not receive all or a
    portion of the principal at maturity of the investment. At any
    time, the risk of loss associated with a particular instrument
    in the Fund&#146;s portfolio may be significantly higher than
    50% of the value of the investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Lack of Secondary Market.</I>&#160;&#160;A liquid secondary
    market may not exist for the specially created hybrid
    instruments the Fund buys, which may make it difficult for the
    Fund to sell them at an acceptable price or accurately value
    them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk of Greater Volatility.</I>&#160;&#160;The value of the
    commodities-linked equity derivative investments the Fund buys
    may fluctuate significantly because the values of the underlying
    investments to which they are linked are themselves extremely
    volatile. Additionally, economic leverage will increase the
    volatility of these hybrid instruments, as they may increase or
    decrease in value more quickly than the underlying commodity
    index, futures contract or other economic variable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The Investment Adviser is Not Registered as a Commodity Pool
    Operator.</I>&#160;&#160;The Investment Adviser has claimed an
    exclusion from the definition of the term &#147;commodity pool
    operator&#148; under the Commodity Exchange Act. Accordingly,
    the Fund&#146;s investments in derivative instruments described
    in the prospectus and
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    this SAI are not limited by or subject to regulation under the
    Commodity Exchange Act or otherwise regulated by the Commodity
    Futures Trading Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risks of Currency Transactions.</I>&#160;&#160;Currency
    transactions are also subject to risks different from those of
    other portfolio transactions. Because currency control is of
    great importance to the issuing governments and influences
    economic planning and policy, purchases and sales of currency
    and related instruments can be adversely affected by government
    exchange controls, limitations or restrictions on repatriation
    of currency, and manipulation, or exchange restrictions imposed
    by governments. These forms of governmental action can result in
    losses to the Fund if it is unable to deliver or receive
    currency or monies in settlement of obligations and could also
    cause hedges it has entered into to be rendered useless,
    resulting in full currency exposure as well as incurring
    transaction costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Repurchase Agreements.</I>&#160;&#160;The Fund may enter into
    repurchase agreements. A repurchase agreement is an instrument
    under which the purchaser (i.e., the Fund) acquires a debt
    security and the seller agrees, at the time of the sale, to
    repurchase the obligation at a mutually agreed upon time and
    price, thereby determining the yield during the purchaser&#146;s
    holding period. This results in a fixed rate of return insulated
    from market fluctuations during such period. The underlying
    securities are ordinarily U.S.&#160;Treasury or other government
    obligations or high quality money market instruments. The Fund
    will require that the value of such underlying securities,
    together with any other collateral held by the Fund, always
    equals or exceeds the amount of the repurchase obligations of
    the counter party. The Fund&#146;s risk is primarily that, if
    the seller defaults, the proceeds from the disposition of the
    underlying securities and other collateral for the seller&#146;s
    obligation are less than the repurchase price. If the seller
    becomes insolvent, the Fund might be delayed in or prevented
    from selling the collateral. In the event of a default or
    bankruptcy by a seller, the Fund will promptly seek to liquidate
    the collateral. To the extent that the proceeds from any sale of
    such collateral upon a default in the obligation to repurchase
    are less than the repurchase price, the Fund will experience a
    loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser, acting under the supervision of the
    Board of Trustees of the Fund, reviews the creditworthiness of
    those banks and dealers with which the Fund enters into
    repurchase agreements to evaluate these risks and monitors on an
    ongoing basis the value of the securities subject to repurchase
    agreements to ensure that the value is maintained at the
    required level. The Fund will not enter into repurchase
    agreements with the Investment Adviser or any of its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the financial institution which is a party to the repurchase
    agreement petitions for bankruptcy or becomes subject to the
    United States Bankruptcy Code, the law regarding the rights of
    the Fund is unsettled. As a result, under extreme circumstances,
    there may be a restriction on the Fund&#146;s ability to sell
    the collateral and the Fund would suffer a loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Loans of Portfolio Securities.</I>&#160;&#160;Consistent with
    applicable regulatory requirements and the Fund&#146;s
    investment restrictions, the Fund may lend its portfolio
    securities to securities broker-dealers or financial
    institutions, provided that such loans are callable at any time
    by the Fund (subject to notice provisions described below), and
    are at all times secured by cash, cash equivalents or other
    liquid securities which are maintained in a segregated account
    pursuant to applicable regulations and that are at least equal
    to the market value, determined daily, of the loaned securities.
    The advantage of such loans is that the Fund continues to
    receive the income on the loaned securities while at the same
    time earns interest on the cash amounts deposited as collateral,
    which will be invested in short-term obligations. The Fund will
    not lend its portfolio securities if such loans are not
    permitted by the laws or regulations of any state in which its
    shares are qualified for sale. The Fund&#146;s loans of
    portfolio securities will be collateralized in accordance with
    applicable regulatory requirements and no loan will cause the
    value of all loaned securities to exceed 20% of the value of the
    Fund&#146;s total assets. The Fund&#146;s ability to lend
    portfolio securities may be limited by rating agency guidelines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A loan may generally be terminated by the borrower on one
    business day notice, or by the Fund on five business days
    notice. If the borrower fails to deliver the loaned securities
    within five days after receipt of notice, the Fund could use the
    collateral to replace the securities while holding the borrower
    liable for any excess of replacement cost over collateral. As
    with any extensions of credit, there are risks of delay in
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    recovery and in some cases even loss of rights in the collateral
    should the borrower of the securities fail financially. However,
    these loans of portfolio securities will only be made to firms
    deemed by the Investment Adviser to be creditworthy and when the
    income that can be earned from such loans justifies the
    attendant risks. The Board of Trustees will oversee the
    creditworthiness of the contracting parties on an ongoing basis.
    Upon termination of the loan, the borrower is required to return
    the securities to the Fund. Any gain or loss in the market price
    during the loan period would inure to the Fund. The risks
    associated with loans of portfolio securities are substantially
    similar to those associated with repurchase agreements. Thus, if
    the counterparty to the loan petitions for bankruptcy or becomes
    subject to the United States Bankruptcy Code, the law regarding
    the rights of the Fund is unsettled. As a result, under extreme
    circumstances, there may be a restriction on the Fund&#146;s
    ability to sell the collateral and the Fund would suffer a loss.
    When voting or consent rights which accompany loaned securities
    pass to the borrower, the Fund will follow the policy of calling
    the loaned securities, to be delivered within one day after
    notice, to permit the exercise of such rights if the matters
    involved would have a material effect on the Fund&#146;s
    investment in such loaned securities. The Fund will pay
    reasonable finder&#146;s, administrative and custodial fees in
    connection with a loan of its 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: transparent">
    <I>When Issued, Delayed Delivery Securities and Forward
    Commitments.</I>&#160;&#160;The Fund may enter into forward
    commitments for the purchase or sale of securities, including on
    a &#147;when issued&#148; or &#147;delayed delivery&#148; basis,
    in excess of customary settlement periods for the type of
    security involved. In some cases, a forward commitment may be
    conditioned upon the occurrence of a subsequent event, such as
    approval and consummation of a merger, corporate reorganization
    or debt restructuring (i.e., a when, as and if issued security).
    When such transactions are negotiated, the price is fixed at the
    time of the commitment, with payment and delivery taking place
    in the future, generally a month or more after the date of the
    commitment. While it will only enter into a forward commitment
    with the intention of actually acquiring the security, the Fund
    may sell the security before the settlement date if it is deemed
    advisable by the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities purchased under a forward commitment are subject to
    market fluctuation, and no interest (or dividends) accrues to
    the Fund prior to the settlement date. The Fund will segregate
    with its Custodian cash or other liquid securities in an
    aggregate amount at least equal to the amount of its outstanding
    forward commitments.
</DIV>

<A name='Y90912152'>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    RESTRICTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund operates under the following restrictions that
    constitute fundamental policies that, except as otherwise noted,
    cannot be changed without the affirmative vote of the holders of
    a majority of the outstanding voting securities of the Fund
    voting together as a single class. In the event the Fund were to
    issue any preferred shares, the approval of a majority of such
    shares voting as a separate class would also be required. Such
    majority vote requires the lesser of (i)&#160;67% of the
    Fund&#146;s applicable shares represented at a meeting at which
    more than 50% of the applicable shares outstanding are
    represented, whether in person or by proxy, or (ii)&#160;more
    than 50% of the Fund&#146;s applicable shares outstanding.
    Except as otherwise noted, all percentage limitations set forth
    below apply after a purchase or initial investment and any
    subsequent change in any applicable percentage resulting from
    market fluctuations does not require any action. The Fund may
    not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;other than with respect to its concentrations in Gold
    Companies and Natural Resources Companies, invest more than 25%
    of its total assets, taken at market value at the time of each
    investment, in the securities of issuers in any particular
    industry. This restriction does not apply to investments in
    U.S.&#160;government securities and investments in the gold
    industry and the natural resources industries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;purchase commodities or commodity contracts if such
    purchase would result in regulation of the Fund as a commodity
    pool operator;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;purchase or sell real estate, provided the Fund may
    invest in securities and other instruments secured by real
    estate or interests therein or issued by companies that invest
    in real estate or interests therein;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;make loans of money or other property, except that
    (i)&#160;the Fund may acquire debt obligations of any type
    (including through extensions of credit), enter into repurchase
    agreements and lend portfolio assets and (ii)&#160;the Fund may,
    up to 20% of the Fund&#146;s total assets, lend money or other
    property to other
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    investment companies advised by the Investment Adviser pursuant
    to a common lending program to the extent permitted by
    applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;borrow money, except to the extent permitted by
    applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;issue senior securities, except to the extent permitted
    by applicable law;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;underwrite securities of other issuers, except insofar
    as the Fund may be deemed an underwriter under applicable law in
    selling portfolio securities; provided, however, this
    restriction shall not apply to securities of any investment
    company organized by the Fund that are to be distributed pro
    rata as a dividend to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund&#146;s investment objectives and its
    policies of investing at least 25% of its assets in normal
    circumstances in Gold Companies and in Natural Resource
    Companies are fundamental policies. Unless specifically stated
    as such, no policy of the Fund is fundamental and each policy
    may be changed by the Board of Trustees without shareholder
    approval.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y90912153'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees
    and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for management and supervision of the
    Fund rests with its Board of Trustees. The Board of Trustees
    approves all significant agreements between the Fund and the
    companies that furnish the Fund with services, including
    agreements with the Investment Adviser, the Fund&#146;s
    custodian and the Fund&#146;s transfer agent. The
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations of the Fund are delegated to the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The names and business addresses of the Trustees and principal
    officers of the Fund are set forth in the following table,
    together with their positions and their principal occupations
    during the past five years and, in the case of the Trustees,
    their other directorships during the past five years with
    certain other organizations and companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="27%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">3<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name (and Age), Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund and Business
    Address<SUP style="font-size: 85%; vertical-align: top">1</SUP></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>Time
    Served<SUP style="font-size: 85%; vertical-align: top">2</SUP></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>During Past Five Years</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>Trustee During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Interested
    Trustee<SUP style="font-size: 85%; vertical-align: top">4</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore M. Salibello&#160;(65)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certified Public Accountant and Managing Partner of the
    certified public accounting firm of Salibello &#038; Broder
    LLP<BR>
    Since 1978
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Kid Brands, Inc. (group of companies in infant and
    juvenile products) and until September 2007, Director of
    Brooklyn Federal Bank Corp., Inc. (independent community bank)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Independent
    Trustees<SUP style="font-size: 85%; vertical-align: top">5</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony J. Colavita
    (75)<SUP style="font-size: 85%; vertical-align: top">6<BR>

    </SUP>Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of the law firm of Anthony J. Colavita,&#160;P.C.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    34
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    James P. Conn
    (73)<SUP style="font-size: 85%; vertical-align: top">6<BR>

    </SUP>Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Managing Director and Chief Investment Officer of
    Financial Security Assurance Holdings Ltd. (insurance holding
    company) <BR>
    (1992-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of First Republic Bank (banking) through January 2008
    and La Quinta Corp. (hotels) through January 2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    18
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Mario d&#146;Urso (70)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Mittel Capital - Markets S.p.A. (2001-2008); Senator
    in the Italian Parliament (1996-2001)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vincent D. Enright (67)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Senior Vice President and Chief Financial Officer of
    KeySpan Energy Corp (public utility)<BR>
    (1994-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Echo Therapeutics, Inc. (therapeutics and
    diagnostics) and until September 2006, Director of Aphton
    Corporation (pharmaceuticals)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    16
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="27%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">3<BR>

    </SUP></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name (and Age), Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund and Business
    Address<SUP style="font-size: 85%; vertical-align: top">1</SUP></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>Time
    Served<SUP style="font-size: 85%; vertical-align: top">2</SUP></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>During Past Five Years</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>Trustee During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Frank J. Fahrenkopf, Jr. (71)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer of the American Gaming
    Association; Co-Chairman of the Commission on Presidential
    Debates; Chairman of the Republican National Committee
    (1983-1989)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of First Republic Bank (banking)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael J. Melarkey (61)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan
    &#038; McKenzie
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Southwest Gas Corporation (natural gas utility)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthonie C. van Ekris (76)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman and Chief Executive Officer of BALMAC International,
    Inc. (commodities and futures trading)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Aurado Energy Inc. (oil and gas operations) through
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    20
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore J. Zizza (65)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman and Chief Executive of Zizza &#038; Co., Ltd.
    (financial consulting) since 1978; Chairman of Metropolitan
    Paper Recycling Inc. (recycling) since 2006; Chairman of BAM
    Inc., (manufacturing); Chairman of E-Corp English (global
    English instruction for corporate personnel) since 2009.
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-Executive Chairman and Director of Harbor BioSciences,
    Inc.(biotechnology); Vice-Chairman and Director of Trans-Lux
    Corporation (business services); Chairman, Chief Executive
    Officer, and Director of General Employment Enterprises, Inc.
    (staffing);<BR>
    Director of Bion Environmental Technologies (technology)
    <FONT style="white-space: nowrap">(2005-2008);</FONT>
    and Director of Earl Scheib Inc. (automotive painting) through
    April 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    28
</TD>
<TD nowrap align="left" valign="top">
&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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="53%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name (and Age), Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund and Business
    Address<SUP style="font-size: 85%; vertical-align: top">1</SUP></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>Length of Time
    Served<SUP style="font-size: 85%; vertical-align: top">2</SUP></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>During Past Five Years</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Officers<SUP style="font-size: 85%; vertical-align: top">7</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Bruce N. Alpert (59)<BR>
    President<BR>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Vice President and Chief Operating Officer of Gabelli
    Funds, LLC since 1988 and an officer of all registered
    investment companies in the Gabelli/GAMCO Funds Complex;
    Director of Teton Advisors, Inc. since 1998; Chairman of Teton
    Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc.
    1998 through 2008; Senior Vice President of GAMCO Investors,
    Inc. since 2008
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Carter W. Austin (44)<BR>
    Vice President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of the Fund since 2005; Vice President of other
    <FONT style="white-space: nowrap">closed-end</FONT>
    funds in the Gabelli/GAMCO Funds Complex; Vice President of
    Gabelli Funds, LLC since 1996
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Peter D. Goldstein (58)<BR>
    Chief Compliance Officer<BR>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Regulatory Affairs for GAMCO Investors, Inc. since
    2004; Chief Compliance Officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Molly A.F. Marion (57)<BR>
    Vice President and Ombudsman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2005
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President and Ombudsman of the Fund since 2005; Vice
    President and Ombudsman of the Gabelli Equity Trust Inc. since
    2009; Assistant Vice President of GAMCO Investors, Inc. since
    2006; Assistant Portfolio Manager of Gabelli Fixed Income LLC
    from 1994&#151;2004
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Laurissa M. Martire (34)<BR>
    Ombudsman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Since February 2010
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Ombudsman of the Fund since 2010; Vice President or Ombudsman of
    other
    <FONT style="white-space: nowrap">closed-end</FONT>
    funds in the Gabelli/GAMCO Funds Complex; Assistant Vice
    President of GAMCO Investors, Inc. since 2003
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Agnes Mullady (52)<BR>
    Treasurer and Secretary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Operating Officer of the Open-End Division
    of Gabelli Funds, LLC since September 2010; Senior Vice
    President of GAMCO Investors, Inc. since 2009; Vice President of
    Gabelli Funds, LLC since 2007; Officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex
</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: transparent">

</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: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: One Corporate Center, Rye, NY
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    unless otherwise noted.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund&#146;s Board of Trustees is divided into three classes,
    each class having a term of three years. Each year the term of
    office of one class expires and the successor or successors
    elected to such class serve for a three year term. The three
    year term for each class is as follows:</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Term continues until the Fund&#146;s 2013 Annual Meeting of
    Shareholders and until their successors are duly elected and
    qualified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Term continues until the Fund&#146;s 2012 Annual Meeting of
    Shareholders and until their successors are duly elected and
    qualified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Term continues until the Fund&#146;s 2011 Annual Meeting of
    Shareholders and until their successors are duly elected and
    qualified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The &#147;Fund Complex&#148; or the &#147;Gabelli/GAMCO Funds
    Complex&#148; includes all the registered funds that are
    considered part of the same fund complex as the Fund because
    they have common or affiliated investment advisers.</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">
    &#147;Interested person&#148; of the Fund, as defined in the
    1940 Act. Mr.&#160;Salibello may be considered an
    &#147;interested person&#148; of the Fund as a result of being a
    partner in an accounting firm that provides professional
    services to affiliates of the Investment Adviser.</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">
    Trustees who are not considered to be &#147;interested
    persons&#148; of the Fund as defined in the 1940 Act are
    considered to be &#147;Independent&#148; Trustees.</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">
    Trustee elected solely by holders of the Fund&#146;s Preferred
    Shares.</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">
    Each officer will hold office for an indefinite term until the
    date he or she resigns or retires or until his or her successor
    is elected and qualified.</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: transparent">
    The Fund&#146;s governing documents do not set forth any
    specific qualifications to serve as a Trustee other than that a
    nominee for Trustee shall be at least 21&#160;years of age and
    not older than such age, if any, as the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Trustees may determine and shall not be under legal disability.
    The Trustees have not determined a maximum age.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees believes that each Trustee&#146;s
    experience, qualifications, attributes or skills on an
    individual basis and in combination with those of other Trustees
    lead to the conclusion that each Trustee should serve in such
    capacity. Among the attributes or skills common to all Trustees
    are their ability to review critically and to evaluate,
    question, and discuss information provided to them, to interact
    effectively with the other Trustees, the Investment Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    other service providers, counsel and the Fund&#146;s independent
    registered public accounting firm, and to exercise effective and
    independent business judgment in the performance of their duties
    as Trustees. Each Trustee&#146;s ability to perform his duties
    effectively has been attained in large part through the
    Trustee&#146;s business, consulting or public service positions
    and through experience from service as a member of the Board of
    Trustees and one or more of the other funds in the Gabelli/GAMCO
    Fund&#160;Complex, public companies, or non-profit entities or
    other organizations as set forth above and below. Each
    Trustee&#146;s ability to perform his duties effectively also
    has been enhanced by his education, professional training and
    other life experiences.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony J. Colavita, Esq.</I>&#160;&#160;Mr.&#160;Colavita is
    a practicing attorney with over forty-nine&#160;years of
    experience, including in the area of business law. He is the
    Chairman of the Fund&#146;s Nominating Committee and is a member
    of the Fund&#146;s Proxy Voting Committee. Mr.&#160;Colavita
    also serves on comparable or other board committees with respect
    to other funds in the Fund&#160;Complex on whose boards he sits.
    Mr.&#160;Colavita also serves as a Trustee of a charitable
    remainder unitrust. He formerly served as a Commissioner of the
    New York State Thruway Authority and as a Commissioner of the
    New York State Bridge Authority. He served for ten years as the
    elected Supervisor of the Town of Eastchester, New York,
    responsible for ten annual municipal budgets of approximately
    eight million dollars per year. Mr.&#160;Colavita formerly
    served as Special Counsel to the New York State Assembly for
    five years and as a Senior Attorney with the New York State
    Insurance Department. He is the former Chairman of the
    Westchester County Republican Party and the New York State
    Republican Party. Mr.&#160;Colavita received his Bachelor of
    Arts from Fairfield University and his Juris Doctor from Fordham
    University School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>James P. Conn.</I>&#160;&#160;Mr.&#160;Conn is the lead
    independent Trustee of the Fund, a member of the Fund&#146;s
    Proxy Voting Committee, and a member of the Fund&#146;s <I>ad
    hoc </I>Pricing Committee (described below under
    &#147;Trustees&#160;&#151; Leadership Structure and Oversight
    Responsibility&#148;). Mr. Conn also serves on comparable or
    other board committees for other funds in the Fund&#160;Complex
    on whose boards he sits. He was a senior business executive of
    an insurance holding company for much of his career, including
    service as Chief Investment Officer. Mr.&#160;Conn has been a
    director of several public companies in banking and other
    industries, and was lead Director
    <FONT style="white-space: nowrap">and/or</FONT> Chair
    of various committees. Mr.&#160;Conn received his Bachelor of
    Science in Business Administration from Santa&#160;Clara
    University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mario d&#146;Urso.</I>&#160;&#160;Mr. d&#146;Urso was
    formerly a Senator and Undersecretary of Commerce in the Italian
    government. He is a member of the board of other funds in the
    Fund Complex. He is a former Chairman of Mittel Capital Markets
    S.p.A., a boutique investment bank headquartered in Italy, and a
    former Partner and Managing Director of Kuhn Loeb&#160;&#038;
    Co. and Shearson Lehman Brothers Co. He previously served as
    President of The Italy Fund, a closed-end fund investing mainly
    in Italian listed and non-listed companies. Mr.&#160;d&#146;Urso
    received his Masters Degree in comparative law from George
    Washington University and was formerly a practicing attorney in
    Italy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Vincent D. Enright.</I>&#160;&#160;Mr.&#160;Enright was a
    senior executive and Chief Financial Officer (&#147;CFO&#148;)
    of an energy public utility for four years. In accordance with
    his experience as a CFO, he is a member of the Fund&#146;s Audit
    Committee. Mr.&#160;Enright is also Chairman of the Fund&#146;s
    Proxy Voting Committee and a member of both multi-fund <I>ad hoc
    </I>Compensation Committees (described below under
    &#147;Trustees&#160;&#151; Leadership Structure and Oversight
    Responsibilities&#148;) and serves on comparable or other board
    committees with respect to other funds in the Fund&#160;Complex
    on whose boards he sits. Mr.&#160;Enright is also a Director of
    a therapeutics and diagnostics company and serves as Chairman of
    its compensation committee and as a member of its audit
    committee. He
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    is a former Director of a pharmaceutical company.
    Mr.&#160;Enright received his Bachelor of Science from Fordham
    University and completed the Advanced Management Program at
    Harvard University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Frank J.
    Fahrenkopf,&#160;Jr.</I>&#160;&#160;Mr.&#160;Fahrenkopf is the
    President and Chief Executive Officer of the American Gaming
    Association (&#147;AGA&#148;), the trade group for the gaming
    industry. Additionally, he serves on certain board committees
    with respect to other funds in the Fund Complex on whose board
    he sits. He presently is Co-Chairman of the Commission on
    Presidential Debates, which is responsible for the widely viewed
    Presidential debates during the quadrennial election cycle.
    Additionally, he serves as a board member of the International
    Republican Institute, which he founded in 1984. He served for
    many years as Chairman of the Pacific Democrat Union and Vice
    Chairman of the International Democrat Union, a worldwide
    association of political parties from the United States, Great
    Britain, France, Germany, Canada, Japan, Australia, and 20 other
    nations. Prior to becoming the AGA&#146;s first chief executive
    in 1995, Mr.&#160;Fahrenkopf was a partner in the law firm of
    Hogan&#160;&#038; Hartson, where he chaired the International
    Trade Practice Group and specialized in regulatory, legislative,
    and corporate matters for multinational, foreign, and domestic
    clients. He also served as Chairman of the Republican National
    Committee for six years during Ronald Reagan&#146;s presidency.
    Mr.&#160;Fahrenkopf is the former Chairman of the Finance
    Committee of the Culinary Institute of America and remains a
    member of the board. Additionally, he has over twenty years of
    experience as a member of the board of directors of First
    Republic Bank. Mr.&#160;Fahrenkopf received his Bachelor of Arts
    from the University of Nevada, Reno and his Juris Doctor from
    U.C. Berkeley Boalt Hall School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Michael J. Melarkey.</I>&#160;&#160;Mr.&#160;Melarkey is a
    practicing attorney specializing in business, estate planning
    and gaming regulatory work with over 34&#160;years of
    experience. He is a member of the Fund&#146;s Nominating
    Committee, a member of the Fund&#146;s <I>ad hoc </I>Pricing
    Committee, and a member of one of the multi-fund <I>ad hoc
    </I>Compensation Committees. Mr. Melarkey also serves in this
    same capacity with respect to some of the other funds in the
    Fund&#160;Complex on whose boards he sits. He is currently a
    Director of a natural gas utility company and chairs its
    Nominating and Corporate Governance Committee. Mr.&#160;Melarkey
    also acts as a Trustee and officer for several private
    charitable organizations, is an owner of two northern Nevada
    casinos and a real estate development company, and acts as a
    Trustee of one and an officer of another private oil and gas
    company. Mr.&#160;Melarkey received his Bachelor of Arts from
    the University of Nevada, Reno, his Juris Doctor from the
    University of San&#160;Francisco School of Law and his Masters
    of Law in Taxation from New York University Law School.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore M. Salibello.</I>&#160;&#160;Mr.&#160;Salibello is
    a Certified Public Accountant and Managing Partner of an
    independent registered public accounting firm with
    forty-three&#160;years of experience in public accounting. He is
    a member of the board of other funds in the Fund&#160;Complex.
    He is currently a director of Kids Brands, Inc., a NYSE listed
    company and chairs its Audit Committee. Mr.&#160;Salibello was
    formerly a director of an independent community bank and chaired
    its audit committee. Mr.&#160;Salibello received his Bachelor of
    Business Administration in Accounting from St. Francis College
    and his Masters in Business Administration in Finance from Long
    Island University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthonie C. van Ekris.</I>&#160;&#160;Mr. van Ekris has been
    the Chairman and Chief Executive Officer of a global
    import/export company for nineteen&#160;years. Mr. van Ekris
    serves on the boards of other funds in the Fund&#160;Complex and
    is the Chairman of one such fund&#146;s Nominating Committee and
    a member of the Proxy Voting Committee of some funds in the
    Fund&#160;Complex. He has over fifty-five&#160;years of
    experience as Chairman
    <FONT style="white-space: nowrap">and/or</FONT> Chief
    Executive Officer of public and private companies involved in
    the international trading or commodity trading businesses and
    had also served in both these capacities for nearly
    twenty&#160;years for a large public jewelry chain. Mr. van
    Ekris was formerly a Director of an oil and gas operations
    company and served on the boards of a number of public
    companies, and served for more than ten&#160;years on the
    Advisory Board of the Salvation Army of Greater New York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore J. Zizza.</I>&#160;&#160;Mr.&#160;Zizza is the
    Chairman of a consulting firm. He also serves as Chairman to
    other companies involved in manufacturing, recycling, and real
    estate. He is the Chair of the Fund&#146;s Audit Committee and
    is the Fund&#146;s designated Audit Committee Financial Expert.
    Mr.&#160;Zizza is a member of the Fund&#146;s Nominating
    Committee, a member of the Fund&#146;s <I>ad hoc </I>Pricing
    Committee, and is a member of both multi-fund <I>ad hoc
    </I>Compensation Committees. He serves on comparable or other
    board committees, including
</DIV>
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    20
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    as lead independent director, with respect to other funds in the
    Fund&#160;Complex on whose boards he sits. Besides serving on
    the boards of many funds within the Fund&#160;Complex, he is
    currently a Director of three other public companies and has
    previously served on the boards of several other public
    companies. He previously served as the Chief Executive of a
    large NYSE listed construction company. Mr.&#160;Zizza received
    his Bachelor of Arts and his Master of Business Administration
    in Finance from St. John&#146;s University, which awarded him an
    Honorary Doctorate in Commercial Sciences.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees&#160;&#151;
    Leadership Structure and Oversight Responsibilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for general oversight of the Fund rests
    with the Board of Trustees. The Board of Trustees does not have
    a Chairman. The Board of Trustees has appointed Mr.&#160;Conn as
    the lead independent Trustee. The lead independent Trustee
    presides over executive sessions of the Trustees and also serves
    between meetings of the Board of Trustees as a liaison with
    service providers, officers, counsel and other Trustees on a
    wide variety of matters including scheduling agenda items for
    Board meetings. Designation as such does not impose on the lead
    independent Trustee any obligations or standards greater than or
    different from other Trustees. The Board of Trustees has
    established a Nominating Committee and an Audit Committee to
    assist the Board of Trustees in the oversight of the management
    and affairs of the Fund. The Board of Trustees also has an ad
    hoc Proxy Voting Committee that exercises beneficial ownership
    responsibilities on behalf of the Fund in selected situations.
    From time to time, the Board of Trustees establishes additional
    committees or informal working groups, such as pricing
    committees related to securities offerings by the Fund, to deal
    with specific matters or assigns one of its members to
    participate with trustees or directors of other funds in the
    Gabelli/GAMCO Funds&#160;Complex on special committees or
    working groups that deal with complex-wide matters, such as the
    multi-fund ad hoc Compensation Committee relating to the
    compensation of the Chief Compliance Officer for all the funds
    in the Fund Complex and a separate multi-fund ad hoc
    Compensation Committee relating to certain officers of the
    closed-end funds in the Fund Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of the Fund&#146;s Trustees other than Mr.&#160;Salibello
    are independent Trustees, and the Board of Trustees believes
    they are able to provide effective oversight of the Fund&#146;s
    service providers. In addition to providing feedback and
    direction during Board meetings, the Trustees meet regularly in
    executive session and chair all committees of the Board of
    Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s operations entail a variety of risks including
    investment, administration, valuation and a range of compliance
    matters. Although the Investment Adviser, the
    <FONT style="white-space: nowrap">sub-administrator</FONT>
    and the officers of the Fund are responsible for managing these
    risks on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis within the framework of their established risk management
    functions, the Board of Trustees also addresses risk management
    of the Fund through its meetings and those of the committees and
    working groups. In particular, as part of its general oversight,
    the Board of Trustees reviews with the Investment Adviser at
    Board meetings the levels and types of risks, including options
    risk, being undertaken by the Fund, and the Audit Committee
    discusses the Fund&#146;s risk management and controls with the
    independent registered public accounting firm engaged by the
    Fund. The Board of Trustees reviews valuation policies and
    procedures and the valuations of specific illiquid securities.
    The Board of Trustees also receives periodic reports from the
    Fund&#146;s Chief Compliance Officer regarding compliance
    matters relating to the Fund and its major service providers,
    including results of the implementation and testing of the
    Fund&#146;s and such providers&#146; compliance programs. The
    Board of Trustees&#146; oversight function is facilitated by
    management reporting processes that are designed to provide
    visibility to the Board of Trustees about the identification,
    assessment, and management of critical risks and the controls
    and policies and procedures used to mitigate those risks. The
    Board of Trustees reviews its role in supervising the
    Fund&#146;s risk management from time to time and may make
    changes in its discretion at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees has determined that its leadership
    structure is appropriate for the Fund because it enables the
    Board of Trustees to exercise informed and independent judgment
    over matters under its purview, allocates responsibility among
    committees in a manner that fosters effective oversight and
    allows the Board of Trustees to devote appropriate resources to
    specific issues in a flexible manner as they arise. The Board of
    Trustees periodically reviews its leadership structure as well
    as its overall structure, composition and functioning and may
    make changes in its discretion at any time.
</DIV>
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    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Committees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trustees serving on the Fund&#146;s Nominating Committee are
    Anthony J. Colavita (Chair), Michael J. Melarkey and Salvatore
    J. Zizza. The Nominating Committee is responsible for
    recommending qualified candidates to the Board of Trustees in
    the event that a position is vacated or created. The Nominating
    Committee would consider recommendations by shareholders if a
    vacancy were to exist. Such recommendations should be forwarded
    to the Secretary of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Vincent D. Enright, Frank J. Fahrenkopf,&#160;Jr. and Salvatore
    J. Zizza (Chair), who are not &#147;interested persons&#148; of
    the Fund as defined in the 1940 Act, serve on the Fund&#146;s
    Audit Committee. The Audit Committee is generally responsible
    for reviewing and evaluating issues related to the accounting
    and financial reporting policies and internal controls of the
    Fund and, as appropriate, the internal controls of certain
    service providers, overseeing the quality and objectivity of the
    Fund&#146;s financial statements and the audit thereof and
    acting as a liaison between the Board of Trustees and the
    Fund&#146;s 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: transparent">
    The Trustees serving on the Fund&#146;s Proxy Voting Committee
    are Anthony J. Colavita, James P. Conn and Vincent D. Enright
    (Chair). If so determined by the Board of Trustees, the Proxy
    Voting Committee is authorized to exercise voting power
    <FONT style="white-space: nowrap">and/or</FONT>
    dispositive power over specific securities held in the
    Fund&#146;s portfolio for such period as the Board of Trustees
    may determine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the fiscal year ended December&#160;31, 2010, the Board of
    Trustees held one (1)&#160;Nominating Committee meeting and
    three (3)&#160;Audit Committee meetings. The Proxy Voting
    Committee did not meet during the fiscal year ended
    December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund does not have a standing compensation committee, but
    does have representatives on a multi-fund <I>ad hoc
    </I>Compensation Committee relating to compensation of the Chief
    Compliance Officer for the funds and certain officers of the
    closed-end funds in the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Beneficial
    Ownership of Shares&#160;Held in the Fund and the Family of
    Investment Companies for each Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the dollar range of equity
    securities in the Fund beneficially owned by each Trustee and
    the aggregate dollar range of equity securities in the
    Fund&#160;Complex beneficially owned by each Trustee.
</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: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="54%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="11%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>of Equity Securities<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities Held in the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Held in Family of<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>Name of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Investment Companies(1)(2)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Interested Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salvatore M. Salibello
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    none
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</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">
    <B>Independent Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $1-$10,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $50,001-$100,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</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: 20pt">
    Mario d&#146;Urso
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    none
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $10,001-$50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    none
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</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: 20pt">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    none
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $1-$10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Michael J. Melarkey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</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: 20pt">
    Anthonie C. van Ekris*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $10,001-$50,000
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    over $100,000
</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">
    All shares were valued as of December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</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: transparent">

</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: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr. van Ekris beneficially owns less than 1% of the common stock
    of LICT Corp., having a value of $63,600 as of December&#160;31,
    2010. LICT Corp. may be deemed to be controlled by
    Mario&#160;J.&#160;Gabelli and in that event would be deemed to
    be under common control with the Fund&#146;s Investment Adviser.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information has been furnished by each Trustee as of
    December&#160;31, 2010. &#147;Beneficial Ownership&#148; is
    determined in accordance with Rule&#160;16a-1(a)(2) of the
    Securities Exchange Act of 1934, as amended (the &#147;1934
    Act&#148;).</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR>
    <TD valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The term &#147;Family of Investment Companies&#148; includes two
    or more, registered funds that share the same investment adviser
    or principal underwriter and hold themselves out to investors,
    as related companies for purposes of investment and investor
    services. Currently the registered funds that comprise the
    &#147;Fund Complex&#148; are identical to those that comprise
    the &#147;Family of Investment Companies.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the Trustees and officers of the
    Fund as a group owned less than 1% of the outstanding common
    shares or preferred shares of the Fund. There are no control
    persons of the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Remuneration
    of Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund pays each Trustee who is not an officer or employee of
    the Investment Adviser or its affiliates a fee of $6,000 per
    annum plus $1,000 per Board meeting attended and $500 per
    standing committee meeting attended and $500 per telephonic
    meeting attended, together with each Trustee&#146;s actual
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses relating to attendance at such meetings. In addition,
    the Audit Committee Chairman receives an annual fee of $3,000,
    the Nominating Committee Chairman receives an annual fee of
    $2,000, and the lead independent Trustee receives an annual fee
    of $1,000. A Trustee may receive a single meeting fee, allocated
    among the participating funds, for participation in certain
    meetings held on behalf of multiple funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows the compensation that the Trustees
    earned in their capacity as Trustees during the year ended
    December&#160;31, 2010. The table also shows, for the year ended
    December&#160;31, 2010, the compensation Trustees earned in
    their capacity as Trustees for other funds in the Gabelli
    Fund&#160;Complex.
</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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    TABLE FOR THE YEAR ENDED DECEMBER 31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>from the Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</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>Name of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>From the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Paid to
    Trustees<SUP style="font-size: 85%; vertical-align: top">(1)(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Interested Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Salvatore M. Salibello
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,000
</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">
    <B>Independent Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    254,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    144,500
</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">
    Mario d&#146;Urso
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,000
</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">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael J. Melarkey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</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">
    Anthonie C. van Ekris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    124,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    212,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    105,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,073,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</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: transparent">

</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: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents the total compensation paid to such persons during
    the year ended December&#160;31, 2010 by investment companies
    (including the Fund) or portfolios thereof from which such
    person receives compensation that are considered part of the
    same fund complex as the Fund because they have common or
    affiliated investment advisers. The total does not include,
    among other things,
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    Trustee expenses.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR>
    <TD valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    No Trustees deferred any portion of compensation paid in
    calendar year 2010.</TD>
</TR>

</TABLE>
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    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Officers and Trustees; Limitations on Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Agreement and Declaration of Trust of the Fund provides that
    the Fund will indemnify its Trustees and officers and may
    indemnify its employees or agents against liabilities and
    expenses incurred in connection with litigation in which they
    may be involved because of their positions with the Fund to the
    fullest extent permitted by applicable law. However, nothing in
    the Agreement and Declaration of Trust of the Fund protects or
    indemnifies a trustee, officer, employee or agent of the Fund
    against any liability to which such person would otherwise be
    subject in the event of such person&#146;s willful misfeasance,
    bad faith, gross negligence or reckless disregard of the duties
    involved in the conduct of his or her position.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Advisory and Administrative Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC acts as the Fund&#146;s Investment Adviser
    pursuant to the Investment Advisory Agreement with the Fund and
    the Investment Adviser (the &#147;Investment Advisory
    Agreement&#148;). The Investment Adviser is a New York limited
    liability company with principal offices located at One
    Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and is registered under the Investment Advisers Act of 1940. The
    Investment Adviser was organized in 1999 and is the successor to
    Gabelli Funds, Inc., which was organized in 1980. As of
    December&#160;31, 2010, the Investment Adviser acted as
    registered investment adviser to 25 management investment
    companies with aggregate net assets of $18.3&#160;billion. The
    Investment Adviser, together with the other affiliated
    investment advisers noted below had assets under management
    totaling approximately $33.3&#160;billion as of
    December&#160;31, 2010. GAMCO Asset Management Inc., an
    affiliate of the Investment Adviser, acts as investment adviser
    for individuals, pension trusts, profit sharing trusts and
    endowments, and as a sub adviser to management investment
    companies having aggregate assets of $13.7&#160;billion under
    management as of December&#160;31, 2010. Gabelli Securities,
    Inc., an affiliate of the Investment Adviser, acts as investment
    adviser for investment partnerships and entities having
    aggregate assets of approximately $515&#160;million as of
    December&#160;31, 2010. Teton Advisors, Inc., an affiliate of
    the Investment Adviser, acts as investment manager to the GAMCO
    Westwood Funds and separately managed accounts having aggregate
    assets of approximately $820&#160;million under management as of
    December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Affiliates of the Investment Adviser may, in the ordinary course
    of their business, acquire for their own account or for the
    accounts of their investment advisory clients, significant (and
    possibly controlling) positions in the securities of companies
    that may also be suitable for investment by the Fund. The
    securities in which the Fund might invest may thereby be limited
    to some extent. For instance, many companies in the past several
    years have adopted so-called &#147;poison pill&#148; or other
    defensive measures designed to discourage or prevent the
    completion of non-negotiated offers for control of the company.
    Such defensive measures may have the effect of limiting the
    shares of the company which might otherwise be acquired by the
    Fund if the affiliates of the Investment Adviser or their
    investment advisory accounts have or acquire a significant
    position in the same securities. However, the Investment Adviser
    does not believe that the investment activities of its
    affiliates will have a material adverse effect upon the Fund in
    seeking to achieve its investment objectives. Securities
    purchased or sold pursuant to contemporaneous orders entered on
    behalf of the investment company accounts of the Investment
    Adviser or the investment advisory accounts managed by its
    affiliates for their unaffiliated clients are allocated pursuant
    to procedures, approved by the Board of Trustees, believed to be
    fair and not disadvantageous to any such accounts. In addition,
    all such orders are accorded priority of execution over orders
    entered on behalf of accounts in which the Investment Adviser or
    its affiliates have a substantial pecuniary interest. The
    Investment Adviser may on occasion give advice or take action
    with respect to other clients that differs from the actions
    taken with respect to the Fund. The Fund may invest in the
    securities of companies that are investment management clients
    of GAMCO Asset Management Inc. In addition, portfolio companies
    or their officers or directors may be minority shareholders of
    the Investment Adviser or its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is a wholly-owned subsidiary of GAMCO
    Investors, Inc., a New York corporation, whose Class&#160;A
    Common Stock is traded on the New York Stock Exchange (the
    &#147;NYSE&#148;) under the symbol &#147;GBL.&#148;
    Mr.&#160;Mario J. Gabelli may be deemed a &#147;controlling
    person&#148; of the Investment Adviser on
</DIV>
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    <BR>
    24
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<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: transparent">
    the basis of his ownership of a majority of the stock and voting
    power of GGCP, Inc., which owns a majority of the capital stock
    and voting power of GAMCO Investors, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms of the Investment Advisory Agreement, the
    Investment Adviser manages the portfolio of the Fund in
    accordance with its stated investment objectives and policies,
    makes investment decisions for the Fund, places orders to
    purchase and sell securities on behalf of the Fund and manages
    its other business and affairs, all subject to the supervision
    and direction of the Fund&#146;s Board of Trustees. In addition,
    under the Investment Advisory Agreement, the Investment Adviser
    oversees the administration of all aspects of the Fund&#146;s
    business and affairs and provides, or arranges for others to
    provide, at the Investment Adviser&#146;s expense, certain
    enumerated services, including maintaining the Fund&#146;s books
    and records, preparing reports to the Fund&#146;s shareholders
    and supervising the calculation of the net asset value of the
    Fund&#146;s shares. Expenses of computing the net asset value of
    the Fund, including any equipment or services obtained solely
    for the purpose of pricing shares or valuing its investment
    portfolio, underwriting compensation and reimbursements in
    connection with sales of its securities, the costs of utilizing
    a third party to monitor and collect class action settlements on
    behalf of the Fund, compensation to an administrator for certain
    SEC filings on behalf of the Fund, the fees and expenses of
    Trustees who are not officers or employees of the Investment
    Adviser of its affiliates, compensation and other expenses of
    employees of the Fund as approved by the Trustees, the pro rata
    costs of the Fund&#146;s Chief Compliance Officer, charges of
    the custodian, any
    <FONT style="white-space: nowrap">sub-custodian</FONT>
    and transfer agent and dividend paying agent, expenses in
    connection with the Automatic Dividend Reinvestment and
    Voluntary Cash Purchase Plan, accounting and pricing costs,
    membership fees in trade associations, expenses for legal and
    independent accountants&#146; services, costs of printing
    proxies, share certificates and shareholder reports, fidelity
    bond coverage for Fund officers and employees, Trustee and
    officers&#146; errors and omissions insurance coverage, and
    stock exchange listing fees will be an expense of the Fund
    unless the Investment Adviser voluntarily assumes responsibility
    for such expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement combines investment advisory
    and certain administrative responsibilities into one agreement.
    For services rendered by the Investment Adviser on behalf of the
    Fund under the Fund&#146;s Investment Advisory Agreement, the
    Fund pays the Investment Adviser a fee computed weekly and paid
    monthly at the annual rate of 1.00% of the average weekly net
    assets of the Fund. The Fund&#146;s average weekly net assets
    will be deemed to be the average weekly value of the Fund&#146;s
    total assets minus the sum of the Fund&#146;s liabilities (such
    liabilities exclude the aggregate liquidation preference of
    outstanding preferred shares and accumulated dividends, if any,
    on those shares and the outstanding principal amount of any debt
    securities the proceeds of which were used for investment
    purposes, plus accrued and unpaid interest thereon). For
    purposes of the calculation of the fees payable to the
    Investment Adviser by the Fund, average weekly net assets of the
    Fund are determined at the end of each month on the basis of its
    average net assets for each week during the month. The assets
    for each weekly period are determined by averaging the net
    assets at the end of a week with the net assets at the end of
    the prior week.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The total investment advisory fees were $8,147,057, $4,105,926
    and $5,343,714 for the twelve months ended December&#160;31,
    2010, December&#160;31, 2009 and December&#160;31, 2008,
    respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement provides that, in the absence
    of willful misfeasance, bad faith, gross negligence or reckless
    disregard for its obligations and duties thereunder, the
    Investment Adviser is not liable for any error of judgment or
    mistake of law or for any loss suffered by the Fund. As part of
    the Investment Advisory Agreement, the Fund has agreed that the
    name &#147;Gabelli&#148; is the Investment Adviser&#146;s
    property, and that in the event the Investment Adviser ceases to
    act as an investment adviser to the Fund, the Fund will change
    its name to one not including &#147;Gabelli.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to its terms, the Investment Advisory Agreement will
    remain in effect with respect to the Fund from year to year if
    approved annually (i)&#160;by the Fund&#146;s Board of Trustees
    or by the holders of a majority of its outstanding voting
    securities and (ii)&#160;by a majority of the Trustees who are
    not &#147;interested persons&#148; (as defined in the 1940 Act)
    of any party to the Investment Advisory Agreement, by vote cast
    in person at a meeting called for the purpose of voting on such
    approval.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
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<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: transparent">
    The Investment Advisory Agreement was most recently approved by
    a majority of the Fund&#146;s Board of Trustees, including a
    majority of the Trustees who are not interested persons as that
    term is defined in the 1940 Act, at an in person meeting of the
    Board of Trustees held on February&#160;24, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement terminates automatically on
    its assignment and may be terminated without penalty on
    60&#160;days&#146; written notice at the option of either party
    thereto or by a vote of a majority (as defined in the 1940 Act)
    of the Fund&#146;s outstanding voting securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Manager Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Accounts Managed</FONT></I></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: transparent">
    The information below lists the number of other accounts for
    which each portfolio manager was primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management as of the fiscal year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Managed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Advisory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Assets<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>with Advisory<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name of Portfolio Manager or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>of Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Based on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>fee Based on<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Team Member</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Type of Accounts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Managed</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total Assets</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    1. Caesar M.P. Bryan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    852.0 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.4 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.4 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    64.3 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2.&#160;Barbara G. Marcin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2.0 billion
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.9 billion
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36.0K
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36.0K
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    157.8 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    3.&#160;Vincent Hugonnard-<BR>
    Roche
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.4 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    339.9K
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Potential
    Conflicts of Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Actual or apparent conflicts of interest may arise when a
    portfolio manager for a fund also has
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management responsibilities with respect to one or more other
    funds or accounts. These potential conflicts include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allocation of Limited Time and Attention.</I>&#160;&#160;A
    portfolio manager who is responsible for managing multiple funds
    or other accounts may devote unequal time and attention to the
    management of those funds or accounts. As a result, the
    portfolio manager may not be able to formulate as complete a
    strategy or identify equally attractive investment opportunities
    for each of those accounts as might be the case if he or she
    were to devote substantially more attention to the management of
    a single fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allocation of Limited Investment
    Opportunities.</I>&#160;&#160;If a portfolio manager identifies
    an investment opportunity that may be suitable for multiple
    funds or other accounts, a fund may not be able to take full
    advantage of that opportunity because the opportunity may be
    allocated among several of these funds or accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Pursuit of Differing Strategies.</I>&#160;&#160;At times, a
    portfolio manager may determine that an investment opportunity
    may be appropriate for only some of the funds or accounts for
    which he or she exercises investment responsibility, or may
    decide that certain of the funds or accounts should take
    differing positions with respect to a particular security. In
    these cases, the portfolio manager may place separate
    transactions for one or more funds or accounts which may affect
    the market price of the security or the execution of the
    transaction, or both, to the detriment of one or more other
    funds or accounts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Selection of Broker/Dealers.</I>&#160;&#160;Portfolio
    managers may be able to select or influence the selection of the
    brokers and dealers that are used to execute securities
    transactions for the funds or accounts that they supervise. In
    addition to providing execution of trades, some brokers and
    dealers provide portfolio managers with brokerage and research
    services which may result in the payment of higher brokerage
    fees than might otherwise be available. These services may be
    more beneficial to certain funds or accounts than to others.
    Although the payment of brokerage commissions is subject to the
    requirement that the portfolio manager determine in good faith
    that the commissions are reasonable in relation to the value of
    the brokerage and research services provided to the fund, a
    portfolio manager&#146;s decision as to the selection of brokers
    and dealers could yield disproportionate costs and benefits
    among the funds or other accounts that he or she manages. In
    addition, with respect to certain types of accounts (such as
    pooled investment vehicles and other accounts managed for
    organizations and individuals) the Investment Adviser may be
    limited by the client concerning the selection of brokers or may
    be instructed to direct trades to particular brokers. In these
    cases, the Investment Adviser or its affiliates may place
    separate, non-simultaneous transactions in the same security for
    a fund and another account that may temporarily affect the
    market price of the security or the execution of the
    transaction, or both, to the detriment of the fund or the other
    accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Variation in Compensation.</I>&#160;&#160;A conflict of
    interest may arise where the financial or other benefits
    available to the portfolio manager differ among the funds or
    accounts that he or she manages. If the structure of the
    Investment Adviser&#146;s management fee or the portfolio
    manager&#146;s compensation differs among funds or accounts
    (such as where certain funds or accounts pay higher management
    fees or performance-based management fees), the portfolio
    manager may be motivated to favor certain funds or accounts over
    others. The portfolio manager also may be motivated to favor
    funds or accounts in which he or she has an investment interest,
    or in which the Investment Adviser or its affiliates have
    investment interests. Similarly, the desire to maintain assets
    under management or to enhance a portfolio manager&#146;s
    performance record or to derive other rewards, financial or
    otherwise, could influence the portfolio manager in affording
    preferential treatment to those funds or other accounts that
    could most significantly benefit the portfolio manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser and the Fund have adopted compliance
    policies and procedures that are designed to address the various
    conflicts of interest that may arise for the Investment Adviser
    and its staff members. However, there is no guarantee that such
    policies and procedures will be able to detect and prevent every
    situation in which an actual or potential conflict may arise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Structure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The compensation of the portfolio managers is reviewed annually
    and structured to enable the Investment Adviser to attract and
    retain highly qualified professionals in a competitive
    environment. The portfolio managers named above receive a
    compensation package that includes a minimum draw or base
    salary, equity-based incentive compensation via awards of stock
    options, and incentive based variable compensation based on a
    percentage of net revenues received by the Investment Adviser
    for managing the Fund to the extent that it exceeds a minimum
    level of compensation. This method of compensation is based on
    the premise that superior long-term performance in managing a
    portfolio will be rewarded through growth of assets through
    appreciation and cash flow. Incentive based equity compensation
    is based on an evaluation of quantitative and qualitative
    performance evaluation criteria. Mr.&#160;Hugonnard-Roche also
    may receive a discretionary bonus based primarily on qualitative
    performance evaluation criteria.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Compensation for managing other accounts is based on a
    percentage of net revenues received by the Investment Adviser
    for managing the account. Compensation for managing the pooled
    investment vehicles and other accounts that have a
    performance-based fee will have two components. One component of
    the fee is based on a percentage of net revenues received by the
    Investment Adviser for managing the account or pooled investment
    vehicle. The second component of the fee is based on absolute
    performance from which a percentage of such fee is paid to the
    portfolio manager.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Holdings Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Employees of the Investment Adviser and its affiliates will
    often have access to information concerning the portfolio
    holdings of the Fund. The Fund and the Investment Adviser have
    adopted policies and procedures that require all employees to
    safeguard proprietary information of the Fund, which includes
    information relating to the Fund&#146;s portfolio holdings as
    well as portfolio trading activity of the Investment Adviser
    with respect to the Fund (collectively, &#147;Portfolio Holdings
    Information&#148;). In addition, the Fund and the Investment
    Adviser have adopted policies and procedures providing that
    Portfolio Holdings Information may not be disclosed except to
    the extent that it is (a)&#160;made available to the general
    public by posting on the Fund&#146;s website or filed as part of
    a required filing on
    <FONT style="white-space: nowrap">Form&#160;N-Q</FONT>
    or N-CSR or (b)&#160;provided to a third party for legitimate
    business purposes or regulatory purposes, that has agreed to
    keep such data confidential under terms approved by the
    Investment Adviser&#146;s legal department or outside counsel,
    as described below. The Investment Adviser will examine each
    situation under (b)&#160;with a view to determine that release
    of the information is in the best interest of the Fund and their
    shareholders and, if a potential conflict between the Investment
    Adviser&#146;s interests and the Fund&#146;s interests arises,
    to have such conflict resolved by the Chief Compliance Officer
    or those Directors who are not considered to be &#147;interested
    persons&#148;, as defined in the 1940 Act (the
    &#147;&#146;Independent Directors&#148;). These policies further
    provide that no officer of the Fund or employee of the
    Investment Adviser shall communicate with the media about the
    Fund without obtaining the advance consent of the Chief
    Executive Officer, Chief Operating Officer, or General Counsel
    of the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the foregoing policies, the Fund currently may disclose
    Portfolio Holdings Information in the circumstances outlined
    below. Disclosure generally may be either on a monthly or
    quarterly basis with no time lag in some cases and with a time
    lag of up to 60&#160;days in other cases (with the exception of
    proxy voting services which require a regular download of data):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To regulatory authorities in response to requests for
    such information and with the approval of the Chief Compliance
    Officer of the Fund;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;To mutual fund rating and statistical agencies and to
    persons performing similar functions where there is a legitimate
    business purpose for such disclosure and such entity has agreed
    to keep such data confidential until at least it has been made
    public by the Investment Adviser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To service providers of the Fund, as necessary for the
    performance of their services to the Fund and to the Board of
    Trustees, where such entity has agreed to keep such data
    confidential until at least it has been made public by the
    Investment Adviser. The Fund&#146;s current service providers
    that may receive such information are its administrator,
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    custodian, independent registered public accounting firm, legal
    counsel, and financial printers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;To firms providing proxy voting and other proxy
    services provided such entity has agreed to keep such data
    confidential until at least it has been made public by the
    Investment Adviser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;To certain broker dealers, investment advisers, and
    other financial intermediaries for purposes of their performing
    due diligence on the Fund and not for dissemination of this
    information to their clients or use of this information to
    conduct trading for their clients. Disclosure of Portfolio
    Holdings Information in these circumstances requires the broker,
    dealer, investment adviser, or financial intermediary to agree
    to keep such information confidential until it has been made
    public by the Investment Adviser and is further subject to prior
    approval of the Chief Compliance Officer of the Fund and shall
    be reported to the Board of Trustees at the next quarterly
    meeting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;To consultants for purposes of performing analysis of
    the Fund, which analysis may be used by the consultant with its
    clients or disseminated to the public, provided that such entity
    shall have agreed to keep such information confidential until at
    least it has been made public by the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the date of this SAI, the Fund makes information about
    portfolio securities available to its administrator,
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    custodian, and proxy voting services on a daily basis, with no
    time lag, to its typesetter on a quarterly basis with a ten day
    time lag, to its financial printers on a quarterly basis with a
</DIV>
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    <BR>
    28
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    forty-five day time lag, and its independent registered public
    accounting firm and legal counsel on an as needed basis with no
    time lag. The names of the Fund&#146;s administrator, custodian,
    independent registered public accounting firm, and legal counsel
    are set forth is this SAI. The Fund&#146;s proxy voting service
    is Broadridge Investor Communication Services. Bowne &#038; Co.,
    Inc. provides typesetting services for the Fund and the Fund
    selects from a number of financial printers who have agreed to
    keep such information confidential until at least it has been
    made public by the Investment Adviser. Other than those
    arrangements with the Fund&#146;s service providers and proxy
    voting service, the Fund has no ongoing arrangements to make
    available information about the Fund&#146;s portfolio securities
    prior to such information being disclosed in a publicly
    available filing with the SEC that is required to include the
    information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Disclosures made pursuant to a confidentiality agreement are
    subject to periodic confirmation by the Chief Compliance Officer
    of the Fund that the recipient has utilized such information
    solely in accordance with the terms of the agreement. Neither
    the Fund, nor the Investment Adviser, nor any of the Investment
    Adviser&#146;s affiliates will accept on behalf of itself, its
    affiliates, or the Fund any compensation or other consideration
    in connection with the disclosure of portfolio holdings of the
    Fund. The Board of Trustees will review such arrangements
    annually with the Fund&#146;s Chief Compliance Officer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Ownership
    of Shares in the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the portfolio managers of the Fund
    own the following amounts of equity securities of the Fund.
</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: transparent">
<!-- 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 -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Caesar M.P. Bryan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,000-25,000
</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">
    Barbara G. Marcin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,001-50,000
</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">
    Vincent Hugonnard-Roche
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</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: transparent">

</DIV>

<A name='Y90912154'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDENDS
    AND DISTRIBUTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is subject to Section&#160;19(b) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;19b-1</FONT>
    thereunder which restricts the ability of the Fund to make
    distributions of long-term capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent the Fund&#146;s total distributions for a year
    exceed its net investment company taxable income (interest,
    dividends and net short-term capital gains in excess of
    expenses) and net realized long-term capital gains for that
    year, the excess would generally constitute a tax-free return of
    capital up to the amount of a shareholder&#146;s tax basis in
    the common shares. Any distributions which (based upon the
    Fund&#146;s full year performance) constitute a tax-free return
    of capital would reduce a shareholder&#146;s tax basis in the
    common shares, thereby increasing such shareholder&#146;s
    potential gain or reducing his or her potential loss on the sale
    of the common shares. Any amounts distributed to a shareholder
    in excess of the basis in the common shares would generally be
    taxable to the shareholder as capital gain. See
    &#147;Taxation.&#148; Distribution notices provided by the Fund
    to its shareholders will clearly indicate what portion of each
    distribution would constitute net income, net capital gains, and
    return of capital based on information available to the Fund for
    the relevant period at the time the distribution is declared.
    The final determination of the source of such distributions for
    federal income tax purposes will be made shortly after year end
    based on the Fund&#146;s actual net investment company taxable
    income and net capital gain for that year and would be
    communicated to shareholders promptly. In the event that the
    Fund distributes amounts in excess of its investment company
    taxable income and net capital gain, such distributions will
    decrease the Fund&#146;s total assets and, therefore, have the
    likely effect of increasing the Fund&#146;s expense ratio, as
    the Fund&#146;s fixed expenses will become a larger percentage
    of the Fund&#146;s average net assets. In addition, in order to
    make such distributions, the Fund may have to sell a portion of
    its investment portfolio at a time when independent investment
    judgment may not dictate such action.
</DIV>
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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y90912155'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to policies established by the Board of Trustees of the
    Fund, the Investment Adviser is responsible for placing purchase
    and sale orders and the allocation of brokerage on behalf of the
    Fund. Transactions in equity securities are in most cases
    effected on U.S.&#160;stock exchanges and involve the payment of
    negotiated brokerage commissions. There may be no stated
    commission in the case of securities traded in
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets, but the prices of those securities may include
    undisclosed commissions or
    <FONT style="white-space: nowrap">mark-ups.</FONT>
    Principal transactions are not entered into with affiliates of
    the Fund. However, Gabelli&#160;&#038; Company, Inc. may execute
    transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets on an agency basis and receive a stated commission
    therefrom. To the extent consistent with applicable provisions
    of the 1940 Act and the rules and exemptions adopted by the SEC
    thereunder, as well as other regulatory requirements, the
    Fund&#146;s Board of Trustees has determined that portfolio
    transactions may be executed through Gabelli&#160;&#038;
    Company, Inc. and its broker-dealer affiliates if, in the
    judgment of the Investment Adviser, the use of those
    broker-dealers is likely to result in price and execution at
    least as favorable as those of other qualified broker-dealers,
    and if, in particular transactions, the affiliated
    broker-dealers charge the Fund a rate consistent with that
    charged to comparable unaffiliated customers in similar
    transactions and comparable to rates charged by other
    broker-dealers for similar transactions. The Fund has no
    obligations to deal with any broker or group of brokers in
    executing transactions in portfolio securities. In executing
    transactions, the Investment Adviser seeks to obtain the best
    price and execution for the Fund, taking into account such
    factors as price, size of order, difficulty of execution and
    operational facilities of the firm involved and the firm&#146;s
    risk in positioning a block of securities. While the Investment
    Adviser generally seeks reasonably competitive commission rates,
    the Fund does not necessarily pay the lowest commission
    available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to obtaining the best price and execution, brokers who
    provide supplemental research, market and statistical
    information, or other services (e.g., wire services) to the
    Investment Adviser or its affiliates may receive orders for
    transactions by the Fund. The term &#147;research, market and
    statistical information&#148; includes advice as to the value of
    securities, and advisability of investing in, purchasing or
    selling securities, and the availability of securities or
    purchasers or sellers of securities, and furnishing analyses and
    reports concerning issues, industries, securities, economic
    factors and trends, portfolio strategy and the performance of
    accounts. Information so received will be in addition to and not
    in lieu of the services required to be performed by the
    Investment Adviser under the Investment Advisory Agreement and
    the expenses of the Investment Adviser will not necessarily be
    reduced as a result of the receipt of such supplemental
    information. Such information may be useful to the Investment
    Adviser and its affiliates in providing services to clients
    other than the Fund, and not all such information is used by the
    Investment Adviser in connection with the Fund. Conversely, such
    information provided to the Investment Adviser and its
    affiliates by brokers and dealers through whom other clients of
    the Investment Adviser and its affiliates effect securities
    transactions may be useful to the Investment Adviser in
    providing services to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although investment decisions for the Fund are made
    independently from those for the other accounts managed by the
    Investment Adviser and its affiliates, investments of the kind
    made by the Fund may also be made for those other accounts. When
    the same securities are purchased for or sold by the Fund and
    any of such other accounts, it is the policy of the Investment
    Adviser and its affiliates to allocate such purchases and sales
    in a manner deemed fair and equitable over time to all of the
    accounts, including the Fund.
</DIV>

<A name='Y90912156'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TURNOVER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio turnover rate is calculated by dividing the lesser of
    an investment company&#146;s annual sales or purchases of
    portfolio securities by the monthly average value of securities
    in its portfolio during the year, excluding portfolio securities
    the maturities of which at the time of acquisition were one year
    or less. A high rate of portfolio turnover involves
    correspondingly greater brokerage commission expense than a
    lower rate, which expense must be borne by the Fund and
    indirectly by its shareholders. The portfolio turnover rate may
    vary from year to year and will not be a factor when the
    Investment Adviser determines that portfolio changes are
    appropriate. For example, an increase in the Fund&#146;s
    participation in risk arbitrage situations would increase
</DIV>
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    <BR>
    30
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<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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Fund&#146;s portfolio turnover rate. A higher rate of
    portfolio turnover may also result in taxable gains being passed
    to shareholders sooner than would otherwise be the case. The
    investment policies of the Fund, including its strategy of
    writing covered call options on securities in its portfolio, is
    expected to result in portfolio turnover that is higher than
    that of other investment companies, and is expected to be higher
    than 100%. For the years ending December&#160;31, 2009 and 2010,
    the portfolio turnover rates were 61.0% and 51.5%, respectively.
</DIV>

<A name='Y90912157'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and the purchase, ownership and disposition of the Fund&#146;s
    shares. This discussion assumes you are a U.S.&#160;person and
    that you hold your shares as capital assets. This discussion is
    based upon current provisions of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;), the regulations
    promulgated thereunder and judicial and administrative
    authorities, all of which are subject to change or differing
    interpretations by the courts or the Internal Revenue Service
    (the &#147;IRS&#148;), possibly with retroactive effect. No
    ruling has been or will be sought from the IRS regarding any
    matter discussed herein. Counsel to the Fund has not rendered
    and will not render any legal opinion regarding any tax
    consequences relating to the Fund or an investment in the Fund.
    No attempt is made to present a detailed explanation of all
    U.S.&#160;federal tax concerns affecting the Fund and its
    shareholders (including shareholders owning large positions in
    the Fund).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The discussions set forth herein and in the prospectus do not
    constitute tax advice and potential investors are urged to
    consult their own tax advisers to determine the tax consequences
    to them of investing in the Fund.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has elected to be treated and has qualified, and
    intends to continue to qualify annually, as a regulated
    investment company under Subchapter M of the Code. Accordingly,
    the Fund must, among other things, meet the following
    requirements regarding the source of its income and the
    diversification of its assets:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;The Fund must derive in each taxable year at least 90%
    of its gross income from the following sources, which are
    referred to herein as &#147;Qualifying Income&#148;:
    (a)&#160;dividends, interest (including tax-exempt interest),
    payments with respect to certain securities loans, and gains
    from the sale or other disposition of stock, securities or
    foreign currencies, or other income (including but not limited
    to gain from options, futures and forward contracts) derived
    with respect to its business of investing in such stock,
    securities or foreign currencies; and (b)&#160;net income
    derived from interests in publicly traded partnerships that are
    treated as partnerships for U.S.&#160;federal income tax
    purposes and that derive less than 90% of their gross income
    from the items described in clause (a)&#160;above (each a
    &#147;Qualified Publicly Traded Partnership&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;The Fund must diversify its holdings so that, at the
    end of each quarter of each taxable year (a)&#160;at least 50%
    of the market value of the Fund&#146;s total assets is
    represented by cash and cash items, U.S.&#160;government
    securities, the securities of other regulated investment
    companies and other securities, with such other securities
    limited, in respect of any one issuer, to an amount not greater
    than 5% of the value of the Fund&#146;s total assets and not
    more than 10% of the outstanding voting securities of such
    issuer and (b)&#160;not more than 25% of the market value of the
    Fund&#146;s total assets is invested in the securities of
    (I)&#160;any one issuer (other than U.S.&#160;government
    securities and the securities of other regulated investment
    companies), (II)&#160;any two or more issuers (other than
    regulated investment companies) that the Fund controls and that
    are determined to be engaged in the same business or similar or
    related trades or businesses or (III)&#160;any one or more
    Qualified Publicly Traded Partnerships.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Income from the Fund&#146;s investments in grantor trusts and
    equity interest of MLPs that are not Qualified Publicly Traded
    Partnerships (if any) will be Qualifying Income to the extent it
    is attributable to items of income of such trust or MLP that
    would be Qualifying Income if earned directly by the Fund.
</DIV>
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    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although in general the passive loss rules of the Code do not
    apply to regulated investment companies, such rules do apply to
    a regulated investment company with respect to items
    attributable to an interest in a Qualified Publicly Traded
    Partnership. The Fund&#146;s investments in partnerships,
    including in Qualified Publicly Traded Partnerships, may result
    in the Fund being subject to state, local or foreign income,
    franchise or withholding tax liabilities.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a regulated investment company, the Fund generally will not
    be subject to U.S.&#160;federal income tax on income and gains
    that the Fund distributes to its shareholders, provided that it
    distributes each taxable year at least the sum of (i)&#160;90%
    of the Fund&#146;s investment company taxable income (which
    includes, among other items, dividends, interest and the excess
    of any net short-term capital gain over net long-term capital
    loss and other taxable income, other than any net long-term
    capital gain (as defined below), reduced by deductible expenses)
    determined without regard to the deduction for dividends paid
    and (ii)&#160;90% of the Fund&#146;s net tax-exempt interest
    income (the excess of its gross tax-exempt interest over certain
    disallowed deductions). The Fund intends to distribute
    substantially all of such income at least annually. The Fund
    will be subject to income tax at regular corporate rates on any
    taxable income or gains that it does not distribute to its
    shareholders.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Code imposes a 4% nondeductible federal excise tax on the
    Fund to the extent the Fund does not distribute by the end of
    any calendar year an amount at least equal to the sum of
    (i)&#160;98% of its ordinary income (not taking into account any
    capital gain or loss) for the calendar year, (ii)&#160;98.2% of
    its capital gain in excess of its capital loss (adjusted for
    certain ordinary losses) for a one-year period generally ending
    on October 31 of the calendar year (unless an election is made
    to use the Fund&#146;s fiscal year), and (iii)&#160;certain
    undistributed amounts from previous years on which the Fund paid
    no U.S.&#160;federal income tax. In addition, the minimum
    amounts that must be distributed in any year to avoid the
    federal excise tax will be increased or decreased to reflect any
    under-distribution or over-distribution, as the case may be,
    from the previous year. While the Fund intends to distribute any
    income and capital gain in the manner necessary to minimize
    imposition of the 4% federal excise tax, there can be no
    assurance that sufficient amounts of the Fund&#146;s taxable
    income and capital gain will be distributed to entirely avoid
    the imposition of the federal excise tax. In that event, the
    Fund will be liable for the federal excise tax only on the
    amount by which it does not meet the foregoing distribution
    requirement.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A distribution will be treated as paid during the calendar year
    if it is paid during the calendar year or declared by the Fund
    in October, November or December of the year, payable to
    shareholders of record on a date during such a month and paid by
    the Fund during January of the following year. Any such
    distributions paid during January of the following year will be
    deemed to be received by the Fund&#146;s shareholders on
    December 31 of the year the distributions are declared, rather
    than when the distributions are actually received.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any taxable year the Fund does not qualify as a regulated
    investment company, all of its taxable income (including its net
    capital gain) will be subject to tax at regular corporate rates
    without any deduction for distributions to shareholders, and
    such distributions will be taxable to the shareholders as
    ordinary dividends to the extent of the Fund&#146;s current or
    accumulated earnings and profits. Such dividends, however, would
    be eligible (i)&#160;to be treated as qualified dividend income
    in the case of shareholders taxed as individuals and
    (ii)&#160;for the dividends received deduction in the case of
    corporate shareholders. The Fund could be required to recognize
    unrealized gains, pay taxes and make distributions (which could
    be subject to interest charges) before requalifying for taxation
    as a regulated investment company. If the Fund fails to qualify
    as a regulated investment company in any year, it must pay out
    its earnings and profits accumulated in that year in order to
    qualify again as a regulated investment company. If the Fund
    failed to qualify as a regulated investment company for a period
    greater than two taxable years, the Fund may be required to
    recognize and pay tax on any net built-in gains with respect to
    certain of its assets (i.e., the excess of the aggregate gains,
    including items of income, over aggregate losses that would have
    been realized with respect to such assets if the Fund had been
    liquidated) or, alternatively, to elect to be subject to
    taxation on such built-in gain recognized for a period of ten
    years, in order to qualify as a regulated investment company in
    a subsequent year.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of the Fund&#146;s investment practices are subject to
    special and complex U.S. federal income tax provisions that may,
    among other things, (i)&#160;disallow, suspend or otherwise
    limit the allowance of certain
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    losses or deductions, (ii)&#160;convert lower taxed long-term
    capital gains and qualified dividend income into higher taxed
    short-term capital gains or ordinary income, (iii)&#160;convert
    ordinary loss or a deduction into capital loss (the
    deductibility of which is more limited), (iv)&#160;cause the
    Fund to recognize income or gain without a corresponding receipt
    of cash, (v)&#160;adversely affect the time as to when a
    purchase or sale of stock or securities is deemed to occur,
    (vi)&#160;adversely alter the characterization of certain
    complex financial transactions and (vii)&#160;produce income
    that will not qualify as good income for purposes of the 90%
    annual gross income requirement described above. The Fund will
    monitor its transactions and may make certain tax elections and
    may be required to borrow money or dispose of securities to
    mitigate the effect of these rules and prevent disqualification
    of the Fund as a regulated investment company.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The MLPs in which the Fund intends to invest are expected to be
    treated as partnerships for U.S.&#160;federal income tax
    purposes. The cash distributions received by the Fund from an
    MLP may not correspond to the amount of income allocated to the
    Fund by the MLP in any given taxable year. If the amount of
    income allocated by an MLP to the Fund exceeds the amount of
    cash received by the Fund from such MLP, the Fund may have
    difficulty making distributions to its shareholders in the
    amounts necessary to satisfy the requirements for maintaining
    its status as a regulated investment company or avoiding
    U.S.&#160;federal income or excise taxes. Accordingly, the Fund
    may have to dispose of securities under disadvantageous
    circumstances in order to generate sufficient cash to satisfy
    the distribution requirements.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund expects that the income derived by the Fund from the
    MLPs in which it invests will be Qualifying Income. If, however,
    an MLP in which the Fund invests is not a Qualified Publicly
    Traded Partnership, the income derived by the Fund from such
    investment may not be Qualifying Income and, therefore, could
    adversely affect the Fund&#146;s status as a regulated
    investment company. The Fund intends to monitor its investments
    in MLPs to prevent the disqualification of the Fund as a
    regulated investment company.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;tax classification of the Canadian Royalty Trusts
    in which the Fund invests and the types of income that the Fund
    receives may have an impact on the Fund&#146;s ability to
    qualify as a regulated investment company. In particular,
    securities issued by certain Canadian Royalty Trusts (such as
    Canadian Royalty Trusts which are grantor trusts for
    U.S.&#160;federal income tax purposes) may not produce
    &#147;qualified&#148; income for purposes of determining the
    Fund&#146;s compliance with the tax rules applicable to
    regulated investment companies. Additionally, the Fund may be
    deemed to directly own the assets of each Canadian Royalty
    Trust, and would need to look to such assets when determining
    the Fund&#146;s compliance with the asset diversification rules
    applicable to regulated investment companies. To the extent that
    the Fund holds such securities indirectly through investments in
    a taxable subsidiary formed by the Fund, those securities may
    produce &#147;qualified&#148; income. However, the net return to
    the Fund on such investments would be reduced to the extent that
    the subsidiary is subject to corporate income taxes. The Fund
    shall monitor its investments in the Canadian Royalty Trusts
    with the objective of maintaining its continued qualification as
    a regulated investment company.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gain or loss on the sales of securities by the Fund will
    generally be long-term capital gain or loss if the securities
    have been held by the Fund for more than one year. Gain or loss
    on the sale of securities held for one year or less will be
    short-term capital gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The premium received by the Fund for writing a call option is
    not included in income at the time of receipt. If the option
    expires, the premium is short-term capital gain to the Fund. If
    the Fund enters into a closing transaction, the difference
    between the amount paid to close out its position and the
    premium received is short-term capital gain or loss. If a call
    option written by the Fund is exercised, thereby requiring the
    Fund to sell the underlying security, the premium will increase
    the amount realized upon the sale of the security and any
    resulting gain or loss will be long-term or short-term,
    depending upon the holding period of the security. With respect
    to a put or call option that is purchased by the Fund, if the
    option is sold, any resulting gain or loss will be a capital
    gain or loss, and will be short-term or long-term, depending
    upon the holding period for the option. If the option expires,
    the resulting loss is a capital loss and is short-term or
    long-term, depending upon the holding period for the option. If
    the option is exercised, the cost of the option, in the case of
    a call option, is added to the basis of the purchased security
    and, in the case of a put option, reduces the amount
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    realized on the underlying security in determining gain or loss.
    Because the Fund does not have control over the exercise of the
    call options it writes, such exercises or other required sales
    of the underlying securities may cause the Fund to realize
    capital gains or losses at inopportune times.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s transactions in foreign currencies, forward
    contracts, options, futures contracts (including options and
    futures contracts on foreign currencies) and short sales, to the
    extent permitted, will be subject to special provisions of the
    Code (including provisions relating to &#147;hedging
    transactions,&#148; &#147;straddles&#148; and &#147;constructive
    sales&#148;) that may, among other things, affect the character
    of gains and losses realized by the Fund (i.e., may affect
    whether gains or losses are ordinary or capital), accelerate
    recognition of income to the Fund and defer Fund losses. These
    rules could therefore affect the character, amount and timing of
    distributions to shareholders. Certain of these provisions may
    also (a)&#160;require the Fund to
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    certain types of the positions in its portfolio (i.e., treat
    them as if they were closed out at the end of each year),
    (b)&#160;cause the Fund to recognize income without receiving
    cash with which to pay dividends or make distributions in
    amounts necessary to satisfy the distribution requirements for
    avoiding income and excise taxes, (c)&#160;treat dividends that
    would otherwise constitute qualified dividend income as
    non-qualified dividend income and (d)&#160;treat dividends that
    would otherwise be eligible for the corporate dividends-received
    deduction as ineligible for such treatment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investment in so-called &#147;section&#160;1256
    contracts,&#148; such as regulated futures contracts, most
    foreign currency forward contracts traded in the interbank
    market, options on most stock indices and any non equity
    options, are subject to special tax rules. All section&#160;1256
    contracts held by the Fund at the end of its taxable year are
    required to be marked to their market value, and any unrealized
    gain or loss on those positions will be included in the
    Fund&#146;s income as if each position had been sold for its
    fair market value at the end of the taxable year. The resulting
    gain or loss will be combined with any gain or loss realized by
    the Fund from positions in section&#160;1256 contracts closed
    during the taxable year. Provided such positions were held as
    capital assets and were not part of a &#147;hedging
    transaction&#148; nor part of a &#147;straddle,&#148; 60% of the
    resulting net gain or loss will be treated as long-term capital
    gain or loss, and 40% of such net gain or loss will be treated
    as short-term capital gain or loss, regardless of the period of
    time the positions were actually held by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund purchases shares in certain foreign investment
    entities, called passive foreign investment companies
    (&#147;PFICs&#148;), the Fund may be subject to
    U.S.&#160;federal income tax on a portion of any &#147;excess
    distribution&#148; or gain from the disposition of such shares
    even if such income is distributed as a taxable dividend by the
    Fund to the shareholders. Additional charges in the nature of
    interest may be imposed on the Fund in respect of deferred taxes
    arising from such distributions or gains. Elections may be
    available to the Fund to mitigate the effect of this tax, but
    such elections generally accelerate the recognition of income
    without the receipt of cash. Dividends paid by PFICs are not
    treated as qualified dividend income, as discussed below under
    &#147;Taxation of Shareholders.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund invests in the stock of a PFIC, or any other
    investment that produces income that is not matched by a
    corresponding cash distribution to the Fund, the Fund could be
    required to recognize income that it has not yet received in
    current income. Any such income would be treated as income
    earned by the Fund and therefore would be subject to the
    distribution requirements of the Code. This might prevent the
    Fund from distributing 90% of its net investment income as is
    required in order to avoid Fund-level&#160;U.S.&#160;federal
    income taxation on all of its income, or might prevent the Fund
    from distributing enough ordinary income and capital gain net
    income to avoid completely the imposition of the excise tax. To
    avoid this result, the Fund may be required to borrow money or
    dispose of securities to be able to make required distributions
    to the shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest in debt obligations purchased at a discount
    with the result that the Fund may be required to accrue income
    for U.S.&#160;federal income tax purposes before amounts due
    under the obligations are paid. The Fund may also invest in
    securities rated in the medium to lower rating categories of
    nationally recognized rating organizations, and in unrated
    securities (&#147;high yield securities&#148;). A portion of the
    interest payments on such high yield securities may be treated
    as dividends for certain U.S.&#160;federal income tax purposes.
</DIV>
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<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: transparent">
    Under Section&#160;988 of the Code, gains or losses attributable
    to fluctuations in exchange rates between the time the Fund
    accrues income or receivables or expenses or other liabilities
    denominated in a foreign currency and the time the Fund actually
    collects such income or receivables or pays such liabilities are
    generally treated as ordinary income or loss. Similarly, gains
    or losses on foreign currency forward contracts and the
    disposition of debt securities denominated in a foreign
    currency, to the extent attributable to fluctuations in exchange
    rates between the acquisition and disposition dates, are also
    treated as ordinary income or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends or other income (including, in some cases, capital
    gains) received by the Fund from investments in foreign
    securities may be subject to withholding and other taxes imposed
    by foreign countries. Tax conventions between certain countries
    and the U.S.&#160;may reduce or eliminate such taxes in some
    cases. If more than 50% of the Fund&#146;s total assets at the
    close of its taxable year consists of stock or securities of
    foreign corporations, the Fund may elect for U.S.&#160;federal
    income tax purposes to treat foreign income taxes paid by it as
    paid by its shareholders. The Fund may qualify for and make this
    election in some, but not necessarily all, of its taxable years.
    If the Fund were to make such an election, shareholders of the
    Fund would be required to take into account an amount equal to
    their pro rata portions of such foreign taxes in computing their
    taxable income and then treat an amount equal to those foreign
    taxes as a U.S.&#160;federal income tax deduction or as a
    foreign tax credit against their U.S.&#160;federal income
    liability. Shortly after any year for which it makes such an
    election, the Fund will report to its shareholders the amount
    per share of such foreign income tax that must be included in
    each shareholder&#146;s gross income and the amount that may be
    available for the deduction or credit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will either distribute or retain for reinvestment all
    or part of its net capital gain, which is the excess of net
    <FONT style="white-space: nowrap">long-term</FONT>
    capital gains over net
    <FONT style="white-space: nowrap">short-term</FONT>
    capital losses. If any such gain is retained, the Fund will be
    subject to a tax of 35% of such amount. In that event, the Fund
    expects to designate the retained amount as undistributed
    capital gain in a notice to its shareholders, each of whom
    (i)&#160;will be required to include in income for tax purposes
    as long-term capital gain its share of such undistributed
    amounts, (ii)&#160;will be entitled to credit its proportionate
    share of the tax paid by the Fund against its U.S.&#160;federal
    income tax liability and to claim refunds to the extent that the
    credit exceeds such liability and (iii)&#160;will increase its
    basis in its common shares of the Fund by an amount equal to 65%
    of the amount of undistributed capital gain included in such
    shareholder&#146;s gross income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid by the Fund from its investment company
    taxable income, which includes net short-term capital gain,
    generally are taxable as ordinary income to the extent of the
    Fund&#146;s earnings and profits. Such distributions (if
    reported by the Fund) may, however, qualify (provided holding
    period and other requirements are met by both the Fund and the
    shareholder) (i)&#160;for the dividends received deduction
    available to corporations, but only to the extent that the
    Fund&#146;s income consists of dividend income from
    U.S.&#160;corporations and (ii)&#160;in the case of individual
    shareholders, for taxable years through December&#160;31, 2012,
    as qualified dividend income eligible to be taxed at long-term
    capital gains rates) to the extent that the Fund receives
    qualified dividend income. If the Fund&#146;s qualified dividend
    income is less than 95% of its gross income, a shareholder of
    the Fund may only include as qualified dividend income that
    portion of the dividends that may be and are so designated by
    the Fund as qualified dividend income. There can be no assurance
    as to what portion of the Fund&#146;s distributions will qualify
    for favorable treatment as qualified dividend income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Qualified dividend income is, in general, dividend income from
    taxable domestic corporations and certain qualified foreign
    corporations (e.g., generally, foreign corporations incorporated
    in a possession of the United States or in certain countries
    with a qualifying comprehensive tax treaty with the United
    States, or whose stock with respect to which such dividend is
    paid is readily tradable on an established securities market in
    the United States). A qualified foreign corporation does not
    include a foreign corporation that for the taxable year of the
    corporation in which the dividend was paid, or the preceding
    taxable year, is a &#147;passive foreign investment
    company,&#148; as defined in the Code. If the Fund lends
    portfolio securities, the amount received by the Fund that is
    the equivalent of the dividends paid by the issuer on the
    securities loaned will not be eligible for qualified dividend
    income treatment.
</DIV>
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<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: transparent">
    Distributions of net capital gain reported as capital gain
    distributions, if any, are taxable to shareholders at rates
    applicable to long-term capital gain, whether paid in cash or in
    stock, and regardless of how long the shareholder has held the
    Fund&#146;s shares. Capital gain distributions are not eligible
    for the dividends received deduction. Unrecaptured
    Section&#160;1250 gain distributions, if any, will be subject to
    a 25% tax. For non-corporate taxpayers, investment company
    taxable income (other than qualified dividend income) will
    currently be taxed at ordinary income rates, while net capital
    gain generally will be taxed at long-term capital gains rates.
    For corporate taxpayers, both investment company taxable income
    and net capital gain are taxed at ordinary income rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The IRS currently requires that a regulated investment company
    that has two or more classes of stock allocate to each such
    class proportionate amounts of each type of its income (such as
    ordinary income and net capital gain) based upon the percentage
    of total dividends paid to each class for the tax year.
    Accordingly, because the Fund issues preferred shares, the Fund
    will allocate its ordinary income, net capital gain and other
    relevant items (if any) between its common shares and preferred
    shares in proportion to the total dividends paid to each class
    with respect to such tax year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, for any calendar year, the total distributions exceed both
    current earnings and profits and accumulated earnings and
    profits, the excess will generally be treated as a tax-free
    return of capital up to the amount of a shareholder&#146;s tax
    basis in the common shares. The amount treated as a tax-free
    return of capital will reduce a shareholder&#146;s tax basis in
    the common shares, thereby increasing such shareholder&#146;s
    potential gain or reducing his or her potential loss on the sale
    of the common shares. Any amounts distributed to a shareholder
    in excess of his or her basis in the common shares will be
    taxable to the shareholder as capital gain (assuming your common
    shares are held as a capital asset).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders may be entitled to offset their capital gain
    distributions (but not distributions eligible for qualified
    dividend income treatment) with capital loss. There are a number
    of statutory provisions affecting when capital loss may be
    offset against capital gain, and limiting the use of loss from
    certain investments and activities. Accordingly, shareholders
    with capital loss are urged to consult their tax advisers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An investor should be aware that if Fund common shares are
    purchased shortly before the record date for any taxable
    distribution (including a capital gain dividend), the purchase
    price likely will reflect the value of the distribution and the
    investor then would receive a taxable distribution that is
    likely to reduce the trading value of such Fund common shares,
    in effect resulting in a taxable return of some of the purchase
    price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain types of income received by the Fund from real estate
    investment trusts (&#147;REITs&#148;), real estate mortgage
    investment conduits (&#147;REMICs&#148;), taxable mortgage pools
    or other investments may cause the Fund to designate some or all
    of its distributions as &#147;excess inclusion income.&#148; To
    Fund shareholders such excess inclusion income will
    (i)&#160;constitute taxable income, as &#147;unrelated business
    taxable income&#148; (&#147;UBTI&#148;) for those shareholders
    who would otherwise be tax-exempt such as individual retirement
    accounts, 401(k) accounts, Keogh plans, pension plans and
    certain charitable entities; (ii)&#160;not be offset against net
    operating losses for tax purposes; (iii)&#160;not be eligible
    for reduced U.S.&#160;withholding for
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    shareholders even from tax treaty countries; and (iv)&#160;cause
    the Fund to be subject to tax if certain &#147;disqualified
    organizations,&#148; as defined by the Code (such as certain
    governments or governmental agencies and charitable remainder
    trusts), are Fund shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon a sale, exchange or other disposition of common shares, a
    shareholder will generally realize a taxable gain or loss equal
    to the difference between the amount of cash and the fair market
    value of other property received and the shareholder&#146;s
    adjusted tax basis in the common shares. Such gain or loss will
    be treated as long-term capital gain or loss if the common
    shares have been held for more than one year. Any loss realized
    on a sale or exchange of common shares of the Fund will be
    disallowed to the extent the common shares disposed of are
    replaced by substantially identical common shares within a
    61-day period beginning 30&#160;days before and ending
    30&#160;days after the date that the common shares are disposed
    of. In such a case, the basis of the common shares acquired will
    be adjusted to reflect the disallowed loss.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any loss realized by a shareholder on the sale or exchange of
    Fund common shares held by the shareholder for six months or
    less will be treated for tax purposes as a long-term capital
    loss to the extent of any capital gain distributions received by
    the shareholder (or amounts credited to the shareholder as an
    undistributed capital gain) with respect to such common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ordinary income distributions and capital gain distributions
    also may be subject to state and local taxes. Shareholders are
    urged to consult their own tax advisers regarding specific
    questions about U.S.&#160;federal (including the application of
    the alternative minimum tax rules), state, local or foreign tax
    consequences to them of investing in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A shareholder that is a nonresident alien individual or a
    foreign corporation (a &#147;foreign investor&#148;) generally
    will be subject to U.S.&#160;withholding tax at the rate of 30%
    (or possibly a lower rate provided by an applicable tax treaty)
    on ordinary income dividends (except as discussed below).
    Different tax consequences may result if the foreign investor is
    engaged in a trade or business in the United States or, in the
    case of an individual, is present in the United States for
    183&#160;days or more during a taxable year and certain other
    conditions are met. Foreign investors should consult their tax
    advisors regarding the tax consequences of investing in the
    Fund&#146;s common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, after December 31, 2012, the Fund will be required
    to withhold at a rate of 30 percent on dividends in respect of,
    and gross proceeds from the sale of, the Fund&#146;s shares held
    by or through certain foreign financial institutions (including
    investment funds), unless such institution enters into an
    agreement with the Secretary of the Treasury to report, on an
    annual basis, information with respect to shares in, and
    accounts maintained by, the institution to the extent such
    shares or accounts are held by certain U.S. persons or by
    certain non-U.S. entities that are wholly or partially owned by
    U.S. persons. Accordingly, the entity through which the
    Fund&#146;s shares are held will affect the determination of
    whether such withholding is required. Similarly, dividends in
    respect of, and gross proceeds from the sale of, the Fund&#146;s
    shares held by an investor that is a non-financial non-U.S.
    entity will be subject to withholding at a rate of 30 percent,
    unless such entity either (i) certifies to the Fund that such
    entity does not have any &#147;substantial United States
    owners&#148; or (ii) provides certain information regarding the
    entity&#146;s &#147;substantial United States owners,&#148;
    which the Fund will in turn provide to the Secretary of the
    Treasury. Foreign investors are encouraged to consult with their
    tax advisers regarding the possible implications of the
    legislation on their investment in the Fund&#146;s shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, U.S.&#160;federal withholding tax will not apply to
    any gain or income realized by a foreign investor in respect of
    any distributions of net long-term capital gains over net
    short-term capital losses, exempt-interest dividends, or upon
    the sale or other disposition of common shares of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For taxable years of the Fund beginning before January&#160;1,
    2012, properly designated dividends are generally exempt from
    U.S. federal withholding tax where they (i)&#160;are paid in
    respect of the Fund&#146;s &#147;qualified net interest
    income&#148; (generally, the Fund&#146;s U.S.-source interest
    income, other than certain contingent interest and interest from
    obligations of a corporation or partnership in which the Fund is
    at least a 10% shareholder, reduced by expenses that are
    allocable to such income) or (ii)&#160;are paid in respect of
    the Fund&#146;s &#147;qualified short-term capital gains&#148;
    (generally, the excess of the Fund&#146;s net short-term capital
    gain over the Fund&#146;s long-term capital loss for such
    taxable year). Depending on its circumstances, however, the Fund
    may designate all, some or none of its potentially eligible
    dividends as such qualified net interest income or as qualified
    short-term capital gains, and/or treat such dividends, in whole
    or in part, as ineligible for this exemption from withholding.
    In order to qualify for this exemption from withholding, a
    foreign investor will need to comply with applicable
    certification requirements relating to its non-U.S. status
    (including, in general, furnishing an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or substitute Form). In the case of common shares held through
    an intermediary, the intermediary may withhold even if the Fund
    designates the payment as qualified net interest income or
    qualified short-term capital gain. Foreign investors should
    contact their intermediaries with respect to the application of
    these rules to their accounts. There can be no assurance as to
    what portion of the Fund&#146;s distributions will qualify for
    favorable treatment as qualified net interest income or
    qualified short-term capital gains.
</DIV>
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    <BR>
    37
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<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: transparent">
    Foreign investors should contact their intermediaries with
    respect to the application of these rules to their accounts.
    There can be no assurance as to what portion of the Fund&#146;s
    distributions will qualify for favorable treatment as qualified
    net interest income or qualified short-term capital gains.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may be required to withhold U.S.&#160;federal income
    tax on all taxable distributions and redemption proceeds payable
    to non-corporate shareholders who fail to provide the Fund (or
    its agent) with their correct taxpayer identification number or
    to make required certifications, or who have been notified by
    the IRS that they are subject to backup withholding. Backup
    withholding is not an additional tax. Any amounts withheld may
    be refunded or credited against such shareholder&#146;s
    U.S.&#160;federal income tax liability, if any, provided that
    the required information is furnished to the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>The foregoing is a general and abbreviated summary of the
    applicable provisions of the Code and Treasury regulations
    presently in effect. For the complete provisions, reference
    should be made to the pertinent Code sections and the Treasury
    regulations promulgated thereunder. The Code and the Treasury
    regulations are subject to change by legislative, judicial or
    administrative action, either prospectively or retroactively.
    Persons considering an investment in shares of the Fund should
    consult their own tax advisers regarding the purchase, ownership
    and disposition of Fund shares.</I></B>
</DIV>

<A name='Y90912158'>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry-Only
    Issuance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Depository Trust&#160;Company (&#147;DTC&#148;) will act as
    securities depository for the common shares offered pursuant to
    the prospectus. The information in this section concerning DTC
    and DTC&#146;s book-entry system is based upon information
    obtained from DTC. The securities offered hereby initially will
    be issued only as fully-registered securities registered in the
    name of Cede&#160;&#038; Co. (as nominee for DTC). One or more
    fully-registered global security certificates initially will be
    issued, representing in the aggregate the total number of
    securities, and deposited with DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC is a limited-purpose trust company organized under the New
    York Banking Law, a &#147;banking organization&#148; within the
    meaning of the New York Banking Law, a member of the Federal
    Reserve System, a &#147;clearing corporation&#148; within the
    meaning of the New York Uniform Commercial Code and a
    &#147;clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Securities Exchange Act of
    1934. DTC holds securities that its participants deposit with
    DTC. DTC also facilities the settlement among participants of
    securities transactions, such as transfers and pledges, in
    deposited securities through electronic computerized book-entry
    changes in participants&#146; accounts, thereby eliminating the
    need for physical movement of securities certificates. Direct
    DTC participants include securities brokers and dealers, banks,
    trust companies, clearing corporations and certain other
    organizations. Access to the DTC system is also available to
    others such as securities brokers and dealers, banks and trust
    companies that clear through or maintain a custodial
    relationship with a direct participant, either directly or
    indirectly through other entities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Purchases of securities within the DTC system must be made by or
    through direct participants, which will receive a credit for the
    securities on DTC&#146;s records. The ownership interest of each
    actual purchaser of a security, a beneficial owner, is in turn
    to be recorded on the direct or indirect participants&#146;
    records. Beneficial owners will not receive written confirmation
    from DTC of their purchases, but beneficial owners are expected
    to receive written confirmations providing details of the
    transactions, as well as periodic statements of their holdings,
    from the direct or indirect participants through which the
    beneficial owners purchased securities. Transfers of ownership
    interests in securities are to be accomplished by entries made
    on the books of participants acting on behalf of beneficial
    owners. Beneficial owners will not receive certificates
    representing their ownership interests in securities, except as
    provided herein.
</DIV>
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    <BR>
    38
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<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: transparent">
    DTC has no knowledge of the actual beneficial owners of the
    securities being offered pursuant to the prospectus; DTC&#146;s
    records reflect only the identity of the direct participants to
    whose accounts such securities are credited, which may or may
    not be the beneficial owners. The participants will remain
    responsible for keeping account of their holdings on behalf of
    their customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Conveyance of notices and other communications by DTC to direct
    participants, by direct participants to indirect participants,
    and by direct participants and indirect participants to
    beneficial owners will be governed by arrangements among them,
    subject to any statutory or regulatory requirements as may be in
    effect from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments on the securities will be made to DTC. DTC&#146;s
    practice is to credit direct participants&#146; accounts on the
    relevant payment date in accordance with their respective
    holdings shown on DTC&#146;s records unless DTC has reason to
    believe that it will not receive payments on such payment date.
    Payments by participants to beneficial owners will be governed
    by standing instructions and customary practices and will be the
    responsibility of such participant and not of DTC or the Fund,
    subject to any statutory or regulatory requirements as may be in
    effect from time to time. Payment of distributions to DTC is the
    responsibility of the Fund, disbursement of such payments to
    direct participants is the responsibility of DTC, and
    disbursement of such payments to the beneficial owners is the
    responsibility of direct and indirect participants. Furthermore
    each beneficial owner must rely on the procedures of DTC to
    exercise any rights under the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC may discontinue providing its services as securities
    depository with respect to the securities at any time by giving
    reasonable notice to the Fund. Under such circumstances, in the
    event that a successor securities depository is not obtained,
    certificates representing the securities will be printed and
    delivered.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Voting Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has adopted the proxy voting procedures of the
    Investment Adviser and has directed the Investment Adviser to
    vote all proxies relating to the Fund&#146;s voting securities
    in accordance with such procedures. The proxy voting procedures
    are attached. They are also on file with the SEC and can be
    reviewed and copied at the SEC&#146;s Public Reference Room in
    Washington,&#160;D.C., and information on the operation of the
    Public Reference Room may be obtained by calling the SEC at
    <FONT style="white-space: nowrap">(202)&#160;551-8090.</FONT>
    The proxy voting procedures are also available on the EDGAR
    Database on the SEC&#146;s internet site
    <FONT style="white-space: nowrap">(http://www.sec.gov)</FONT>
    and copies of the proxy voting procedures may be obtained, after
    paying a duplicating fee, by electronic request at the follow
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: publicinfo@sec.gov, or by writing the SEC&#146;s Public
    Reference Section, Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Code of
    Ethics</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have adopted a code of
    ethics. This code of ethics sets forth restrictions on the
    trading activities of Trustees/directors, officers and employees
    of the Fund, the Investment Adviser and their affiliates. For
    example, such persons may not purchase any security for which
    the Fund has a purchase or sale order pending, or for which such
    trade is under consideration. In addition, those
    trustees/directors, officers and employees that are principally
    involved in investment decisions for client accounts are
    prohibited from purchasing or selling for their own account for
    a period of seven days a security that has been traded for a
    client&#146;s account, unless such trade is executed on more
    favorable terms for the client&#146;s account and it is
    determined that such trade will not adversely affect the
    client&#146;s account. Short-term trading by such
    Trustee/directors, officers and employees for their own accounts
    in securities held by a Fund client&#146;s account is also
    restricted. The above examples are subject to certain exceptions
    and they do not represent all of the trading restrictions and
    policies set forth by the code of ethics. The code of ethics is
    on file with the SEC and can be reviewed and copied at the
    SEC&#146;s Public Reference Room in Washington,&#160;D.C., and
    information on the operation of the Public Reference Room may be
    obtained by calling the SEC at
    <FONT style="white-space: nowrap">(202)&#160;551-8090.</FONT>
    The code of ethics is also available on the EDGAR Database on
    the SEC&#146;s Internet site at
    <FONT style="white-space: nowrap">http://www.sec.gov,</FONT>
    and copies of the code of ethics may be obtained, after paying a
    duplicating fee, by electronic request at the following
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: publicinfo@sec.gov, or by writing the SEC&#146;s Public
    Reference Section, Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Joint
    Code of Ethics for Chief Executive and Senior Financial
    Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have adopted a joint Code of
    Ethics that serves as a code of conduct. The Code of Ethics sets
    forth policies to guide the chief executive and senior financial
    officers in the performance of their duties. The code of ethics
    is on file with the SEC and can be reviewed and copied at the
    SEC&#146;s Public Reference Room in Washington,&#160;D.C., and
    information on the operation of the Public Reference Room may be
    obtained by calling the SEC at (202) 551-8090. The Code of
    Ethics is also available on the EDGAR Database on the SEC&#146;s
    Internet site
    <FONT style="white-space: nowrap">(http://www.sec.gov),</FONT>
    and copies of the Code of Ethics may be obtained, after paying a
    duplicating fee, by electronic request at the following
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: publicinfo@sec.gov, or by writing the SEC&#146;s Public
    Reference Section, Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The audited financial statements included in the annual report
    to the Fund&#146;s shareholders for the year ended
    December&#160;31, 2010 and together with the report of
    PricewaterhouseCoopers LLP for the Fund&#146;s annual report,
    are incorporated herein by reference to the Fund&#146;s annual
    report to shareholders. All other portions of the annual report
    to shareholders are not incorporated herein by reference and are
    not part of the registration statement, the SAI, the Prospectus
    or any Prospectus Supplement.
</DIV>
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    <BR>
    40
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<A name='Y90912159'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>
</A>
<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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GAMCO
    INVESTORS, INC. AND AFFILIATES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    VOTING OF PROXIES ON BEHALF OF CLIENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">Rules&#160;204(4)-2</FONT>
    and <FONT style="white-space: nowrap">204-2</FONT>
    under the Investment Advisers Act of 1940 and
    <FONT style="white-space: nowrap">Rule&#160;30b1-4</FONT>
    under the Investment Company Act of 1940 require investment
    advisers to adopt written policies and procedures governing the
    voting of proxies on behalf of their clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These procedures will be used by GAMCO Asset Management Inc.,
    Gabelli Funds, LLC, Gabelli Securities, Inc., and Teton
    Advisors, Inc. (collectively, the &#147;Advisers&#148;) to
    determine how to vote proxies relating to portfolio securities
    held by their clients, including the procedures that the
    Advisers use when a vote presents a conflict between the
    interests of the shareholders of an investment company managed
    by one of the Advisers, on the one hand, and those of the
    Advisers; the principal underwriter; or any affiliated person of
    the investment company, the Advisers, or the principal
    underwriter. These procedures will not apply where the Advisers
    do not have voting discretion or where the Advisers have agreed
    to with a client to vote the client&#146;s proxies in accordance
    with specific guidelines or procedures supplied by the client
    (to the extent permitted by ERISA).
</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: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">I.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Voting Committee</FONT></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: transparent">
    The Proxy Voting Committee was originally formed in April 1989
    for the purpose of formulating guidelines and reviewing proxy
    statements within the parameters set by the substantive proxy
    voting guidelines originally published in 1988 and updated
    periodically, a copy of which are appended as Exhibit&#160;A.
    The Committee will include representatives of Research,
    Administration, Legal, and the Advisers. Additional or
    replacement members of the Committee will be nominated by the
    Chairman and voted upon by the entire Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Meetings are held as needed basis to form views on the manner in
    which the Advisers should vote proxies on behalf of their
    clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, the Director of Proxy Voting Services, using the
    Proxy Guidelines, recommendations of Institutional Shareholder
    Corporate Governance Service (&#147;ISS&#148;), other
    third-party services and the analysts of Gabelli&#160;&#038;
    Company, Inc., will determine how to vote on each issue. For
    non-controversial matters, the Director of Proxy Voting Services
    may vote the proxy if the vote is: (1)&#160;consistent with the
    recommendations of the issuer&#146;s Board of Directors and not
    contrary to the Proxy Guidelines; (2)&#160;consistent with the
    recommendations of the issuer&#146;s Board of Directors and is a
    non-controversial issue not covered by the Proxy Guidelines; or
    (3)&#160;the vote is contrary to the recommendations of the
    Board of Directors but is consistent with the Proxy Guidelines.
    In those instances, the Director of Proxy Voting Services or the
    Chairman of the Committee may sign and date the proxy statement
    indicating how each issue will be voted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All matters identified by the Chairman of the Committee, the
    Director of Proxy Voting Services or the Legal Department as
    controversial, taking into account the recommendations of ISS or
    other third party services and the analysts of
    Gabelli&#160;&#038; Company, Inc., will be presented to the
    Proxy Voting Committee. If the Chairman of the Committee, the
    Director of Proxy Voting Services or the Legal Department has
    identified the matter as one that (1)&#160;is controversial;
    (2)&#160;would benefit from deliberation by the Proxy Voting
    Committee; or (3)&#160;may give rise to a conflict of interest
    between the Advisers and their clients, the Chairman of the
    Committee will initially determine what vote to recommend that
    the Advisers should cast and the matter will go before the
    Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>A.&#160;Conflicts of Interest.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisers have implemented these proxy voting procedures in
    order to prevent conflicts of interest from influencing their
    proxy voting decisions. By following the Proxy Guidelines, as
    well as the recommendations of ISS, other third-party services
    and the analysts of Gabelli&#160;&#038; Company, the Advisers
</DIV>
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    <BR>
    A-1
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    are able to avoid, wherever possible, the influence of potential
    conflicts of interest. Nevertheless, circumstances may arise in
    which one or more of the Advisers are faced with a conflict of
    interest or the appearance of a conflict of interest in
    connection with its vote. In general, a conflict of interest may
    arise when an Adviser knowingly does business with an issuer,
    and may appear to have a material conflict between its own
    interests and the interests of the shareholders of an investment
    company managed by one of the Advisers regarding how the proxy
    is to be voted. A conflict also may exist when an Adviser has
    actual knowledge of a material business arrangement between an
    issuer and an affiliate of the Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In practical terms, a conflict of interest may arise, for
    example, when a proxy is voted for a company that is a client of
    one of the Advisers, such as GAMCO Asset Management Inc. A
    conflict also may arise when a client of one of the Advisers has
    made a shareholder proposal in a proxy to be voted upon by one
    or more of the Advisers. The Director of Proxy Voting Services,
    together with the Legal Department, will scrutinize all proxies
    for these or other situations that may give rise to a conflict
    of interest with respect to the voting of proxies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>B.&#160;</B>
</TD>
    <TD align="left">
    <B>Operation of Proxy Voting Committee</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For matters submitted to the Committee, each member of the
    Committee will receive, prior to the meeting, a copy of the
    proxy statement, any relevant third party research, a summary of
    any views provided by the Chief Investment Officer and any
    recommendations by Gabelli&#160;&#038; Company, Inc. analysts.
    The Chief Investment Officer or the Gabelli&#160;&#038; Company,
    Inc. analysts may be invited to present their viewpoints. If the
    Director of Proxy Voting Services or the Legal Department
    believe that the matter before the committee is one with respect
    to which a conflict of interest may exist between the Advisers
    and their clients, counsel will provide an opinion to the
    Committee concerning the conflict. If the matter is one in which
    the interests of the clients of one or more of Advisers may
    diverge, counsel will so advise and the Committee may make
    different recommendations as to different clients. For any
    matters where the recommendation may trigger appraisal rights,
    counsel will provide an opinion concerning the likely risks and
    merits of such an appraisal action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each matter submitted to the Committee will be determined by the
    vote of a majority of the members present at the meeting. Should
    the vote concerning one or more recommendations be tied in a
    vote of the Committee, the Chairman of the Committee will cast
    the deciding vote. The Committee will notify the proxy
    department of its decisions and the proxies will be voted
    accordingly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Proxy Guidelines express the normal preferences for
    the voting of any shares not covered by a contrary investment
    guideline provided by the client, the Committee is not bound by
    the preferences set forth in the Proxy Guidelines and will
    review each matter on its own merits. Written minutes of all
    Proxy Voting Committee meetings will be maintained. The Advisers
    subscribe to ISS, which supplies current information on
    companies, matters being voted on, regulations, trends in proxy
    voting and information on corporate governance issues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the vote cast either by the analyst or as a result of the
    deliberations of the Proxy Voting Committee runs contrary to the
    recommendation of the Board of Directors of the issuer, the
    matter will be referred to legal counsel to determine whether an
    amendment to the most recently filed Schedule&#160;13D is
    appropriate.
</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: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">II.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Social
    Issues and Other Client Guidelines</FONT></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: transparent">
    If a client has provided special instructions relating to the
    voting of proxies, they should be noted in the client&#146;s
    account file and forwarded to the proxy department. This is the
    responsibility of the investment professional or sales assistant
    for the client. In accordance with Department of Labor
    guidelines, the Advisers&#146; policy is to vote on behalf of
    ERISA accounts in the best interest of the plan participants
    with regard to social issues that carry an economic impact.
    Where an account is not governed by ERISA, the Advisers will
    vote shares held on behalf of the client in a manner consistent
    with any individual investment/voting guidelines provided by the
    client. Otherwise the Advisers will abstain with respect to
    those shares.
</DIV>
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    <BR>
    A-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">III.
    Client Retention of Voting Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a client chooses to retain the right to vote proxies or if
    there is any change in voting authority, the following should be
    notified by the investment professional or sales assistant for
    the client.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Operations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Proxy Department
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Investment professional assigned to the account
</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: transparent">
    In the event that the Board of Directors (or a Committee
    thereof) of one or more of the investment companies managed by
    one of the Advisers has retained direct voting control over any
    security, the Proxy Voting Department will provide each Board
    Member (or Committee member) with a copy of the proxy statement
    together with any other relevant information including
    recommendations of ISS or other third-party services.
</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: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">IV.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Proxies
    of Certain
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Issuers</FONT></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: transparent">
    Proxy voting in certain countries requires
    &#147;share-blocking.&#148; Shareholders wishing to vote their
    proxies must deposit their shares shortly before the date of the
    meeting with a designated depository. During the period in which
    the shares are held with a depository, shares that will be voted
    at the meeting cannot be sold until the meeting had taken place
    and the shares are returned to the clients&#146; custodian.
    Absent a compelling reason to the contrary, the Advisers believe
    that the benefit to the client of exercising the vote is
    outweighed by the cost of voting and therefore, the Advisers
    will not typically vote the securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    that require share-blocking.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, voting proxies of issuers in non-US markets may
    also give rise to a number of administrative issues to prevent
    the Advisers from voting such proxies. For example, the Advisers
    may receive the notices for shareholder meetings without
    adequate time to consider the proposals in the proxy or after
    the cut-off date for voting. Other markets require the Advisers
    to provide local agents with power of attorney prior to
    implementing their respective voting instructions on the proxy.
    Although it is the Advisers&#146; policies to vote the proxies
    for its clients for which they have proxy voting authority, in
    the case of issuers in non-US markets, we vote client proxies on
    a best efforts basis.
</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: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">V.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Records</FONT></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: transparent">
    The Proxy Voting Department will retain a record of matters
    voted upon by the Advisers for their clients. The Advisers will
    supply information on how they voted a client&#146;s proxy upon
    request from the client.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The complete voting records for each registered investment
    company (the &#147;Fund&#148;) that is managed by the Advisers
    will be filed on
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    for the twelve months ended June&#160;30th, no later than
    August&#160;31st&#160;of each year. A description of the
    Fund&#146;s proxy voting policies, procedures, and how the Fund
    voted proxies relating to portfolio securities is available
    without charge, upon request, by (i)&#160;calling 800-GABELLI
    <FONT style="white-space: nowrap">(800-422-3554);</FONT>
    (ii)&#160;writing to Gabelli Funds, LLC at One Corporate Center,
    Rye, NY
    <FONT style="white-space: nowrap">10580-1422;</FONT>
    or (iii)&#160;visiting the SEC&#146;s website at www.sec.gov.
    Question should we post the proxy voting records for the funds
    on the website.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisers&#146; proxy voting records will be retained in
    compliance with
    <FONT style="white-space: nowrap">Rule&#160;204-2</FONT>
    under the Investment Advisers Act.
</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: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">VI.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Procedures</FONT></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: transparent">
    1.&#160;Custodian banks, outside brokerage firms and clearing
    firms are responsible for forwarding proxies directly to the
    Advisers.
</DIV>
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    <BR>
    A-3
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<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: transparent">
    Proxies are received in one of two forms:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Shareholder Vote Instruction&#160;Forms
    (&#147;VIFs&#148;)&#151;Issued by Broadridge Financial
    Solutions, Inc. (&#147;Broadridge&#148;). Broadridge is an
    outside service contracted by the various institutions to issue
    proxy materials.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Proxy cards which may be voted directly.
</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: transparent">
    2.&#160;Upon receipt of the proxy, the number of shares each
    form represents is logged into the proxy system, electronically
    or manually, according to security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Upon receipt of instructions from the proxy committee
    (see Administrative), the votes are cast and recorded for each
    account on an individual basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Records have been maintained on the Proxy Edge system.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxy Edge records include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Security Name and Cusip Number<BR>
    Date and Type of Meeting (Annual, Special, Contest)<BR>
    Client Name<BR>
    Adviser or Fund&#160;Account Number<BR>
    Directors&#146; Recommendation<BR>
    How the Adviser voted for the client on item
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;VIFs are kept alphabetically by security. Records for
    the current proxy season are located in the Proxy Voting
    Department office. In preparation for the upcoming season, files
    are transferred to an offsite storage facility during
    January/February.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;If a proxy card or VIF is received too late to be voted
    in the conventional matter, every attempt is made to vote
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    When a solicitor has been retained, the solicitor is called. At
    the solicitor&#146;s direction, the proxy is faxed.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    In some circumstances VIFs can be faxed to Broadridge up until
    the time of the meeting.
</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: transparent">
    6.&#160;In the case of a proxy contest, records are maintained
    for each opposing entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;Voting in Person
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;At times it may be necessary to vote the shares in
    person. In this case, a &#147;legal proxy&#148; is obtained in
    the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Banks and brokerage firms using the services at Broadridge:
</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: transparent">
    Broadridge is notified that we wish to vote in person.
    Broadridge issues individual legal proxies and sends them back
    via email or overnight (or the Adviser can pay messenger
    charges). A lead-time of at least two weeks prior to the meeting
    is needed to do this. Alternatively, the procedures detailed
    below for banks not using Broadridge may be implemented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Banks and brokerage firms issuing proxies directly:
</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: transparent">
    The bank is called
    <FONT style="white-space: nowrap">and/or</FONT> faxed
    and a legal proxy is requested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All legal proxies should appoint:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Representative of [Adviser name] with full power of
    substitution.&#148;</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: transparent">
    b)&#160;The legal proxies are given to the person attending the
    meeting along with the limited power of attorney.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Guidelines</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    VOTING GUIDELINES</FONT></B>
</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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General
    Policy Statement</FONT></I></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: transparent">
    It is the policy of GAMCO Investors, Inc, and its affiliated
    advisers (collectively &#147;the Advisers&#148;) to vote in the
    best economic interests of our clients. As we state in our Magna
    Carta of Shareholders Rights, established in May 1988, we are
    neither <I>for </I>nor <I>against </I>management. We are for
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At our first proxy committee meeting in 1989, it was decided
    that each proxy statement should be evaluated on its own merits
    within the framework first established by our Magna Carta of
    Shareholders Rights. The attached guidelines serve to enhance
    that broad framework.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not consider any issue routine. We take into consideration
    all of our research on the company, its directors, and their
    short and long-term goals for the company. In cases where issues
    that we generally do not approve of are combined with other
    issues, the negative aspects of the issues will be factored into
    the evaluation of the overall proposals but will not necessitate
    a vote in opposition to the overall proposals.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Board
    of Directors</FONT></I></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: transparent">
    We do not consider the election of the Board of Directors a
    routine issue. Each slate of directors is evaluated on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors taken into consideration include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Historical responsiveness to shareholders
</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: transparent">
    This may include such areas as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Paying greenmail
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Failure to adopt shareholder resolutions receiving a majority of
    shareholder votes
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Qualifications
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Nominating committee in place
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Number of outside directors on the board
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Attendance at meetings
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Overall performance
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Selection
    of Auditors</FONT></I></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: transparent">
    In general, we support the Board of Directors&#146;
    recommendation for auditors.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Blank
    Check Preferred Stock</FONT></I></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: transparent">
    We oppose the issuance of blank check preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Blank check preferred stock allows the company to issue stock
    and establish dividends, voting rights, etc. without further
    shareholder approval.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Classified
    Board</FONT></I></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: transparent">
    A classified board is one where the directors are divided into
    classes with overlapping terms. A different class is elected at
    each annual meeting.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While a classified board promotes continuity of directors
    facilitating long range planning, we feel directors should be
    accountable to shareholders on an annual basis. We will look at
    this proposal on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis taking into consideration the board&#146;s historical
    responsiveness to the rights of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where a classified board is in place we will generally not
    support attempts to change to an annually elected board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When an annually elected board is in place, we generally will
    not support attempts to classify the board.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Increase
    Authorized Common Stock</FONT></I></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: transparent">
    The request to increase the amount of outstanding shares is
    considered on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors taken into consideration include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Future use of additional shares
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Stock split
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Stock option or other executive compensation plan
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Finance growth of company/strengthen balance sheet
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Aid in restructuring
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Improve credit rating
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Implement a poison pill or other takeover defense
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Amount of stock currently authorized but not yet issued or
    reserved for stock option plans
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Amount of additional stock to be authorized and its dilutive
    effect
</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: transparent">
    We will support this proposal if a detailed and verifiable plan
    for the use of the additional shares is contained in the proxy
    statement.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Confidential
    Ballot</FONT></I></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: transparent">
    We support the idea that a shareholder&#146;s identity and vote
    should be treated with confidentiality.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, we look at this issue on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to promote confidentiality in the voting process, we
    endorse the use of independent Inspectors of Election.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cumulative
    Voting</FONT></I></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: transparent">
    In general, we support cumulative voting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cumulative voting is a process by which a shareholder may
    multiply the number of directors being elected by the number of
    shares held on record date and cast the total number for one
    candidate or allocate the voting among two or more candidates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where cumulative voting is in place, we will vote against any
    proposal to rescind this shareholder right.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cumulative voting may result in a minority block of stock
    gaining representation on the board. When a proposal is made to
    institute cumulative voting, the proposal will be reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. While we feel that each board member should represent all
    shareholders, cumulative voting provides minority shareholders
    an opportunity to have their views represented.
</DIV>
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    <BR>
    A-6
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Director
    Liability and Indemnification</FONT></I></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: transparent">
    We support efforts to attract the best possible directors by
    limiting the liability and increasing the indemnification of
    directors, except in the case of insider dealing.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Equal
    Access to the Proxy</FONT></I></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: transparent">
    The SEC&#146;s rules provide for shareholder resolutions.
    However, the resolutions are limited in scope and there is a 500
    word limit on proponents&#146; written arguments. Management has
    no such limitations. While we support equal access to the proxy,
    we would look at such variables as length of time required to
    respond, percentage of ownership, etc.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fair
    Price Provisions</FONT></I></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: transparent">
    Charter provisions requiring a bidder to pay all shareholders a
    fair price are intended to prevent two-tier tender offers that
    may be abusive. Typically, these provisions do not apply to
    board-approved transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support fair price provisions because we feel all
    shareholders should be entitled to receive the same benefits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Golden
    Parachutes</FONT></I></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: transparent">
    Golden parachutes are severance payments to top executives who
    are terminated or demoted after a takeover.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support any proposal that would assure management of its own
    welfare so that they may continue to make decisions in the best
    interest of the company and shareholders even if the decision
    results in them losing their job. We do not, however, support
    excessive golden parachutes. Therefore, each proposal will be
    decided on a case-by- case basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Note: Congress has imposed a tax on any parachute that is
    more than three times the executive&#146;s average annual
    compensation</I>
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Anti-Greenmail
    Proposals</FONT></I></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: transparent">
    We do not support greenmail. An offer extended to one
    shareholder should be extended to all shareholders equally
    across the board.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limit
    Shareholders&#146; Rights to Call Special Meetings</FONT></I></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: transparent">
    We support the right of shareholders to call a special meeting.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Consideration
    of Nonfinancial Effects of a Merger</FONT></I></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: transparent">
    This proposal releases the directors from only looking at the
    financial effects of a merger and allows them the opportunity to
    consider the merger&#146;s effects on employees, the community,
    and consumers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a fiduciary, we are obligated to vote in the best economic
    interests of our clients. In general, this proposal does not
    allow us to do that. Therefore, we generally cannot support this
    proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mergers,
    Buyouts, Spin-Offs, Restructurings</FONT></I></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: transparent">
    Each of the above is considered on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. According to the Department of Labor, we are not required
    to vote for a proposal simply because the offering price is at a
    premium to the current market price. We may take into
    consideration the long term interests of the shareholders.
</DIV>
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    <BR>
    A-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Military
    Issues</FONT></I></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: transparent">
    Shareholder proposals regarding military production must be
    evaluated on a purely economic set of criteria for our ERISA
    clients. As such, decisions will be made on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In voting on this proposal for our non-ERISA clients, we will
    vote according to the client&#146;s direction when applicable.
    Where no direction has been given, we will vote in the best
    economic interests of our clients. It is not our duty to impose
    our social judgment on others.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Northern
    Ireland</FONT></I></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: transparent">
    Shareholder proposals requesting the signing of the MacBride
    principles for the purpose of countering the discrimination of
    Catholics in hiring practices must be evaluated on a purely
    economic set of criteria for our ERISA clients. As such,
    decisions will be made on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In voting on this proposal for our non-ERISA clients, we will
    vote according to client direction when applicable. Where no
    direction has been given, we will vote in the best economic
    interests of our clients. It is not our duty to impose our
    social judgment on others.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Opt
    Out of State Anti-Takeover Law</FONT></I></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: transparent">
    This shareholder proposal requests that a company opt out of the
    coverage of the state&#146;s takeover statutes. Example:
    Delaware law requires that a buyer must acquire at least 85% of
    the company&#146;s stock before the buyer can exercise control
    unless the board approves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We consider this on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. Our decision will be based on the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    State of Incorporation
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Management history of responsiveness to shareholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Other mitigating factors
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Poison
    Pill</FONT></I></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: transparent">
    In general, we do not endorse poison pills.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In certain cases where management has a history of being
    responsive to the needs of shareholders and the stock is very
    liquid, we will reconsider this position.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reincorporation</FONT></I></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: transparent">
    Generally, we support reincorporation for well-defined business
    reasons. We oppose reincorporation if proposed solely for the
    purpose of reincorporating in a state with more stringent
    anti-takeover statutes that may negatively impact the value of
    the stock.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stock
    Incentive Plans</FONT></I></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: transparent">
    Director and Employee Stock incentive plans are an excellent way
    to attract, hold and motivate directors and employees. However,
    each incentive plan must be evaluated on its own merits, taking
    into consideration the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Dilution of voting power or earnings per share by more than 10%.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Kind of stock to be awarded, to whom, when and how much.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Method of payment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Amount of stock already authorized but not yet issued under
    existing stock plans.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The successful steps taken by management to maximize shareholder
    value.
</TD>
</TR>

</TABLE>
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    <BR>
    A-8
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<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Supermajority
    Vote Requirements</FONT></I></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: transparent">
    Supermajority vote requirements in a company&#146;s charter or
    bylaws require a level of voting approval in excess of a simple
    majority of the outstanding shares. In general, we oppose
    supermajority-voting requirements. Supermajority requirements
    often exceed the average level of shareholder participation. We
    support proposals&#146; approvals by a simple majority of the
    shares voting.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limit
    Shareholders Right to Act by Written Consent</FONT></I></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: transparent">
    Written consent allows shareholders to initiate and carry on a
    shareholder action without having to wait until the next annual
    meeting or to call a special meeting. It permits action to be
    taken by the written consent of the same percentage of the
    shares that would be required to effect proposed action at a
    shareholder meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; 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: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Say on
    Pay and Say When on Pay</FONT></I></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: transparent">
    We will generally abstain from advisory votes on executive
    compensation (Say on Pay) and will also abstain from votes on
    the frequency of voting on executive compensation (Say When on
    Pay). In those instances when we believe that it is in our
    clients&#146; best interest, we may cast a vote for or against
    executive compensation
    <FONT style="white-space: nowrap">and/or</FONT> the
    frequency of votes on executive compensation.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">

    <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: transparent">

<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: transparent">
    (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: transparent">
    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: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: transparent">
    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: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Schedule of Investments at December&#160;31, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statement of Assets and Liabilities as of December&#160;31, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statement of Operations for the Year Ended December&#160;31, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statement of Changes in Net Assets for the Year Ended
    December&#160;31, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: transparent">
    (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: transparent">
<!-- 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: 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">
    (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 (5)
</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">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of the Registrant dated as of January&#160;4, 2005 (1)
</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">
    Amendment No.&#160;1 to the By-Laws of Registrant dated as of
    January&#160;15, 2010 (7)
</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">
    (iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated By-Laws of the Registrant dated as of
    December&#160;3, 2010&#160;(10)
</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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
<!-- 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 (5)
</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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plan (8)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
    (g)&#160;Investment Advisory Agreement between Registrant and
    Gabelli Funds, LLC (4)
</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: transparent">
<!-- 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="42%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="52%">&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 align="left" valign="top">
    Sales Agreement dated February&#160;1, 2011 (11)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
    (j)&#160;Custodian Agreement (4)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
<!-- 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="69%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="25%">&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 align="left" valign="top">
    Opinion and Consent of Skadden, Arps, Slate, Meagher&#160;&#038;
    Flom LLP (12)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
<!-- 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 (13)
</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 (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: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
    (p)&#160;Form of Initial Subscription Agreement (3)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">
    (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: transparent">
<!-- 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>
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<!-- 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 of the Fund (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: transparent">

</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: transparent">

<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 Form N-2 filed on
    January&#160;12, 2005.</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 Pre-Effective Amendment No.&#160;4 to the
    Registration Statement on Form N-2 filed on March&#160;28, 2005
    (333-121998).</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;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">
    (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 the Registrant&#146;s Form 8-K filed on
    January&#160;22, 2010
    <FONT style="white-space: nowrap">(811-21698).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Included in Prospectus.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the Registration Statement on Form
    <FONT style="white-space: nowrap">N-2</FONT> filed on
    November&#160;18, 2010
    <FONT style="white-space: nowrap">(333-170691).</FONT></TD>
</TR>

</TABLE>

<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: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the Registrant&#146;s Form
    <FONT style="white-space: nowrap">8-K</FONT> filed on
    December&#160;9, 2010
    <FONT style="white-space: nowrap">(811-21698).</FONT></TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </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 February&#160;1, 2011
    <FONT style="white-space: nowrap">(333-170691).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with Pre-Effective Amendment No.&#160;2 to the
    Registration Statement on Form N-2 filed on February&#160;3,
    2011 (333-170691).</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (13) </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>

<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: transparent">

<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: transparent">
    The information contained under the heading &#147;Plan of
    Distribution&#148; on page&#160;58 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: transparent">

<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: transparent">
    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: transparent">
<!-- 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">
    Accounting fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</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">
    Legal fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NYSE Amex listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<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">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Rating Agency fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&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">
    53,475
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue Sky fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<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">
    4,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD 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">
    403,000
</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: transparent">

</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: transparent">

<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: transparent">
    None
</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: transparent">

<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;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, 2011</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- 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">
    77
</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: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<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: transparent">
    <B>Article&#160;IV of the Registrant&#146;s Second Amended and
    Restated Agreement and Declaration of Trust provides as
    follows:</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: transparent">
    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, 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: transparent">
    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: transparent">
    (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: transparent">
    (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,
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: transparent">
    (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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
    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: transparent">
    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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Section&#160;9 of the Registrant&#146;s Investment Advisory
    Agreement provides as follows:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</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: transparent">
    9.&#160;Indemnity
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Fund hereby agrees to indemnify the Adviser and
    each of the Adviser&#146;s trustees, officers, employees, and
    agents (including any individual who serves at the
    Adviser&#146;s request as director, officer, partner, trustee or
    the like of another corporation) and controlling persons (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
    counsel fees (all as provided in accordance with applicable
    corporate law) 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 or with which he
    may be or may have been threatened, while acting in any capacity
    set forth above in this paragraph or thereafter by reason of his
    having acted in any such capacity, except with respect to any
    matter as to which he shall have been adjudicated not to have
    acted in good faith in the reasonable belief that his action was
    in the best interest of the Fund and furthermore, in the case of
    any criminal proceeding, so long as he had no reasonable cause
    to believe that the conduct was unlawful, provided, however,
    that (1)&#160;no indemnitee shall be indemnified hereunder
    against any liability to the Fund or its shareholders or any
    expense of such indemnitee arising by reason of (i)&#160;willful
    misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence,
    (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;), (2)&#160;as to any
    matter disposed of by settlement or a compromise payment by such
    indemnitee, pursuant to a consent decree or otherwise, no
    indemnification either for said payment or for any other
    expenses shall be provided unless there has been a determination
    that such settlement or compromise is in the best interests of
    the Fund and that such indemnitee appears to have acted in good
    faith in the reasonable belief that his action was in the best
    interest of the Fund and did not involve disabling conduct by
    such indemnitee and (3)&#160;with respect to any action, suit or
    other proceeding voluntarily
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 full Board of the Fund. Notwithstanding the foregoing the
    Fund shall not be obligated to provide any such indemnification
    to the extent such provision would waive any right which the
    Fund cannot lawfully waive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Fund shall make advance payments in connection with
    the expenses of defending any action with respect to which
    indemnification might be sought hereunder if the Fund receives a
    written affirmation of the indemnitee&#146;s good faith belief
    that the standard of conduct necessary for indemnification has
    been met and a written undertaking to reimburse the Fund unless
    it is subsequently determined that he is entitled to such
    indemnification and if the trustees of the Fund determine that
    the facts then known to them would not preclude indemnification.
    In addition, at least one of the following conditions must be
    met: (A)&#160;the indemnitee shall provide a security for his
    undertaking, (B)&#160;the Fund shall be insured against losses
    arising by reason of any lawful advances, or (C)&#160;a majority
    of a quorum of trustees of the Fund who are neither
    &#147;interested persons&#148; of the Fund (as defined in
    Section&#160;2(a)(19) of the Act) nor parties to the proceeding
    (&#147;Disinterested Non-Party Trustees&#148;) or an independent
    legal counsel in a written opinion, shall determine, based on a
    review of readily available facts (as opposed to a full
    trial-type inquiry), that there is 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: transparent">
    (c)&#160;All determinations with respect to indemnification
    hereunder shall be made (1)&#160;by a final decision on the
    merits by a court or other body before whom the proceeding was
    brought that such indemnitee is not liable by reason of
    disabling conduct or, (2)&#160;in the absence of such a
    decision, by (i)&#160;a majority vote of a quorum of the
    Disinterested Non-party Trustees of the Fund, or (ii)&#160;if
    such a quorum is not obtainable or even, if obtainable, if a
    majority vote of such quorum so directs, independent legal
    counsel in a written opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rights accruing to any indemnitee under these provisions
    shall not exclude any other right to which he may be lawfully
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</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: transparent">
    <B>Underwriter indemnification provisions, if any, to be
    provided by amendment.</B>
</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: transparent">

<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: transparent">
    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: transparent">

<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: transparent">
    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
    135 Santilli Highway, Everett, Massachusetts 02149, in part at
    the offices of the Fund&#146;s
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    BNY&#160;Mellon Investment Servicing (US) Inc., at 760 Moore
    Road, King of Prussia, Pennsylvania 19406, and in part at the
    offices of the Fund&#146;s transfer agent, American Stock
    Transfer, at 59 Maiden Lane, New York, New York 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: transparent">

<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: transparent">
    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: transparent">

<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: transparent">
    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>
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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: transparent">
    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: transparent">
    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: transparent">
    4.&#160;Registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    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: transparent">
    (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: transparent">
    (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: transparent">
    (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: transparent">
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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: transparent">
    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: transparent">
    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>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 28th&#160;day of April, 2011.
</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: transparent">
    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: transparent">
    <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: transparent">
    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: transparent">
    President
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 28th&#160;day of April, 2011.
</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: transparent">
<!-- 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">Agnes
    Mullady</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Agnes
    Mullady
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    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>
</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: transparent">

</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: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to a Power of Attorney</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y90912tocpage">Table of Contents</A></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: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
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</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-.99(n)(i)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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<DOCUMENT>
<TYPE>EX-99.N.I
<SEQUENCE>2
<FILENAME>y90912exv99wnwi.htm
<DESCRIPTION>EX-99.N.I
<TEXT>
<HTML>
<HEAD>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99(n)(i)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form N-2
of our report dated February&nbsp;28, 2011, relating to the financial statements and financial
highlights which appears in the December&nbsp;31, 2010 Annual Report to Shareholders of The Gabelli
Global Gold, Natural Resources &#038; Income Trust, which are also incorporated by reference into the
Registration Statement. We also consent to the references to us under the headings &#147;Financial
Highlights&#148;, &#147;Independent Registered Public Accounting Firm&#148; and &#147;Financial Statements&#148; in such
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ PricewaterhouseCoopers LLP<BR>
New York, New York<BR>
April&nbsp;28, 2011

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>6
<FILENAME>filename6.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>cover</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS">Skadden, Arps, Slate, Meagher &#038; Flom llp</FONT><BR>
FOUR TIMES SQUARE<BR>
NEW YORK 10036-6522
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TEL: (212)&nbsp;735-3000<BR>
FAX: (212)&nbsp;735-2000<BR>
www.skadden.com
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">April&nbsp;28, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-1004<BR>
Attention: John Grzeskiewicz

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RE:</TD>
    <TD>&nbsp;</TD>
    <TD><U>The Gabelli Global Gold, Natural
Resources &#038; Income Trust (File Nos. 333-170691 and 811-21698)</U></TD>
</TR>
</TABLE>
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronically transmitted herewith for filing on behalf of The Gabelli Global Gold, Natural
Resources &#038; Income Trust (the &#147;Fund&#148;) is the Fund&#146;s Post-Effective Amendment No.&nbsp;2 to its
registration statement on Form N-2 (the &#147;Registration Statement&#148;) under the Securities Act of 1933.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that its Registration Statement is substantially similar to Pre-Effective
Amendment No.&nbsp;2, filed February&nbsp;3, 2011, to the Fund&#146;s current shelf and that no substantive
changes have been made to the disclosure contained in Pre-Effective Amendment No.&nbsp;2 to the Fund&#146;s
current shelf, except certain updating changes, including inclusion through incorporation by
reference of audited financials to comply with the undertaking in Item 512(a) of Regulation&nbsp;S-K to
file a post-effective amendment to a shelf registration statement and related updates to financial
highlights, updates to certain tax disclosure, updates to information regarding the Fund&#146;s
investment adviser, minor modifications to certain risk factors, updates of certain factual
information regarding the Fund&#146;s Trustees, updates to disclosure regarding the Fund&#146;s issuance of
common stock and the Fund&#146;s outstanding securities, and other minor updates. As such, the Fund
hereby requests accelerated review of the Fund&#146;s Registration Statement.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions or comments or require any additional information in connection with
the Fund or the Registration Statement please telephone me at (212)&nbsp;735-2262 or Richard Prins at
212-735-2790.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Rose Park
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Rose Park&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosures
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</SEC-DOCUMENT>
