<SEC-DOCUMENT>0000950123-11-099830.txt : 20111122
<SEC-HEADER>0000950123-11-099830.hdr.sgml : 20111122
<ACCEPTANCE-DATETIME>20111121175300
ACCESSION NUMBER:		0000950123-11-099830
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		23
FILED AS OF DATE:		20111122
DATE AS OF CHANGE:		20111121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Utility & Infrastructure Trust
		CENTRAL INDEX KEY:			0001528988
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-176661
		FILM NUMBER:		111219973

	BUSINESS ADDRESS:	
		STREET 1:		55 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10055
		BUSINESS PHONE:		(800) 882-0052

	MAIL ADDRESS:	
		STREET 1:		55 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10055

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Utility & Infrastructure Trust
		CENTRAL INDEX KEY:			0001528988
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22606
		FILM NUMBER:		111219974

	BUSINESS ADDRESS:	
		STREET 1:		55 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10055
		BUSINESS PHONE:		(800) 882-0052

	MAIL ADDRESS:	
		STREET 1:		55 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10055
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>y93113anv2za.htm
<DESCRIPTION>FORM N-2/A
<TEXT>
<HTML>
<HEAD>
<TITLE>nv2za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

</FONT></DIV>

<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">As filed
    with the Securities and Exchange Commission on November&#160;21,
    2011<BR>
    Securities Act Registration
    <FONT style="white-space: nowrap">No.&#160;333-176661</FONT><BR>
    Investment Company Act Registration
    <FONT style="white-space: nowrap">No.&#160;811-22606</FONT></FONT></B>
</DIV>

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

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

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

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

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

</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">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: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; 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">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;N-2</FONT></FONT></B>
</DIV>

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

</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"><FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    Registration Statement under the Securities Act of 1933<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    Pre-Effective Amendment No.&#160;3<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    Post-Effective Amendment No.<BR>
    and/or<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    Registration Statement Under the Investment Company Act of
    1940<BR>
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    Amendment No.&#160;3</FONT></B>
</DIV>

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

</FONT></DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; 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">
    <B><FONT style="font-size: 24pt">BlackRock Utility and
    Infrastructure 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 Declaration of Trust)</FONT></I>
</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>100 Bellevue Parkway<BR>
    Wilmington, Delaware 19809<BR>
    </B><I><FONT style="font-size: 8pt">(Address of Principal
    Executive Offices)</FONT></I>
</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="white-space: nowrap">(800)&#160;882-0052</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>(Registrant&#146;s Telephone Number, Including Area Code)</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>John Perlowski, President<BR>
    BlackRock Utility and Infrastructure Trust<BR>
    55 East
    52<SUP style="font-size: 85%; vertical-align: top">nd</SUP>

    Street<BR>
    New York, New York 10055<BR>
    </B><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: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; 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">
    <B><I>Copies to:</I></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="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
    <B>Thomas A. DeCapo,&#160;Esq.<BR>
    Skadden, Arps, Slate, Meagher&#160;&#038; Flom LLP<BR>
    One Beacon Street<BR>
    Boston, Massachusetts 02108</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Leonard B. Mackey, Jr., Esq.<BR>
    Clifford Chance US LLP<BR>
    31 West
    52<SUP style="font-size: 85%; vertical-align: top">nd</SUP>

    Street<BR>
    New York, New York 10019 </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: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Approximate Date of Proposed Public
    Offering:</B>&#160;&#160;As soon as practicable after the
    effective date of this Registration Statement.
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; 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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</FONT></B>
</DIV>

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

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <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="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" 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: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Title of Securities<BR>
    </FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Amount Being<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Offering<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Aggregate<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Registration<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Being Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Price per Unit</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Offering Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fee</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Shares, $0.001&#160;par value
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    18,750,000
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    20.00
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    375,000,000
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    42,975
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&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 align="left"><FONT size="1">

</FONT></DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: 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">
    Estimated solely for purposes of calculating the registration
    fee.</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

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

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

<TR>
    <TD valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes fee of $116.10 previously paid in connection with the
    initial filing of the Registration Statement.</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that the Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such dates as the
    Commission, acting pursuant to said Section&#160;8(a), may
    determine.</B>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></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="#Y93113tocpage">Table of Contents</A></H5><P>

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

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #F93F26">THE
INFORMATION IN THIS PRELIMINARY PROSPECTUS IS NOT COMPLETE AND
MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE
REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION IS EFFECTIVE. THIS PRELIMINARY PROSPECTUS IS NOT AN
OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO
BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE
IS NOT PERMITTED.<BR>
</FONT></B>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<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">
    <FONT style="color: #F93F26">Subject to Completion
    </FONT>
</DIV>

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

</FONT></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">
    <FONT style="color: #F93F26"> Preliminary Prospectus Dated
    November&#160;21, 2011
    </FONT>
</DIV>

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

</FONT></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">
    <FONT style="font-size: 12pt"> PROSPECTUS
    </FONT>
</DIV>

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

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y93113ay9311300.gif" alt="(BLACKROCK LOGO)"><FONT style="font-size: 12pt">
    </FONT>
</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</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: 22pt">BlackRock Utility and
    Infrastructure Trust</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: 12pt">Common Shares</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">$20.00 per share</FONT></B>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Objective. </I>BlackRock Utility and
    Infrastructure Trust (the &#147;Trust&#148;) is a newly
    organized, non-diversified, closed-end management investment
    company. The Trust&#146;s investment objective is to provide
    total return through a combination of current income, current
    gains and long-term capital appreciation. No assurance can be
    given that the Trust will achieve its investment objective, and
    investors could lose some or all of their investment.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Strategy.</I> The Trust seeks to achieve its
    investment objective by investing primarily in equity securities
    issued by companies that are engaged in the Utilities and
    Infrastructure business segments (as defined below) anywhere in
    the world and by utilizing an option strategy in an effort to
    enhance current gains.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under normal market conditions, the Trust will invest at least
    80% of its total assets in equity securities issued by companies
    that are engaged in the Utilities or Infrastructure business
    segments. The Trust considers the &#147;Utilities&#148; business
    segment to include products, technologies and services connected
    to the management, ownership, operation, construction,
    development or financing of facilities used to generate,
    transmit or distribute electricity, water, natural resources or
    telecommunications and the &#147;Infrastructure&#148; business
    segment to include companies that own or operate infrastructure
    assets (as described herein) or that are involved in the
    development, construction, distribution or financing of
    infrastructure assets.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust may invest in companies of any market capitalization
    located anywhere in the world. Although the Trust expects to
    invest primarily in companies located in developed countries, it
    may invest in companies located in emerging markets. Equity
    securities in which the Trust may invest include common stocks,
    preferred stocks, convertible securities, warrants, depository
    receipts, exchange-traded funds, equity interests in real estate
    investment trusts, Canadian Royalty Trusts and master limited
    partnerships (&#147;MLPs&#148;). The Trust will not invest more
    than 25% of the value of its total assets in MLPs. The Trust may
    invest up to 20% of its total assets in equity securities issued
    by companies that are not engaged in the Utilities or
    Infrastructure business segments and debt securities issued by
    any issuer, including up to 10% of its total assets in
    non-investment grade debt securities, which are commonly known
    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: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of its investment strategy, the Trust currently intends
    to employ a strategy of writing (selling) covered call options
    on a portion of the common stocks in its portfolio, writing
    (selling) covered put options on a portion of the common stocks
    in its portfolio and, to a lesser extent, writing (selling)
    covered call and put options on indices of securities and
    sectors of securities. This option strategy is intended to
    generate current gains from option premiums as a means to
    enhance distributions payable to the Trust&#146;s shareholders.
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>No Prior History.</I> The Trust&#146;s common shares have
    no history of public trading. Shares of closed-end investment
    companies frequently trade at a discount from their net asset
    value, which could be significant. This risk may be greater for
    investors expecting to sell their shares in a relatively short
    period after completion of the public offering.</B>
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust&#146;s common shares are expected to be listed on the
    New York Stock Exchange, subject to notice of issuance, under
    the symbol &#147;BUI.&#148;
</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>Investing in the Trust&#146;s common shares involves certain
    risks that are described in the &#147;Risks&#148; section
    beginning on page&#160;28 of this prospectus. Certain of these
    risks are summarized in &#147;Prospectus Summary&#160;&#151;
    Special Risk Considerations&#148; beginning on page&#160;6.</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">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of 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: 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="81%">&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="4%" 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="6%" 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="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    Per Share
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    Total(1)
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Sales load(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.90
</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">
    &#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: -9pt; margin-left: 9pt">
    Estimated offering expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.04
</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">
    &#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: -9pt; margin-left: 9pt">
    Proceeds, after expenses, to the Trust(3)(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</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>
</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="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>(notes on inside front cover)&#160;&#160;</I>
</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The underwriters expect to deliver the common shares to
    purchasers on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.</I>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 11pt; 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="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -11pt; margin-left: 11pt">
    <B>Morgan Stanley</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Citigroup</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <B>BofA Merrill Lynch</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <B>UBS Investment Bank</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>Wells&#160;Fargo&#160;Securities </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>

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

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

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">Ameriprise
    Financial Services, Inc.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">
    RBC Capital Markets</FONT></B></TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">BB&#038;T
    Capital Markets</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-family: 'Times New Roman', Times">  Chardan
    Capital Markets, LLC</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-family: 'Times New Roman', Times"> J.J.B.
    Hilliard, W.L. Lyons, LLC</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Janney
    Montgomery Scott</FONT></B></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: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="20%"></TD>
    <TD width="20%"></TD>
    <TD width="20%"></TD>
    <TD width="20%"></TD>
    <TD width="20%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">Knight</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-family: 'Times New Roman', Times">
    Ladenburg Thalmann&#160;&#038; Co. Inc.</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-family: 'Times New Roman', Times"> Maxim
    Group LLC</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-family: 'Times New Roman', Times"> Wedbush
    Securities Inc.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times">
    Wunderlich Securities</FONT></B></TD>
</TR>

</TABLE>

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

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

<CENTER><DIV style="font-size: 1pt; width: 19%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; 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">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</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="#Y93113tocpage">Table of Contents</A></H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- 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">

    <I><FONT style="font-family: 'Times New Roman', Times">(notes
    from previous page)</FONT></I>
</DIV>

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

<DIV style="font-size: 12pt; margin-left: 0%; width: 9%;  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">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The Trust has granted the
    underwriters an option to purchase up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional common shares at the public offering price, less the
    sales load, within 45&#160;days of the date of this prospectus
    solely to cover overallotments, if any. If such option is
    exercised in full, the public offering price, sales load,
    estimated offering expenses and proceeds, after expenses, to the
    Trust will be $&#160;&#160;&#160;&#160;&#160;,
    $&#160;&#160;&#160;&#160;&#160;, $&#160;&#160;&#160;&#160;&#160;
    and $&#160;&#160;&#160;&#160;&#160;, respectively. See
    &#147;Underwriters.&#148;
    </FONT></TD>
</TR>

</TABLE>

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

</FONT></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">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">BlackRock Advisors (and not the
    Trust) has agreed to pay, from its own assets, a structuring and
    syndication fee to Morgan Stanley &#038; Co. LLC and structuring
    fees to Citigroup Global Markets Inc., Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated, UBS Securities LLC, Wells
    Fargo Securities, LLC and Ameriprise Financial Services, Inc.
    Because these fees are paid by BlackRock Advisors, they are not
    reflected under sales load in the table above. BlackRock
    Advisors and certain of its affiliates (and not the Trust) also
    may pay commissions to employees of its affiliates that
    participate in the marketing of the Trust&#146;s common shares.
    See &#147;Underwriters&#160;&#151; Additional Compensation to be
    Paid by the Advisor.&#148;
    </FONT></TD>
</TR>

</TABLE>

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

</FONT></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">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">BlackRock Advisors has agreed to
    pay such organizational and offering expenses of the Trust
    (other than the sales load) to the extent that organizational
    and offering expenses (other than the sales load) exceed $0.04
    per common share. The Trust will pay organizational and offering
    expenses of the Trust (other than the sales load) up to $0.04
    per common share, which may include a reimbursement of BlackRock
    Advisors&#146; expenses incurred in connection with this
    offering. Any offering cost paid by the Trust will be deducted
    from the proceeds of the offering received by the Trust. The
    aggregate organizational and offering expenses (other than the
    sales load) are estimated to be $&#160;&#160;&#160;&#160;&#160;
    or $&#160;&#160;&#160;&#160;&#160; per common share. The
    aggregate offering expenses (other than the sales load) to be
    incurred by the Trust are estimated to
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;or
    $&#160;&#160;&#160;&#160;&#160; per common share. The aggregate
    organizational and offering expenses (other than the sales load)
    to be incurred by BlackRock Advisors on behalf of the Trust are
    estimated to be $&#160;&#160;&#160;&#160;&#160; or
    $&#160;&#160;&#160;&#160;&#160; per common share.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The Trust will pay its
    organizational costs in full out of its seed capital prior to
    completion of this offering.
    </FONT></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">

    <I><FONT style="font-family: 'Times New Roman', Times">(continued
    from previous page)</FONT></I>
</DIV>

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

<DIV align="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 Advisor and
    <FONT style="white-space: nowrap">Sub-Advisors.</FONT></I>The
    Trust&#146;s investment adviser is BlackRock Advisors, LLC
    (&#147;BlackRock Advisors&#148; or the &#147;Advisor&#148;) and
    the Trust&#146;s
    <FONT style="white-space: nowrap">sub-advisors</FONT>
    are BlackRock Financial Management, Inc. and BlackRock
    Investment Management, LLC (collectively, the
    <FONT style="white-space: nowrap">&#147;Sub-Advisors&#148;).</FONT>
    We sometimes refer to the Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    collectively as the &#147;Advisors.&#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">
    You should read this prospectus, which sets forth information
    about the Trust, before deciding whether to invest in the common
    shares, and retain it for future reference. A Statement of
    Additional Information,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;SAI&#148;), containing additional information
    about the Trust, has been filed with the Securities and Exchange
    Commission and, as amended from time to time, is incorporated by
    reference in its entirety into this prospectus. You can review
    the table of contents for the SAI on page&#160;61 of this
    prospectus. You may request a free copy of the SAI by calling
    <FONT style="white-space: nowrap">(800)&#160;882-0052</FONT>
    or by writing to the Trust, or obtain a copy (and other
    information regarding the Trust) from the Securities and
    Exchange Commission&#146;s Public Reference Room in
    Washington,&#160;D.C. Call
    <FONT style="white-space: nowrap">(202)&#160;551-8090</FONT>
    for information. The Securities and Exchange Commission charges
    a fee for copies. You can get the same information free from the
    Securities and Exchange Commission&#146;s website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
    You may also
    <FONT style="white-space: nowrap">e-mail</FONT>
    requests for these documents to publicinfo@sec.gov or make a
    request in writing to the Securities and Exchange
    Commission&#146;s Public Reference Section,
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
    The Trust does not post a copy of the SAI on its website because
    the Trust&#146;s common shares are not continuously offered,
    which means the SAI will not be updated after completion of this
    offering and the information contained in the SAI will become
    outdated. In addition, you may request copies of the
    Trust&#146;s semi-annual and annual reports or other information
    about the Trust or make shareholder inquiries by calling
    <FONT style="white-space: nowrap">(800)&#160;882-0052.</FONT>
    The Trust&#146;s annual and semi-annual reports, when produced,
    will be available at the Trust&#146;s website
    <FONT style="white-space: nowrap">(http://www.blackrock.com)</FONT>
    free of 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">
    You should not construe the contents of this prospectus as
    legal, tax or financial advice. You should consult with your own
    professional advisors as to the legal, tax, financial or other
    matters relevant to the suitability of an investment in the
    Trust.
</DIV>

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

<DIV align="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 Trust&#146;s common 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.</B>
</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">&nbsp;</H5><P>

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

<DIV align="left">
<A name="Y93113tocpage"></A>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: 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="Y93113tocpage"></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="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&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 -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113101'>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='#Y93113102'>Summary of Trust&#160;Expenses</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 nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113103'>The Trust</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113105'>The Trust&#146;s Investments</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113106'>Risks</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113107'>How the Trust&#160;Manages Risk</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='#Y93113108'>Management of the Trust</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113109'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113110'>Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113111'>Dividend Reinvestment Plan</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113112'>Description of Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113113'>Certain Provisions in the Agreement and
    Declaration of Trust</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113114'>Closed-End Fund&#160;Structure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113115'>Repurchase of Common Shares</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 nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113116'>Tax Matters</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 nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113117'>Underwriters</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='#Y93113118'>Custodian and Transfer Agent</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='#Y93113119'>Legal Opinions</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='#Y93113120'>Privacy Principles of the Trust</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='#Y93113121'>Table of Contents for the 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="y93113aexv99wgw1.htm">EX-99.G.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wgw2.htm">EX-99.G.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wgw3.htm">EX-99.G.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw1.htm">EX-99.H.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw2.htm">EX-99.H.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw3.htm">EX-99.H.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw4.htm">EX-99.H.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw5.htm">EX-99.H.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw6.htm">EX-99.H.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw7.htm">EX-99.H.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw8.htm">EX-99.H.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw9.htm">EX-99.H.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99whw10.htm">EX-99.H.10</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wjw1.htm">EX-99.J.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wjw2.htm">EX-99.J.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wkw1.htm">EX-99.K.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wkw2.htm">EX-99.K.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wl.htm">EX-99.L</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y93113aexv99wn.htm">EX-99.N</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left">
<!-- /TOC -->
</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>You should rely only on the information contained or
    incorporated by reference in this prospectus. The Trust has not,
    and the underwriters 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, and the underwriters are not, making an offer
    to sell these securities in any jurisdiction where the offer or
    sale is not permitted. You should assume that the information in
    this prospectus is accurate only as of the date of this
    prospectus. Our business, financial condition and prospects may
    have changed since that date.</B>
</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="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113101'>
<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">
    This is only a summary of the information that is described more
    fully elsewhere in this prospectus. This summary may not contain
    all of the information that you should consider before investing
    in our common shares. You should review the more detailed
    information contained in this prospectus and in the SAI.
</DIV>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>The Trust</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    BlackRock Utility and Infrastructure Trust is a newly organized,
    non-diversified, closed-end management investment company with
    no operating history. Throughout the prospectus, we refer to
    BlackRock Utility and Infrastructure Trust simply as the
    &#147;Trust&#148; or as &#147;we,&#148; &#147;us&#148; or
    &#147;our.&#148; See &#147;The Trust.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>The Offering</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust is
    offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    common shares of beneficial interest at $20.00 per share through
    a group of underwriters (the &#147;Underwriters&#148;) led by
    Morgan Stanley &#038; Co. LLC, Citigroup Global Markets Inc.,
    Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, UBS
    Securities LLC and Wells Fargo Securities, LLC. The common
    shares of beneficial interest are called &#147;common
    shares&#148; in the rest of this prospectus. You must purchase
    at least 100 common shares ($2,000) in order to participate in
    this offering. The Trust has given the Underwriters an option to
    purchase up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional common shares to cover overallotments. BlackRock
    Advisors, LLC (&#147;BlackRock Advisors&#148; or the
    &#147;Advisor&#148;), the Trust&#146;s investment advisor, has
    agreed to pay organizational expenses and offering costs (other
    than sales load) that exceed $0.04 per common share. See
    &#147;Underwriters.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Investment Objective</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust&#146;s investment objective is to provide total return
    through a combination of current income, current gains and
    long-term capital appreciation. No assurance can be given that
    the Trust will achieve its investment objective, and investors
    could lose some or all of their investment.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Investment Policies</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust seeks to achieve its investment objective by investing
    primarily in equity securities issued by companies that are
    engaged in the Utilities and Infrastructure business segments
    (as defined below) anywhere in the world and by utilizing an
    option strategy in an effort to enhance current gains.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under normal market conditions, the Trust will invest at least
    80% of its total assets in equity securities issued by companies
    that are engaged in the Utilities or Infrastructure business
    segments. The Trust considers the &#147;Utilities&#148; business
    segment to include products, technologies and services connected
    to the management, ownership operation, construction,
    development or financing of facilities used to generate,
    transmit or distribute electricity, water, natural resources or
    telecommunications and the &#147;Infrastructure&#148; business
    segment to include companies that own or operate infrastructure
    assets or that are involved in the development, construction,
    distribution or financing of infrastructure assets (as described
    herein).</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For purposes of the 80% policy above, a company is considered to
    be engaged in these business segments if: (i)&#160;at least 50%
    of its assets, income, sales or profits are committed to or
    derived from one or both of the Utilities or Infrastructure
    business segments; or (ii)&#160;a third party classification has
    given the company an industry or sector classification
    consistent with the Utilities or Infrastructure business
    segments.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<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="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust may invest in companies of any market capitalization
    located anywhere in the world. Although the Trust expects to
    invest primarily in companies located in developed countries, it
    may invest in companies located in emerging markets. Equity
    securities in which the Trust may invest include common stocks,
    preferred stocks, convertible securities, warrants, depository
    receipts, exchange-traded funds (&#147;ETFs&#148;), equity
    interests in real estate investment trusts, Canadian Royalty
    Trusts and master limited partnerships (&#147;MLPs&#148;). The
    Trust will not invest more than 25% of the value of its total
    assets in MLPs. The Trust may invest up to 20% of its total
    assets in equity securities issued by companies that are not
    engaged in the Utilities or Infrastructure business segments and
    debt securities issued by any issuer, including up to 10% of its
    total assets in non-investment grade debt securities, which are
    commonly known as &#147;junk bonds.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Companies engaged in the Utilities or Infrastructure business
    segments can be generally categorized as engaging in, related to
    or involved with:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the generation, transmission, sale or distribution
    of electric energy;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the distribution, purification and treatment of
    water;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the production, transmission or distribution of
    natural resources used to produce energy, such as oil, natural
    gas and coal;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the provision of communications services, including
    cable television, satellite, microwave, radio, telephone and
    other communications media (e.g., fixed-base wireless
    transmission towers and broadband television cable);</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the management, ownership or operation of
    infrastructure assets; or</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the construction, development, distribution or
    financing of infrastructure assets.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust generally considers &#147;infrastructure assets&#148;
    to consist of those assets which provide the underlying
    foundation of basic services, facilities and institutions upon
    which the growth and development of a community depends,
    including physical structures, networks and systems of
    transportation, energy, water and sewage, and communication.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Categories of infrastructure assets currently include:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;Assets that are natural or near-natural monopolies
    and are regulated in the level of revenue earned or charges
    imposed. Examples include certain power and gas transmission,
    generation and distribution assets and water and waste-water
    distribution and treatment facilities.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;Assets that depend on a form of user pay system for
    their main revenue source. Examples include toll roads, bridges,
    tunnels, airports, railways, seaports and parking lots.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;Assets that provide basic social services to the
    community. Examples include schools, hospitals and correction
    facilities.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;Assets that compete in a market for the sale of a
    product or service and are therefore exposed to market risks.
    Examples include certain solid waste disposal facilities and
    certain communication asset </DIV>
</TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    classes, including communications towers, satellites and
    transmission lines.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;Other types of infrastructure assets include assets
    related to the development and distribution of coal, steel and
    iron ore, gold and other precious metals, building materials,
    agricultural commodities and food and the gathering, treating,
    processing, fractionation, transportation and storage of
    hydrocarbon products.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Historically, Utilities and Infrastructure companies have
    generally paid dividends on their equity securities.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Option Writing Strategy</I>.&#160;&#160;As part of its
    investment strategy, the Trust currently intends to employ a
    strategy of writing (selling) covered (as described herein) call
    options on a portion of the common stocks in its portfolio,
    writing (selling) covered (as described herein) put options on a
    portion of the common stocks in its portfolio and, to a lesser
    extent, writing (selling) covered call and put options on
    indices of securities and sectors of securities. This option
    strategy is intended to generate current gains from option
    premiums as a means to enhance distributions payable to the
    Trust&#146;s shareholders.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As the Trust writes covered calls over more of its portfolio,
    its ability to benefit from capital appreciation becomes more
    limited and the Trust will lose money to the extent that it
    writes call options that are not covered by securities in its
    portfolio and the securities or index on which it writes the
    option appreciates above the exercise price of the option by an
    amount that exceeds the exercise price of the option. A
    substantial portion of the options written by the Trust may be
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    options (&#147;OTC options&#148;).</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A call option written by the Trust on a security is
    &#147;covered&#148; if the Trust owns the security underlying
    the call or has an absolute and immediate right to acquire that
    security without additional cash consideration (or, if
    additional cash consideration is required, cash or other assets
    determined to be liquid by the Advisors (in accordance with
    procedures established by the Board of Trustees of the Trust
    (the &#147;Board&#148;)) in such amount are segregated by the
    Trust&#146;s custodian) upon conversion or exchange of other
    securities held by the Trust. A call option is also covered if
    the Trust holds a call on the same security as the call written
    where the exercise price of the call held is (i)&#160;equal to
    or less than the exercise price of the call written, or
    (ii)&#160;greater than the exercise price of the call written,
    provided the difference is maintained by the Trust in segregated
    assets determined to be liquid by the Advisors as described
    above.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A put option written by the Trust on a security is
    &#147;covered&#148; if the Trust segregates or earmarks assets
    determined to be liquid by the Advisors (in accordance with
    procedures established by the Board) equal to the exercise
    price. A put option is also &#147;covered&#148; if the Trust
    holds a put on the same security as the put written where the
    exercise price of the put held is (i)&#160;equal to or greater
    than the exercise price of the put written, or (ii)&#160;less
    than the exercise price of the put written, provided the
    difference is maintained by the Trust in segregated or earmarked
    assets determined to be liquid by the Advisors as described
    above.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    An index or sector option is considered &#147;covered&#148; if
    the Trust maintains with its custodian assets determined to be
    liquid by the Advisors (in accordance with procedures
    established by the Board) in an amount equal to the contract
    value of the applicable basket of securities. An index or sector
    put option also is &#147;covered&#148; if the Trust holds a put
    on the same basket of securities as the put written where the
    exercise price of the put held is (i)&#160;equal to or more than
    the exercise price of the put written, or (ii)&#160;less than
    the exercise price of the put written, provided the difference
    is maintained by the Trust in segregated assets determined to be
    liquid by the Advisors as described above. An index or sector
    call option also is &#147;covered&#148; if the Trust holds a
    call on the same basket of securities as the call written where
    the exercise price of the call held is (i)&#160;equal to or less
    than the exercise price of the call written, or
    (ii)&#160;greater than the exercise price of the call written,
    provided the difference is maintained by the Trust in segregated
    assets determined to be liquid. Because index and sector options
    both refer to options on baskets of securities and generally
    have similar characteristics, we refer to these types of options
    collectively as &#147;index&#148; options.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust generally intends to write covered put and call
    options, the notional amount of which will be approximately 30%
    to 40% of the Trust&#146;s total assets, although this
    percentage may vary from time to time with market conditions.
    Under current market conditions, the Trust anticipates initially
    writing covered put and call options, the notional amount of
    which will be approximately 33% of the Trust&#146;s total
    assets. As the Trust writes covered calls over more of its
    portfolio, its ability to benefit from capital appreciation
    becomes more limited. The number of covered put and call options
    on securities the Trust can write is limited by the total assets
    the Trust holds, and further limited by the fact that all
    options represent 100&#160;share lots of the underlying common
    stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In connection with its option writing strategy, the Trust will
    not write &#147;naked&#148; or uncovered put and call options,
    other than those that are &#147;covered&#148; by the segregation
    of liquid assets as described above. Furthermore, the
    Trust&#146;s exchange-listed option 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 that may be written or purchased by a single
    investor or group of investors acting in concert, regardless of
    whether the options are written or purchased on the same or
    different exchanges, boards of trade or other trading facilities
    or are held or written in one or more accounts or through one or
    more brokers. Thus, the number of options which the Trust may
    write or purchase may be affected by options written or
    purchased by other investment advisory clients of the Advisor.
    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.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Other Strategies</I>.&#160;&#160;In addition to the option
    strategies discussed above, the Trust may engage in strategic
    transactions for hedging purposes or to enhance total return.
    See &#147;The Trust&#146;s Investments&#160;&#151; </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Portfolio Composition and Other Information&#160;&#151;
    Strategic Transactions.&#148; The Trust may also engage in short
    sales of securities. See &#147;Investment Restrictions&#148; in
    the SAI and &#147;Other Investment Policies and
    Techniques&#160;&#151; Short Sales&#148; in the SAI for
    information about the limitations applicable to the Trust&#146;s
    short sale activities.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust may lend securities with a value of up to
    33<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of its total assets (including such loans) to financial
    institutions that provide cash or securities issued or
    guaranteed by the U.S. government as collateral.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under current market conditions, the Trust does not currently
    intend to engage in short sales, utilize leverage or issue
    preferred shares.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    No assurance can be given that the Trust will achieve its
    investment objective, and investors could lose some or all of
    their investment. See &#147;The Trust&#146;s Investments.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For a discussion of risk factors that may affect the
    Trust&#146;s ability to achieve its investment objective, see
    &#147;Risks.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Investment Advisor and
    <FONT style="white-space: nowrap">Sub-Advisors</FONT></B> </TD>
    <TD></TD>
    <TD valign="bottom">
    BlackRock Advisors will be the Trust&#146;s investment advisor
    and BlackRock Advisors&#146; affiliates, BlackRock Financial
    Management, Inc. and BlackRock Investment Management, LLC
    (collectively, the
    <FONT style="white-space: nowrap">&#147;Sub-Advisors&#148;),</FONT>
    will be the Trust&#146;s
    <FONT style="white-space: nowrap">sub-advisors.</FONT>
    Throughout the prospectus, we sometimes refer to BlackRock
    Advisors and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    collectively as the &#147;Advisors.&#148; BlackRock Advisors
    will receive an annual fee, payable monthly, in a maximum amount
    equal to 1.00% of the average daily value of the net assets of
    the Trust. BlackRock Advisors will pay an annual
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fee to each
    <FONT style="white-space: nowrap">Sub-Advisor</FONT>
    equal to 51% of the management fee received by BlackRock
    Advisors with respect to the average daily value of the net
    assets of the Trust allocated to such Sub-Advisor. See
    &#147;Management of the Trust&#160;&#151; Investment Advisor and
    <FONT style="white-space: nowrap">Sub-Advisors.&#148;</FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Distributions</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Commencing with the Trust&#146;s initial dividend, the Trust
    intends to distribute quarterly all or a portion of its net
    investment income to holders of common shares. We expect to
    declare the initial quarterly dividend on the Trust&#146;s
    common shares approximately 45&#160;days after completion of
    this offering and to pay that initial quarterly dividend
    approximately 90 to 120&#160;days after completion of this
    offering. The Trust intends to pay any capital gains
    distributions at least annually.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Various factors will affect the level of the Trust&#146;s
    income, including the asset mix and the Trust&#146;s use of
    options and hedging. To permit the Trust to maintain a more
    stable quarterly distribution, the Trust may from time to time
    distribute less than the entire amount of income earned in a
    particular period. The undistributed income would be available
    to supplement future distributions. As a result, the
    distributions paid by the Trust for any particular quarterly
    period may be more or less than the amount of income actually
    earned by the Trust during that period. Undistributed income
    will add to the Trust&#146;s net asset value (&#147;NAV&#148;)
    (and indirectly benefits the Advisors by increasing their fees)
    and, correspondingly, distributions from undistributed income
    will reduce the Trust&#146;s NAV. See &#147;Distributions.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Shareholders will automatically have all dividends and
    distributions reinvested in common shares of the Trust in
    accordance with the </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Trust&#146;s Dividend Reinvestment Plan, unless an election is
    made to receive cash by contacting the Plan Administrator (as
    defined herein) at 1-866-216-0242. See &#147;Dividend
    Reinvestment Plan.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under normal market conditions, the Advisors will seek to manage
    the Trust in a manner such that the Trust&#146;s distributions
    are reflective of the Trust&#146;s current and projected
    earnings levels. The distribution level of the Trust is subject
    to change based upon a number of factors, including the current
    and projected level of the Trust&#146;s earnings, and may
    fluctuate over time.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust reserves the right to change its distribution policy
    and the basis for establishing the rate of its quarterly
    distributions at any time and may do so without prior notice to
    common shareholders.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Listing</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Trust&#146;s common shares are expected to be listed on the
    New York Stock Exchange (&#147;NYSE&#148;), subject to notice of
    issuance, under the symbol &#147;BUI.&#148; See
    &#147;Description of Shares&#160;&#151; Common Shares.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Custodian And Transfer Agent</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Bank of New York Mellon will serve as the Trust&#146;s
    Custodian and Transfer Agent.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Market Price Of Shares</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Common shares of closed-end investment companies frequently
    trade at a discount from their net asset value, which could be
    significant. The Trust cannot assure you that its common shares
    will trade at a price higher than or equal to net asset value at
    any time. The value of a shareholder&#146;s investment in the
    Trust will be reduced immediately following this offering by the
    sales load and the amount of the organizational and offering
    expenses paid by the Trust. See &#147;Use of Proceeds.&#148; In
    addition to net asset value, the market price of the
    Trust&#146;s common shares may be affected by such factors as
    dividend levels (which are in turn affected by expenses),
    dividend stability, option premiums, cash flow, market supply
    and demand, liquidity, market volatility, general market and
    economic conditions and other factors beyond the control of the
    Trust. See &#147;Risks,&#148; &#147;Description of Shares&#148;
    and the section of the SAI with the heading &#147;Repurchase of
    Common Shares.&#148; The common shares are designed primarily
    for long-term investors and you should not purchase common
    shares of the Trust if you intend to sell them shortly after
    purchase.</TD>
</TR>


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

<TR>
    <TD valign="top">
    <B>Special Risk Considerations</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    An investment in common shares of the Trust involves risk. You
    should consider carefully the risks discussed below, which are
    described in more detail under &#147;Risks&#148; beginning on
    page&#160;28 of this prospectus.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>No Operating History.</I>&#160;&#160;The Trust is a newly
    organized, non-diversified, closed-end management investment
    company with no operating history. As a result, prospective
    investors have no track record or history on which to base their
    investment decision.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Investment and Market Discount Risk.</I>&#160;&#160;An
    investment in the Trust&#146;s common shares is subject to
    investment risk, including the possible loss of the entire
    amount that you invest. Your investment in common shares
    represents an indirect investment in the securities owned by the
    Trust, a majority of which are traded on a securities exchange
    or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. The value of these securities, like other market
    investments, may move up or down, sometimes rapidly and </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    unpredictably. As with any stock, the price of the Trust&#146;s
    common shares will fluctuate with market conditions and other
    factors. If shares are sold, the price received may be more or
    less than the original investment. The value of your investment
    in the Trust will be reduced immediately following the initial
    offering by the amount of the sales load and the amount of the
    organizational and offering expenses paid by the Trust. Common
    shares are designed for long-term investors and should not be
    treated as trading vehicles. Shares of closed-end management
    investment companies frequently trade at a discount from their
    net asset value, which could be significant. This risk is
    separate and distinct from the risk that the Trust&#146;s net
    asset value could decrease as a result of its investment
    activities. At any point in time, including immediately after
    the completion of this offering, an investment in the
    Trust&#146;s common shares may be worth substantially less than
    the original amount invested, even after taking into account
    distributions paid by the Trust. This risk may be greater for
    investors who sell their common shares in a relatively short
    period of time after completion of the initial offering.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Common Stock Risk.</I>&#160;&#160;The Trust will have
    exposure to common stocks. Although common stocks have
    historically generated higher average total returns than
    fixed-income securities over the long term, common stocks also
    have experienced significantly more volatility in those returns
    and may significantly under-perform relative to fixed income
    securities during certain periods. An adverse event, such as an
    unfavorable earnings report, may depress the value of a
    particular common stock held by the Trust. Also, the price of
    common stocks is sensitive to general movements in the stock
    market and a drop in the stock market may depress the price of
    common stocks to which the Trust has exposure. Common stock
    prices fluctuate for several reasons, including changes in
    investors&#146; perceptions of the financial condition of an
    issuer or the general condition of the relevant stock market, or
    when political or economic events affecting the issuers occur.
    In addition, common stock prices may be particularly sensitive
    to rising interest rates, as the cost of capital rises and
    borrowing costs increase.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Concentration Risk.</I>&#160;&#160;The Trust&#146;s
    investments will be concentrated in issuers in the Utilities and
    Infrastructure business segments. Because the Trust will be
    concentrated in those business segments, it may be subject to
    more risks than if it were broadly diversified over numerous
    industries and sectors of the economy. General changes in market
    sentiment towards Utilities or Infrastructure companies may
    adversely affect the Trust, and the performance of Utilities and
    Infrastructure issuers may lag behind the broader market as a
    whole. Also, the Trust&#146;s concentration in the Utilities and
    Infrastructure business segments may subject the Trust to a
    variety risks associated with those business segments. See
    &#147;Risks&#160;&#151; Risks of Investing in Utilities and
    Infrastructure Issuers.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Risks of Investing in Utilities and Infrastructure
    Issuers.</I>&#160;&#160;Investments in issuers in the Utilities
    and Infrastructure business segments are subject to certain
    risks, including the following:</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Utilities Companies Risk</U>.</I>&#160;&#160;A variety of
    factors may adversely affect the business or operations of
    Utilities issuers, including: high interest costs in connection
    with capital construction and improvement programs; governmental
    regulation of rates charged to customers (including the
    potential that costs incurred by the utility change more rapidly
    than the rate the utility is permitted to charge its customers);
    costs associated with compliance with and changes in
    environmental and other regulations; effects of economic
    slowdowns and surplus capacity; increased competition from other
    providers of utility services; inexperience with and potential
    losses resulting from a developing deregulatory environment;
    costs associated with reduced availability of certain types of
    fuel; the effects of energy conservation policies; effects of a
    national energy policy; technological innovations; potential
    impact of terrorist activities; the impact of natural or
    man-made disasters; regulation by various governmental
    authorities, including the imposition of special tariffs; and
    changes in tax laws, regulatory policies and accounting
    standards.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Infrastructure Companies
    Risk</U>.</I>&#160;&#160;Infrastructure issuers may be
    susceptible to a variety of factors that may adversely affect
    their business and operations, including high interest costs in
    connection with capital construction programs; high leverage;
    costs associated with environmental and other regulations;
    surplus capacity costs; and reduced investment in public and
    private infrastructure projects. A slowdown in new
    infrastructure projects in developing or developed markets may
    constrain the abilities of Infrastructure issuers to grow in
    global markets. Other developments, such as significant changes
    in population levels or changes in the urbanization and
    industrialization of developing countries, may reduce demand for
    products or services provided by Infrastructure issuers.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Technological Risk</U>.</I>&#160;&#160;Technological
    changes in the way a service or product is delivered may render
    existing technologies obsolete. Infrastructure assets have very
    few alternative uses should they become obsolete.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Developing Industries Risk</U>.</I>&#160;&#160;Some
    Utilities and/or Infrastructure companies are focused on
    developing new technologies and are strongly influenced by
    technological changes. Product development efforts by Utilities
    and Infrastructure companies may not result in viable commercial
    products. Utilities and Infrastructure companies may bear high
    research and development costs, which can limit their ability to
    maintain operations during periods of organizational growth or
    instability. Some Utilities and Infrastructure issuers may be in
    the early stages of operations and may have limited operating
    histories and smaller market capitalizations on average than
    companies in other sectors.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Regional Risk</U>.</I>&#160;&#160;Should an event that
    impairs assets occur in a region where a Utilities or
    Infrastructure issuer operates, the performance of such
    Utilities or Infrastructure company may be adversely affected.
    As many infrastructure assets are not </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    moveable, such an event may have enduring effects on the
    Utilities or Infrastructure company that are difficult to
    mitigate.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Strategic Asset Risk</U>.</I>&#160;&#160;Utilities and
    Infrastructure companies may control significant strategic
    assets. Strategic assets are assets that have a national or
    regional profile, and may have monopolistic characteristics.
    Given the national or regional profile and/or their
    irreplaceable nature, strategic assets may constitute a higher
    risk target for terrorist acts or adverse political actions.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Environmental Risk</U>.</I>&#160;&#160;Utilities and
    Infrastructure companies can have substantial environmental
    impacts. Ordinary operations or operational accidents may cause
    major environmental damage, which could cause Utilities and
    Infrastructure companies significant financial distress.
    Community and environmental groups may protest the development
    or operation of assets or facilities of Utilities or
    Infrastructure companies, and these protests may induce
    government action to the detriment of Utilities and
    Infrastructure companies.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Political and Expropriation
    Risk</U>.</I>&#160;&#160;Governments may attempt to influence
    the operations, revenue, profitability or contractual
    relationships of Utilities and Infrastructure issuers or
    expropriate Utilities or Infrastructure companies&#146; assets.
    The public interest aspect of the products and services provided
    by Utilities and Infrastructure companies means political
    oversight will remain pervasive.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Operational Risk</U>.</I>&#160;&#160;The long-term
    profitability of Utilities and Infrastructure companies is
    partly dependent on the efficient operation and maintenance of
    their assets. Utilities and Infrastructure issuers may be
    subject to service interruptions due to environmental disasters,
    operational accidents or terrorist activities, which may impair
    their ability to maintain payments of dividends or interest to
    investors. The destruction or loss of an asset or facility may
    have a major adverse impact on a Utilities or Infrastructure
    issuer. Failure by the Utilities or Infrastructure issuer to
    operate and maintain its assets or facilities appropriately or
    to carry appropriate, enforceable insurance could lead to
    significant losses.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Regulatory Risk</U>.</I>&#160;&#160;Many Utilities and
    Infrastructure companies are subject to significant federal,
    state and local government regulation, which may include how
    facilities are constructed, maintained and operated,
    environmental and safety controls and 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 operations and financial performance of
    Utilities and Infrastructure issuers. Regulators that have the
    power to set or modify the prices Utilities and Infrastructure
    issuers can charge for their products or services can have a
    significant impact </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    on the profitability of such Utilities and Infrastructure
    issuers. The returns on regulated assets or services are usually
    stable during regulated periods, but may be volatile during any
    period that rates are reset by the regulator.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Interest Rate Risk</U>.</I>&#160;&#160;Due to the high
    costs of developing, constructing, operating and distributing
    assets and facilities, many Utilities and Infrastructure
    companies are highly leveraged. As such, movements in the level
    of interest rates may affect the returns from these assets. The
    structure and nature of the debt is therefore an important
    element to consider in assessing the interest rate risk posed by
    Utilities and Infrastructure issuers. In particular, the type of
    facilities, maturity profile, rates being paid, fixed versus
    variable components and covenants in place (including how they
    impact returns to equity holders) are crucial factors in
    assessing the degree of interest rate risk.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><U>Inflation Risk</U>.</I>&#160;&#160;Many Utility and
    Infrastructure companies may have fixed income streams and,
    therefore, be unable to increase their dividends during
    inflationary periods. The market value of Utility or
    Infrastructure companies may decline in value in times of higher
    inflation rates. The prices that a Utility or Infrastructure
    company is able to charge users of its assets may not always be
    linked to inflation. In this case, changes in the rate of
    inflation may affect the forecast profitability of the Utility
    or Infrastructure company.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For additional discussion of these and other risks associated
    with investments in Utilities and Infrastructure issuers see
    &#147;Risks&#160;&#151; Risks of Investing in Utilities and
    Infrastructure Issuers.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Securities Risk and Emerging Markets
    Risk.</I>&#160;&#160;Investing in
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    securities involves certain risks not involved in domestic
    investments, including, but not limited to: fluctuations in
    foreign exchange rates; future foreign economic, financial,
    political and social developments; different legal systems; the
    possible imposition of exchange controls or other foreign
    governmental laws or restrictions, including expropriation;
    lower trading volume; much greater price volatility and
    illiquidity of certain
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    securities markets; different trading and settlement practices;
    less governmental supervision; changes in currency exchange
    rates; high and volatile rates of inflation; fluctuating
    interest rates; less publicly available information; and
    different accounting, auditing and financial recordkeeping
    standards and requirements.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Investing in securities of issuers based in underdeveloped
    emerging markets entails all of the risks of investing in
    securities of
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    issuers to a heightened degree. &#147;Emerging market
    countries&#148; generally include every nation in the world
    except developed countries, that is the United States, Canada,
    Japan, Australia, New Zealand and most countries located in
    Western Europe. These heightened risks include: greater risks of
    expropriation, confiscatory taxation, nationalization, and less
    social, political and economic stability; smaller markets for
    such securities and a lower volume of trading, resulting in lack
    of liquidity and an increase in price volatility; and certain
    national policies that may restrict the Trust&#146;s investment
    opportunities including restrictions on investing in issuers or
    industries deemed sensitive to </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    relevant national interests. See
    <FONT style="white-space: nowrap">&#147;Non-U.S.</FONT>
    Securities Risk and Emerging Markets Risk.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Foreign Currency Risk.</I>&#160;&#160;Because the Trust may
    invest in securities denominated or quoted in currencies other
    than the U.S. dollar, changes in foreign currency exchange rates
    may affect the value of securities owned by the Trust, the
    unrealized appreciation or depreciation of investments and gains
    on and income from investments. Currencies of certain countries
    may be volatile and therefore may affect the value of securities
    denominated in such currencies, which means that the
    Trust&#146;s net asset value could decline as a result of
    changes in the exchange rates between foreign currencies and the
    U.S. dollar. These risks often are heightened for investments in
    emerging market countries. In addition, the Trust may enter into
    foreign currency transactions in an attempt to hedge its
    currency exposure or enhance its total return, which may further
    expose the Trust to the risks of foreign currency movements and
    other risks. The use of foreign currency transactions can result
    in the Trust incurring losses as a result of the imposition of
    exchange controls, suspension of settlements or the inability of
    the Trust to deliver or receive a specified currency.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Small and Mid-Capitalization Stock Risk.</I>&#160;&#160;The
    Trust may invest in companies with small, medium and large
    capitalizations. Smaller and medium capitalization company
    stocks can be more volatile than, and perform differently from,
    larger capitalization company stocks. There may be less trading
    in a smaller or medium capitalization company&#146;s stock,
    which means that buy and sell transactions in that stock could
    have a larger impact on the stock&#146;s price than is the case
    with larger capitalization company stocks. Smaller and medium
    capitalization companies may have fewer business lines; changes
    in any one line of business, therefore, may have a greater
    impact on a smaller or medium capitalization company&#146;s
    stock price than is the case for a larger capitalization
    company. The Trust may need a considerable amount of time to
    purchase or sell its positions in these securities. In addition,
    smaller or medium capitalization company stocks may not be well
    known to the investing public.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Liquidity Risk.</I>&#160;&#160;In some circumstances,
    investments may be relatively illiquid making it difficult to
    acquire or dispose of them at the prices quoted on relevant
    exchanges or at all. Accordingly, the Trust&#146;s ability to
    respond to market movements may be impaired and the Trust may
    experience adverse price movements upon liquidation of its
    investments. Settlement of transactions may be subject to delay
    and administrative uncertainties.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>MLP Risk.</I>&#160;&#160;As compared to common stockholders
    of a corporation, holders of MLP units have more limited control
    and limited rights to vote 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.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A change in current tax law, or a change in the business of a
    given MLP, could result in an MLP being treated as a corporation
    for U.S. federal income tax purposes, which would result in such
    MLP being </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    required to pay U.S. federal income tax on its taxable income.
    Thus, if any of the MLPs owned by the Trust were treated as
    corporations for U.S. federal income tax purposes, the after-tax
    return to the Trust with respect to its investment in such MLPs
    would be materially reduced, which could cause a decline in the
    value of the common stock.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    To the extent that the Trust invests in the equity securities of
    an MLP, the Trust will be a partner in such MLP. Accordingly,
    the Trust will be required to include in its taxable income the
    Trust&#146;s allocable share of the income, gains, losses,
    deductions and expenses recognized by each such MLP, regardless
    of whether the MLP distributes cash to the Trust. The Trust will
    incur a current tax liability on its allocable share of an
    MLP&#146;s income and gains that is not offset by the MLP&#146;s
    tax deductions, losses and credits, or its net operating loss
    carryforwards, if any. The portion, if any, of a distribution
    received by the Trust from an MLP that is offset by the
    MLP&#146;s tax deductions, losses or credits is essentially
    treated as a return of capital. The percentage of an MLP&#146;s
    income and gains that is offset by tax deductions, losses and
    credits will fluctuate over time for various reasons. A
    significant slowdown in acquisition activity or capital spending
    by MLPs held in the Trust&#146;s portfolio could result in a
    reduction of accelerated depreciation generated by new
    acquisitions, which may result in increased current tax
    liability for the Trust.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Because of the Trust&#146;s investments in equity securities of
    MLPs, the Trust&#146;s earnings and profits may be calculated
    using accounting methods that are different from those used for
    calculating taxable income. Because of these differences, the
    Trust may make distributions out of its current or accumulated
    earnings and profits, which will be treated as dividends, in
    years in which the Trust&#146;s distributions exceed its taxable
    income. In addition, changes in tax laws or regulations, or
    future interpretations of such laws or regulations, could
    adversely affect the Trust or the MLP investments in which the
    Trust invests. See &#147;Risks&#160;&#151; MLP Risk&#148; and
    &#147;Tax Matters.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Risks Associated with the Trust&#146;s Option
    Strategy.</I>&#160;&#160;The ability of the Trust to achieve its
    investment objective is partially dependent on the successful
    implementation of its option strategy. There are several risks
    associated with transactions in options on securities used in
    connection with the Trust&#146;s option strategy. 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 transaction not to
    achieve its objectives. A decision as to whether, when and how
    to use options involves the exercise of skill and judgment, and
    even a well conceived transaction may be unsuccessful to some
    degree because of market behavior or unexpected events.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As the writer of a call option covered with a security held by
    the Trust, the Trust 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 sum of the premium
    and the strike price of the call, but has retained the risk of
    loss should the price of the underlying security decline. As the
    Trust writes such covered calls over more of its portfolio, its
    ability to benefit from capital appreciation becomes more </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    limited. To the extent the Trust writes call options that are
    not fully covered by securities in its portfolio (such as calls
    on an index or sector), it will lose money if the portion of the
    security or securities underlying the option that is not covered
    by securities in the Trust&#146;s portfolio appreciate in value
    above the exercise price of the option by an amount that exceeds
    the premium received on the option. The amount of this loss
    could be unlimited. 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.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    When the Trust writes covered put options, it bears the risk of
    loss if the value of the underlying stock declines below the
    exercise price minus the put premium. If the option is
    exercised, the Trust could incur a loss if it is required to
    purchase the stock underlying the put option at a price greater
    than the market price of the stock at the time of exercise plus
    the put premium the Trust received when it wrote the option.
    While the Trust&#146;s potential gain as the writer of a covered
    put option is limited to the premium received from the purchaser
    of the put option, the Trust risks a loss equal to the entire
    exercise price of the option minus the put premium.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Risks that may adversely affect the ability of the Trust to
    successfully implement its option strategy include the
    following: &#147;Risks Associated with Options on Securities
    Generally,&#148; &#147;Risks of Writing Options,&#148;
    &#147;Exchange-Listed Option Risks,&#148;
    <FONT style="white-space: nowrap">&#147;Over-the-Counter</FONT>
    Option Risk,&#148; &#147;Index Option Risk,&#148;
    &#147;Limitations on Option Writing Risk&#148; and &#147;Tax
    Risk.&#148; For more information on these risks, please see
    &#147;Risks&#160;&#151; Risks Associated with the Trust&#146;s
    Option Strategy.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Below Investment Grade Securities Risk.</I>&#160;&#160;The
    Trust may invest up to 10% of its total assets in securities
    that are rated below investment grade, which are commonly
    referred to as &#147;high yield securities&#148; or &#147;junk
    bonds&#148; and are regarded as predominantly speculative with
    respect to the issuer&#146;s capacity to pay interest and repay
    principal.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Lower grade securities may be particularly susceptible to
    economic downturns. It is likely that an economic recession
    could disrupt severely the market for such securities and may
    have an adverse impact on the value of such securities. In
    addition, it is likely that any such economic downturn could
    adversely affect the ability of the issuers of such securities
    to repay principal and pay interest thereon and increase the
    incidence of default for such securities.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Lower grade securities, though high yielding, are characterized
    by high risk. They may be subject to certain risks with respect
    to the issuing entity and to greater market fluctuations than
    certain lower yielding, higher rated securities. The retail
    secondary market for lower grade securities may be less liquid
    than that for higher rated securities. Adverse conditions could
    make it difficult at times for the Trust to sell certain
    securities or could result in lower prices than those used in
    calculating the Trust&#146;s net asset value. Because of the
    substantial risks associated with investments in lower grade
    securities, you could lose money on your investment in common
    shares of the Trust, both in the short-term and the long-term.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<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="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Unrated Securities Risk.</I>&#160;&#160;Because the Trust may
    purchase securities that are not rated by any rating
    organization, the Advisors may, after assessing their credit
    quality, internally assign ratings to certain of those
    securities in categories of those similar to those of rating
    organizations. Some unrated securities may not have an active
    trading market or may be difficult to value, which means the
    Trust might have difficulty selling them promptly at an
    acceptable price.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Investment Companies and ETFs Risk.</I>&#160;&#160;Subject to
    the limitations set forth in the Investment Company Act of 1940,
    as amended (the &#147;Investment Company Act&#148;) or as
    otherwise permitted by the Securities and Exchange Commission
    (the &#147;SEC&#148;), the Trust may acquire shares in other
    investment companies and ETFs, some of which may be investment
    companies. The market value of the shares of other investment
    companies and ETFs may differ from their NAV. As an investor in
    investment companies and ETFs, the Trust would bear its ratable
    share of that entity&#146;s expenses, including its investment
    advisory and administration fees, while continuing to pay its
    own advisory and administration fees and other expenses. As a
    result, shareholders will be absorbing duplicate levels of fees
    with respect to investments in other investment companies and
    ETFs.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The securities of other investment companies and ETFs in which
    the Trust may invest may be leveraged. As a result, the Trust
    may be indirectly exposed to leverage through an investment in
    such securities. An investment in securities of other investment
    companies and ETFs that use leverage may expose the Trust to
    higher volatility in the market value of such securities and the
    possibility that the Trust&#146;s long-term returns on such
    securities (and, indirectly, the long-term returns of the
    Shares) will be diminished.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Strategic Transactions Risk.</I>&#160;&#160;Strategic
    transactions in which the Trust may engage in an effort to hedge
    all or a portion of the portfolio or to seek to enhance total
    return, including engaging in transactions, such as options,
    futures, swaps, foreign currency transactions, such as forward
    foreign currency contracts, currency swaps or options on
    currency and currency futures, and other derivatives
    transactions (&#147;Strategic Transactions&#148;) also involve
    certain risks and special considerations. Strategic Transactions
    have risks, including the imperfect correlation between the
    value of such instruments and the underlying assets, the
    possible default of the other party to the transaction or
    illiquidity of the derivative instruments. Furthermore, the
    ability to successfully use Strategic Transactions depends on
    the Advisors&#146; ability to predict pertinent market
    movements, which cannot be assured. Thus, the use of Strategic
    Transactions may result in losses greater than if they had not
    been used, may require the Trust to sell or purchase portfolio
    securities at inopportune times or for prices other than current
    market values, may limit the amount of appreciation the Trust
    can realize on an investment, or may cause the Trust to hold a </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<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="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    security that it might otherwise sell. The use of foreign
    currency transactions can result in the Trust incurring losses
    as a result of the imposition of exchange controls, suspension
    of settlements or the inability of the Trust to deliver or
    receive a specified currency. Additionally, amounts paid by the
    Trust as premiums and cash or other assets held in margin
    accounts with respect to Strategic Transactions are not
    otherwise available to the Trust for investment purposes.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Counterparty Risk.</I>&#160;&#160;The Trust will be subject
    to credit risk with respect to the counterparties to the
    derivative contracts entered into by the Trust. If a
    counterparty becomes bankrupt or otherwise fails to perform its
    obligations under a derivative contract due to financial
    difficulties, the Trust may experience significant delays in
    obtaining any recovery under the derivative contract in
    bankruptcy or other reorganization proceedings. The Trust may
    obtain only a limited recovery, or may obtain no recovery, in
    such circumstances.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Non-Diversification Risk.</I>&#160;&#160;The Trust has
    registered as a &#147;non-diversified&#148; investment company
    under the Investment Company Act. For federal income tax
    purposes, the Trust, with respect to up to 50% of its total
    assets, will be able to invest more than 5% (but not more than
    25%, except for investments in United States government
    securities and securities of other regulated investment
    companies, which are not limited for tax purposes) of the value
    of its total assets in the securities of any single issuer or
    the securities of one or more qualified publicly traded
    partnerships. To the extent the Trust invests a relatively high
    percentage of its assets in the securities of a limited number
    of issuers, the Trust may be more susceptible than a more widely
    diversified investment company to any single corporate,
    economic, political or regulatory occurrence. The Trust&#146;s
    investments will be concentrated in a group of industries that
    make up the Utilities and Infrastructure business segments,
    which means they may present more risks than if the Trust was
    broadly diversified over numerous industries and sectors of the
    economy. See &#147;Risks&#160;&#151; Risks of Investing in
    Utilities and Infrastructure Issuers.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>United States Credit Rating Downgrade
    Risk.</I>&#160;&#160;The events surrounding the recent
    negotiations regarding the U.S. federal government debt ceiling
    and the resulting agreement could adversely affect the
    Trust&#146;s ability to achieve its investment objective. On
    August&#160;5, 2011, S&#038;P lowered its long-term sovereign
    credit rating on the U.S. federal government debt to
    &#147;AA+&#148; from &#147;AAA.&#148; The downgrade by S&#038;P
    could increase volatility in both stock and bond markets, result
    in higher interest rates and higher Treasury yields and increase
    the costs of all kinds of debt. These events could have
    significant adverse effects on the economy generally. Neither
    the Advisor nor the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    can predict the effects of these or similar events in the future
    on the U.S. economy and securities markets or on the
    Trust&#146;s portfolio. The Advisors intend to monitor
    developments and seek to manage the Trust&#146;s portfolio in a
    manner consistent with achieving the Trust&#146;s investment
    objective, but there can be no assurance that it will be
    successful in doing so and the Advisors may not timely
    anticipate or </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    manage existing, new or additional risks, contingencies or
    developments.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Market Disruption and Geopolitical Risk.</I>&#160;&#160;The
    aftermath of the war in Iraq, instability in Afghanistan,
    Pakistan and the Middle East and terrorist attacks in the United
    States and around the world may result in market volatility, may
    have long-term effects on the U.S. and worldwide financial
    markets and may cause further economic uncertainties in the
    United States and worldwide. The Trust does not know how long
    the securities markets may be affected by these events and
    cannot predict the effects of these events or similar events in
    the future on the U.S. economy and securities markets.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Potential Conflicts of Interest Risk&#160;&#151; Allocation
    of Investment Opportunities.</I>&#160;&#160;BlackRock, Inc.
    (&#147;BlackRock&#148;), BlackRock&#146;s affiliates
    (&#147;Affiliates&#148;) and BlackRock&#146;s significant
    shareholders (&#147;Significant Shareholders&#148;) are involved
    worldwide with a broad spectrum of financial services and asset
    management activities and may engage in the ordinary course of
    business in activities in which their interests or the interests
    of their clients may conflict with those of the Trust.
    BlackRock, its Affiliates and Significant Shareholders may
    provide investment management services to other funds and
    discretionary managed accounts that follow an investment program
    similar to that of the Trust. Subject to the requirements of the
    Investment Company Act, BlackRock, its Affiliates and
    Significant Shareholders intend to engage in such activities and
    may receive compensation from third parties for their services.
    Neither BlackRock nor its Affiliates or Significant Shareholders
    are under any obligation to share any investment opportunity,
    idea or strategy with the Trust. As a result, BlackRock, its
    Affiliates and Significant Shareholders may compete with the
    Trust for appropriate investment opportunities. The results of
    the Trust&#146;s investment activities, therefore, may differ
    from those of an Affiliate, Significant Shareholder or another
    account managed by an Affiliate or Significant Shareholder, and
    it is possible that the Trust could sustain losses during
    periods in which one or more Affiliates or Significant
    Shareholders and other accounts achieve profits on their trading
    for proprietary or other accounts. BlackRock has adopted
    policies and procedures designed to address potential conflicts
    of interests. For additional information about potential
    conflicts of interest, and the way in which BlackRock addresses
    such conflicts, please see &#147;Conflicts of Interest&#148; and
    &#147;Management of the Trust&#160;&#151; Potential Material
    Conflicts of Interest&#148; in the SAI.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Additional Risks.</I>&#160;&#160;For additional risks
    relating to investments in the Trust, including &#147;Issuer
    Risk,&#148; &#147;Investments in Unseasoned Companies
    Risk,&#148; &#147;Fixed Income Securities Risk,&#148;
    &#147;Securities Lending Risk,&#148; &#147;Dividend Risk,&#148;
    &#147;Derivatives Risk,&#148; &#147;Inflation Risk,&#148;
    &#147;Deflation Risk,&#148; &#147;Risks Associated with Recent
    Market Events,&#148; &#147;Government Intervention in Financial
    Markets Risk,&#148; &#147;Legislation Risk,&#148;
    &#147;Portfolio Turnover Risk,&#148; &#147;Management
    Risk,&#148; &#147;Not a Complete Investment Program&#148; and
    &#147;Anti-Takeover Provisions Risk&#148; please see
    &#147;Risks&#148; beginning on page&#160;28 of this prospectus.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<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="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113102'>
<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 TRUST&#160;EXPENSES</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">
    The following table shows estimated Trust expenses as a
    percentage of net assets attributable to common shares. The
    purpose of the following table 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. The expenses
    shown in the table under &#147;Estimated Annual Expenses&#148;
    are based on estimated amounts for the Trust&#146;s first full
    year of operations and assume that the Trust issues 12,500,000
    common shares. If the Trust issues fewer common shares, all
    other things being equal, these expenses would increase as a
    percentage of net assets attributable to the common shares. See
    &#147;Management of the Trust&#148; and &#147;Dividend
    Reinvestment Plan.&#148; The following table should not be
    considered a representation of our future expenses. Actual
    expenses may be greater or less than shown. Except where the
    context suggests otherwise, whenever this prospectus contains a
    reference to fees or expenses paid by &#147;you&#148; or
    &#147;us&#148; or that &#147;we&#148; will pay fees or expenses,
    shareholders will indirectly bear such fees or expenses as
    investors in the Trust.
</DIV>

<DIV style="margin-top: 8pt; 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="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</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="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">
    Sales load paid by you (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">
    4.50
</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">
    Offering expenses borne by the Trust (as a percentage of
    offering price)(1)(2)
</DIV>
</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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    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">
    (3)
</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>

<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="82%">&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="14%" 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: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Net Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Attributable to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Common Shares</FONT></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>Estimated Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Management fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other expenses
</DIV>
</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>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total annual expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.18
</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>
</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: 12pt; margin-left: 0%; width: 10%;  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">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The Trust will pay its
    organizational costs in full out of its seed capital prior to
    completion of this offering. The Trust will pay organizational
    and offering expenses of the Trust (other than the sales load)
    up to $0.04 per common share, which may include a reimbursement
    of BlackRock Advisors&#146; expenses incurred in connection with
    this offering. BlackRock Advisors has agreed to pay such
    organizational and offering expenses of the Trust (other than
    the sales load) to the extent that organizational and offering
    expenses (other than the sales load) exceed $0.04 per common
    share. Assuming the Trust issues 12,500,000 common shares, the
    aggregate organizational and offering expenses (other than the
    sales load) are estimated to be approximately $1,823,650 or
    $0.15 per common share, the aggregate offering expenses (other
    than the sales load) to be incurred by the Trust are estimated
    to be $500,000 or $0.04 per common share, and the aggregate
    organizational and offering expenses (other than the sales load)
    to be incurred by BlackRock Advisors on behalf of the Trust are
    estimated to be approximately $1,323,650 or $0.11 per common
    share. Any offering cost paid by the Trust will be deducted from
    the proceeds of the offering received by the Trust.
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">BlackRock Advisors (and not the
    Trust) has agreed to pay, from its own assets, a structuring and
    syndication fee to Morgan Stanley &#038; Co. LLC and structuring
    fees to Citigroup Global Markets Inc., Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated, UBS Securities LLC, Wells
    Fargo Securities, LLC and Ameriprise Financial Services, Inc.
    Because these fees are paid by BlackRock Advisors, they are not
    reflected under sales load in the table above. BlackRock
    Advisors (and not the Trust) also may pay certain qualifying
    Underwriters a structuring fee, additional compensation or a
    sales incentive fee in connection with the offering. BlackRock
    Advisors and certain of its affiliates (and not the Trust) also
    may pay commissions to employees of its affiliates that
    participate in the marketing of the Trust&#146;s common shares.
    See &#147;Underwriters&#160;&#151; Additional Compensation to be
    Paid by the Advisor.&#148;
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">You will be charged a $0.02 per
    share sold fee (which includes brokerage commissions) if you
    direct the Plan Administrator (as defined below) to sell your
    common shares held in a dividend reinvestment account.
    </FONT></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 example illustrates the expenses (including the
    sales load of $45 and offering costs incurred by the Trust of
    $2) that you would pay on a $1,000 investment in common shares,
    assuming (1)&#160;total net annual expenses of 1.18% of net
    assets attributable to common shares in years 1 through 10, and
    (2)&#160;a 5% annual 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="61%">&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="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">1&#160;Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">10&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total expenses incurred(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    58
</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">
    83
</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">
    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">
    183
</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: 12pt; margin-left: 0%; width: 10%;  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">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The example should not be
    considered a representation of future expenses. The example
    assumes that the estimated &#147;Other expenses&#148; set forth
    in the Annual expenses table are accurate and that all dividends
    and distributions are reinvested at net asset value. Actual
    expenses may be greater or less than those assumed. Moreover,
    the Trust&#146;s actual rate of return may be greater or less
    than the hypothetical 5% return shown in the example.
    </FONT></TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->
<!-- 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="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113103'>
<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
    TRUST</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 Trust is a newly organized, non-diversified, closed-end
    management investment company registered under the Investment
    Company Act. The Trust was organized as a Delaware statutory
    trust on August&#160;25, 2011, pursuant to an Agreement and
    Declaration of Trust, governed by the laws of the State of
    Delaware. The Trust has no operating history. The Trust&#146;s
    principal office is located at 100 Bellevue Parkway, Wilmington,
    Delaware 19809, and its telephone number is
    <FONT style="white-space: nowrap">(800)&#160;882-0052.</FONT>
</DIV>

<A name='Y93113104'>
<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 net proceeds of the offering of common shares will be
    approximately $&#160;&#160;&#160;&#160;&#160;
    ($&#160;&#160;&#160;&#160;&#160; if the Underwriters exercise
    the over-allotment option in full) after payment of the
    estimated organizational and offering costs. The Trust will
    invest the net proceeds of the offering in accordance with the
    Trust&#146;s investment objective and policies as stated below.
    We currently anticipate that the Trust will be able to invest
    all of the net proceeds in accordance with the Trust&#146;s
    investment objective and policies within approximately three
    months after the completion of this offering. Pending such
    investment, it is anticipated that the proceeds will be invested
    in short-term debt securities.
</DIV>

<A name='Y93113105'>
<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
    TRUST&#146;S INVESTMENTS</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
    Objective 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">
    <I>Investment Objective.</I>&#160;&#160;The Trust&#146;s
    investment objective is to provide total return through a
    combination of current income, current gains and long-term
    capital appreciation. No assurance can be given that the Trust
    will achieve its investment objective, and investors could lose
    some or all of their 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>Investment Policies.</I>&#160;&#160;The Trust seeks to
    achieve its investment objective by investing primarily in
    equity securities issued by companies that are engaged in the
    Utilities or Infrastructure business segments (as defined below)
    anywhere in the world and by utilizing an option strategy in an
    effort to enhance current 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">
    Under normal market conditions, the Trust will invest at least
    80% of its total assets in equity securities issued by companies
    that are engaged in the Utilities or Infrastructure business
    segments. The Trust considers the &#147;Utilities&#148; business
    segment to include products, technologies and services connected
    to the management, ownership operation, construction,
    development or financing of facilities used to generate,
    transmit or distribute electricity, water, natural resources or
    telecommunications and the &#147;Infrastructure&#148; business
    segment to include companies that own or operate infrastructure
    assets or that are involved in the development, construction,
    distribution or financing of infrastructure assets. See
    &#147;&#151;&#160;Portfolio Contents and Other
    Information&#160;&#151; Utilities and Infrastructure
    Issuers.&#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 Trust may invest in companies of any market capitalization
    located anywhere in the world. Although the Trust expects to
    invest primarily in companies located in developed countries, it
    may invest in companies located in emerging markets. Equity
    securities in which the Trust may invest include common stocks,
    preferred stocks, convertible securities, warrants, depository
    receipts, exchange-traded funds, equity interests in real estate
    investment trusts, Canadian Royalty Trusts and MLPs. The Trust
    will not invest more than 25% of the value of its total assets
    in MLPs.
</DIV>

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

<DIV align="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 Trust may invest up to 20% of its total assets in equity
    securities issued by companies that are not engaged in the
    Utilities or Infrastructure business segments and debt
    securities issued by any issuer, including up to 10% of its
    total assets in non-investment grade debt securities, which are
    commonly known 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">
    As part of its investment strategy, the Trust currently intends
    to employ a strategy of writing (selling) covered call options
    on a portion of the common stocks in its portfolio, writing
    (selling) covered put options on a portion of the common stocks
    in its portfolio and, to a lesser extent, writing (selling)
    covered call and put options on indices of securities and
    sectors of securities. This option strategy is intended to
    generate current gains from option premiums as a means to
    enhance distributions payable to the Trust&#146;s shareholders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    In addition to the option strategies discussed above, the Trust
    may engage in Strategic Transactions in an effort to hedge all
    or a portion of the portfolio or to seek to enhance total return.
</DIV>

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

<DIV align="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 Trust may lend securities with a value up to
    33<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of its total assets (including such loans) to financial
    institutions that provide cash or securities issued or
    guaranteed by the U.S.&#160;government as collateral.
</DIV>

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

<DIV align="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 Trust may implement various temporary &#147;defensive&#148;
    strategies at times when the Advisor or
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    determine that conditions in the markets make pursuing the
    Trust&#146;s basic investment strategy inconsistent with the
    best interests of its shareholders. These strategies may include
    investing all or a portion of the Trust&#146;s assets in
    U.S.&#160;government obligations and short-term debt securities
    that may be either tax-exempt or taxable. See &#147;Investment
    Policies and Techniques&#160;&#151; Cash Equivalents and
    Short-Term Debt Securities&#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">
    Under current market conditions, the Trust currently does not
    intend to engage in short sales, utilize leverage or issue
    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">
    Unless otherwise stated herein or in the SAI, the Trust&#146;s
    investment objective and policies are non-fundamental policies
    and may changed by the Board. In addition, the percentage
    limitations applicable to the Trust&#146;s portfolio described
    in this prospectus apply only at the time of investment, and the
    Trust will not be required to sell investments due to subsequent
    changes in the value of investments that it owns.
</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
    Composition and Other 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 Trust&#146;s portfolio will be composed principally of the
    following investments. A more detailed description of the
    Trust&#146;s investment policies and restrictions and more
    detailed information about the Trust&#146;s portfolio
    investments are contained 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>Equity Securities.</I>&#160;&#160;The Trust intends to invest
    primarily in equity securities, including common stocks,
    preferred stocks, convertible securities, warrants, depository
    receipts, exchange-traded funds and equity interests in REITs,
    Canadian Royalty Trusts and MLPs. Common stock represents an
    equity ownership interest in a company. The Trust may hold or
    have exposure to common stocks of issuers of any size, including
    small and medium capitalization stocks. Because the Trust will
    ordinarily have substantial exposure to common stocks,
    historical trends would indicate that the Trust&#146;s portfolio
    and investment returns will be subject at times, and over time,
    to higher levels of volatility and market and issuer-specific
    risk than if it invested exclusively in debt securities. The
    Trust will also employ a strategy, as described below, of
    writing covered call options on common stocks.
</DIV>

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

<DIV align="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 regarding preferred stocks, convertible
    securities, warrants and depository receipts see
    &#147;Investment Policies and Techniques&#160;&#151; Equity
    Securities&#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>Utilities and Infrastructure Issuers.</I>&#160;&#160;Under
    normal market conditions, the Trust will invest at least 80% of
    its total assets in equity securities issued by Utilities or
    Infrastructure issuers. For purposes of the 80% policy above, a
    company is considered to be engaged in these business segments
    if: (i)&#160;at least 50% of its assets, income, sales or
    profits are committed to or derived from one or both of the
    Utilities or Infrastructure business segments; or (ii)&#160;a
    third party classification (such as (a)&#160;Standard Industry
    Classifications and the North American Industry Classification
    System, each of which is published by the Executive Office of
    the President, Office of Management and Budget, and
    (b)&#160;classifications by one or more third party data
    providers including, without limitation, Bloomberg L.P., FactSet
    Research Systems, Inc and MSCI Barra) has given the company an
    industry or sector classification consistent with the Utilities
    or Infrastructure business segments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Companies engaged in the Utilities or Infrastructure business
    segments can be generally categorized as engaging in, related to
    or involved with:
</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 generation, transmission, sale or distribution of electric
    energy;
</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 distribution, purification and treatment of water;
</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 production, transmission or distribution of natural
    resources used to produce energy, such as oil, natural gas and
    coal;
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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>

<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 provision of communications services, including cable
    television, satellite, microwave, radio, telephone and other
    communications media (e.g., fixed-base wireless transmission
    towers and broadband television cable);
</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 management, ownership or operation of infrastructure
    assets;&#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 construction, development, distribution or financing of
    infrastructure assets.
</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 Trust generally considers &#147;infrastructure assets&#148;
    to consist of those assets which provide the underlying
    foundation of basic services, facilities and institutions upon
    which the growth and development of a community depends,
    including physical structures, networks and systems of
    transportation, energy, water and sewage, and communication.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Categories of infrastructure assets currently 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">
    Assets that are natural or near-natural monopolies and are
    regulated in the level of revenue earned or charges imposed.
    Examples include certain power and gas transmission, generation
    and distribution assets and water and waste-water distribution
    and treatment facilities.
</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">
    Assets that depend on a form of user pay system for their main
    revenue source. Examples include toll roads, bridges, tunnels,
    airports, railways, seaports and parking lots.
</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">
    Assets that provide basic social services to the community.
    Examples include schools, hospitals and correction facilities.
</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">
    Assets that compete in a market for the sale of a product or
    service and are therefore exposed to market risks. Examples
    include certain solid waste disposal facilities and certain
    communication asset classes, including communications towers,
    satellites and transmission lines.
</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 types of infrastructure assets include assets related to
    the development and distribution of coal, steel and iron ore,
    gold and other precious metals, building materials, agricultural
    commodities and food and the gathering, treating, processing,
    fractionation, transportation and storage of hydrocarbon
    products.
</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">
    Historically, Utilities and Infrastructure companies have
    generally paid dividends on their equity 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><FONT style="white-space: nowrap">Non-U.S.&#160;Securities.</FONT></I>&#160;&#160;The
    Trust may invest in
    <FONT style="white-space: nowrap">non-U.S.&#160;securities,</FONT>
    which may include securities denominated in U.S.&#160;dollars or
    in
    <FONT style="white-space: nowrap">non-U.S.&#160;currencies</FONT>
    or multinational currency units. The Trust may invest in
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    of so-called emerging market countries.
    <FONT style="white-space: nowrap">Non-U.S.&#160;securities</FONT>
    markets generally are not as developed or efficient as those in
    the United States. Securities of some
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    are less liquid and more volatile than securities of comparable
    U.S.&#160;issuers. Similarly, volume and liquidity in most
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    markets are less than in the United States and, at times,
    volatility of price can be greater than in the United States.
</DIV>

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

<DIV align="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 evidences of ownership of such securities usually are
    held outside the United States, the Trust would be subject to
    additional risks with respect to its investments in
    <FONT style="white-space: nowrap">non-U.S.&#160;securities,</FONT>
    which include possible adverse political and economic
    developments, seizure or nationalization of foreign deposits and
    adoption of governmental restrictions that might adversely
    affect or restrict the payment of principal and interest on the
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    to investors located outside the country of the issuer, whether
    from currency blockage 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">
    Since
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    may be purchased with and payable in foreign currencies, the
    value of these assets as measured in U.S.&#160;dollars may be
    affected favorably or unfavorably by changes in currency rates
    and exchange control regulations.
</DIV>

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

<DIV align="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;An option on a security is a contract
    that gives the holder of the option, in return for a premium,
    the right to buy from (in the case of a call) or sell to (in the
    case of a put) the writer of the option the security underlying
    the option at a specified exercise or &#147;strike&#148; price.
    The writer of an option on a security has the obligation upon
    exercise of the option to deliver the underlying security upon
    payment of the exercise price or to pay the exercise price upon
    delivery of the underlying security. Certain options, known as
    &#147;American style&#148; options may be exercised at any time
    during the term of the option. Other options, known as
    &#147;European style&#148; options, may be exercised only on the
    expiration date of the option.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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 an option written by the Trust expires unexercised, the Trust
    realizes on the expiration date a capital gain equal to the
    premium received by the Trust at the time the option was
    written. If an option purchased by the Trust expires
    unexercised, the Trust realizes a capital loss equal to the
    premium paid. Prior to the earlier of exercise or expiration, an
    exchange-traded option may be closed out by an offsetting
    purchase or sale of an option of the same series (type,
    underlying security, exercise price and expiration). There can
    be no assurance, however, that a closing purchase or sale
    transaction can be effected when the Trust desires. The Trust
    may sell call or put options it has previously purchased, which
    could result in a net gain or loss depending on whether the
    amount realized on the sale is more or less than the premium and
    other transaction costs paid on the call or put option when
    purchased. The Trust will realize a capital gain from a closing
    purchase transaction if the cost of the closing transaction is
    less than the premium received from writing the option, or, if
    it is more, the Trust will realize a capital loss. If the
    premium received from a closing sale transaction is more than
    the premium paid to purchase the option, the Trust will realize
    a capital gain or, if it is less, the Trust will realize a
    capital loss. Net gains from the Trust&#146;s option strategy
    will be short-term capital gains which, for U.S.&#160;federal
    income tax purposes, will constitute net investment company
    taxable 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">
    <I><U>Call Options and Covered Call
    Writing</U>.</I>&#160;&#160;The Trust will follow a strategy
    known as &#147;covered call option writing,&#148; which is a
    strategy designed to generate current gains from option premiums
    as a means to enhance distributions payable to the Trust&#146;s
    shareholders. As the Trust writes covered calls over more of its
    portfolio, its ability to benefit from capital appreciation
    becomes more limited.
</DIV>

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

<DIV align="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 written by the Trust on a security is
    &#147;covered&#148; if the Trust owns the security underlying
    the call or has an absolute and immediate right to acquire that
    security without additional cash consideration (or, if
    additional cash consideration is required, cash or other assets
    determined to be liquid by the Advisors (in accordance with
    procedures established by the board of trustees) in such amount
    are segregated by the Trust&#146;s custodian) upon conversion or
    exchange of other securities held by the Trust. A call option is
    also covered if the Trust holds a call on the same security as
    the call written where the exercise price of the call held is
    (i)&#160;equal to or less than the exercise price of the call
    written or (ii)&#160;greater than the exercise price of the call
    written, provided the difference is maintained by the Trust in
    segregated assets determined to be liquid by the Advisors as
    described above. The Trust may not sell &#147;naked&#148; call
    options on individual securities, i.e., options representing
    more shares of the stock than are held in the Trust&#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">
    The standard contract size for a single option is
    100&#160;shares of the common stock. There are four items needed
    to identify any option: (1)&#160;the underlying security,
    (2)&#160;the expiration month, (3)&#160;the strike price and
    (4)&#160;the type (call or put). For example, ten XYZ Co.
    October 40 call options provide the right to purchase
    1,000&#160;shares of XYZ Co. on or before October at $40.00 per
    share. A call option whose strike price is above the current
    price of the underlying stock is called
    <FONT style="white-space: nowrap">&#147;out-of-the-money.&#148;</FONT>
    Most of the options that will be sold by the Trust are expected
    to be
    <FONT style="white-space: nowrap">out-of-the-money,</FONT>
    allowing for potential appreciation in addition to the proceeds
    from the sale of the option. An option whose strike price is
    below the current price of the underlying stock is called
    <FONT style="white-space: nowrap">&#147;in-the-money&#148;</FONT>
    and will be sold by the Trust as a defensive measure to protect
    against a possible decline in the underlying 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">
    The following is a conceptual example of a covered call
    transaction, making the following assumptions: (1)&#160;a common
    stock currently trading at $37.15 per share; (2)&#160;a
    six-month call option is written with a strike price of $40.00
    (i.e., 7.7% higher than the current market price); and
    (3)&#160;the writer receives $2.45 (or 6.6%) of the common
    stock&#146;s value as premium income. This example is not meant
    to represent the performance of any actual common stock, option
    contract or the Trust itself and does not reflect any
    transaction costs of entering into or closing out the option
    position. Under this scenario, before giving effect to any
    change in the price of the stock, the covered-call writer
    receives the premium, representing 6.6% of the common
    stock&#146;s value, regardless of the stock&#146;s performance
    over the six-month period until option expiration. If the stock
    remains unchanged, the option will expire and there would be a
    6.6% return for the
    <FONT style="white-space: nowrap">6-month</FONT>
    period. If the stock were to decline in price by 6.6%, the
    strategy would &#147;break-even&#148; thus offering no gain or
    loss. If the stock were to climb to a price of $40.00 or above,
    the option would be exercised and the stock would return 7.7%
    coupled with the option premium of 6.6% for a total return of
    14.3%. Under this scenario, the investor would not benefit from
    any appreciation of the stock above $40.00, and thus be limited
    to a 14.3% total return. The premium income from writing the
    call option serves to offset some of the unrealized loss on the
    stock in the event that the price of the stock declines, but if
    the stock were to decline more than
</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>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    6.6% under this scenario, the investor&#146;s downside
    protection is eliminated and the stock could eventually become
    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">
    For conventional listed call options, the option&#146;s
    expiration date can be up to nine months from the date the call
    options are first listed for trading. Longer-term call options
    can have expiration dates up to three years from the date of
    listing. It is anticipated that most options that are written
    against Trust stock holdings will be repurchased prior to the
    option&#146;s expiration date, generating a gain or loss in the
    options. If the options were not to be repurchased, the option
    holder would exercise their rights and buy the stock from the
    Trust at the strike price if the stock traded at a higher price
    than the strike price. In general, the Trust intends to continue
    to hold its common stocks rather than allowing them to be called
    away by the option 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">
    <I><U>Put Options</U>.</I>&#160;&#160;Put options are contracts
    that give the holder of the option, in return for a premium, the
    right to sell to the writer of the option the security
    underlying the option at a specified exercise price at any time
    during the term of the option. Put option strategies may produce
    a higher return than covered call writing, but may involve a
    higher degree of risk and potential 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">
    The Trust will write (sell) put options on individual securities
    only if the put option is &#147;covered.&#148; A put option
    written by the Trust on a security is &#147;covered&#148; if the
    Trust segregates or earmarks assets determined to be liquid by
    the Advisors, as described above, equal to the exercise price. A
    put option is also covered if the Trust holds a put on the same
    security as the put written where the exercise price of the put
    held is (i)&#160;equal to or greater than the exercise price of
    the put written, or (ii)&#160;less than the exercise price of
    the put written, provided the difference is maintained by the
    Trust in segregated or earmarked assets determined to be liquid
    by the Advisors, as described above.
</DIV>

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

<DIV align="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 is a conceptual example of a put transaction,
    making the following assumptions: (1)&#160;a common stock
    currently trading at $37.15 per share; (2)&#160;a six-month put
    option written with a strike price of $35.00 (i.e., 94.21% of
    the current market price); and (3)&#160;the writer receives
    $1.10 or 2.96% of the common stock&#146;s value as premium
    income. This example is not meant to represent the performance
    of any actual common stock, option contract or the Trust itself
    and does not reflect any transaction costs of entering into or
    closing out the option position. Under this scenario, before
    giving effect to any change in the price of the stock, the put
    writer receives the premium, representing 2.96% of the common
    stock&#146;s value, regardless of the stock&#146;s performance
    over the six-month period until the option expires. If the stock
    remains unchanged, appreciates in value or declines less than
    5.79% in value, the option will expire and there would be a
    2.96% return for the six-month period. If the stock were to
    decline by 5.79% or more, the Trust would lose an amount equal
    to the amount by which the stock&#146;s price declined minus the
    premium paid to the Trust. The stock&#146;s price could lose its
    entire value, in which case the Trust would lose $33.90 ($35.00
    minus $1.10).
</DIV>

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

<DIV align="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><U>Options on Indices</U>.</I>&#160;&#160;The Trust may sell
    call and put options on stock indices or sectors. Because index
    and sector options both refer to options on baskets of
    securities and generally have similar characteristics, we refer
    to these types of options collectively as &#147;index&#148;
    options. Options on an index differ from options on individual
    securities because (i)&#160;the exercise of an index option
    requires cash payments and does not involve the actual purchase
    or sale of securities, (ii)&#160;the holder of an index option
    has the right to receive cash upon exercise of the option if the
    level of the index upon which the option is based is greater, in
    the case of a call, or less, in the case of a put, than the
    exercise price of the option and (iii)&#160;index options
    reflect price-fluctuations in a group of securities or segments
    of the securities market rather than price fluctuations in a
    single 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">
    As the seller of an index call or put option, the Trust receives
    cash (the premium) from the purchaser. The purchaser of an index
    call option has the right to any appreciation in the value of
    the index over a fixed price (the exercise price) on or before a
    certain date in the future (the expiration date). The purchaser
    of an index put option has the right to any depreciation in the
    value of the index below a fixed price (the exercise price) on
    or before a certain date in the future (the expiration date).
    The Trust, in effect, agrees to sell the potential appreciation
    (in the case of a call) or accept the potential depreciation (in
    the case of a put) in the value of the relevant index in
    exchange for the premium. If, at or before expiration, the
    purchaser exercises the call or put option sold by the Trust,
    the Trust will pay the purchaser the difference between the cash
    value of the index and the exercise price of the index option.
    The premium, the exercise price and the market value of the
    index determine the gain or loss realized by the Trust as the
    seller of the index call or put option.
</DIV>
<!-- 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="#Y93113tocpage">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">
    The Trust may execute a closing purchase transaction with
    respect to an index option it has sold and sell another option
    (with either a different exercise price or expiration date or
    both). The Trust&#146;s objective in entering into such a
    closing transaction will be to optimize net index option
    premiums. The cost of a closing transaction may reduce the net
    index option premiums realized from the sale of the index 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 Trust will cover its obligations when it sells index
    options. An index option is considered &#147;covered&#148; if
    the Trust maintains with its custodian assets determined to be
    liquid by the Advisors (in accordance with procedures
    established by the Board) in an amount equal to the contract
    value of the applicable basket of securities. An index or sector
    put option also is &#147;covered&#148; if the Trust holds a put
    on the same basket of securities as the put written where the
    exercise price of the put held is (i)&#160;equal to or more than
    the exercise price of the put written, or (ii)&#160;less than
    the exercise price of the put written, provided the difference
    is maintained by the Trust in segregated assets determined to be
    liquid by the Advisors as described above. An index or sector
    call option also is &#147;covered&#148; if the Trust holds a
    call on the same basket of securities as the call written where
    the exercise price of the call held is (i)&#160;equal to or less
    than the exercise price of the call written, or
    (ii)&#160;greater than the exercise price of the call written,
    provided the difference is maintained by the Trust in segregated
    assets determined to be liquid.
</DIV>

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

<DIV align="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><U>Limitation on Option Writing
    Strategy</U>.</I>&#160;&#160;Under normal market conditions, the
    Trust generally intends to write covered call and put options
    with respect to approximately 30% to 40% of its total assets,
    although this percentage may vary from time to time with market
    conditions. Initially, the Trust anticipates writing covered
    call and put options with respect to approximately 33% of its
    total assets. As the Trust writes covered calls over more of its
    portfolio, its ability to benefit from capital appreciation
    becomes more limited.
</DIV>

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

<DIV align="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 covered call and put options on securities the
    Trust can write is limited by the total assets the Trust holds,
    and further limited by the fact that all options represent
    100&#160;share lots of the underlying common stock. The Trust
    will not write &#147;naked&#148; or uncovered call or put
    options, other than those that are &#147;covered&#148; by the
    segregation of liquid assets as described above. Furthermore,
    the Trust&#146;s exchange-listed option transactions will be
    subject to limitations established by each of the exchanges,
    boards of trade or other trading facilities on which such
    options are traded. These limitations govern the maximum number
    of options in each class which may be written or purchased by a
    single investor or group of investors acting in concert,
    regardless of whether the options are written or purchased on
    the same or different exchanges, boards of trade or other
    trading facilities or are held or written in one or more
    accounts or through one or more brokers. Thus, the number of
    options which the Trust may write or purchase may be affected by
    options written or purchased by other investment advisory
    clients of the Advisors. An exchange, board of trade or other
    trading facility may order the liquidation of positions found to
    be in excess of these limits, and it may impose certain other
    sanctions.
</DIV>

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

<DIV align="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.</I>&#160;&#160;The Trust may
    invest up to 25% of the value of its total assets in MLPs. The
    MLPs in which the Trust intends to invest will be limited
    partnerships (or limited liability companies taxable as
    partnerships), the units of which will be listed and traded on a
    U.S.&#160;securities exchange. In addition, such MLPs will
    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 any mineral or natural resources. The Trust
    may, however, invest in MLP entities in any sector of the
    economy.
</DIV>

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

<DIV align="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 MLP is an entity receiving partnership taxation treatment
    under the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), and whose interests or &#147;units&#148; are
    traded on securities exchanges like shares of corporate stock.
    MLPs generally have two classes of owners, the general partner
    and limited partners. When investing in an MLP, the Trust
    intends to purchase publicly traded common units issued to
    limited partners of the MLP. The general partner is typically
    owned by one or more of the following: a major energy company,
    an investment fund, or the direct management of the MLP. The
    general partner may be structured as a private or publicly
    traded corporation or other entity. The general partner
    typically controls the operations and management of the MLP; has
    an ownership stake in the partnership, typically a 2% general
    partner equity interest and usually additional common units and
    subordinated units; and is eligible to receive an incentive
    distribution. Limited partners own the remainder of the
    partnership, through ownership of common units, and have a
    limited role in the partnership&#146;s operations and
    management. The limited partners also receive cash 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">
    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
</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>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    &#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.
</DIV>

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

<DIV align="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 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. As the general partner
    increases cash distributions to the limited partners, the
    general partner receives an increasingly higher percentage of
    the incremental cash distributions. A common arrangement
    provides that the general partner can reach a tier where it
    receives 50% of every incremental dollar paid to common and
    subordinated unit holders. These incentive distributions
    encourage the general partner to streamline costs, increase
    capital expenditures and acquire assets in order to increase the
    partnership&#146;s cash flow and raise the quarterly cash
    distribution in order to reach higher tiers. Such results
    benefit all security holders of the MLP.
</DIV>

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

<DIV align="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 qualify as a partnership for U.S.&#160;federal income tax
    purposes, an MLP must receive at least 90% of its income from
    qualifying sources such as interest, dividends, real estate
    rents, gain from the sale or disposition of real property,
    income and gain from mineral or natural resources activities,
    income and gain from the transportation or storage of certain
    fuels, gain from the sale or disposition of a capital asset held
    for the production of income described in the foregoing and, in
    certain circumstances, income and gain from commodities or
    futures, forwards and options with respect to commodities.
    Mineral or natural resources activities include exploration,
    development, production, mining, refining, marketing and
    transportation (including pipelines), of oil and gas, minerals,
    geothermal energy, fertilizer, timber or industrial source
    carbon dioxide. Currently, most MLPs operate in the energy,
    natural resources or real estate sectors. Due to their
    partnership structure, MLPs generally do not pay income taxes.
    Thus, unlike investors in corporate securities, direct MLP
    investors are generally not subject to double taxation (i.e.
    corporate level tax and tax on corporate dividends). For more
    information on MLPs, see &#147;Investment Policies and
    Techniques&#160;&#151; Master Limited Partnership
    Interests&#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>Canadian Royalty Trusts.</I>&#160;&#160;A Canadian royalty
    trust is a trust whose securities are listed on a Canadian stock
    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 their 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. On October&#160;31, 2006, the Canadian Minister
    of Finance announced a Tax Fairness Plan for Canadians. A
    principal component of the plan involved changing the taxation
    rules governing income trusts. The Minister of Finance announced
    a tax rate on trust distributions that would start at 34%
    initially, and then drop to 31.5% by 2011. As a result, Canadian
    income trusts are now taxed as regular Canadian corporations and
    are now subject to &#147;double taxation&#148; at both the
    corporate level and on the income distributed to investors. In
    response to this change, most Canadian royalty trusts converted
    to corporations and have reduced their dividends.
</DIV>

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

<DIV align="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>REITs.</I>&#160;&#160;In pursuing its investment strategy,
    the Trust may invest in equity interests in REITs. REITs possess
    certain risks which differ from an investment in common stocks.
    REITs are financial vehicles that pool investor&#146;s capital
    to purchase or finance real estate. REITs may concentrate their
    investments in specific geographic areas or in specific property
    types, i.e., hotels, shopping malls, residential complexes and
    office buildings. The market value of REIT shares and the
    ability of the REITs to distribute income may be adversely
    affected by several factors, including rising interest rates,
    changes in the national, state and local economic climate and
    real estate conditions, perceptions of prospective tenants of
    the safety, convenience and attractiveness of the properties,
    the ability of the owners to provide adequate management,
    maintenance and insurance, the cost of complying with the
    Americans with Disabilities Act, increased competition from new
    properties, the impact of present or future environmental
    legislation and compliance with environmental laws, changes in
    real estate taxes and other operating expenses,
</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>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    adverse changes in governmental rules and fiscal policies,
    adverse changes in zoning laws, and other factors beyond the
    control of the issuers of the REITs. In addition, distributions
    received by the Trust from REITs may consist of dividends,
    capital gains,
    <FONT style="white-space: nowrap">and/or</FONT>
    return of capital. As REITs generally pay a higher rate of
    dividends (on a pre-tax basis) than operating companies, to the
    extent application of the Trust&#146;s investment strategy
    results in the Trust investing in REIT shares, the percentage of
    the Trust&#146;s dividend income received from REIT shares will
    likely exceed the percentage of the Trust&#146;s portfolio which
    is comprised of REIT shares. Generally, dividends received by
    the Trust from REIT shares and distributed to the Trust&#146;s
    shareholders will not constitute &#147;qualified dividend
    income&#148; eligible for the reduced tax rate applicable to
    qualified dividend income; therefore, the tax rate applicable to
    that portion of the dividend income attributable to REIT shares
    held by the Trust that shareholders of the Trust receive will be
    taxed at a higher rate than dividends eligible for the reduced
    tax rate applicable to 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">
    <I>Lower Grade Debt Securities.</I>&#160;&#160;The Trust may
    invest up to 10% of its total assets in debt securities rated
    below investment grade (which are commonly referred to as
    &#147;high yield securities&#148; or &#147;junk bonds&#148;),
    such as those rated Ba or lower by Moody&#146;s Investors
    Service, Inc. (&#147;Moody&#146;s&#148;) and BB or lower by
    Standard&#160;&#038; Poor&#146;s Ratings Group, a division of
    The McGraw-Hill Companies, Inc. (&#147;S&#038;P&#148;), or by
    Fitch Ratings (&#147;Fitch&#148;), or debt securities comparably
    rated by other rating agencies, or in unrated debt securities
    determined by the Advisors to be of comparable quality. Debt
    securities rated Ba by Moody&#146;s are judged to have
    speculative elements, their future cannot be considered as well
    assured and often the protection of interest and principal
    payments may be very moderate. Debt securities rated BB by
    S&#038;P or Fitch are regarded as having predominantly
    speculative characteristics and, while such obligations have
    less near-term vulnerability to default than other speculative
    grade debt, they face major ongoing uncertainties or exposure to
    adverse business, financial or economic conditions which could
    lead to inadequate capacity to meet timely interest and
    principal payments. Debt securities rated C are regarded as
    having extremely poor prospects of ever attaining any real
    investment standing. Debt securities rated D are in default and
    the payment of interest
    <FONT style="white-space: nowrap">and/or</FONT>
    repayment of principal is in arrears.
</DIV>

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

<DIV align="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 grade debt securities, though high yielding, are
    characterized by high risk. They may be subject to certain risks
    with respect to the issuing entity and to greater market
    fluctuations than certain lower yielding, higher rated debt
    securities. The secondary market for lower grade debt securities
    may be less liquid than that of higher rated debt securities.
    Adverse conditions could make it difficult at times for the
    Trust to sell certain debt securities or could result in lower
    prices than those used in calculating the Trust&#146;s 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">
    The prices of debt securities generally are inversely related to
    interest rate changes; however, the price volatility caused by
    fluctuating interest rates of securities also is inversely
    related to the coupon of such securities. Accordingly, lower
    grade debt securities may be relatively less sensitive to
    interest rate changes than higher quality debt securities of
    comparable maturity because of their higher coupon. This higher
    coupon is what the investor receives in return for bearing
    greater credit risk. The higher credit risk associated with
    lower grade debt securities potentially can have a greater
    effect on the value of such debt securities than may be the case
    with higher quality issues of comparable maturity and may be a
    substantial factor in the Trust&#146;s relative share price
    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">
    Lower grade debt securities may be particularly susceptible to
    economic downturns. It is likely that an economic recession
    could disrupt severely the market for such debt securities and
    may have an adverse impact on the value of such debt securities.
    In addition, it is likely that any such economic downturn could
    adversely affect the ability of the issuers of such debt
    securities to repay principal and pay interest thereon and
    increase the incidence of default for such debt 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 ratings of Moody&#146;s, S&#038;P, Fitch and other rating
    agencies represent their opinions as to the quality of the
    obligations which they undertake to rate. Ratings are relative
    and subjective and, although ratings may be useful in evaluating
    the safety of interest and principal payments, they do not
    evaluate the market value risk of such obligations. Although
    these ratings may be an initial criterion for selection of
    portfolio investments, the Advisors also will independently
    evaluate these debt securities and the ability of the issuers of
    such debt securities to pay interest and principal. To the
    extent that the Trust invests in lower grade debt securities
    that have not been rated by a rating agency, the Trust&#146;s
    ability to achieve its investment objective will be more
    dependent on the Advisors&#146; credit analysis than would be
    the case when the Trust invests in rated debt securities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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>Strategic Transactions.</I>&#160;&#160;In addition to the
    option strategy discussed above, the Trust may, but is not
    required to, use the Strategic Transactions described below in
    an effort to hedge all or a portion of the portfolio or to seek
    to enhance total return. These Strategic Transactions are
    generally accepted under modern portfolio management and are
    regularly used by many mutual funds, closed-end funds and other
    institutional investors. Although the Advisors seek to use
    Strategic Transactions to further the Trust&#146;s investment
    objective, no assurance can be given that they will be
    successful.
</DIV>

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

<DIV align="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 Trust may purchase and sell futures contracts, options on
    futures contracts and forward foreign currency contracts, may
    enter into various interest rate, credit and other derivative
    transactions and may engage in swaps. The Trust also may
    purchase derivative instruments that combine features of these
    instruments. Collectively, all of the above are referred to as
    &#147;Strategic Transactions.&#148; The Trust generally seeks to
    use Strategic Transactions as a portfolio management or hedging
    technique to seek to protect against possible adverse changes in
    the market value of securities held in or to be purchased for
    the Trust&#146;s portfolio, protect the value of the
    Trust&#146;s portfolio, facilitate the sale of certain
    securities for investment purposes, or establish positions in
    the derivatives markets as a temporary substitute for purchasing
    or selling particular securities. The Trust may use Strategic
    Transactions to enhance potential gain, although the Trust will
    commit variation margin for Strategic Transactions that involve
    futures contracts only in accordance with the rules of 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">
    Strategic Transactions have risks, including the imperfect
    correlation between the value of such instruments and the
    underlying assets, the possible default of the other party to
    the transaction or illiquidity of the derivative instruments.
    Furthermore, the ability to successfully use Strategic
    Transactions depends on the Advisors&#146; ability to predict
    pertinent market movements, which cannot be assured. Thus, the
    use of Strategic Transactions may result in losses greater than
    if they had not been used, may require the Trust to sell or
    purchase portfolio securities at inopportune times or for prices
    other than current market values, may limit the amount of
    appreciation the Trust can realize on an investment, or may
    cause the Trust to hold a security that it might otherwise sell.
    Additionally, amounts paid by the Trust as premiums and cash or
    other assets held in margin accounts with respect to Strategic
    Transactions are not otherwise available to the Trust for
    investment purposes. A more complete discussion of Strategic
    Transactions and their risks is contained in the Trust&#146;s
    SAI under the heading &#147;Investment Policies and
    Techniques&#160;&#151; Strategic Transactions and Risk
    Management.&#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>Other Investment Companies.</I>&#160;&#160;The Trust may
    invest up to 10% of its total assets in securities of other
    open- or closed-end investment companies that invest primarily
    in Utilities or Infrastructure securities of the types in which
    the Trust may invest directly. The Trust generally expects to
    invest in other investment companies either during periods when
    it has large amounts of uninvested cash, such as the period
    shortly after the Trust receives the proceeds of the offering of
    its common shares, or during periods when there is a shortage of
    attractive Utilities and Infrastructure securities available in
    the market. As a shareholder in an investment company, the Trust
    will bear its ratable share of that investment company&#146;s
    expenses, and will remain subject to payment of the Trust&#146;s
    advisory and other fees and expenses with respect to assets so
    invested. Holders of common shares will therefore be subject to
    duplicative expenses to the extent the Trust invests in other
    investment companies. The Advisors will take expenses into
    account when evaluating the investment merits of an investment
    in an investment company relative to available Utilities and
    Infrastructure securities investments. In addition, the
    securities of other investment companies may be leveraged and
    will therefore be subject to leverage risks. As described in
    this prospectus in the section entitled &#147;Risks,&#148; the
    net asset value and market value of leveraged shares will be
    more volatile and the yield to shareholders will tend to
    fluctuate more than the yield generated by unleveraged shares.
    Investment companies may have investment policies that differ
    from those of the Trust. In addition, to the extent the Trust
    invests in other investment companies, the Trust will be
    dependent upon the investment and research abilities of persons
    other than the Advisors. The Trust treats its investments in
    such open- or closed-end investment companies as investments in
    Utilities and Infrastructure 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 Trust may invest in ETFs, which are investment companies
    that aim to track or replicate a desired index, such as a
    sector, market or global segment. ETFs are typically passively
    managed and their shares are traded on a national exchange or
    The NASDAQ Stock Market, Inc. (&#147;NASDAQ&#148;). ETFs do not
    sell individual shares directly to investors and only issue
    their shares in large blocks known as &#147;creation
    units.&#148; The investor purchasing a creation unit may sell
    the individual shares on a secondary market. Therefore, the
    liquidity of ETFs depends on the adequacy of the secondary
    market. There can be no assurance that an ETF&#146;s investment
    objective will be achieved, as ETFs
</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>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    based on an index may not replicate and maintain exactly the
    composition and relative weightings of securities in the index.
    ETFs are subject to the risks of investing in the underlying
    securities. The Trust, as a holder of the securities of the ETF,
    will bear its pro rata portion of the ETF&#146;s expenses,
    including advisory fees. These expenses are in addition to the
    direct expenses of the Trust&#146;s own operations.
</DIV>

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

<DIV align="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 Lending.</I>&#160;&#160;The Trust may lend
    portfolio securities with a value not exceeding
    33<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of its total assets or the limit prescribed by applicable law to
    banks, brokers and other financial institutions. In return, the
    Trust receives collateral in cash or securities issued or
    guaranteed by the U.S.&#160;government or irrevocable letters of
    credit issued by a bank (other than a borrower of the
    Trust&#146;s portfolio securities or any affiliate of such
    borrower), which qualifies as a custodian bank for an investment
    company under the Investment Company Act, which collateral will
    be maintained at all times in an amount equal to at least 100%
    of the current market value of the loaned securities. The
    Advisor may instruct the lending agent (as defined below) to
    terminate loans and recall securities so that the securities may
    be voted by the Trust if required by the Advisor&#146;s proxy
    voting guidelines. See &#147;Proxy Voting Policies&#148; below.
    Such notice shall be provided in advance such that a period of
    time equal to no less than the normal settlement period for the
    securities in question prior to the record date for the proxy
    vote or other corporate entitlement is provided.
</DIV>

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

<DIV align="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 Trust receives the equivalent of any income it would have
    received on the loaned securities. Where the Trust receives
    securities as collateral, the Trust receives a fee for its loans
    from the borrower and does not receive the income on the
    collateral. Where the Trust receives cash collateral, it may
    invest such collateral and retain the amount earned, net of any
    amount rebated to the borrower. As a result, the Trust&#146;s
    yield may increase. Loans of securities are terminable at any
    time and the borrower, after notice, is required to return
    borrowed securities within the standard time period for
    settlement of securities transactions. The Trust is obligated to
    return the collateral to the borrower upon the return of the
    loaned securities. The Trust could suffer a loss in the event
    the Trust must return the cash collateral and there are losses
    on investments made with the cash collateral. In the event the
    borrower defaults on any of its obligations with respect to a
    securities loan, the Trust could suffer a loss where the value
    of the collateral is below the market value of the borrowed
    securities plus any other receivables from the borrower along
    with any transaction costs to repurchase the securities. The
    Trust could also experience delays and costs in gaining access
    to the collateral. The Trust may pay reasonable finder&#146;s,
    lending agent, administrative and custodial fees in connection
    with its loans.
</DIV>

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

<DIV align="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 Trust has received an exemptive order from the Commission
    permitting it to lend portfolio securities to affiliates of the
    Trust and to retain an affiliate of the Trust as lending agent.
    Pursuant to that order, the Trust has retained an affiliated
    entity of the Advisor as the securities lending agent (the
    &#147;lending agent&#148;) for a fee, including a fee based on a
    share of the returns on investment of cash collateral. In
    connection with securities lending activities, the lending agent
    may, upon the advice of the Advisor and on behalf of the Trust,
    invest cash collateral received by the Trust for such loans,
    among other things, in a private investment company managed by
    the lending agent or in registered money market funds advised by
    the Advisor or its affiliates. Pursuant to the same order, the
    Trust may invest its uninvested cash in registered money market
    funds advised by the Advisor or its affiliates, or in a private
    investment company managed by the lending agent. If the Trust
    acquires shares in either the private investment company or an
    affiliated money market fund, shareholders would bear both their
    proportionate share of the Trust&#146;s expenses and,
    indirectly, the expenses of such other entities. However, in
    accordance with the exemptive order, the investment adviser to
    the private investment company will not charge any advisory fees
    with respect to shares purchased by the Trust. Such shares also
    will not be subject to a sales load, redemption fee,
    distribution fee or service fee, or in the case of the shares of
    an affiliated money market fund, the payment of any such sales
    load, redemption fee, distribution fee or service fee will be
    offset by the Advisor&#146;s waiver of a portion of its advisory
    fee.
</DIV>

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

<DIV align="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 Trust would continue to accrue the equivalent of the same
    interest or other income on loaned securities that it would have
    received had the securities not been on loan, and would also
    earn income on investments made with any cash collateral for
    such loans. Any cash collateral received by the Trust in
    connection with such loans may be invested in a broad range of
    high quality, U.S.&#160;dollar-denominated money market
    instruments that meet
    <FONT style="white-space: nowrap">Rule&#160;2a-7</FONT>
    restrictions for money market funds.
</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="#Y93113tocpage">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">
    BlackRock Investment Management, LLC,&#160;a Sub-Advisor of the
    Trust, acts as securities lending agent for the Trust and will
    be paid a fee for the provision of these services, including
    advisory services with respect to the collateral of the
    Trust&#146;s securities lending program.
</DIV>

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

<DIV align="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-Term Debt Securities; Temporary Defensive Position;
    <FONT style="white-space: nowrap">Invest-Up</FONT>
    Period.</I>&#160;&#160;During the period in which the net
    proceeds of this offering of common shares are being invested or
    during periods in which the Advisors determine that they are
    temporarily unable to follow the Trust&#146;s investment
    strategy or that it is impractical to do so, the Trust may
    deviate from its investment strategy and invest all or any
    portion of its assets in cash, cash equivalents or short-term
    debt securities that may be either tax-exempt or taxable. See
    &#147;Investment Policies and Techniques&#160;&#151;  Cash
    Equivalents and Short-Term Debt Securities&#148; in the SAI. The
    Advisors&#146; determination that they are temporarily unable to
    follow the Trust&#146;s investment strategy or that it is
    impractical to do so will generally occur only in situations in
    which a market disruption event has occurred and where trading
    in the securities selected through application of the
    Trust&#146;s investment strategy is extremely limited or absent
    or in connection with the termination of the Trust.
</DIV>

<A name='Y93113106'>
<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">RISKS</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, and dividends paid on, the common shares
    will fluctuate with and be affected by, among other things, the
    risks more fully described below.
</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">No
    Operating History</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 Trust is a newly organized, non-diversified, closed-end
    management investment company with no operating history. As a
    result, prospective investors have no track record or history on
    which to base their investment decision.
</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
    and 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">
    An investment in the Trust&#146;s common shares is subject to
    investment risk, including the possible loss of the entire
    amount that you invest. Your investment in common shares
    represents an indirect investment in the securities owned by the
    Trust, a majority of which are traded on a securities exchange
    or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. The value of these securities, like other market
    investments, may move up or down, sometimes rapidly and
    unpredictably. As with any stock, the price of the Trust&#146;s
    common shares will fluctuate with market conditions and other
    factors. If shares are sold, the price received may be more or
    less than the original investment. The value of your investment
    in the Trust will be reduced immediately following the initial
    offering by the amount of the sales load and the amount of the
    organizational and offering expenses paid by the Trust. Common
    shares are designed for long-term investors and should not be
    treated as trading vehicles. Shares of closed-end management
    investment companies frequently trade at a discount from their
    net asset value, which could be significant. This risk is
    separate and distinct from the risk that the Trust&#146;s net
    asset value could decrease as a result of its investment
    activities. At any point in time, including immediately after
    the completion of this offering, an investment in the
    Trust&#146;s common shares may be worth substantially less than
    the original amount invested, even after taking into account
    distributions paid by the Trust. This risk may be greater for
    investors who sell their common shares in a relatively short
    period of time after completion of the initial offering.
</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">
    The Trust will have exposure to common stocks. Although common
    stocks have historically generated higher average total returns
    than fixed-income securities over the long term, common stocks
    also have experienced significantly more volatility in those
    returns and may significantly under-perform relative to fixed
    income securities during certain periods. An adverse event, such
    as an unfavorable earnings report, may depress the value of a
    particular common stock held by the Trust. Also, the price of
    common stocks is sensitive to general movements in the stock
    market and a drop in the stock market may depress the price of
    common stocks to which the Trust has exposure. Common stock
    prices fluctuate for several reasons, including changes in
    investors&#146; perceptions of the financial condition of an
    issuer or the general condition of the relevant stock market, or
    when political or economic events affecting the issuers occur.
    In addition, common stock prices may be particularly sensitive
    to rising interest rates, as the cost of capital rises and
    borrowing costs increase.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">Concentration
    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 Trust&#146;s investments will be concentrated in issuers in
    the Utilities and Infrastructure business segments. Because the
    Trust will be concentrated in those business segments, it may be
    subject to more risks than if it were broadly diversified over
    numerous industries and sectors of the economy. General changes
    in market sentiment towards Utilities or Infrastructure
    companies may adversely affect the Trust, and the performance of
    Utilities and Infrastructure issuers may lag behind the broader
    market as a whole. Also, the Trust&#146;s concentration in the
    Utilities and Infrastructure business segments may subject the
    Trust to a variety risks associated with those business segments.
</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">Risks of
    Investing in Utilities and Infrastructure Issuers</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">
    Investments in issuers in the Utilities and Infrastructure
    business segments are subject to certain risks, including the
    following:
</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>Utilities Companies Risk.</I>&#160;&#160;A variety of factors
    may adversely affect the business or operations of Utilities
    issuers, including: high interest costs in connection with
    capital construction and improvement programs; governmental
    regulation of rates charged to customers (including the
    potential that costs incurred by the utility change more rapidly
    than the rate the utility is permitted to charge its customers);
    costs associated with compliance with and changes in
    environmental and other regulations; effects of economic
    slowdowns and surplus capacity; increased competition from other
    providers of Utilities services; inexperience with and potential
    losses resulting from a developing deregulatory environment;
    costs associated with reduced availability of certain types of
    fuel; the effects of energy conservation policies; effects of a
    national energy policy; technological innovations; potential
    impact of terrorist activities; the impact of natural or
    man-made disasters; regulation by various governmental
    authorities, including the imposition of special tariffs; and
    changes in tax laws, regulatory policies and accounting
    standards.
</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>Infrastructure Companies Risk.</I>&#160;&#160;Infrastructure
    issuers may be susceptible to a variety of factors that may
    adversely affect their business and operations, including high
    interest costs in connection with capital construction programs;
    high leverage; costs associated with environmental and other
    regulations; surplus capacity costs; and reduced investment in
    public and private infrastructure projects. A slowdown in new
    infrastructure projects in developing or developed markets may
    constrain the abilities of Infrastructure issuers to grow in
    global markets. Other developments, such as significant changes
    in population levels or changes in the urbanization and
    industrialization of developing countries, may reduce demand for
    products or services provided by Infrastructure issuers.
</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>Technological Risk.</I>&#160;&#160;Technological changes in
    the way a service or product is delivered may render existing
    technologies obsolete. Although this risk may be considered low
    with respect to assets of Utilities and Infrastructure companies
    given the large fixed costs involved in developing such assets
    and the fact that many utility and infrastructure technologies
    are well established, any technological change that occurs over
    the medium term could threaten the profitability of a Utilities
    or infrastructure company. Utility and infrastructure assets
    have very few alternative uses should they become obsolete.
    Communications utilities may be particularly sensitive to these
    risks, as telecommunications products and services also may be
    subject to rapid obsolescence resulting from changes in consumer
    tastes, intense competition and strong market reactions to
    technological development.
</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>Developing Industries Risk.</I>&#160;&#160;Some Utilities or
    Infrastructure companies are focused on developing new
    technologies and are strongly influenced by technological
    changes. Product development efforts by Utilities and
    Infrastructure companies may not result in viable commercial
    products. Utilities and Infrastructure companies may bear high
    research and development costs, which can limit their ability to
    maintain operations during periods of organizational growth or
    instability. Some Utilities and Infrastructure issuers may be in
    the early stages of operations and may have limited operating
    histories and smaller market capitalizations on average than
    companies in other sectors. As a result of these and other
    factors, the value of investments in such Utilities and
    Infrastructure issuers may be considerably more volatile than
    that in more established segments of the economy.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Regional Risk.</I>&#160;&#160;Should an event that impairs
    assets or facilities occur in a region where a Utilities or
    Infrastructure issuer operates, the performance of such
    Utilities or Infrastructure company may be adversely affected.
    As many infrastructure assets are not moveable, such an event
    may have enduring effects on the Utilities or Infrastructure
    company that are difficult to mitigate.
</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>Strategic Asset Risk.</I>&#160;&#160;Utilities and
    Infrastructure companies may control significant strategic
    assets. Strategic assets are assets that have a national or
    regional profile, and may have monopolistic characteristics.
    Given the national or regional profile
    <FONT style="white-space: nowrap">and/or</FONT> their
    irreplaceable nature, strategic assets may constitute a higher
    risk target for terrorist acts or adverse political actions.
</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>Environmental Risk.</I>&#160;&#160;Utilities and
    Infrastructure companies can have substantial environmental
    impacts. Ordinary operations or operational accidents may cause
    major environmental damage, which could cause Utilities and
    Infrastructure companies significant financial distress. For
    example, an accidental release from wells or gathering pipelines
    could subject them to substantial liabilities for environmental
    cleanup and restoration costs, claims made by neighboring
    landowners and other third parties for personal injury and
    property damage, and fines or penalties for related violations
    of environmental laws or regulations. Utilities and
    Infrastructure companies may not be able to recover these costs
    from insurance. Environmental regulations to which Utilities and
    Infrastructure companies may be subject include, for example:
    (i)&#160;the federal Clean Air Act and comparable state laws and
    regulations that impose obligations related to air emissions,
    (ii)&#160;the federal Clean Water Act and comparable state laws
    and regulations that impose obligations related to discharges of
    pollutants into regulated bodies of water, (iii)&#160;the
    federal Resource Conservation and Recovery Act
    (&#147;RCRA&#148;) and comparable state laws and regulations
    that impose requirements for the handling and disposal of waste
    from facilities; and (iv)&#160;the federal Comprehensive
    Environmental Response, Compensation and Liability Act of 1980
    (&#147;CERCLA&#148;), also known as &#147;Superfund,&#148; and
    comparable state laws and regulations that regulate the cleanup
    of hazardous substances. Failure to comply with these laws and
    regulations may trigger a variety of administrative, civil and
    criminal enforcement measures, including the assessment of
    monetary penalties, the imposition of remedial requirements, and
    the issuance of orders enjoining future operations. Certain
    environmental statutes, including RCRA, CERCLA, the federal Oil
    Pollution Act and analogous state laws and regulations, impose
    strict, joint and several liability for costs required to clean
    up and restore sites where hazardous substances have been
    disposed of or otherwise released. Voluntary initiatives and
    mandatory controls have been adopted or are being discussed both
    in the United States and worldwide to reduce emissions of
    &#147;greenhouse gases&#148; such as carbon dioxide, a
    by-product of burning fossil fuels, and methane, the major
    constituent of natural gas, which many scientists and
    policymakers believe contribute to global climate change. These
    measures and future measures could result in increased costs to
    certain companies in which the Trust may invest to operate and
    maintain facilities and administer and manage a greenhouse gas
    emissions program and may reduce demand for fuels that generate
    greenhouse gases and that are managed or produced by companies
    in which the Trust may invest. In the wake of a Supreme Court
    decision holding that the Environmental Protection Agency
    (&#147;EPA&#148;) has some legal authority to deal with climate
    change under the Clean Air Act, the EPA and the Department of
    Transportation jointly wrote regulations to cut gasoline use and
    control greenhouse gas emissions from cars and trucks. These
    measures, and other programs addressing greenhouse gas
    emissions, could reduce demand for energy or raise prices, which
    may adversely affect the total return of certain of the
    Trust&#146;s investments. Community and environmental groups may
    protest the development or operation of assets or facilities of
    Utilities and Infrastructure companies, and these protests may
    induce government action to the detriment of Utilities and
    Infrastructure companies
</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>Political and Expropriation Risk.</I>&#160;&#160;Governments
    may attempt to influence the operations, revenue, profitability
    or contractual relationships of Utilities and Infrastructure
    issuers or expropriate their assets. The public interest aspect
    of the products and services provided by Utilities and
    Infrastructure companies means political oversight will remain
    pervasive.
</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>Operational Risk.</I>&#160;&#160;The long-term profitability
    of Utilities and Infrastructure companies is partly dependent on
    the efficient operation and maintenance of their assets and
    facilities. Utilities and Infrastructure issuers may be subject
    to service interruptions due to environmental disasters,
    operational accidents or terrorist activities, which may impair
    their ability to maintain payments of dividends or interest to
    investors. 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>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    destruction or loss of an asset or facility may have a major
    adverse impact on a Utilities or Infrastructure issuer. Failure
    by the Utilities or Infrastructure issuer to operate and
    maintain their assets and facilities appropriately or to carry
    appropriate, enforceable insurance could lead to significant
    losses.
</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>Regulatory Risk.</I>&#160;&#160;Many Utilities and
    Infrastructure companies are subject to significant federal,
    state and local government regulation, which may include how
    facilities are constructed, maintained and operated,
    environmental and safety controls and 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. There are
    substantial differences among the regulatory practices and
    policies of various jurisdictions, and any given regulatory
    agency may make major shifts in policy from time to time.
    Stricter laws, regulations or enforcement policies could be
    enacted in the future which would likely increase compliance
    costs and may adversely affect the operations and financial
    performance of Utilities and Infrastructure issuers. Regulators
    that have the power to set or modify the prices Utilities and
    Infrastructure issuers can charge for their products or services
    can have a significant impact on the profitability of such
    Utilities and Infrastructure issuers. The returns on regulated
    assets or services are usually stable during regulated periods,
    but may be volatile during any period that rates are reset by
    the regulator. Utilities and Infrastructure companies may be
    adversely affected by additional regulatory requirements enacted
    in response to environmental disasters, which may impose
    additional costs or limit certain operations by such companies
    operating in various sectors. Foreign Utilities and
    Infrastructure companies are also subject to regulation,
    although such regulations may or may not be comparable to those
    in the United States. Foreign Utilities and Infrastructure
    companies may be more heavily regulated by their respective
    governments than utilities in the United States and, as in the
    United States, generally are required to seek government
    approval for rate increases. In addition, many foreign Utilities
    and Infrastructure companies use fuels that may cause more
    pollution than those used in the United States, which may
    require such utilities to invest in pollution control equipment
    to meet any proposed pollution restrictions. Foreign regulatory
    systems vary from country to country and may evolve in ways
    different from regulation in the United States.
</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>Interest Rate Risk.</I>&#160;&#160;Due to the high costs of
    developing, constructing, operating and distributing
    infrastructure assets, many Utilities and Infrastructure
    companies are highly leveraged. As such, movements in the level
    of interest rates may affect the returns from these assets. The
    structure and nature of the debt is therefore an important
    element to consider in assessing the interest rate risk posed by
    Utilities and Infrastructure issuers. In particular, the type of
    facilities, maturity profile, rates being paid, fixed versus
    variable components and covenants in place (including how they
    impact returns to equity holders) are crucial factors in
    assessing any the degree of interest rate risk.
</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>Inflation Risk.</I>&#160;&#160;Many Utility and
    Infrastructure companies may have fixed income streams and,
    therefore, be unable to increase their dividends during
    inflationary periods. The market value of Utility or
    Infrastructure companies may decline in value in times of higher
    inflation rates. The prices that a Utility or Infrastructure
    company is able to charge users of its assets may not always be
    linked to inflation. In this case, changes in the rate of
    inflation may affect the forecast profitability of the Utility
    or Infrastructure company.
</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>Supply and Demand Risk.</I>&#160;&#160;Utilities and
    Infrastructure companies may be subject to supply and demand
    fluctuations in the markets they serve which will be impacted by
    a wide range of factors. A decrease in the production of natural
    gas, natural gas liquids, crude oil, coal or other energy
    commodities, a decrease in the volume of such commodities
    available for transportation, mining, processing, storage or
    distribution, or a sustained decline in demand for such
    commodities, may adversely impact the financial performance of
    Utilities and Infrastructure companies. Factors affecting the
    volume of production of energy commodities and the volume of
    energy commodities available for transportation, storage,
    processing or distribution include depletion of resources;
    depressed commodity prices; catastrophic events; labor
    relations; increased environmental or other governmental
    regulation; equipment malfunctions and maintenance difficulties;
    import volumes; international politics; policies of the
    Organization of Petroleum Exporting Countries; and increased
    competition from alternative energy sources. Alternatively, a
    decline in demand for energy commodities could result from
    factors such as adverse economic conditions (especially in key
    energy-consuming countries); increased taxation; weather
    conditions; increased environmental or other governmental
    regulation; increased
</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>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    fuel economy; increased energy conservation or use of
    alternative energy sources; legislation intended to promote the
    use of alternative energy sources; or increased commodity prices.
</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>Customer Risk.</I>&#160;&#160;The revenue of many Utility and
    Infrastructure companies may be impacted by the number of users
    who use the products or services produced by the Utility or
    Infrastructure company. A significant decrease in the number of
    users may negatively impact the profitability of a Utility or
    Infrastructure company. Infrastructure companies can have a
    narrow customer base. Should these customers or counterparties
    fail to pay their contractual obligations, significant revenues
    could cease and not be replaceable. This would affect the
    profitability of the infrastructure company and the value of any
    securities or other instruments it has issued.
</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>Project and Financing Risk.</I>&#160;&#160;To the extent the
    Trust invests in Utility and Infrastructure companies which are
    dependent to a significant extent on new infrastructure
    projects, the Trust may be exposed to the risk that the project
    will not be completed within budget, within the agreed time
    frame or to agreed specifications. From time to time,
    infrastructure companies may encounter difficulties in obtaining
    financing for construction programs during inflationary periods.
    Issuers experiencing difficulties in financing construction
    programs may also experience lower profitability, which can
    result in reduced income to the Trust.
</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>Weather and Natural Disasters Risk.</I>&#160;&#160;Weather
    plays a role in the seasonality of some Utilities and
    Infrastructure companies&#146; cash flows. Although most
    Utilities and Infrastructure companies that are subject to
    weather risk can reasonably predict seasonal weather demand
    based on normal weather patterns, extreme weather conditions
    demonstrate that no amount of preparation can protect an
    Utilities or Infrastructure company from the unpredictability of
    the weather. Natural disaster risks, such as earthquakes, flood,
    lightning, hurricanes and wind, are risks facing certain Utility
    and Infrastructure companies. The damage done by extreme weather
    or natural disasters also may serve to increase many Utilities
    and Infrastructure companies insurance premiums.
</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>2012 U.S.&#160;Federal Budget Risk.</I>&#160;&#160;The
    proposed U.S.&#160;federal budget for fiscal year 2012 calls for
    the elimination of approximately $46&#160;billion in tax
    incentives used by certain Utilities and Infrastructure
    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 Utilities and Infrastructure
    companies in which the Trust invests
    <FONT style="white-space: nowrap">and/or</FONT> the
    Utilities and Infrastructure business segments 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"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Securities Risk and 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">
    Investing in
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    involves certain risks not involved in domestic investments,
    including, but not limited to: fluctuations in foreign exchange
    rates; future foreign economic, financial, political and social
    developments; different legal systems; the possible imposition
    of exchange controls or other foreign governmental laws or
    restrictions, including expropriation; lower trading volume;
    much greater price volatility and illiquidity of certain
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    markets; different trading and settlement practices; less
    governmental supervision; changes in currency exchange rates;
    high and volatile rates of inflation; fluctuating interest
    rates; less publicly available information; and different
    accounting, auditing and financial recordkeeping standards and
    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">
    Certain countries in which the Trust may invest, especially
    emerging market countries, historically have 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 that are
    adjusted based upon international interest rates. In addition,
    with respect to certain foreign countries, there is a risk of:
    the possibility of expropriation or nationalization of assets;
    confiscatory taxation; difficulty in obtaining or enforcing a
    court judgment; restrictions on currency repatriation; economic,
    political or social instability; and diplomatic developments
    that could affect investments in those 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">
    Because the Trust may invest in securities denominated or quoted
    in currencies other than the U.S.&#160;dollar, changes in
    foreign currency exchange rates may affect the value of
    securities in the Trust and the unrealized
</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>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    appreciation or depreciation of investments. Currencies of
    certain countries may be volatile and therefore may affect the
    value of securities denominated in such currencies, which means
    that the Trust&#146;s net asset value or current income could
    decline as a result of changes in the exchange rates between
    foreign currencies and the U.S.&#160;dollar. Certain investments
    in
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    also may be subject to foreign withholding taxes. Dividend
    income from
    <FONT style="white-space: nowrap">non-U.S.&#160;corporations</FONT>
    may not be eligible for the reduced U.S.&#160;income tax rate
    currently available for qualified dividend income. These risks
    often are heightened for investments in smaller, emerging
    capital markets. In addition, individual foreign economies may
    differ favorably or unfavorably from the U.S.&#160;economy in
    such respects as: growth of gross domestic product; rates of
    inflation; capital reinvestment; resources; self-sufficiency;
    and balance of payments 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">
    Investing in securities of issuers based in underdeveloped
    emerging markets entails all of the risks of investing in
    securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    to a heightened degree. &#147;Emerging market countries&#148;
    generally include every nation in the world except developed
    countries, that is the United States, Canada, Japan, Australia,
    New Zealand and most countries located in Western Europe. These
    heightened risks include: greater risks of expropriation,
    confiscatory taxation, nationalization, and less social,
    political and economic stability; the smaller size of the market
    for such securities and a lower volume of trading, resulting in
    lack of liquidity and an increase in price volatility; and
    certain national policies that may restrict the Trust&#146;s
    investment opportunities including restrictions on investing in
    issuers or industries deemed sensitive to relevant national
    interests.
</DIV>

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

<DIV align="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 result of these potential risks, the Advisors may determine
    that, notwithstanding otherwise favorable investment criteria,
    it may not be practicable or appropriate to invest in a
    particular country. The Trust may invest in countries in which
    foreign investors, including the Advisors, have had no or
    limited prior experience.
</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">
    Because the Trust may invest in securities denominated or quoted
    in currencies other than the U.S.&#160;dollar, changes in
    foreign currency exchange rates may affect the value of
    securities owned by the Trust, the unrealized appreciation or
    depreciation of investments and gains on and income from
    investments. Currencies of certain countries may be volatile and
    therefore may affect the value of securities denominated in such
    currencies, which means that the Trust&#146;s net asset value
    could decline as a result of changes in the exchange rates
    between foreign currencies and the U.S.&#160;dollar. These risks
    often are heightened for investments in emerging market
    countries. In addition, the Trust may enter into foreign
    currency transactions in an attempt to hedge its currency
    exposure or enhance its total return, which may further expose
    the Trust to the risks of foreign currency movements and other
    risks. The use of foreign currency transactions can result in
    the Trust incurring losses as a result of the imposition of
    exchange controls, suspension of settlements or the inability of
    the Trust to deliver or receive a specified currency.
</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">Small and
    Mid-Capitalization 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">
    The Trust may invest in companies with small, medium and large
    capitalizations. Smaller and medium capitalization company
    stocks can be more volatile than, and perform differently from,
    larger capitalization company stocks. There may be less trading
    in a smaller or medium capitalization company&#146;s stock,
    which means that buy and sell transactions in that stock could
    have a larger impact on the stock&#146;s price than is the case
    with larger company stocks. Smaller and medium capitalization
    companies may have fewer business lines; changes in any one line
    of business, therefore, may have a greater impact on a smaller
    or medium capitalization company&#146;s stock price than is the
    case for a larger company. The Trust may need a considerable
    amount of time to purchase or sell its positions in these
    securities. In addition, smaller or medium capitalization
    company stocks may not be well known to the investing public.
</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">Liquidity
    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">
    In some circumstances, investments may be relatively illiquid
    making it difficult to acquire or dispose of them at the prices
    quoted on relevant exchanges or at all. Accordingly, the
    Trust&#146;s ability to respond to market movements may be
    impaired and the Trust may experience adverse price movements
    upon liquidation of its investments. Settlement of transactions
    may be subject to delay and administrative uncertainties.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">MLP
    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">
    An investment in MLP units involves some risks that differ from
    an investment in the common stock of a corporation. As compared
    to common stockholders of a corporation, holders of MLP units
    have more limited control and limited rights to vote 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">
    Much of the benefit the Trust derives from its investment in
    equity securities of MLPs is a result of MLPs generally being
    treated as partnerships for U.S.&#160;federal income tax
    purposes. Partnerships do not pay U.S.&#160;federal income tax
    at the partnership level. Rather, each partner of a partnership,
    in computing its U.S.&#160;federal income tax liability, will
    include its allocable share of the partnership&#146;s income,
    gains, losses, deductions and expenses. A change in current tax
    law, or a change in the business of a given MLP, could result in
    an MLP being treated as a corporation for U.S.&#160;federal
    income tax purposes, which would result in such MLP being
    required to pay U.S.&#160;federal income tax on its taxable
    income. The classification of an MLP as a corporation for
    U.S.&#160;federal income tax purposes would have the effect of
    reducing the amount of cash available for distribution by the
    MLP and causing any such distributions received by the Trust to
    be taxed as dividend income to the extent of the MLP&#146;s
    current or accumulated earnings and profits. Thus, if any of the
    MLPs owned by the Trust were treated as corporations for
    U.S.&#160;federal income tax purposes, the after-tax return to
    the Trust with respect to its investment in such MLPs would be
    materially reduced, which could cause a decline in the value of
    the common 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">
    To the extent that the Trust invests in the equity securities of
    an MLP, the Trust will be a partner in such MLP. Accordingly,
    the Trust will be required to include in its taxable income the
    Trust&#146;s allocable share of the income, gains, losses,
    deductions and expenses recognized by each such MLP, regardless
    of whether the MLP distributes cash to the Trust. Historically,
    MLPs have been able to offset a significant portion of their
    income with tax deductions. The Trust will incur a current tax
    liability on its allocable share of an MLP&#146;s income and
    gains that is not offset by the MLP&#146;s tax deductions,
    losses and credits, or its net operating loss carryforwards, if
    any. The portion, if any, of a distribution received by the
    Trust from an MLP that is offset by the MLP&#146;s tax
    deductions, losses or credits is essentially treated as a return
    of capital. However, those distributions will reduce the
    Trust&#146;s adjusted tax basis in the equity securities of the
    MLP, which will result in an increase in the amount of gain (or
    decrease in the amount of loss) that will be recognized by the
    Trust for tax purposes upon the sale of any such equity
    securities or upon subsequent distributions in respect of such
    equity securities. The percentage of an MLP&#146;s income and
    gains that is offset by tax deductions, losses and credits will
    fluctuate over time for various reasons. A significant slowdown
    in acquisition activity or capital spending by MLPs held in the
    Trust&#146;s portfolio could result in a reduction of
    accelerated depreciation generated by new acquisitions, which
    may result in increased current tax liability for the Trust.
</DIV>

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

<DIV align="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 of the Trust&#146;s investments in equity securities of
    MLPs, the Trust&#146;s earnings and profits may be calculated
    using accounting methods that are different from those used for
    calculating taxable income. Because of these differences, the
    Trust may make distributions out of its current or accumulated
    earnings and profits, which will be treated as dividends, in
    years in which the Trust&#146;s distributions exceed its taxable
    income. See &#147;Tax Matters.&#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, changes in tax laws or regulations, or future
    interpretations of such laws or regulations, could adversely
    affect the Trust or the MLP investments in which the Trust
    invests.
</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">Risks
    Associated with the Trust&#146;s Option Strategy</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 ability of the Trust to achieve current gains is partially
    dependent on the successful implementation of its option
    strategy. Risks that may adversely affect the ability of the
    Trust to successfully implement its option strategy include the
    following:
</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>Risks Associated with Options on Securities
    Generally.</I>&#160;&#160;There are significant differences
    between the securities and options markets that could result in
    an imperfect correlation between these markets, causing a given
    transaction not to achieve its objective. A decision as to
    whether, when and how to use options involves the exercise of
    skill and judgment, and even a well-conceived transaction may be
    unsuccessful to some degree because of market behavior or
    unexpected events.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risks of Writing Options.</I>&#160;&#160;As the writer of a
    covered call option, the Trust 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 sum of
    the premium and the strike price of the call, but has retained
    the risk of loss should the price of the underlying security
    decline. As the Trust writes covered calls over more of its
    portfolio, its ability to benefit from capital appreciation
    becomes more limited and the risk of net asset value erosion
    increases. If the Trust experiences net asset value erosion,
    which itself may have an indirect negative effect on the market
    price of the Trust&#146;s shares, the Trust will have a reduced
    asset base over which to write covered calls, which may
    eventually lead to reduced distributions to shareholders. 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: 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">
    When the Trust writes covered put options, it bears the risk of
    loss if the value of the underlying stock declines below the
    exercise price minus the put premium. If the option is
    exercised, the Trust could incur a loss if it is required to
    purchase the stock underlying the put option at a price greater
    than the market price of the stock at the time of exercise plus
    the put premium the Trust received when it wrote the option.
    While the Trust&#146;s potential gain as the writer of a covered
    put option is limited to the premium received from the purchaser
    of the put option, the Trust risks a loss equal to the entire
    exercise price of the option minus the put premium.
</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>Exchange-Listed Option Risks.</I>&#160;&#160;There can be no
    assurance that a liquid market will exist when the Trust seeks
    to close out an option position on an options exchange. Reasons
    for the absence of a liquid secondary market on an exchange
    include the following: (i)&#160;there may be insufficient
    trading interest in certain options; (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 facilities of an exchange or the Options Clearing
    Corporation may not at all times be adequate to handle current
    trading volume; or (vi)&#160;one or more exchanges 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 Options Clearing
    Corporation as a result of trades on that exchange would
    continue to be exercisable in accordance with their terms. If
    the Trust were unable to close out a covered call option that it
    had written on a security, it would not be able to sell the
    underlying security unless the option expired without exercise.
</DIV>

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

<DIV align="left" style="margin-left: 4%; 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 on an exchange 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 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
    Trust&#146;s capital appreciation potential on the underlying
    security.
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Option Risk.</I>&#160;&#160;The Trust may write (sell) unlisted
    <FONT style="white-space: nowrap">&#147;over-the-counter&#148;</FONT>
    or &#147;OTC&#148; options to a significant extent. Options
    written by the Trust with respect to
    <FONT style="white-space: nowrap">non-U.S.&#160;securities,</FONT>
    indices or sectors generally will be OTC options. OTC options
    differ from exchange-listed options in that they are two-party
    contracts, with exercise price, premium and other terms
    negotiated between buyer and seller, and generally do not have
    as much market liquidity as exchange-listed options. The
    counterparties to these transactions typically will be major
    international banks, broker-dealers and financial institutions.
    The Trust may be required to treat as illiquid securities being
    used to cover certain written OTC options. The OTC options
    written by the Trust will not be issued, guaranteed or cleared
    by the Options Clearing Corporation. In addition, the
    Trust&#146;s ability to terminate the OTC options may be more
    limited than with exchange-traded
</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>
    35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    options. Banks, broker-dealers or other financial institutions
    participating in such transactions may fail to settle a
    transaction in accordance with the terms of the option as
    written. In the event of default or insolvency of the
    counterparty, the Trust may be unable to liquidate an OTC option
    position.
</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>Index Option Risk.</I>&#160;&#160;The Trust may sell index
    call and put options from time to time. The purchaser of an
    index call option has the right to any appreciation in the value
    of the index over the exercise price of the option on or before
    the expiration date. The purchaser of an index put option has
    the right to any depreciation in the value of the index below
    the exercise price of the option on or before the expiration
    date. Because the exercise of an index option is settled in
    cash, sellers of index call options, such as the Trust, cannot
    provide in advance for their potential settlement obligations by
    acquiring and holding the underlying securities. The Trust will
    lose money if it is required to pay the purchaser of an index
    option the difference between the cash value of the index on
    which the option was written and the exercise price and such
    difference is greater than the premium received by the Trust for
    writing the option. The value of index options written by the
    Trust, which will be priced daily, will be affected by changes
    in the value and dividend rates of the underlying common stocks
    in the respective index, changes in the actual or perceived
    volatility of the stock market and the remaining time to the
    options&#146; expiration. The value of the index options also
    may be adversely affected if the market for the index options
    becomes less liquid or smaller. Distributions paid by the Trust
    on its common shares may be derived in part from the net index
    option premiums it receives from selling index call and put
    options, less the cost of paying settlement amounts to
    purchasers of the options that exercise their options. Net index
    option premiums can vary widely over the short term and long
    term.
</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>Limitation on Option Writing Risk.</I>&#160;&#160;The number
    of call options the Trust can write is limited by the total
    assets the Trust holds and is further limited by the fact that
    all options represent 100&#160;share lots of the underlying
    common stock. Furthermore, the Trust&#146;s options transactions
    will be subject to limitations established by each of the
    exchanges, boards of trade or other trading facilities on which
    such options are traded. These limitations govern the maximum
    number of options in each class which may be written or
    purchased by a single investor or group of investors acting in
    concert, regardless of whether the options are written or
    purchased on the same or different exchanges, boards of trade or
    other trading facilities or are held or written in one or more
    accounts or through one or more brokers. Thus, the number of
    options which the Trust may write or purchase may be affected by
    options written or purchased by other investment advisory
    clients of the Advisors. An exchange, board of trade or other
    trading facility may order the liquidation of positions found to
    be in excess of these limits, and it may impose certain other
    sanctions.
</DIV>

<DIV style="margin-top: 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>Tax Risk.</I>&#160;&#160;Income on options on individual
    stocks will not be recognized by the Trust for tax purposes
    until an option is exercised, lapses or is subject to a
    &#147;closing transaction&#148; (as defined by applicable
    regulations) pursuant to which the Trust&#146;s obligations with
    respect to the option are otherwise terminated. If the option
    lapses without exercise or is otherwise subject to a closing
    transaction, the premiums received by the Trust from the writing
    of such options will generally be characterized as short-term
    capital gain. If an option written by the Trust is exercised,
    the Trust may recognize taxable gain depending on the exercise
    price of the option, the option premium, and the fair market
    value of the security underlying the option. The character of
    any gain on the sale of the underlying security as short-term or
    long-term capital gain will depend on the holding period of the
    Trust in the underlying security. In general, distributions
    received by shareholders of the Trust that are attributable to
    short-term capital gains recognized by the Trust from its option
    writing activities will be taxed to such shareholders as
    ordinary income and will not be eligible for the reduced tax
    rate applicable to qualified dividend income.
</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">
    Options on indices of securities and sectors of securities will
    generally be
    <FONT style="white-space: nowrap">&#147;marked-to-market&#148;</FONT>
    for U.S.&#160;federal income tax purposes. As a result, the
    Trust will generally recognize gain or loss on the last day of
    each taxable year equal to the difference between the value of
    the option on that date and the adjusted basis of the option.
    The adjusted basis of the option will consequently be increased
    by such gain or decreased by such loss. Any gain or loss with
    respect to options on indices and sectors will be treated as
    short-term capital gain or loss to the extent of 40% of such
    gain or loss and long-term capital gain or loss to the extent of
    60% of such gain or loss. Because the
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    rules may cause the Trust to recognize gain in advance of the
    receipt of cash, the Trust may be required to dispose of
    investments in order to meet its distribution requirements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">Issuer
    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">
    Issuer risk is the risk that the value of a security may decline
    for a reason directly related to the issuer, such as management
    performance, financial leverage and reduced demand for the
    issuer&#146;s goods or services. The amount of a dividend may
    decline for reasons related to an issuer, such as changes in an
    issuer&#146;s financial condition or a decision by the issuer to
    pay a lower dividend.
</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">Investments
    in Unseasoned 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 Trust may invest in the securities of smaller, less seasoned
    companies. These investments may present greater opportunities
    for growth, but also involve greater risks than customarily are
    associated with investments in securities of more established
    companies. Some of the companies in which the Trust may invest
    will be
    <FONT style="white-space: nowrap">start-up</FONT>
    companies which may have insubstantial operational or earnings
    history or may have limited products, markets, financial
    resources or management depth. Some may also be emerging
    companies at the research and development stage with no products
    or technologies to market or approved for marketing. Securities
    of emerging companies may lack an active secondary market and
    may be subject to more abrupt or erratic price movements than
    securities of larger, more established companies or stock market
    averages in general. Competitors of certain companies may have
    substantially greater financial resources than many of the
    companies in which the Trust may invest.
</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">Fixed
    Income 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">
    The market value of fixed income investments changes in response
    to interest rate changes and other factors. During periods of
    falling interest rates, the values of outstanding fixed income
    securities generally rise. During periods of rising interest
    rates, the values of outstanding fixed income securities
    generally fall. Moreover, while securities with longer
    maturities tend to produce higher yields, the prices of longer
    maturity securities are also subject to greater market
    fluctuations as a result of changes in interest rates. As the
    average maturity or duration of a security lengthens, the risk
    that the price of such security will become more volatile
    increases. In contrast to maturity which measures only time
    until final payment, duration combines consideration of yield,
    interest payments, final maturity and call features. Additional
    risk associated with fixed income securities includes:
</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>Call Risk.</I>&#160;&#160;During periods of falling interest
    rates, certain debt obligations with high interest rates may be
    prepaid (or &#147;called&#148;) by the issuer prior to maturity.
</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>Extension Risk.</I>&#160;&#160;An issuer may exercise its
    right to pay principal on an obligation held by the Trust later
    than expected. This may happen when there is a rise in interest
    rates. Under these circumstances, the value of the obligation
    will decrease.
</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>Credit Risk.</I>&#160;&#160;The possibility that an issuer
    will be unable to make timely payments of either principal or
    interest.
</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>Event Risk.</I>&#160;&#160;Securities may suffer declines in
    credit quality and market value due to issuer restructurings or
    other factors.
</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">Below
    Investment Grade 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">
    The Trust may invest up to 10% of its total assets in securities
    that are rated below investment grade, which are commonly
    referred to as &#147;high yield securities&#148; or &#147;junk
    bonds&#148; and are regarded as predominantly speculative with
    respect to the issuer&#146;s capacity to pay interest and repay
    principal.
</DIV>

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

<DIV align="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 grade securities may be particularly susceptible to
    economic downturns. It is likely that an economic recession
    could disrupt severely the market for such securities and may
    have an adverse impact on the value of such securities. In
    addition, it is likely that any such economic downturn could
    adversely affect the ability of the issuers of such securities
    to repay principal and pay interest thereon and increase the
    incidence of default 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">
    Lower grade securities, though high yielding, are characterized
    by high risk. They may be subject to certain risks with respect
    to the issuing entity and to greater market fluctuations than
    certain lower yielding, higher rated securities. The retail
    secondary market for lower grade securities may be less liquid
    than that for higher rated
</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>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    securities. Adverse conditions could make it difficult at times
    for the Trust to sell certain securities or could result in
    lower prices than those used in calculating the Trust&#146;s net
    asset value. Because of the substantial risks associated with
    investments in lower grade securities, you could lose money on
    your investment in common shares of the Trust, both in the
    short-term and the long-term.
</DIV>

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

<DIV align="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: 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">Unrated
    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 the Trust may purchase securities that are not rated by
    any rating organization, the Advisors may, after assessing their
    credit quality, internally assign ratings to certain of those
    securities in categories of those similar to those of rating
    organizations. Some unrated securities may not have an active
    trading market or may be difficult to value, which means the
    Trust might have difficulty selling them promptly at an
    acceptable price.
</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">Securities
    Lending 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 Trust may lend its portfolio securities to financial
    institutions. Securities lending is subject to the risk that
    loaned securities may not be available to the Trust on a timely
    basis and the Trust may therefore lose the opportunity to sell
    the securities at a desirable price. Any loss in the market
    price of securities loaned by the Trust that occurs during the
    term of the loan would be borne by the Trust and would adversely
    affect the Trust&#146;s performance. Further, the cash
    collateral received by the Trust in connection with such a loan
    may be invested in a security that subsequently loses value.
    Also, there may be delays in recovery, or no recovery, of
    securities loaned or even a loss of rights in the collateral
    should the borrower of the securities fail financially while the
    loan is outstanding. These events could also trigger adverse tax
    consequences for the Trust.
</DIV>

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

<DIV align="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 an exemptive order from the Commission, the Trust
    has retained an affiliated entity of the Advisor as the lending
    Agent. The lending agent may, upon the advice of the Advisor and
    on behalf of the Trust, invest cash collateral received by the
    Trust for such loans, among other things, in a private
    investment company managed by the lending agent or in registered
    money market funds advised by the Advisor or its affiliates. If
    the Trust acquires shares in either the private investment
    company or an affiliated money market fund, shareholders would
    bear both their proportionate share of the Trust&#146;s expenses
    and, indirectly, the expenses of such other entities. However,
    in accordance with the exemptive order, the investment adviser
    to the private investment company will not charge any advisory
    fees with respect to shares purchased by the Trust.
</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">Dividend
    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">
    Historically, Utilities and Infrastructure companies have
    generally paid dividends on their equity securities. However,
    dividends on common stocks are not fixed but are declared at the
    discretion of an issuer&#146;s board of directors. There is no
    guarantee that the issuers of the common stocks in which the
    Trust invests will declare dividends in the future or that if
    declared they will remain at current levels or increase over
    time. As described further in &#147;Tax Matters,&#148;
    &#147;qualified dividend income&#148; received by the Trust and
    passed through to shareholders will generally be eligible for
    the reduced tax rate applicable to individuals for taxable years
    beginning on or before December&#160;31, 2012. There is no
    assurance as to what portion of the Trust&#146;s distributions
    will constitute qualified dividend income.
</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">Derivatives
    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">
    Derivatives are financial contracts whose value depends on, or
    is derived from, the value of an underlying asset, reference
    rate or index. The Trust typically uses derivatives as a
    substitute for taking a position in the underlying asset
    <FONT style="white-space: nowrap">and/or</FONT> as
    part of a strategy designed to reduce exposure to other risks,
    such as interest rate or currency risk.
</DIV>

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

<DIV align="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 Trust may also use derivatives for leverage, in which case
    their use would involve leveraging risk. Certain derivative
    transactions may give rise to a form of leverage. Leverage
    associated with derivative transactions may cause the Trust to
    liquidate portfolio positions when it may not be advantageous to
    do so to satisfy its obligations or
</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>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    to meet earmarking or segregation requirements, pursuant to
    applicable SEC rules and regulations, or may cause the Trust to
    be more volatile than if the Trust had not been leveraged.
</DIV>

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

<DIV align="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 Trust&#146;s use of derivative instruments involves risks
    different from, or possibly greater than, the risks associated
    with investing directly in securities and other traditional
    investments. Derivatives are subject to a number of risks
    described elsewhere in this section, such as liquidity risk,
    interest rate risk, market risk, credit risk and management
    risk. They also involve the risk of mispricing or improper
    valuation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Derivatives also involve the risk that changes in the value of a
    derivative may not correlate perfectly with the underlying
    asset, rate or index. There are a number of factors which may
    prevent a derivative instrument from achieving desired
    correlation (or inverse correlation) with an underlying asset,
    rate or index, such as the impact of fees, expenses and
    transaction costs, the timing of pricing, and disruptions or
    illiquidity in the markets for such derivative 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">
    The Trust&#146;s investments in a derivative instrument could
    lose more than the principal amount invested. Also, suitable
    derivative transactions may not be available in all
    circumstances and there can be no assurance that the Trust will
    engage in these transactions to reduce exposure to other risks
    when that would be beneficial. Although the Advisors seek to use
    derivatives to further the Trust&#146;s investment objective,
    there is no assurance that the use of derivatives will achieve
    this result.
</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 investment will be worth less in the future as inflation
    decreases the value of money. As inflation increases, the real
    value of the common shares and distributions on those shares can
    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">Deflation
    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">
    Deflation risk is the risk that prices throughout the economy
    decline over time, which may have an adverse effect on the
    market valuation of companies, their assets and their revenues.
    In addition, deflation may have an adverse effect on the
    creditworthiness of issuers and may make issuer default more
    likely, which may result in a decline in the value of the
    Trust&#146;s portfolio.
</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
    Companies and ETFs 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">
    Subject to the limitations set forth in the Investment Company
    Act or as otherwise permitted by the SEC, the Trust may acquire
    shares in other investment companies and in ETFs, some of which
    may be investment companies. The market value of the shares of
    other investment companies and ETFs may differ from their NAV.
    As an investor in investment companies and ETFs, the Trust would
    bear its ratable share of that entity&#146;s expenses, including
    its investment advisory and administration fees, while
    continuing to pay its own advisory and administration fees and
    other expenses. As a result, shareholders will be absorbing
    duplicate levels of fees with respect to investments in other
    investment companies and ETFs.
</DIV>

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

<DIV align="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 securities of other investment companies and ETFs in which
    the Trust may invest may be leveraged. As a result, the Trust
    may be indirectly exposed to leverage through an investment in
    such securities. An investment in securities of other investment
    companies and ETFs that use leverage may expose the Trust to
    higher volatility in the market value of such securities and the
    possibility that the Trust&#146;s long-term returns on such
    securities (and, indirectly, the long-term returns of the
    Shares) will be diminished.
</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">Strategic
    Transactions 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 Trust may engage in various Strategic Transactions in an
    effort to hedge all or a portion of the portfolio or to seek to
    enhance total return. Strategic Transactions involve the use of
    derivative instruments. The use of Strategic Transactions to
    enhance total return may be particularly speculative. Strategic
    Transactions involve risks, including the imperfect correlation
    between the value of such instruments and the underlying assets,
    the possible default of the other party to the transaction and
    illiquidity of the derivative instruments. Furthermore, the
    Trust&#146;s ability to successfully use Strategic Transactions
    depends on the Advisors&#146; ability to predict pertinent
    market movements,
</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>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    which cannot be assured. The use of Strategic Transactions may
    result in losses greater than if they had not been used, may
    require the Trust to sell or purchase portfolio securities at
    inopportune times or for prices other than current market
    values, may limit the amount of appreciation the Trust can
    realize on an investment or may cause the Trust to hold a
    security that it might otherwise sell. Additionally, amounts
    paid by the Trust as premiums and cash or other assets held in
    margin accounts with respect to Strategic Transactions are not
    otherwise available to the Trust for investment purposes. In
    addition, please see the Trust&#146;s SAI for a more detailed
    description of Strategic Transactions and the various derivative
    instruments the Trust may use and the various risks associated
    with them.
</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">Counterparty
    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 Trust will be subject to credit risk with respect to the
    counterparties to the derivative contracts entered into by the
    Trust. If a counterparty becomes bankrupt or otherwise fails to
    perform its obligations under a derivative contract due to
    financial difficulties, the Trust may experience significant
    delays in obtaining any recovery under the derivative contract
    in bankruptcy or other reorganization proceedings. The Trust may
    obtain only a limited recovery, or may obtain no recovery, in
    such circumstances.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Diversification
    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 Trust has registered as a &#147;non-diversified&#148;
    investment company under the Investment Company Act. For federal
    income tax purposes, the Trust, with respect to up to 50% of its
    total assets, will be able to invest more than 5% (but not more
    than 25%, except for investments in United States government
    securities and securities of other regulated investment
    companies, which are not limited for tax purposes) of the value
    of its total assets in the securities of any single issuer or
    the securities of one or more qualified publicly traded
    partnerships. To the extent the Trust invests a relatively high
    percentage of its assets in the securities of a limited number
    of issuers, the Trust may be more susceptible than a more widely
    diversified investment company to any single corporate,
    economic, political or regulatory occurrence. The Trust&#146;s
    investments will be concentrated in a group of industries that
    make up the Utilities and Infrastructure business segments,
    which means they may present more risks than if the Trust was
    broadly diversified over numerous industries and sectors of the
    economy. &#147;See&#160;&#151; Risks of Investing in Utilities
    and Infrastructure Issuers.&#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">Risks
    Associated with Recent Market 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">
    While U.S.&#160;and global markets had experienced extreme
    volatility and disruption for an extended period of time, 2010
    and the beginning of 2011 witnessed more stabilized economic
    activity as expectations for an economic recovery increased.
    However, risks to a robust resumption of growth persist. In
    2010, several European Union (&#147;EU&#148;) countries,
    including Greece, Ireland, Italy, Spain, and Portugal, began to
    face budget issues, some of which may have negative long-term
    effects for the economies of those countries and other EU
    countries. There is continued concern about national-level
    support for the euro and the accompanying coordination of fiscal
    and wage policy among European Economic and Monetary Union
    member countries. A return to unfavorable economic conditions
    could impair the Trust&#146;s ability to achieve its investment
    objective.
</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">United
    States Credit Rating Downgrade 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 events surrounding the recent negotiations regarding the
    U.S.&#160;federal government debt ceiling and the resulting
    agreement could adversely affect the Trust&#146;s ability to
    achieve its investment objective. On August&#160;5, 2011,
    S&#038;P lowered its long-term sovereign credit rating on the
    U.S.&#160;federal government debt to &#147;AA+&#148; from
    &#147;AAA.&#148; The downgrade by S&#038;P could increase
    volatility in both stock and bond markets, result in higher
    interest rates and higher Treasury yields and increase the costs
    of all kinds of debt. These events could have significant
    adverse effects on the economy generally and could result in
    significant adverse impacts on Utilities and Infrastructure
    issuers and the Trust. Neither the Advisor nor the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    can predict the effects of these or similar events in the future
    on the U.S.&#160;economy and securities markets or on the
    Trust&#146;s portfolio. The Advisors intend to monitor
    developments and seek to manage the Trust&#146;s portfolio in a
    manner consistent with achieving the Trust&#146;s investment
    objective, but there can be no assurance that it will be
    successful in doing so and the Advisors may not timely
    anticipate or manage existing, new or additional risks,
    contingencies or developments.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">Market
    Disruption and Geopolitical 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 aftermath of the war in Iraq, instability in Afghanistan,
    Pakistan and the Middle East and terrorist attacks in the United
    States and around the world may result in market volatility, may
    have long-term effects on the U.S.&#160;and worldwide financial
    markets and may cause further economic uncertainties in the
    United States and worldwide. The Trust does not know how long
    the securities markets may be affected by these events and
    cannot predict the effects of these events or similar events in
    the future on the U.S.&#160;economy and securities markets.
</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 Risk&#160;&#151; Allocation of Investment
    Opportunities</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">
    BlackRock, BlackRock&#146;s affiliates (&#147;Affiliates&#148;)
    and BlackRock&#146;s significant shareholders (&#147;Significant
    Shareholders&#148;) are involved worldwide with a broad spectrum
    of financial services and asset management activities and may
    engage in the ordinary course of business in activities in which
    their interests or the interests of their clients may conflict
    with those of the Trust. BlackRock, its Affiliates and
    Significant Shareholders may provide investment management
    services to other funds and discretionary managed accounts that
    follow an investment program similar to that of the Trust.
    Subject to the requirements of the Investment Company Act,
    BlackRock, its Affiliates and Significant Shareholders intend to
    engage in such activities and may receive compensation from
    third parties for their services. Neither BlackRock nor its
    Affiliates or Significant Shareholders are under any obligation
    to share any investment opportunity, idea or strategy with the
    Trust. As a result, BlackRock, its Affiliates and Significant
    Shareholders may compete with the Trust for appropriate
    investment opportunities. The results of the Trust&#146;s
    investment activities, therefore, may differ from those of an
    Affiliate, Significant Shareholder or another account managed by
    an Affiliate or Significant Shareholder, and it is possible that
    the Trust could sustain losses during periods in which one or
    more Affiliates or Significant Shareholders and other accounts
    achieve profits on their trading for proprietary or other
    accounts. BlackRock has adopted policies and procedures designed
    to address potential conflicts of interests. For additional
    information about potential conflicts of interest, and the way
    in which BlackRock addresses such conflicts, please see
    &#147;Conflicts of Interest&#148; and &#147;Management of the
    Trust&#151;&#160;Trust&#160;Management&#160;&#151; Potential
    Material Conflicts of Interest&#148; in the SAI.
</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 discussed above
    has led the U.S.&#160;government and certain 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, including through direct purchases of
    equity and debt securities. Federal, state, and other
    governments, their regulatory agencies or self-regulatory
    organizations may take actions that affect the regulation of the
    issuers in which the Trust invests in ways that are
    unforeseeable. Legislation or regulation may also change the way
    in which the Trust is regulated. Such legislation or regulation
    could limit or preclude the Trust&#146;s ability to achieve its
    investment 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">
    Congress has enacted sweeping financial legislation, the
    Dodd-Frank Wall Street Reform and Consumer Protection Act of
    2010 (the &#147;Dodd-Frank Act&#148;), signed into law by
    President Obama on July&#160;21, 2010, regarding the operation
    of banks, private fund managers and other financial
    institutions, which includes provisions regarding the regulation
    of derivatives. Many provisions of the Dodd-Frank Act will be
    implemented through regulatory rulemakings and similar processes
    over a period of time. The impact of the Dodd-Frank Act, and of
    follow-on regulation, on trading strategies and operations is
    impossible to predict, and may be adverse. Practices and areas
    of operation subject to significant change based on the impact,
    direct or indirect, of the Dodd-Frank Act and follow-on
    regulation, may change in manners that are unforeseeable, with
    uncertain effects. By way of example and not limitation, direct
    and indirect changes from the Dodd-Frank Act and follow-on
    regulation may occur to a significant degree with regard to,
    among other areas, financial consumer protection, bank ownership
    of and involvement with private funds, proprietary trading,
    registration of investment advisers, and the trading and use of
    many derivative instruments, including swaps. There can be no
    assurance that such legislation or regulation will not have a
    material adverse effect on the Trust. In addition, Congress may
    address tax policy, which also could have uncertain direct and
    indirect impact on trading and operations, as well as,
    potentially, operations and structure of the Trust, and the SEC
    has engaged in a general investigation of private funds, which
    has resulted in increased regulatory oversight and other
    legislation and regulation relating to private fund managers,
    private funds and funds of hedge funds.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    Further, the Dodd-Frank Act created the Financial Stability
    Oversight Council (&#147;FSOC&#148;), an interagency body
    charged with identifying and monitoring systemic risks to
    financial markets. The FSOC has the authority to require that
    non-bank financial companies that are &#147;predominantly
    engaged in financial activities,&#148; such as the Trust, the
    Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors,</FONT>
    whose failure it determines would pose systemic risk, be placed
    under the supervision of the Board of Governors of the Federal
    Reserve System (&#147;Federal Reserve&#148;). The FSOC has the
    authority to recommend that the Federal Reserve adopt more
    stringent prudential standards and reporting and disclosure
    requirements for non-bank financial companies supervised by the
    Federal Reserve. Such disclosure requirements may include the
    disclosure of the identity of investors in private funds such as
    the Trust. The FSOC also has the authority to make
    recommendations to the Federal Reserve on various other matters
    that may affect the Trust, including requiring financial firms
    to submit resolution plans, mandating credit exposure reports,
    establishing concentration limits, and limiting short-term debt.
    The FSOC may also recommend that other federal financial
    regulators impose more stringent regulation upon, or ban
    altogether, financial activities of any financial firm that
    poses what it determines are significant risks to the financial
    system. In the event that the FSOC designates the Trust as a
    systemic risk to be placed under the Federal Reserve&#146;s
    supervision, the Trust could face stricter prudential standards,
    including risk-based capital requirements, leverage limits,
    liquidity requirements, concentration requirements, and overall
    risk management requirements, among other restrictions. Such
    requirements could hinder the Trust&#146;s ability to meet its
    investment objective and may place the Trust at a disadvantage
    with respect to its competitors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, BlackRock is, for purposes of the Bank Holding
    Company Act of 1956, as amended, and any rules or regulations
    promulgated thereunder from time to time, currently considered a
    subsidiary of The PNC Financial Services Group, Inc.
    (&#147;PNC&#148;), which is subject to regulation and
    supervision as a &#147;financial holding company&#148; by the
    Federal Reserve. The &#147;Volcker Rule&#148; contained in
    Section&#160;619 of the Dodd-Frank Act will limit the ability of
    banking entities, which would include BlackRock by virtue of its
    relationship with PNC, to sponsor, invest in or serve as
    investment manager of certain private investment funds. Pursuant
    to the Dodd-Frank Act, the Volcker Rule&#146;s effective date
    will be July&#160;21, 2012. Following the effective date of the
    Volcker Rule, banking entities subject to the Volcker Rule, such
    as BlackRock, will have at least a two-year period to come into
    compliance with the provisions of the Volcker Rule. The Volcker
    Rule could have a significant negative impact on BlackRock, the
    Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors.</FONT>
    BlackRock may attempt to take certain actions to lessen the
    impact of the Volcker Rule, although no assurance can be given
    that such actions would not have a significant negative impact
    on the Trust. While the U.S. financial regulators have issued
    proposed rules implementing the Volcker Rule, the Advisors
    cannot predict the extent to which the Volcker Rule will be
    subject to modification by rule prior to its effective date, or
    the impact any such modifications may have on BlackRock or the
    Advisors.
</DIV>

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

<DIV align="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 implementation of the Dodd-Frank Act could also adversely
    affect the Advisor, the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    and the Trust by increasing transaction
    <FONT style="white-space: nowrap">and/or</FONT>
    regulatory compliance costs. In addition, greater regulatory
    scrutiny and the implementation of enhanced and new regulatory
    requirements may increase the Advisor&#146;s, the
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    and the Trust&#146;s exposure to potential liabilities, and in
    particular liabilities arising from violating any such enhanced
    <FONT style="white-space: nowrap">and/or</FONT> new
    regulatory requirements. Increased regulatory oversight could
    also impose administrative burdens on the Advisor, the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    and the Trust, including, without limitation, responding to
    investigations and implementing new policies and procedures. The
    ultimate impact of the Dodd-Frank Act, and any resulting
    regulation, is not yet certain and the Advisor, the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    and the Trust may be affected by the new legislation and
    regulation in ways that are currently unforeseeable.
</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">Legislation
    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">
    At any time after the date of this prospectus, legislation may
    be enacted that could negatively affect the assets of the Trust.
    Legislation or regulation may change the way in which the Trust
    itself is regulated. The Advisors cannot predict the effects of
    any new governmental regulation that may be implemented, and
    there can be no assurance that any new governmental regulation
    will not adversely affect the Trust&#146;s ability to achieve
    its investment objective.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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
    Turnover 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 Trust&#146;s annual portfolio turnover rate may vary greatly
    from year to year, as well as within a given year. Portfolio
    turnover rate is not considered a limiting factor in the
    execution of investment decisions for the Trust. A higher
    portfolio turnover rate results in correspondingly greater
    brokerage commissions and other transactional expenses that are
    borne by the Trust. High portfolio turnover may result in an
    increased realization of net short-term capital gains by the
    Trust which, when distributed to common shareholders, will be
    taxable as ordinary income. Additionally, in a declining market,
    portfolio turnover may create realized capital losses.
</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 Trust is subject to management risk because it is an
    actively managed investment portfolio. The Advisors and the
    individual portfolio managers will apply investment techniques
    and risk analyses in making investment decisions for the Trust,
    but there can be no guarantee that these will produce the
    desired results. The Trust may be subject to a relatively high
    level of management risk because the Trust may invest in
    derivative instruments, which may be highly specialized
    instruments that require investment techniques and risk analyses
    different from those associated with stocks and bonds.
</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">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 Trust is intended for investors seeking a high level of
    total return, through a combination of current income, current
    gains and long-term capital appreciation. The Trust is not meant
    to provide a vehicle for those who wish to exploit short-term
    swings in the stock market and is intended for long-term
    investors. An investment in shares of the Trust should not be
    considered a complete investment program. Each shareholder
    should take into account the Trust&#146;s investment objective
    as well as the shareholder&#146;s other investments when
    considering an investment in the Trust.
</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 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 Trust&#146;s Agreement and Declaration of Trust includes
    provisions that could limit the ability of other entities or
    persons to acquire control of the Trust or convert the Trust to
    open-end status. These provisions could deprive the holders of
    common shares of opportunities to sell their common shares at a
    premium over the then current market price of the common shares
    or at net asset value. See &#147;Certain Provisions in the
    Agreement and Declaration of Trust.&#148;
</DIV>

<A name='Y93113107'>
<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">HOW THE
    TRUST&#160;MANAGES RISK</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
    Limitations</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 Trust has adopted certain investment limitations designed to
    limit investment risk. Some of these limitations are fundamental
    and thus may not be changed without the approval of the holders
    of a majority of the outstanding common shares. See
    &#147;Investment Restrictions&#148; in the SAI for a complete
    list of the fundamental and non-fundamental investment policies
    of the Trust.
</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">Strategic
    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 Trust may use certain Strategic Transactions in an effort to
    hedge all or a portion of the portfolio or to seek to enhance
    total return. These strategies include using swaps, financial
    futures contracts, options on financial futures or options based
    on either an index of long-term securities or on securities
    whose prices, in the opinion of the Advisors, correlate with the
    prices of the Trust&#146;s investments. There can be no
    assurance that Strategic Transactions will be used or used
    effectively to limit risk, and Strategic Transactions may be
    subject to their own risks. Please see the Trust&#146;s SAI for
    a more detailed description of Strategic Transactions and the
    various derivative instruments the Trust may use and the various
    risks associated with them.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    43
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113108'>
<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 TRUST</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">
    The Board is responsible for the overall management of the
    Trust, including supervision of the duties performed by the
    Advisors. There are eleven trustees of the Trust. A majority of
    the trustees will not be &#147;interested persons&#148; (as
    defined in the Investment Company Act) of the Trust. The name
    and business address of the trustees and officers of the Trust
    and their principal occupations and other affiliations during
    the past five years are set forth under &#147;Management of the
    Trust&#148; in the SAI.
</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
    Advisor and
    <FONT style="white-space: nowrap">Sub-Advisors</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">
    BlackRock Advisors acts as the Trust&#146;s investment advisor.
    BlackRock Advisors is responsible for the management of the
    Trust&#146;s portfolio and provides the necessary personnel,
    facilities, equipment and certain other services necessary to
    the operation of the Trust. BlackRock Financial Management, Inc.
    and BlackRock Investment Management, LLC act as the Trust&#146;s
    <FONT style="white-space: nowrap">sub-advisors</FONT>
    and will perform certain of the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    investment management of the Trust. BlackRock Advisors, located
    at 100 Bellevue Parkway, Wilmington, Delaware 19809, BlackRock
    Financial Management, Inc., located at 55 East 52nd&#160;Street,
    New York, New York 10055, BlackRock Investment Management, LLC,
    located at 55 East 52nd&#160;Street, New York, New York 10055,
    are wholly owned subsidiaries of BlackRock. BlackRock is one of
    the world&#146;s largest publicly-traded investment management
    firms. As of September&#160;30, 2011, BlackRock&#146;s assets
    under management were approximately $3.345 trillion. BlackRock
    has over 20&#160;years of experience managing closed-end
    products and, as of September&#160;30, 2011 advised a registered
    closed-end family of 94 exchange-listed active funds with
    approximately $39.6&#160;billion in assets. In addition,
    BlackRock advised two non-exchange-listed closed-end funds with
    approximately $322.7&#160;million in 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">
    BlackRock offers products that span the risk spectrum to meet
    clients&#146; needs, including active, enhanced and index
    strategies across markets and asset classes. Products are
    offered in a variety of structures including separate accounts,
    mutual funds,
    iShares<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (exchange traded funds), and other pooled investment vehicles.
    BlackRock also offers risk management, advisory and enterprise
    investment system services to a broad base of institutional
    investors through <I>BlackRock
    Solutions</I><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

    Headquartered in New York City, as of September&#160;30, 2011,
    the firm has approximately 10,200&#160;employees in 27 countries
    and a major presence in key global markets, including North and
    South America, Europe, Asia, Australia and the Middle East and
    Africa.
</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
    Managers</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">
    BlackRock uses a team approach in managing its portfolios. The
    members of the portfolio management team who are primarily
    responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Trust&#146;s portfolio are as follows:
</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>Kathleen Anderson</I> is a Managing Director of BlackRock
    since 2008. Prior to joining BlackRock in 2006, she was a
    Director of Merrill Lynch Investment Managers, L.P. (MLIM).
    Ms.&#160;Anderson was a Director with MLIM from 2000 to 2006 and
    a Vice President with MLIM from 1994 to 2000. Ms.&#160;Anderson
    has been a portfolio manager since 1998 and was a research
    analyst with MLIM from 1993 to 1998.
</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>Robert Shearer</I>, CFA, is a Managing Director of BlackRock.
    Prior to joining BlackRock in 2006 he was a Managing Director of
    Merrill Lynch Investment Managers, L.P. (MLIM). Prior to joining
    MLIM, Mr.&#160;Shearer was a Vice President with David L.
    Babson&#160;&#038; Company, Inc., a Vice President and Sector
    Manager with Concert Capital Management, Inc. and a Vice
    President with Fiduciary Trust&#160;Company International.
</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>Kyle G. McClements</I>, CFA, Managing Director, is a member
    of the Fundamental Equity platform within BlackRock&#146;s
    Portfolio Management Group. He is a senior trader responsible
    for executing equity derivatives and options trades.
    Mr.&#160;McClements&#146; service with the firm dates back to
    2004, including his years with State Street Research&#160;&#038;
    Management (SSRM), which merged with BlackRock in 2005. At SSRM,
    Mr.&#160;McClements was a Vice President and senior derivatives
    strategist responsible for equity derivative strategy and
    trading in the Quantitative Equity Group at State Street
    Research. Prior to joining State Street Research in 2004,
    Mr.&#160;McClements was a senior trader/analyst at Deutsche
    Asset Management, responsible for derivatives, equity program,
    technology and energy sector, and foreign exchange trading.
    Mr.&#160;McClements began his
</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>
    44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    career in 1994 as a derivatives analyst with Donaldson
    Lufkin&#160;&#038; Jenrette responsible for pricing and
    performance analytics for the derivatives trading desk.
</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>Daniel J. Neumann</I>, CFA, Director and energy analyst, is a
    member of BlackRock&#146;s Global Resources team. Prior to
    joining BlackRock in 2005, Mr.&#160;Neumann was a Vice President
    and fixed income analyst with State Street Research&#160;&#038;
    Management. He was responsible for coverage of the electric
    utility, natural gas distribution and pipeline sectors. From
    1999 to 2004, he was with Bank of America Securities LLC as an
    equity research associate focusing on the energy sector. He
    began his career with PaineWebber Incorporated in 1997 as an
    investment banking analyst.
</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>Christopher M. Accettella</I>, Director, is a member of the
    Fundamental Equity platform within BlackRock&#146;s Portfolio
    Management Group. He is a trader responsible for executing
    equity derivatives and options trades. Prior to joining
    BlackRock in 2005, Mr.&#160;Accettella was an institutional
    sales trader with American Technology Research. From 2001 to
    2003, he was with Deutsche Asset Management where he was
    responsible for derivatives and program trading. Prior to that,
    he was a senior associate in the Pacific Basin Equity Group at
    Scudder Investments Singapore Limited. Mr.&#160;Accettella began
    his investment career in 1997 as a portfolio analyst in the
    European Equity group of Scudder Kemper Investments, 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">Investment
    Philosophy</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 portfolio management team&#146;s investment philosophy is
    centered on offering a stable foundation for investors to
    protect and grow their assets. The portfolio management team
    believes in the total return potential and relative downside
    protection of dividend-paying securities, as they offer the
    prospect of a consistent revenue stream to buffer against market
    volatility. The portfolio management team also believes that the
    potential for downside protection combined with upside
    participation typically leads to strong long-term total returns
    and preservation of capital.
</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
    Process</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 value investors, the portfolio management team considers
    various shorter-term valuation metrics, but ultimately seeks to
    add value by managing the portfolio for longer-term earnings
    strength and consistency. They believe a well-constructed
    portfolio is one that offers upside capture in periods of
    economic strength and downside protection periods of weakness,
    thereby avoiding unnecessary portfolio turnover. The portfolio
    management team uses deep sector and industry-level expertise
    combined with fundamental
    <FONT style="white-space: nowrap">bottom-up</FONT>
    stock and industry analysis in order to narrow down their
    universe of large cap value stocks. They focus on analyzing
    those stocks that exhibit dividend &#147;discipline,&#148;
    conservative balance sheets, consistent management teams and
    those that tend to operate in industries where they have a
    sustainable competitive advantage. The combination of these
    characteristics tends to promote both earnings stability for
    downside protection and earnings strength for future
    appreciation. The ultimate goal of the process is to continually
    balance reliable dividend income with steady price appreciation
    in anticipation of strong total returns in the long term.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Research begins with an active fundamental process focusing on
    large cap issuers. The process narrows down the universe to
    dividend-paying equities with conservative
    <FONT style="white-space: nowrap">debt-to-capital</FONT>
    ratios (&#060;50%). Ideally, these companies will have strong
    balance sheets, stable revenues and earnings, and exhibit future
    earnings power. These valuations are met with a
    <FONT style="white-space: nowrap">bottom-up</FONT>
    examination of structural characteristics of sectors and
    industries, which are screened for mid- to long-term
    profitability and earnings growth projections.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Research is conducted through
    <FONT style="white-space: nowrap">one-on-one</FONT>
    meetings, firm management meetings, and analyst and portfolio
    managers&#146; fundamental research. The portfolio management
    team aims to identify the inflection points in both stocks and
    industries in order to capture the greatest potential
    appreciation. Company and sector investment ideas are developed
    from meetings, conferences, reading and screening various
    databases. Once identified, companies are researched to
    determine if the stock is at or near a technical inflection
    point.
</DIV>

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

<DIV align="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 portfolio managers consider ongoing investment research to
    be an integral part of the portfolio management process and thus
    place a large emphasis on the research component. The portfolio
    management team
</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>
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    devotes the majority of its time to portfolio management and
    investment research. They also take advantage of
    BlackRock&#146;s global equity research departments to gain
    supplemental insight into industry and company analysis.
</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
    Management Agreements</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">
    Pursuant to an investment management agreement between BlackRock
    Advisors and the Trust (the &#147;Investment Management
    Agreement&#148;), the Trust has agreed to pay BlackRock Advisors
    a management fee at an annual rate equal to 1.00% of the average
    daily value of the net assets of the Trust.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock Advisors will pay an annual
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fee to each
    <FONT style="white-space: nowrap">Sub-Advisor</FONT>
    equal to 51% of the management fee received by BlackRock
    Advisors with respect to the average daily value of the net
    assets of the Trust allocated to such Sub-Advisor.
</DIV>

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

<DIV align="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 discussion regarding the basis for the approval of the
    investment management agreements by the board of trustees will
    be available in the Trust&#146;s first report to 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 to the fees paid to BlackRock Advisors, the Trust
    pays all other costs and expenses of its operations, including
    compensation of its trustees (other than those who are employees
    or officers of the Advisors), custodian, leveraging expenses,
    transfer and dividend disbursing agent expenses, legal fees,
    rating agency fees, listing fees and expenses, expenses of
    independent auditors, expenses of repurchasing shares, expenses
    of preparing, printing and distributing shareholder reports,
    notices, proxy statements and reports to governmental agencies
    and taxes, if any.
</DIV>

<A name='Y93113109'>
<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">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 NAV of the common shares of the Trust will be computed based
    upon the value of the Trust&#146;s portfolio securities and
    other assets. Net asset value per common share will be
    determined as of the close of the regular trading session on the
    NYSE on each business day on which the NYSE is open for trading.
    The Trust calculates net asset value per common share by
    subtracting the Trust&#146;s liabilities (including accrued
    expenses, dividends payable and any borrowings of the Trust)
    from the Trust&#146;s total assets (the value of the securities
    the Trust holds plus cash or other assets, including interest
    accrued but not yet received) and dividing the result by the
    total number of common shares of the Trust 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 Trust fair values its financial instruments at market value
    using independent broker-dealer quotes or approved pricing
    services under policies approved by the Board. Equity securities
    that are traded on a recognized securities exchange (e.g., the
    NYSE), separate trading boards of a securities exchange, or
    through a market system that provides contemporaneous
    transaction pricing information (an &#147;Exchange&#148;) are
    valued via independent pricing services generally at the
    Exchange closing price or if an Exchange closing price is not
    available, the last traded price on that Exchange prior to the
    time as of which the assets or liabilities are valued. For
    equity investments traded on more than one exchange, the last
    reported sale price on the exchange where the stock is primarily
    traded is used. Equity investments traded on a recognized
    exchange for which there were no sales on that day are valued at
    the last available bid price. If no bid price is available, the
    prior day&#146;s price will be used, unless it is determined
    that such prior day&#146;s price no longer reflects the fair
    value of the security, in which case such asset will be treated
    as a Fair Value Asset (as defined herein). Investments in
    open-end investment companies are valued at net asset value each
    business day. Short-term securities with remaining maturities of
    60&#160;days or less may be valued at amortized cost, which
    approximates fair 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">
    Securities and other assets and liabilities denominated in
    foreign currencies are translated into U.S.&#160;dollars using
    exchange rates determined as of the close of business on the
    NYSE. Foreign currency exchange contracts are valued at the mean
    between the bid and ask prices and are determined as of the
    close of business on the NYSE. Interpolated values are derived
    when the settlement date of the contract is an interim date for
    which quotations are not 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">
    Swap agreements are valued utilizing quotes received by the
    Trust&#146;s pricing service or through broker-dealers, which
    are derived using daily swap curves and models that incorporate
    a number of market data factors, such as discounted cash flows
    and trades and values of the underlying reference instruments.
    Exchange-traded options are valued at the mean between the last
    bid and ask prices at the close of the options market in which
    the options trade.
</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>
    46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    An exchange-traded option for which there is no mean price
    available is valued at the last bid (long positions) or ask
    (short positions) price. If no bid or ask price is available,
    the prior day&#146;s price will be used, unless it is determined
    that the prior day&#146;s price no longer reflects the fair
    value of the option, in which case such asset will be treated as
    a Fair Value Asset.
    <FONT style="white-space: nowrap">Over-the-counter</FONT>
    (&#147;OTC&#148;) options are valued by an independent pricing
    service using a mathematical model which incorporates a number
    of market data factors, such as the trades and prices of the
    underlying instruments. Financial futures contracts and options
    thereon, which are traded on exchanges, are valued at their last
    sale price or settle price as of the close of such exchanges.
    Other types of derivatives for which quotes may not be available
    are valued at fair 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">
    In the event that application of these methods of valuation
    results in a price for an investment which is deemed not to be
    representative of the market value of such investment or is not
    available, the investment are fair valued (&#147;Fair Value
    Assets&#148;) as determined in good faith under procedures
    established by, and under the general supervision and
    responsibility of, the Trust&#146;s board of trustees. When
    determining the price for Fair Value Assets, the Advisor
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    seek to determine the price that the Trust might reasonably
    expect to receive from the current sale of that asset in an
    arm&#146;s-length transaction. Fair value determinations shall
    be based upon all available factors that the Advisor
    <FONT style="white-space: nowrap">and/or</FONT>
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    deem relevant. The pricing of all Fair Value Assets is
    subsequently reported to the Board or a committee 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">
    Generally, trading in foreign instruments is substantially
    completed each day at various times prior to the close of
    business on the NYSE. Occasionally, events affecting the values
    of such instruments may occur between the foreign market close
    and the close of business on the NYSE that may not be reflected
    in the computation of the Trust&#146;s net assets. If
    significant events (for example, a company announcement, market
    volatility or a natural disaster) occur during such periods that
    are expected to materially affect the value of such instruments,
    those instruments may be deemed Fair Value Assets and be valued
    at their fair value, as determined in good faith by the
    investment adviser using a pricing service
    <FONT style="white-space: nowrap">and/or</FONT>
    policies approved by the Board. Each business day, the Trust
    uses a pricing service to assist with the valuation of certain
    foreign exchange-traded equity securities and foreign
    exchange-traded and OTC options (the &#147;Systematic Fair Value
    Price&#148;). Using current market factors, the Systematic Fair
    Value Price is designed to value such foreign securities and
    foreign options at fair value as of the close of business on the
    NYSE, which follows the close of the local markets.
</DIV>

<A name='Y93113110'>
<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">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">
    Commencing with the Trust&#146;s initial distribution, the Trust
    intends to make regular quarterly cash distributions of all or a
    portion of its net investment income to common shareholders. We
    expect to declare the initial quarterly dividend on the
    Trust&#146;s common shares within approximately 45&#160;days
    after completion of this offering and to pay that initial
    quarterly dividend approximately 90 to 120&#160;days after
    completion of this offering. The Trust will pay common
    shareholders at least annually all or substantially all of its
    investment company taxable income. The Trust intends to pay any
    capital gains distributions at least annually. The Investment
    Company Act generally limits the Trust to one capital gain
    distribution per year, subject to certain exceptions.
</DIV>

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

<DIV align="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 Trust may, pursuant to an SEC exemptive order granted to
    certain of BlackRock&#146;s closed-end funds, adopt a plan to
    support a level distribution of income, capital gains
    <FONT style="white-space: nowrap">and/or</FONT>
    return of capital (the &#147;Level&#160;Distribution
    Plan&#148;). The Level&#160;Distribution Plan will be approved
    by the Trust&#146;s Board of Trustees and be consistent with the
    Trust&#146;s investment objective and policies. Under the
    Level&#160;Distribution Plan, the Trust will distribute all
    available investment income to its shareholders, consistent with
    its investment objective and as required by the Code. If
    sufficient investment income is not available on a quarterly
    basis, the Trust will distribute long-term capital gains
    <FONT style="white-space: nowrap">and/or</FONT>
    return of capital to shareholders in order to maintain a level
    distribution. Each quarterly distribution to shareholders is
    expected to be at the fixed amount established by the Board,
    except for extraordinary distributions and potential
    distribution rate increases or decreases to enable the Trusts to
    comply with the distribution requirements imposed by the Code.
    Shareholders should not draw any conclusions about the
    Trust&#146;s investment performance from the amount of these
    distributions or from the terms of the Level&#160;Distribution
    Plan. The Trust&#146;s total return performance on NAV will be
    presented in its financial highlights table, which will be
    available in the Trust&#146;s shareholder reports, every
    six-months. The Board may amend, suspend or terminate the
    Level&#160;Distribution Plan without prior notice if it deems
    such actions to be in the best interests of the Trust or its
    shareholders. 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>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    suspension or termination of the Level&#160;Distribution Plan
    could have the effect of creating a trading discount (if the
    Trust&#146;s stock is trading at or above net asset value) or
    widening an existing trading discount. The Trust is subject to
    risks that could have an adverse impact on its ability to
    maintain level distributions. Examples of potential risks
    include, but are not limited to, economic downturns impacting
    the markets, decreased market volatility, companies suspending
    or decreasing corporate dividend distributions and changes in
    the Code. Please see &#147;Risks&#148; for a more complete
    description of the Trust&#146;s risks.
</DIV>

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

<DIV align="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 tax treatment and characterization of the Trust&#146;s
    distributions may vary significantly from time to time because
    of the varied nature of the Trust&#146;s investments. In light
    of the Trust&#146;s investment policies, the Trust anticipates
    that the Investment Company Act will require it to accompany
    each quarterly distribution with a statement setting forth the
    estimated source (as between net income, capital gains and
    return of capital) of the distribution made. The Trust will
    indicate the proportion of its capital gains distributions that
    constitute long-term and short-term gains annually. The ultimate
    tax characterization of the Trust&#146;s distributions made in a
    calendar or fiscal year cannot finally be determined until after
    the end of that fiscal year. As a result, there is a possibility
    that the Trust may make total distributions during a calendar or
    fiscal year in an amount that exceeds the Trust&#146;s net
    investment income and net capital gains for the relevant fiscal
    year. In such situations, the amount by which the Trust&#146;s
    total distributions exceed its net investment income and net
    capital gains would generally be treated as a tax-free return of
    capital reducing the amount of a shareholder&#146;s tax basis in
    such shareholder&#146;s shares, with any amounts exceeding such
    basis treated as gain from the sale of 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">
    Various factors will affect the level of the Trust&#146;s
    income, including the asset mix and the Trust&#146;s use of
    hedging. To permit the Trust to maintain a more stable quarterly
    distribution, the Trust may from time to time distribute less
    than the entire amount of income earned in a particular period.
    The undistributed income would be available to supplement future
    distributions. As a result, the distributions paid by the Trust
    for any particular quarterly period may be more or less than the
    amount of income actually earned by the Trust during that
    period. Undistributed income will add to the Trust&#146;s net
    asset value and, correspondingly, distributions from
    undistributed income will deduct from the Trust&#146;s 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">
    Under normal market conditions, the Advisors will seek to manage
    the Trust in a manner such that the Trust&#146;s distributions
    are reflective of the Trust&#146;s current and projected
    earnings levels. The distribution level of the Trust is subject
    to change based upon a number of factors, including the current
    and projected level of the Trust&#146;s earnings, and may
    fluctuate over 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 Trust reserves the right to change its distribution policy
    and the basis for establishing the rate of its quarterly
    distributions at any time and may do so without prior notice 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">
    Shareholders will automatically have all dividends and
    distributions reinvested in common shares of the Trust issued by
    the Trust or purchased in the open market in accordance with the
    Trust&#146;s dividend reinvestment plan unless an election is
    made to receive cash. See &#147;Dividend Reinvestment Plan.&#148;
</DIV>

<A name='Y93113111'>
<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">DIVIDEND
    REINVESTMENT 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">
    Unless the registered owner of common shares elects to receive
    cash by contacting the Reinvestment Plan Agent, all dividends
    declared for your common shares of the Trust will be
    automatically reinvested by The Bank of New York Mellon (the
    &#147;Reinvestment Plan Agent&#148;), agent for shareholders in
    administering the Trust&#146;s Dividend Reinvestment Plan (the
    &#147;Reinvestment Plan&#148;), in additional common shares of
    the Trust. Shareholders who elect not to participate in the
    Reinvestment Plan will receive all dividends and other
    distributions in cash paid by check mailed directly to the
    shareholder of record (or, if the common shares are held in
    street or other nominee name, then to such nominee) by The Bank
    of New York Mellon, as dividend disbursing agent. You may elect
    not to participate in the Reinvestment Plan and to receive all
    dividends in cash by contacting The Bank of New York Mellon, as
    Reinvestment Plan Agent, at the address set forth below.
    Participation in the Reinvestment Plan is completely voluntary
    and may be terminated or resumed at any time without penalty by
    notice if received and processed by the Reinvestment Plan Agent
    prior to the dividend record date. Additionally, the
    Reinvestment Plan Agent seeks to process notices received after
    the record date but prior to the payable date and such notices
    often will become
</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="#Y93113tocpage">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">
    effective by the payable date. Where late notices are not
    processed by the applicable payable date, such termination or
    resumption will be effective with respect to any subsequently
    declared dividend or other distribution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Some brokers may automatically elect to receive cash on your
    behalf and may re-invest that cash in additional common shares
    of the Trust for you. If you wish for all dividends declared on
    your common shares of the Trust to be automatically reinvested
    pursuant to the Reinvestment Plan, please contact your broker.
</DIV>

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

<DIV align="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 Reinvestment Plan Agent will open an account for each common
    shareholder under the Reinvestment Plan in the same name in
    which such common shareholder&#146;s common shares are
    registered. Whenever the Trust declares a dividend or other
    distribution (together, a &#147;dividend&#148;) payable in cash,
    non-participants in the Reinvestment Plan will receive cash and
    participants in the Reinvestment Plan will receive the
    equivalent in common shares. The common shares will be acquired
    by the Reinvestment Plan Agent for the participants&#146;
    accounts, depending upon the circumstances described below,
    either (i)&#160;through receipt of additional unissued but
    authorized common shares from the Trust (&#147;newly issued
    common shares&#148;) or (ii)&#160;by purchase of outstanding
    common shares on the open market (&#147;open-market
    purchases&#148;). If, on the dividend payment date, the net
    asset vale per share (NAV) is equal to or less than the market
    price per share plus estimated brokerage commissions (such
    condition often referred to as a &#147;market premium&#148;),
    the Reinvestment Plan Agent will invest the dividend amount in
    newly issued common shares on behalf of the participants. The
    number of newly issued common shares to be credited to each
    participant&#146;s account will be determined by dividing the
    dollar amount of the dividend by the NAV on the dividend payment
    date. However, if the NAV is less than 95% of the market price
    on the dividend payment date, the dollar amount of the dividend
    will be divided by 95% of the market price on the dividend
    payment date. If, on the dividend payment date, the NAV is
    greater than the market price per share plus estimated brokerage
    commissions (such condition often referred to as a &#147;market
    discount&#148;), the Reinvestment Plan Agent will invest the
    dividend amount in common shares acquired on behalf of the
    participants in open-market purchases. In the event of a market
    discount on the dividend payment date, the Reinvestment Plan
    Agent will have until the last business day before the next date
    on which the common shares trade on an &#147;ex-dividend&#148;
    basis or 30&#160;days after the dividend payment date, whichever
    is sooner (the &#147;last purchase date&#148;), to invest the
    dividend amount in common shares acquired in open-market
    purchases. It is contemplated that the Trust will pay quarterly
    income dividends. If, before the Reinvestment Plan Agent has
    completed its open-market purchases, the market price per common
    share exceeds the NAV per common share, the average per common
    share purchase price paid by the Reinvestment Plan Agent may
    exceed the NAV of the common shares, resulting in the
    acquisition of fewer common shares than if the dividend had been
    paid in newly issued common shares on the dividend payment date.
    Because of the foregoing difficulty with respect to open-market
    purchases, the Reinvestment Plan provides that if the
    Reinvestment Plan Agent is unable to invest the full dividend
    amount in open-market purchases, or if the market discount
    shifts to a market premium during the purchase period, the
    Reinvestment Plan Agent may cease making open-market purchases
    and may invest any uninvested portion in newly issued shares.
    Investments in newly issued shares made in this manner would be
    made pursuant to the same process described above and the date
    of issue for such newly issued shares will substitute for the
    dividend payment 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">
    The Reinvestment Plan agent maintains all shareholders&#146;
    accounts in the Reinvestment Plan and furnishes written
    confirmation of all transactions in the accounts, including
    information needed by shareholders for tax records. Common
    shares in the account of each Reinvestment Plan participant will
    be held by the Reinvestment Plan Agent on behalf of the
    Reinvestment Plan participant, and each shareholder proxy will
    include those shares purchased or received pursuant to the
    Reinvestment Plan. The Reinvestment Plan Agent will forward all
    proxy solicitation materials to participants and vote proxies
    for shares held under the Reinvestment Plan in accordance with
    the instructions of the participants.
</DIV>

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

<DIV align="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
    which hold shares for others who are the beneficial owners, the
    Reinvestment Plan Agent will administer the Reinvestment Plan on
    the basis of the number of common shares certified from time to
    time by the record shareholder&#146;s name and held for the
    account of beneficial owners who participate in the Reinvestment
    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">
    There will be no charges with respect to common shares issued
    directly by the Trust as a result of dividends or capital gains
    distributions payable either in common shares or in cash. The
    Reinvestment Plan Agent&#146;s fees for the handling of the
    reinvestment of dividends will be paid by the Trust. However,
    each participant will pay a per share
</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>
    49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    fee incurred in connection with open-market purchases. The
    automatic reinvestment of dividends will not relieve
    participants of any federal, state or local income tax that may
    be payable (or required to be withheld) on such dividends. See
    &#147;Tax Matters.&#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">
    Participants that request a sale of shares through the
    Reinvestment Plan Agent are subject to a $0.02 per share sold
    fee. All per share fees include any brokerage commission the
    Reinvestment Plan Agent is required to pay.
</DIV>

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

<DIV align="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 Trust reserves the right to amend or terminate the
    Reinvestment Plan. There is no direct service charge to
    participants with regard to purchases in the Reinvestment Plan;
    however, the Trust reserves the right to amend the Reinvestment
    Plan to include a service charge payable by the participants.
</DIV>

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

<DIV align="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 correspondence concerning the Reinvestment Plan should be
    directed to the Reinvestment Plan Agent at BNY Mellon
    Shareholder Services, P.O. Box 358035, Pittsburgh, PA
    15252-8035; or by calling 1-866-216-0242.
</DIV>

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



<A name='Y93113112'>
<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 SHARES</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">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 Trust is an unincorporated statutory trust organized under
    the laws of Delaware pursuant to an Agreement and Declaration of
    Trust dated as of August&#160;25, 2011 (the &#147;Agreement and
    Declaration of Trust&#148;). The Trust is authorized to issue an
    unlimited number of common shares of beneficial interest, par
    value $0.001 per share. Each common share has one vote and, when
    issued and paid for in accordance with the terms of this
    offering, will be fully paid and non-assessable, except that the
    trustees shall have the power to cause shareholders to pay
    expenses of the Trust by setting off charges due from
    shareholders from declared but unpaid dividends or distributions
    owed the shareholders
    <FONT style="white-space: nowrap">and/or</FONT> by
    reducing the number of common shares owned by each respective
    shareholder. If and whenever Preferred Shares are outstanding,
    the holders of common shares will not be entitled to receive any
    distributions from the Trust unless all accrued dividends on
    Preferred Shares have been paid, unless asset coverage (as
    defined in the Investment Company Act) with respect to Preferred
    Shares would be at least 200% after giving effect to the
    distributions and unless certain other requirements imposed by
    any rating agencies rating the Preferred Shares have been met.
    See &#147;Description of Shares&#160;&#151; Preferred
    Shares&#148; in the SAI. All common shares are equal as to
    dividends, assets and voting privileges and have no conversion,
    preemptive or other subscription rights. The Trust 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">
    The Trust has no present intention to offer preferred shares.
    Any additional offering of common shares will be subject to the
    requirements of the Investment Company Act, which provides that
    shares may not be issued at a price below the then current net
    asset value, exclusive of sales load, except in connection with
    an offering to existing holders of common shares or with the
    consent of a majority of the Trust&#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 Trust&#146;s common shares are expected to be listed on the
    NYSE, subject to notice of issuance, under the symbol
    &#147;BUI.&#148; Net asset value will be reduced immediately
    following the offering of common shares by the amount of the
    sales load and the amount of the offering expenses paid by the
    Trust. See &#147;Summary of Trust&#160;Expenses.&#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">
    Unlike open-end funds, closed-end funds like the Trust do not
    continuously offer shares and do not provide daily redemptions.
    Rather, if a shareholder determines to buy additional common
    shares or sell shares already held, the shareholder may do so by
    trading through a broker on the NYSE or otherwise. Shares of
    closed-end investment companies frequently 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 levels (which are in turn affected by expenses),
    dividend stability, option premiums, cash flow, market supply
    and demand, liquidity, market volatility, general market and
    economic conditions and other factors beyond the control of the
    Trust, the Trust 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. See &#147;Repurchase of
    Common Shares&#148; and &#147;Repurchase of Common Shares&#148;
    in the SAI.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">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">
    The Trust has no current intention of issuing preferred shares.
    Under the Investment Company Act, the Trust is not permitted to
    issue preferred shares unless immediately after such issuance
    the value of the Trust&#146;s total assets is at least 200% of
    the liquidation value of the outstanding preferred shares (i.e.,
    the liquidation value may not exceed 50% of the Trust&#146;s
    total assets). In addition, the Trust is not permitted to
    declare any cash dividend or other distribution on its common
    shares unless, at the time of such declaration, the value of the
    Trust&#146;s total assets is at least 200% of such liquidation
    value. If the Trust issues preferred shares, it may be subject
    to restrictions imposed by guidelines of one or more rating
    agencies that may issue ratings for preferred shares issued by
    the Trust. These guidelines may impose asset coverage or
    portfolio composition requirements that are more stringent than
    those imposed on the Trust by the Investment Company Act. It is
    not anticipated that these covenants or guidelines would impede
    the Advisor from managing the Trust&#146;s portfolio in
    accordance with the Trust&#146;s investment objective and
    policies. Please see &#147;Description of Shares&#148; in the
    Trust&#146;s SAI for more information.
</DIV>

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



<A name='Y93113113'>
<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">CERTAIN
    PROVISIONS IN THE AGREEMENT AND DECLARATION OF TRUST</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 Agreement and Declaration of Trust includes provisions that
    could have the effect of limiting the ability of other entities
    or persons to acquire control of the Trust or to change the
    composition of the Board. This could have the effect of
    depriving shareholders of an opportunity to sell their shares at
    a premium over prevailing market prices by discouraging a third
    party from seeking to obtain control over the Trust. Such
    attempts could have the effect of increasing the expenses of the
    Trust and disrupting the normal operation of the Trust. The
    Board is divided into three classes, with the terms of one class
    expiring at each annual meeting of shareholders. At each annual
    meeting, one class of trustees is elected to a three-year term.
    This provision could delay for up to two years the replacement
    of a majority of the Board. A trustee may be removed from office
    for cause only, and only by the action of a majority of the
    remaining trustees followed by a vote of the holders of at least
    75% of the shares then entitled to vote for the election of the
    respective 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">
    In addition, the Trust&#146;s Agreement and Declaration of Trust
    requires the favorable vote of a majority of the Board followed
    by the favorable vote of the holders of at least 75% of the
    outstanding shares of each affected class or series of the
    Trust, voting separately as a class or series, to approve, adopt
    or authorize certain transactions with 5% or greater holders of
    a class or series of shares and their associates, unless the
    transaction has been approved by at least 80% of the trustees,
    in which case &#147;a majority of the outstanding voting
    securities&#148; (as defined in the Investment Company Act) of
    the Trust shall be required. For purposes of these provisions, a
    5% or greater holder of a class or series of shares (a
    &#147;Principal Shareholder&#148;) refers to any person who,
    whether directly or indirectly and whether alone or together
    with its affiliates and associates, beneficially owns 5% or more
    of the outstanding shares of all outstanding classes or series
    of shares of beneficial interest of the Trust. The 5% holder
    transactions subject to these special approval requirements are:
</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 merger or consolidation of the Trust or any subsidiary of
    the Trust with or into any Principal Shareholder;
</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 issuance of any securities of the Trust to any Principal
    Shareholder for cash (other than pursuant to any automatic
    dividend reinvestment 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>    &#149;&#160;
</TD>
    <TD align="left">
    the sale, lease or exchange of all or any substantial part of
    the assets of the Trust to any Principal Shareholder, except
    assets having an aggregate fair market value of less than 2% of
    the total assets of the Trust, aggregating for the purpose of
    such computation all assets sold, leased or exchanged in any
    series of similar transactions within a twelve-month
    period;&#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 sale, lease or exchange to the Trust or any subsidiary of
    the Trust, in exchange for securities of the Trust, of any
    assets of any Principal Shareholder, except assets having an
    aggregate fair market value of less than 2% of the total assets
    of the Trust, aggregating for purposes of such computation all
    assets sold, leased or exchanged in any series of similar
    transactions within a twelve-month period.
</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">
    To convert the Trust to an open-end investment company, the
    Trust&#146;s Agreement and Declaration of Trust requires the
    favorable vote of a majority of the Board followed by the
    favorable vote of the holders of at least 75% of the outstanding
    shares of each affected class or series of shares of the Trust,
    voting separately as a class or series, unless such amendment
    has been approved by at least 80% of the trustees, in which case
    &#147;a majority of 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>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    outstanding voting securities&#148; (as defined in the
    Investment Company Act) of the Trust shall be required. The
    foregoing vote would satisfy a separate requirement in the
    Investment Company Act that any conversion of the Trust to an
    open-end investment company be approved by the shareholders. If
    approved in the foregoing manner, we anticipate conversion of
    the Trust to an open-end investment company might not occur
    until 90&#160;days after the shareholders&#146; meeting at which
    such conversion was approved and would also require at least
    10&#160;days&#146; prior notice to all shareholders. Conversion
    of the Trust to an open-end investment company would require the
    redemption of any outstanding Preferred Shares, which could
    eliminate or alter the leveraged capital structure of the Trust
    with respect to the common shares. Following any such
    conversion, it is also possible that certain of the Trust&#146;s
    investment policies and strategies would have to be modified to
    assure sufficient portfolio liquidity. In the event of
    conversion, the common shares would cease to be listed on the
    NYSE or other national securities exchanges or market systems.
    Shareholders of an open-end investment company may require the
    company to redeem their shares at any time, except in certain
    circumstances as authorized by or under the Investment Company
    Act, at their net asset value, less such redemption charge, if
    any, as might be in effect at the time of a redemption. The
    Trust expects to pay all such redemption requests in cash, but
    reserves the right to pay redemption requests in a combination
    of cash or securities. If such partial payment in securities
    were made, investors may incur brokerage costs in converting
    such securities to cash. If the Trust were converted to an
    open-end fund, it is likely that new shares would be sold at net
    asset value plus a sales load. The Board believes, however, that
    the closed-end structure is desirable in light of the
    Trust&#146;s investment objective and policies. Therefore, you
    should assume that it is not likely that the Board would vote to
    convert the Trust to an open-end 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 the purposes of calculating &#147;a majority of the
    outstanding voting securities&#148; under the Trust&#146;s
    Agreement and Declaration of Trust, each class and series of the
    Trust shall vote together as a single class, except to the
    extent required by the Investment Company Act or the
    Trust&#146;s Agreement and Declaration of Trust with respect to
    any class or series of shares. If a separate vote is required,
    the applicable proportion of shares of the class or series,
    voting as a separate class or series, also will be required.
</DIV>

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

<DIV align="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 has determined that provisions with respect to the
    Board and the shareholder voting requirements described above,
    which voting requirements are greater than the minimum
    requirements under Delaware law or the Investment Company Act,
    are in the best interests of shareholders generally. Reference
    should be made to the Agreement and Declaration of Trust on file
    with the Securities and Exchange Commission for the full text of
    these provisions.
</DIV>

<A name='Y93113114'>
<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">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 Trust is a non-diversified, closed-end management investment
    company with no operating history (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 stock exchange
    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 Trust&#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,
    and also 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 frequently 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 Board might consider from time to time
    engaging in open-market repurchases, tender offers for shares or
    other programs intended to reduce the discount. We cannot
    guarantee or assure, however, that the Board 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. See &#147;Repurchase of Common Shares&#148; and
    &#147;Repurchase of Common Shares&#148; in
</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>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    the SAI. The Board might also consider converting the Trust to
    an open-end mutual fund, which would also require a vote of the
    shareholders of the Trust.
</DIV>

<A name='Y93113115'>
<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">
    Shares of closed-end investment companies often trade at a
    discount to their net asset values, and the Trust&#146;s common
    shares may also trade at a discount to their net asset value,
    although it is possible that they may trade at a premium above
    net asset value. The market price of the Trust&#146;s common
    shares will be determined by such factors as relative demand for
    and supply of such common shares in the market, the Trust&#146;s
    net asset value, general market and economic conditions and
    other factors beyond the control of the Trust. See &#147;Net
    Asset Value.&#148; Although the Trust&#146;s common shareholders
    will not have the right to redeem their common shares, the Trust
    may take action to repurchase common shares in the open market
    or make tender offers for its common shares. This may have the
    effect of reducing any market discount from 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">
    There is no assurance that, if action is undertaken to
    repurchase or tender for common shares, such action will result
    in the common shares&#146; trading at a price which approximates
    their net asset value. Although share repurchases and tenders
    could have a favorable effect on the market price of the
    Trust&#146;s common shares, you should be aware that the
    acquisition of common shares by the Trust will decrease the
    capital of the Trust and, therefore, may have the effect of
    increasing the Trust&#146;s expense ratio and decreasing the
    asset coverage with respect to any Preferred Shares outstanding.
    Any share repurchases or tender offers will be made in
    accordance with the requirements of the Securities Exchange Act
    of 1934, as amended, the Investment Company Act and the
    principal stock exchange on which the common shares are traded.
    For additional information, see &#147;Repurchase of Common
    Shares&#148; in the SAI.
</DIV>

<A name='Y93113116'>
<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">TAX
    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">
    The following is a description of certain U.S.&#160;federal
    income tax consequences to a shareholder of acquiring, holding
    and disposing of common shares of the Trust. 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 IRS, possibly with
    retroactive effect. No assurance can be given that the IRS would
    not assert, or that a court would not sustain, a position
    different from any of the tax aspects set forth below. This
    discussion assumes that the Trust&#146;s shareholder&#146;s hold
    their common shares as capital assets for U.S.&#160;federal
    income tax purposes (generally, assets held for investment). No
    attempt is made to present a detailed explanation of all
    U.S.&#160;federal, state, local and foreign tax concerns
    affecting the Trust and its shareholders (including shareholders
    subject to special provisions of the Code). The discussion set
    forth herein does not constitute tax advice. Shareholders are
    urged to consult their own tax advisors to determine the tax
    consequences to them of investing in the Trust.
</DIV>

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

<DIV align="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 Trust intends to elect to be treated as, and to qualify each
    year for special tax treatment afforded to, a regulated
    investment company under Subchapter M of the Code. In order to
    qualify as a regulated investment company, the Trust must, among
    other things, satisfy income, asset diversification and
    distribution requirements. As long as it so qualifies, the Trust
    will not be subject to U.S.&#160;federal income tax to the
    extent that it distributes annually its investment company
    taxable income (which includes ordinary income and the excess of
    net short-term capital gain over net long-term capital loss) and
    its &#147;net capital gain&#148; (i.e., the excess of net
    long-term capital gain over net short-term capital loss). The
    Trust intends to distribute at least annually substantially all
    of such income and gain. If the Trust retains any investment
    company taxable income or net capital gain, it will be subject
    to U.S.&#160;federal income tax on the retained amount at
    regular corporate tax rates. In addition, if the Trust fails to
    qualify as a regulated investment company for any taxable year,
    it will be subject to U.S.&#160;federal income tax on all of its
    income and gains at regular corporate tax 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">
    Distributions paid to you by the Trust from its investment
    company taxable income are generally taxable to you as ordinary
    income to the extent of the Trust&#146;s current and accumulated
    earnings and profits. Certain properly designated distributions
    may, however, qualify (provided that holding period and other
    requirements are met by both the Trust and the shareholder)
    (i)&#160;for the dividends received deduction in the case of
    corporate shareholders to the extent that the Trust&#146;s
    income consists of dividend income from U.S.&#160;corporations
    or (ii)&#160;in the case of individual shareholders, for taxable
    years beginning on or before December&#160;31, 2012, as
    qualified dividend income eligible to be taxed at a reduced
    maximum rate to the extent that the Trust receives qualified
    dividend income. Qualified
</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>
    53
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    dividend income is, in general, dividend income from taxable
    domestic corporations and certain foreign corporations. There
    can be no assurance as to what portion of the Trust&#146;s
    distributions will qualify for the dividends received deduction
    or for treatment as qualified dividend income or as to whether
    the favorable tax treatment for qualified dividend income will
    be extended by Congress for taxable years beginning after 2012.
</DIV>

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

<DIV align="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 made to you from an excess of net long-term
    capital gain over net short-term capital loss (&#147;capital
    gain dividends&#148;), including capital gain dividends credited
    to you but retained by the Trust, are taxable to you as
    long-term capital gains if they have been properly reported by
    the Trust, regardless of the length of time you have owned Trust
    shares. For individuals, long-term capital gains are generally
    taxed at a reduced maximum rate.
</DIV>

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

<DIV align="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 Trust&#146;s total distributions
    exceed both the current taxable year&#146;s earnings and profits
    and accumulated earnings and profits from prior years, 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, reducing that basis accordingly. Such distributions
    exceeding the shareholder&#146;s basis will be treated as gain
    from the sale or exchange of the shares. When you sell your
    shares in the Trust, the amount, if any, by which your sales
    price exceeds your basis in the shares is gain subject to tax.
    Because a return of capital reduces your basis in the shares, it
    will increase the amount of your gain or decrease the amount of
    your loss when you sell the shares. Generally, after the end of
    each year, you will be provided with a written notice reporting
    the amount of ordinary dividend income, capital gain dividends
    and other distributions (if relevant).
</DIV>

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

<DIV align="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 shares of the Trust will
    generally result in capital gain or loss to you which will be
    long-term capital gain or loss if the shares have been held for
    more than one year at the time of sale. Any loss upon the sale
    or exchange of Trust shares held for six months or less will be
    treated as long-term capital loss to the extent of any capital
    gain dividends received by you (including amounts credited to
    you as an undistributed capital gain dividend). Any loss
    realized on a sale or exchange of shares of the Trust will be
    disallowed if other substantially identical shares are acquired
    (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 the date of disposition of the shares. In such case, the
    basis of the shares acquired will be adjusted to reflect the
    disallowed loss. Present law taxes both long-term and short-term
    capital gain of corporations at the rates applicable to ordinary
    income. For non-corporate taxpayers, short-term capital gain
    will currently be taxed at the U.S.&#160;federal income tax
    rates applicable to ordinary income, while long-term capital
    gain generally will be taxed at a reduced maximum
    U.S.&#160;federal income tax rate.
</DIV>

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

<DIV align="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
    shareholders. If the Trust pays you a dividend in January that
    was declared in the previous October, November or December to
    shareholders 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 Trust and received by you on December 31 of
    the year in which the dividend was declared.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust is required in certain circumstances to withhold, for
    U.S.&#160;federal backup withholding purposes, on taxable
    dividends and certain other payments paid to non-exempt holders
    of the Trust&#146;s shares who do not furnish the Trust with
    their correct taxpayer identification number (in the case of
    individuals, their social security number) and certain
    certifications, or who are otherwise subject to backup
    withholding. Backup withholding is not an additional tax. Any
    amounts withheld from payments made to you may be refunded or
    credited against your U.S.&#160;federal income tax liability, if
    any, provided that the required information is furnished to the
    IRS. In addition, the Trust may be required to withhold on
    distributions to
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders.</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">
    The foregoing is a general and abbreviated summary of the
    provisions of the Code and the Treasury regulations in effect as
    they directly govern the taxation of the Trust and its
    shareholders. These provisions are subject to change by
    legislative, judicial or administrative action, and any such
    change may be retroactive. A more complete discussion of the tax
    rules applicable to the Trust and its shareholders can be found
    in the SAI that is incorporated by reference into this
    prospectus. Shareholders are urged to consult their tax advisors
    regarding the U.S.&#160;federal, foreign, state and local tax
    consequences of investing in the Trust.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    54
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113117'>
<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">UNDERWRITERS</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 terms and subject to the conditions contained in the
    underwriting agreement, dated the date of this prospectus, the
    Underwriters named below, for which Morgan Stanley &#038; Co.
    LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated, UBS Securities LLC and
    Wells Fargo Securities, LLC are acting as representatives (the
    &#147;Representatives&#148;), have severally agreed to purchase,
    and the Trust has agreed to sell to them, the number of the
    Trust&#146;s common shares indicated 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="81%">&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="15%" 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: 10pt" valign="bottom" align="center">
<TD nowrap align="left" 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: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Underwriters</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Common Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Morgan Stanley&#160;&#038; Co. LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citigroup Global Markets Inc.&#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>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -52pt; margin-left: 52pt">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith<BR>
    Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    UBS Securities LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wells Fargo Securities, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ameriprise Financial Services, Inc.&#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>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    RBC Capital Markets, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BB&#038;T Capital Markets, a division of Scott &#038;
    Stringfellow, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Chardan Capital Markets, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.J.B. Hilliard, W.L. Lyons, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Janney Montgomery Scott LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Knight Capital Markets, L.P.&#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>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ladenburg Thalmann&#160;&#038; Co. Inc.&#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>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Maxim Group LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wedbush Securities Inc.&#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>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wunderlich Securities, Inc.&#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>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</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>
</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>
</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 Underwriters are offering the common shares subject to their
    acceptance of the shares from the Trust and subject to prior
    sale. The underwriting agreement provides that the obligations
    of the several Underwriters to pay for and accept delivery of
    the common shares offered by this prospectus are subject to the
    approval of legal matters by their counsel and to certain other
    conditions. The Underwriters are obligated to take and pay for
    all of the common shares offered by this prospectus if any such
    shares are taken. However, the Underwriters are not required to
    take or pay for the common shares covered by the
    Underwriters&#146; over-allotment option 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">
    The Underwriters initially propose to offer part of the common
    shares directly to the public at the initial offering price
    listed on the cover page of this prospectus and part to certain
    dealers at a price that represents a concession not in excess of
    $&#160;&#160;&#160;&#160;&#160; per common share under the
    initial offering price. After the initial offering of the common
    shares, the offering price and other selling terms may from time
    to time be varied by the Representatives. The underwriting
    discounts and commissions (sales load) of $0.90 per common share
    are equal to 4.5% of the initial offering price. Investors must
    pay for any common shares purchased on or
    before&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
</DIV>

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

<DIV align="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 Trust has granted to the Underwriters an option, exercisable
    for 45&#160;days from the date of this prospectus, to purchase
    up to an aggregate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    common shares at the initial offering price per common share
    listed on the cover page of this prospectus, less underwriting
    discounts and commissions. The Underwriters may exercise this
    option solely for the purpose of covering over-allotments, if
    any, made in connection with the offering of the common shares
    offered by this prospectus. To the extent the option is
    exercised, each Underwriter will become obligated, subject to
    limited conditions, to purchase approximately the same
    percentage of the additional common shares as the number listed
    next to the Underwriter&#146;s name in the preceding table bears
    to the total number of common shares listed next to the names of
    all Underwriters in the preceding table. If the
    Underwriters&#146; over-allotment option is exercised in full,
    the total price to the public would be
    $&#160;&#160;&#160;&#160;&#160;, the total Underwriters&#146;
    discounts and commissions (sales load) would be
    $&#160;&#160;&#160;&#160;&#160; and the total proceeds to the
    Trust would be $&#160;&#160;&#160;&#160;&#160;.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    55
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    The following table summarizes the estimated expenses (assuming
    the Trust issues common shares) and compensation that the Trust
    will pay:
</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="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" 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="9%" 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="9%" 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="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Common Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>With<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>With<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Over-allotment</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Over-allotment</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Over-allotment</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Over-allotment</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: -9pt; margin-left: 9pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</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">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Sales load
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.90
</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">
    &#160;&#160;&#160;&#160;&#160;
</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">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Estimated offering expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.04
</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">
    &#160;&#160;&#160;&#160;&#160;
</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">
    &#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: -9pt; margin-left: 9pt">
    Proceeds, after expenses, to the Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</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">
    &#160;&#160;&#160;&#160;&#160;
</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 Trust, the Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    have agreed to indemnify the underwriters against certain
    liabilities. The fees to certain Underwriters described below
    under &#147;&#151;&#160;Additional Compensation to Be Paid by
    the Advisor&#148; are not reimbursable to the Advisor by the
    Trust, and are therefore not reflected in expenses payable by
    the Trust in the table above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Organizational and offering expenses paid by the Trust (other
    than sales load) will not exceed $0.04 per common share sold by
    the Trust in this offering. If the organizational and offering
    expenses referred to in the preceding sentence exceed this
    amount, the Advisor will pay the excess. The aggregate offering
    expenses (excluding sales load) are estimated to be
    $&#160;&#160;&#160;&#160;&#160; in total,
    $&#160;&#160;&#160;&#160;&#160; of which will be borne by the
    Trust (or $&#160;&#160;&#160;&#160;&#160; if the Underwriters
    exercise their over-allotment option in full). See &#147;Summary
    of Trust&#160;Expenses.&#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 Underwriters have informed the Trust that they do not intend
    sales to discretionary accounts to exceed five percent of the
    total number of common shares offered by 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">
    In order to meet requirements for listing the common shares on
    the NYSE, the Underwriters have undertaken to sell lots of 100
    or more shares to a minimum of 400 beneficial owners in the
    United States. The minimum investment requirement is 100 common
    shares ($2,000).
</DIV>

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

<DIV align="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 Trust&#146;s common shares are expected to be authorized for
    listing on the NYSE, subject to notice of issuance. The trading
    or &#147;ticker&#148; symbol is &#147;BUI.&#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 Trust has agreed that, without the prior written consent of
    the Representatives on behalf of the Underwriters, it will not,
    during the period ending 180&#160;days after the date of this
    prospectus, offer, sell, contract to sell, pledge, or otherwise
    dispose of, or enter into any transaction which is designed to,
    or might reasonably be expected to, result in the disposition
    (whether by actual disposition or effective economic disposition
    due to cash settlement or otherwise) by the Trust or any
    affiliate of the Trust or any person in privity with the Trust,
    directly or indirectly, including the filing (or participation
    in the filing) of a registration statement with the SEC in
    respect of, or establish or increase a put equivalent position
    or liquidate or decrease a call equivalent position within the
    meaning of Section&#160;16 of the Securities Exchange Act of
    1934, as amended, any other common shares or any securities
    convertible into, or exercisable, or exchangeable for, common
    shares; or publicly announce an intention to effect any such
    transaction. In the event that either (x)&#160;during the last
    17&#160;days of the
    <FONT style="white-space: nowrap">180-day</FONT>
    period referred to above, the Trust issues an earnings release
    or material news or a material event relating to the Trust
    occurs or (y)&#160;prior to the expiration of such
    <FONT style="white-space: nowrap">180-day</FONT>
    period, the Trust announces that it will release earnings
    results during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of such
    <FONT style="white-space: nowrap">180-day</FONT>
    period, the restrictions described above shall continue to apply
    until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the date of the earnings release or the
    occurrence of the material news or material event, as
    applicable. This
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreement will not apply to the common shares to be sold
    pursuant to the underwriting agreement or any common shares
    issued pursuant to the Reinvestment 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 order to facilitate the offering of the common shares, the
    Underwriters may engage in transactions that stabilize, maintain
    or otherwise affect the price of the common shares. The
    Underwriters currently expect to sell more common shares than
    they are obligated to purchase under the underwriting agreement,
    creating a short position in the common shares for their own
    account. A short sale is covered if the short position is no
    greater than the number of common shares available for purchase
    by the Underwriters under the over-allotment option (exercisable
    for 45&#160;days from the date of this prospectus). The
    Underwriters can close out a covered short sale by exercising
    the over-allotment option or purchasing common shares in the
    open market. In determining the source of common shares to close
    out a covered short sale, the Underwriters will consider, among
    other things, the open
</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>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    market price of the common shares compared to the price
    available under the over-allotment option. The Underwriters may
    also sell common shares in excess of the over-allotment option,
    creating a naked short position. The Underwriters must close out
    any naked short position by purchasing common shares in the open
    market. A naked short position is more likely to be created if
    the Underwriters are concerned that there may be downward
    pressure on the price of the common shares in the open market
    after pricing that could adversely affect investors who purchase
    in the offering. As an additional means of facilitating the
    offering, the Underwriters may bid for, and purchase, common
    shares in the open market to stabilize the price of the common
    shares. Finally, the underwriting syndicate may also reclaim
    selling concessions allowed to an Underwriter or a dealer for
    distributing the common shares in the offering, if the syndicate
    repurchases previously distributed common shares in transactions
    to cover syndicate short positions or to stabilize the price of
    the common shares. Any of these activities may raise or maintain
    the market price of the common shares above independent market
    levels or prevent or retard a decline in the market price of the
    common shares. The Underwriters are not required to engage in
    these activities, and may end any of these activities 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">
    Prior to this offering, there has been no public or private
    market for the common shares or any other securities of the
    Trust. Consequently, the offering price for the common shares
    was determined by negotiation among the Trust, the Advisor and
    the Representatives. There can be no assurance, however, that
    the price at which the common shares trade after this offering
    will not be lower than the price at which they are sold by the
    Underwriters or that an active trading market in the common
    shares will develop and continue after this offering.
</DIV>

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

<DIV align="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 Trust anticipates that the Representatives and certain other
    Underwriters may from time to time act as brokers and dealers in
    connection with the execution of its portfolio transactions
    after they have ceased to act as underwriters and, subject to
    certain restrictions, may act as such brokers while they act as
    underwriters.
</DIV>

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

<DIV align="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 connection with this offering, certain of the Underwriters or
    selected dealers may distribute prospectuses electronically. The
    Trust, the Advisor, the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    and the Underwriters have agreed to indemnify each other against
    certain liabilities, including liabilities under the
    1933&#160;Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prior to the public offering of common shares, an affiliate of
    the Advisor purchased common shares from the Trust in an amount
    satisfying the net worth requirements of Section&#160;14(a) of
    the 1940 Act. As of the date of this prospectus, such affiliate
    of the Advisor owned 100% of the outstanding common shares. Such
    affiliate of the Advisor may be deemed to control the Trust
    until such time as it owns less than 25% of the outstanding
    common shares, which is expected to occur as of the completion
    of the offering of 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">
    The Underwriters and their respective affiliates are full
    service financial institutions engaged in various activities,
    which may include securities trading, commercial lending,
    investment banking, financial advisory, investment management,
    principal investment, hedging, derivatives, financing and
    brokerage activities. Certain of the Underwriters or their
    respective affiliates from time to time have provided in the
    past, and may provide in the future, securities trading,
    commercial lending, investment banking, financial advisory,
    investment management, principal investment, hedging,
    derivatives, financing and brokerage activities to the Trust,
    certain of its executive officers and affiliates and the
    Advisor, the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    and their affiliates in the ordinary course of business, for
    which they have received, and may receive, customary fees and
    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">
    No action has been taken in any jurisdiction (except in the
    United States) that would permit a public offering of the common
    shares, or the possession, circulation or distribution of this
    prospectus or any other material relating to the Trust or the
    common shares in any jurisdiction where action for that purpose
    is required. Accordingly, the common shares may not be offered
    or sold, directly or indirectly, and neither this prospectus nor
    any other offering material or advertisements in connection with
    the common shares may be distributed or published, in or from
    any country or jurisdiction except in compliance with the
    applicable rules and regulations of any such country or
    jurisdiction.
</DIV>

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

<DIV align="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 principal business address of Morgan Stanley &#038; Co. LLC
    is 1585 Broadway, New York, New York 10036. The principal
    business address of Citigroup Global Markets Inc. is 388
    Greenwich Street, New York, New York 10013. The principal
    business address of Merrill Lynch, Pierce, Fenner&#160;&#038;
    Smith Incorporated is One Bryant Park, New York, New York 10036.
    The principal place of business of UBS Securities LLC is 299
    Park Avenue, New York,
</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>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    New York 10171. The principal address of Wells Fargo Securities,
    LLC is 375 Park Avenue, New York, New York 10152.
</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
    Compensation to be Paid by the Advisor</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 Advisor (and not the Trust) has agreed to pay Morgan Stanley
    &#038; Co. LLC from its own assets, upfront structuring and
    syndication fees in the amount of
    $&#160;&#160;&#160;&#160;&#160; for advice relating to the
    structure, design and organization of the Trust, including
    without limitation, views from an investor market, distribution
    and syndication perspective on (i)&#160;marketing issues with
    respect to the Trust&#146;s investment policies and proposed
    investments, (ii)&#160;the overall marketing and positioning
    thesis for the offering of the Trust&#146;s common shares,
    (iii)&#160;securing participants in the Trust&#146;s initial
    public offering, (iv)&#160;preparation of marketing and
    diligence materials for Underwriters, (v)&#160;conveying
    information and market updates to the Underwriters, and
    (vi)&#160;coordinating syndicate orders in this offering. The
    upfront structuring and syndication fees paid to Morgan Stanley
    &#038; Co. LLC will not exceed&#160;&#160;&#160;&#160;&#160;% of
    the total public offering price of the common shares. These
    services provided by Morgan Stanley &#038; Co. LLC to the
    Advisor are unrelated to the Advisor&#146;s function of advising
    the Trust as to its investments in securities or use of
    investment strategies and investment techniques.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisor (and not the Trust) has agreed to pay Citigroup
    Global Markets Inc. from its own assets, an upfront structuring
    fee in the amount of $&#160;&#160;&#160;&#160;&#160; for advice
    relating to the structure and design of the Trust, which may but
    need not necessarily include views from an investor market and
    distribution perspective on (i)&#160;marketing issues with
    respect to the Trust&#146;s investment policies and proposed
    investments and (ii)&#160;the overall marketing and positioning
    thesis for the Trust&#146;s initial public offering. The upfront
    structuring fee paid to Citigroup Global Markets Inc. will not
    exceed&#160;&#160;&#160;&#160;&#160;% of the total public
    offering price of the common shares. These services provided by
    Citigroup Global Markets Inc. to the Advisor are unrelated to
    the Advisor&#146;s function of advising the Trust as to its
    investments in securities or use of investment strategies and
    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">
    The Advisor (and not the Trust) has agreed to pay Merrill Lynch,
    Pierce, Fenner&#160;&#038; Smith Incorporated from its own
    assets, an upfront structuring fee in the amount of
    $&#160;&#160;&#160;&#160;&#160; for advice relating to the
    structure and design and the organization of the Trust as well
    as services related to the sale and distribution of the
    Trust&#146;s common shares. The upfront structuring fee paid to
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated
    will not exceed&#160;&#160;&#160;&#160;&#160;% of the total
    public offering price of the Trust&#146;s common shares. These
    services provided by Merrill Lynch, Pierce, Fenner&#160;&#038;
    Smith Incorporated to Advisor are unrelated to the
    Advisor&#146;s function of advising the Trust as to its
    investments in securities or use of investment strategies and
    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">
    The Advisor (and not the Trust) has agreed to pay UBS Securities
    LLC from its own assets, an upfront structuring fee in the
    amount of $&#160;&#160;&#160;&#160;&#160; for advice relating to
    the structure, design and organization of the Trust, and the
    distribution of its common shares. The upfront structuring fee
    paid to UBS Securities LLC will not
    exceed&#160;&#160;&#160;&#160;&#160;% of the total public
    offering price of the Trust&#146;s common shares. These services
    provided by UBS Securities LLC to the Advisor are unrelated to
    the Advisor&#146;s function of advising the Trust as to its
    investments in securities or use of investment strategies and
    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">
    The Advisor (and not the Trust) has agreed to pay Wells Fargo
    Securities, LLC from its own assets, an upfront structuring fee
    in the amount of $&#160;&#160;&#160;&#160;&#160; for advice
    relating to the structure and design of the Trust, including
    without limitation, services related to the sale and
    distribution of the Trust&#146;s common shares. The upfront
    structuring fee paid to Wells Fargo Securities, LLC will not
    exceed&#160;&#160;&#160;&#160;&#160;% of the total public
    offering price of the Trust&#146;s common shares. These services
    provided by Wells Fargo Securities, LLC to the Advisor are
    unrelated to the Advisor&#146;s function of advising the Trust
    as to its investments in securities or use of investment
    strategies and 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">
    The Advisor (and not the Trust) has agreed to pay Ameriprise
    Financial Services, Inc. from its own assets, an upfront
    structuring fee in the amount of $&#160;&#160;&#160;&#160;&#160;
    for advice relating to the structure and design of the Trust and
    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>
    58
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    organization of the Trust as well as services related to the
    sale and distribution of the Trust&#146;s common shares. The
    upfront structuring fee paid to Ameriprise Financial Services,
    Inc. will not exceed&#160;&#160;&#160;&#160;&#160;% of the total
    public offering price of the Trust&#146;s common shares. These
    services provided by Ameriprise Financial Services, Inc. to the
    Advisor are unrelated to the Advisor&#146;s function of advising
    the Trust as to its investments in securities or use of
    investment strategies and investment techniques.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisor and certain of its affiliates (and not the Trust)
    may pay commissions to certain of the employees of the
    Advisor&#146;s affiliates that participate in the marketing of
    the Trust&#146;s common shares. The commissions paid to the
    certain employees of the Advisor&#146;s affiliates will not
    exceed .19% of gross proceeds.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total underwriting compensation determined in accordance with
    FINRA rules is summarized as follows. The sales load the Trust
    will pay of $0.90 per share is equal to 4.5% of gross proceeds.
    The Trust has agreed to reimburse the Underwriters the expenses
    related to the reasonable fees and disbursements of counsel to
    the Underwriters in connection with the review by FINRA of the
    terms of the sale of the common shares, the filing fees incident
    to the filing of marketing materials with FINRA, and the
    transportation and other expenses incurred by the Underwriters
    in connection with presentations to prospective purchasers of
    the common shares, in an amount not to exceed
    $&#160;&#160;&#160;&#160;&#160; in the aggregate, which amount
    will not exceed&#160;&#160;&#160;&#160;&#160;% of gross
    proceeds. The sum total of all compensation to the Underwriters
    and commissions paid to employees of the Advisor&#146;s
    affiliates in connection with this public offering of common
    shares, including sales load, expense reimbursement and all
    forms of syndication fee and structuring fee payments to the
    Underwriters will not exceed 9.0% of gross proceeds.
</DIV>

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

</FONT></DIV>

<A name='Y93113118'>
<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">CUSTODIAN
    AND TRANSFER AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Custodian of the assets of the Trust is The Bank of New York
    Mellon. The Custodian performs custodial, trust accounting and
    portfolio accounting services. The Bank of New York Mellon will
    also serve as the Trust&#146;s Transfer Agent with respect to
    the common shares.
</DIV>

<A name='Y93113119'>
<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
    OPINIONS</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 in connection with the common shares will
    be passed upon for the Trust by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New York, and for the
    Underwriters by Clifford Chance US LLP, New York, New York.
    Clifford Chance US LLP may rely on Skadden, Arps, State, Meagher
    &#038; Flom LLP as to matters of Delaware law.
</DIV>

<A name='Y93113120'>
<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 TRUST</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 Trust is committed to maintaining the privacy of its current
    and former shareholders and to safeguarding their non-public
    personal information. The following information is provided to
    help you understand what personal information the Trust
    collects, how the Trust protects that information and why, in
    certain cases, the Trust may share such information with select
    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">
    The Trust obtains or verifies personal non-public information
    from and about you from different sources, including the
    following: (i)&#160;information the Trust receives from you or,
    if applicable, your financial intermediary, on applications,
    forms or other documents; (ii)&#160;information about your
    transactions with the Trust, its affiliates or others;
    (iii)&#160;information the Trust receives from a consumer
    reporting agency; and (iv)&#160;from visits to the Trust&#146;s
    or its affiliates&#146; websites.
</DIV>

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

<DIV align="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 Trust does not sell or disclose to non-affiliated third
    parties any non-public personal information about its current
    and former shareholders, except as permitted by law or as is
    necessary to respond to regulatory requests or to service
    shareholder accounts. These non-affiliated third parties are
    required to protect the confidentiality and security of this
    information and to use it only for its intended purpose.
</DIV>

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

<DIV align="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 Trust may share information with its affiliates to service
    your account or to provide you with information about other
    BlackRock products or services that may be of interest to you.
    In addition, the Trust restricts access to non-public personal
    information about its current and former shareholders to those
    BlackRock employees with a legitimate business need for the
    information. The Trust maintains physical, electronic and
    procedural safeguards
</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>
    59
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    that are designed to protect the non-public personal information
    of its current and former shareholders, including procedures
    relating to the proper storage and disposal 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">
    If you are located in a jurisdiction where specific laws, rules
    or regulations require the Trust to provide you with additional
    or different privacy-related rights beyond what is set forth
    above, then the Trust will comply with those specific laws,
    rules or regulations.
</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 -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<A name='Y93113121'>
<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 FOR THE STATEMENT OF ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>

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

<DIV align="left">
<A name="Y93113tocpage"></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="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&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><FONT style="font-size: 10pt">Page</FONT></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">
    <A HREF='#Y93113125'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113126'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113139'>Investment Policies and Techniques</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113140'>Other Investment Policies and Techniques</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113127'>Additional Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113128'>Management of the Trust</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113129'>Portfolio Transactions and Brokerage</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113130'>Conflicts of Interest</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113131'>Description of Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113132'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113133'>Tax Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-45
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113134'>Independent Auditors&#146; Report</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113135'>Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113141'>Notes to Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113136'>Appendix&#160;A Ratings of Investments</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113137'>Appendix&#160;B Proxy Voting Procedures</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113138'>Appendix&#160;C Strategic Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</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 align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    61
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<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">
    <IMG src="y93113ay9311301.gif" alt="(BLACKROCK LOGO)">
</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</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: 22pt">BlackRock Utility and
    Infrastructure Trust</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; 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</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">$20.00 per Share</FONT></B>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></DIV></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: 12pt">PROSPECTUS</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011</FONT></B>
</DIV>

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

<CENTER><DIV style="font-size: 1pt; width: 26%; border-bottom: 1pt solid #000000"></DIV></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">
    <B><FONT style="font-size: 14pt">Morgan Stanley</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">Citigroup</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">BofA Merrill Lynch</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">UBS Investment Bank</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">Wells Fargo
    Securities</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">Ameriprise Financial Services,
    Inc.</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">RBC Capital Markets</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">BB&#038;T Capital
    Markets</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">Chardan Capital Markets,
    LLC</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">J.J.B. Hilliard, W.L. Lyons,
    LLC</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">Janney Montgomery
    Scott</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">Knight</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">Ladenburg Thalmann&#160;&#038;
    Co. Inc.</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">Maxim Group LLC</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">Wedbush Securities
    Inc.</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">Wunderlich Securities</FONT></B>
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (25&#160;days after the date of this prospectus), all
    dealers that buy, sell or trade the common shares, whether or
    not participating in this offering, may be required to deliver a
    prospectus. This is in addition to the dealers&#146; obligations
    to deliver a prospectus when acting as underwriters and with
    respect to their unsold allotments or subscriptions.
</DIV>

<DIV style="margin-top: 3pt; 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">BUI-PR-1011</FONT></B>
</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">&nbsp;</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>
<FONT style="font-size: 10pt; font-family: Arial, Helvetica; color: #F93F26">The
information in this preliminary statement of additional
information is not complete and may be changed. We may not sell
these securities until the Registration Statement filed with the
Securities and Exchange Commission is effective. This
preliminary statement of additional information is not an offer
to sell these securities and is not soliciting an offer to buy
these securities in any jurisdiction 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"><FONT size="1">

</FONT></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">
    <FONT style="font-size: 12pt; color: #F93F26"> Subject to
    completion, dated November&#160;21, 2011
    </FONT>
</DIV>

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

</FONT></DIV>

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

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y93113ay9311301.gif" alt="(BLACKROCK LOGO)"><FONT style="font-size: 12pt">
    </FONT>
</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: 22pt">BlackRock Utility and
    Infrastructure Trust</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: 12pt">STATEMENT OF ADDITIONAL
    INFORMATION</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">&#160;&#160;&#160;&#160;&#160;,
    2011</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">
    BlackRock Utility and Infrastructure Trust (the
    &#147;Trust&#148;) is a non-diversified, closed-end management
    investment company with no operating history. This Statement of
    Additional Information relating to common shares does not
    constitute a prospectus, but should be read in conjunction with
    the prospectus relating thereto
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011. This Statement of Additional Information
    (&#147;SAI&#148;), which is not a prospectus, does not include
    all information that a prospective investor should consider
    before purchasing common shares, and investors should obtain and
    read the prospectus prior to purchasing such shares. A copy of
    the prospectus may be obtained without charge by calling
    <FONT style="white-space: nowrap">(800)&#160;882-0052.</FONT>
    You may also obtain a copy of the prospectus on the Securities
    and Exchange Commission&#146;s website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
    Capitalized terms used but not defined in this SAI have the
    meanings ascribed to them in the prospectus.
</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">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="Y93113tocpage"></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="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&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><FONT style="font-size: 10pt">Page</FONT></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">
    <A HREF='#Y93113125'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113126'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113139'>Investment Policies and Techniques</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113140'>Other Investment Policies and Techniques</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113127'>Additional Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113128'>Management of the Trust</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113129'>Portfolio Transactions and Brokerage</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113130'>Conflicts of Interest</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113131'>Description of Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113132'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113133'>Tax Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-45
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113134'>Independent Auditors&#146; Report</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113135'>Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113141'>Notes to Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113136'>Appendix&#160;A Ratings of Investments</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113137'>Appendix&#160;B Proxy Voting Procedures</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113138'>Appendix&#160;C Strategic Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</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 align="left">
<!-- /TOC -->
</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="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113125'>
<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">
    Pending investment in securities that meet the Trust&#146;s
    investment objective and policies, the net proceeds of this
    offering will be invested in short-term debt securities of the
    type described below under &#147;Investment Policies and
    Techniques&#160;&#151; Cash Equivalents and Short-Term Debt
    Securities.&#148; If necessary to invest fully the net proceeds
    of this offering immediately, the Trust may also purchase, as
    temporary investments, securities of other open- or closed-end
    investment companies that invest primarily in securities of the
    type in which the Trust may invest directly. We currently
    anticipate that the Trust will be able to invest all of the net
    proceeds in accordance with the Trust&#146;s investment
    objective and policies within approximately three months after
    the completion of this offering.
</DIV>

<A name='Y93113126'>
<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
    RESTRICTIONS</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
    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">
    Except as described below, the Trust, as a fundamental policy,
    may not, without the approval of the holders of a majority of
    the outstanding common shares and Preferred Shares voting
    together as a single class, and of the holders of a majority of
    the outstanding Preferred Shares voting as a separate class:
</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;invest 25% or more of the value of its total assets in
    any one industry (except that the Trust will invest at least 25%
    of its total assets in companies operating in the industry or
    group of related industries that make up the Utilities and
    Infrastructure business segments);
</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;issue senior securities or borrow money other than as
    permitted by the Investment Company Act of 1940, as amended (the
    &#147;Investment Company Act&#148;) or pledge its assets other
    than to secure such issuances or in connection with hedging
    transactions, short sales, when-issued and forward commitment
    transactions and similar investment strategies;
</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;make loans of money or property to any person, except
    through loans of portfolio securities, the purchase of fixed
    income securities consistent with the Trust&#146;s investment
    objective and policies or the entry into repurchase agreements;
</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;underwrite the securities of other issuers, except to
    the extent that in connection with the disposition of portfolio
    securities or the sale of its own securities the Trust may be
    deemed to be an underwriter;
</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;purchase or sell real estate, except that the Trust may
    invest in securities of companies that deal in real estate or
    are engaged in the real estate business, including REITs and
    real estate operating companies, and instruments secured by real
    estate or interests therein and the Trust may acquire, hold and
    sell real estate acquired through default, liquidation, or other
    distributions of an interest in real estate as a result of the
    Trust&#146;s ownership of such other assets;&#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">
    (6)&#160;purchase or sell commodities or commodity contracts for
    any purposes except as, and to the extent, permitted by
    applicable law without the Trust becoming subject to
    registration with the Commodity Futures Trading Commission as a
    commodity pool.
</DIV>

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

<DIV align="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 used above with respect to particular shares of the Trust,
    &#147;majority of the outstanding&#148; means (i)&#160;67% or
    more of the shares present at a meeting, if the holders of more
    than 50% of the shares are present or represented by proxy, or
    (ii)&#160;more than 50% of the shares, whichever is less.
</DIV>

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

<DIV align="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 policies enumerated above are the Trust&#146;s only
    fundamental policies that require a shareholder vote to change.
    The Trust&#146;s investment objective and all of its other
    investment policies adopted from time to time may be changed by
    the Board without shareholder approval.
</DIV>

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

<DIV align="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 foregoing fundamental investment policies,
    the Trust is also subject to the following non-fundamental
    restrictions and policies, which may be changed by the Board.
    The Trust 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;make any short sale of securities except in conformity
    with applicable laws, rules and regulations and unless after
    giving effect to such sale, the market value of all securities
    sold short does not exceed 15% of the value of the Trust&#146;s
    total assets and the Trust&#146;s aggregate short sales of a
    particular class of securities of an
</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>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    issuer does not exceed 15% of the then outstanding securities of
    that class. The Trust may also make short sales &#147;against
    the box&#148; without respect to such limitations. In this type
    of short sale, at the time of the sale, the Trust owns or has
    the immediate and unconditional right to acquire at no
    additional cost the identical security;
</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 securities of open-end or closed-end
    investment companies except in compliance with the Investment
    Company Act or any regulations promulgated or exemptive relief
    obtained thereunder;
</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;under normal market conditions, invest less than 80% of
    its total assets in equity securities issued by by companies
    that are engaged in the Utilities and Infrastructure business
    segments; the Trust will provide shareholders with notice at
    least 60&#160;days prior to changing this non-fundamental policy
    of the Trust unless such change was previously approved by
    shareholders;&#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">
    (4)&#160;purchase securities of companies for the purpose of
    exercising control.
</DIV>

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

<DIV align="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 accordance with the Investment Company Act, the Trust may
    invest up to 10% of its total assets in securities of other
    investment companies. In addition, under the Investment Company
    Act, the Trust may not own more than 3% of the total outstanding
    voting stock of any investment company and not more than 5% of
    the value of the Trust&#146;s total assets may be invested in
    securities of any investment company. Pursuant to the Investment
    Company Act (or alternatively, pursuant to exemptive orders
    received from the Commission), these percentage limitations do
    not apply to investments in affiliated money market funds, and
    under certain circumstances, do not apply to investments in
    affiliated investment companies, including exchange traded 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 restrictions and other limitations set forth in the
    Trust&#146;s prospectus and in this SAI will apply only at the
    time of purchase of securities and will not be considered
    violated unless an excess or deficiency occurs or exists
    immediately after and as a result of the acquisition of
    securities. Any investment policy or restriction described in
    the prospectus or in this SAI is deemed to be a non-fundamental
    policy or restriction of the Trust, unless otherwise stated.
</DIV>

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

<DIV align="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 comply with U.S.&#160;federal income tax
    requirements for qualification as a &#147;regulated investment
    company,&#148; the Trust&#146;s investments will be limited in a
    manner such that at the close of each quarter of each taxable
    year, (a)&#160;no more than 25% of the value of the Trust&#146;s
    total assets are invested in the securities (other than
    United&#160;States government securities or securities of other
    regulated investment companies) of (i)&#160;a single issuer,
    (ii)&#160;two or more issuers controlled by the Trust and
    engaged in the same, similar or related trades or businesses or
    (iii)&#160;the securities of one or more &#147;qualified
    publicly traded partnerships&#148; and (b)&#160;with regard to
    at least 50% of the Trust&#146;s total assets, no more than 5%
    of its total assets are invested in the securities (other than
    United States government securities or securities of other
    regulated investment companies) of a single issuer and such
    securities do not represent more than 10&#160;percent of the
    voting securities of such issuer. These tax-related limitations
    may be changed by the trustees to the extent appropriate in
    light of changes to applicable tax requirements.
</DIV>

<A name='Y93113139'>
<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
    POLICIES AND TECHNIQUES</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 information supplements the discussion of the
    Trust&#146;s investment objective, policies and techniques that
    are described in the prospectus.
</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">Cash
    Equivalents and Short-Term Debt 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">
    For temporary defensive purposes or to keep cash on hand, the
    Trust may invest up to 100% of its total assets in cash
    equivalents and short-term debt securities. Cash equivalents and
    short-term debt investments are defined to include, without
    limitation, the following:
</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;U.S.&#160;government securities, including bills, notes
    and bonds differing as to maturity and rates of interest that
    are either issued or guaranteed by the U.S.&#160;Treasury or by
    U.S.&#160;government agencies or instrumentalities.
    U.S.&#160;government securities include securities issued by
    (a)&#160;the Federal Housing Administration, Farmers Home
    Administration, Export Import Bank of the United States, Small
    Business Administration and Government National Mortgage
    Association, whose securities are supported by the full faith
    and credit of the United States; (b)&#160;the Federal Home Loan
    Banks, Federal Intermediate Credit Banks, and Tennessee Valley
    Authority, whose securities are supported by the right of the
    agency to borrow from 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>
    A-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    U.S.&#160;Treasury; (c)&#160;the Federal National Mortgage
    Association, whose securities are supported by the discretionary
    authority of the U.S.&#160;government to purchase certain
    obligations of the agency or instrumentality; and (d)&#160;the
    Student Loan Marketing Association, whose securities are
    supported only by its credit. While the U.S.&#160;government
    provides financial support to such U.S.&#160;government
    sponsored agencies or instrumentalities, no assurance can be
    given that it always will do so since it is not so obligated by
    law. The U.S.&#160;government, its agencies and
    instrumentalities do not guarantee the market value of their
    securities. Consequently, the value of such securities may
    fluctuate.
</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;Certificates of deposit issued against funds deposited
    in a bank or a savings and loan association. Such certificates
    are for a definite period of time, earn a specified rate of
    return, and are normally negotiable. The issuer of a certificate
    of deposit agrees to pay the amount deposited plus interest to
    the bearer of the certificate on the date specified thereon.
    Certificates of deposit purchased by the Trust may not be fully
    insured by the Federal Deposit Insurance Corporation.
</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;Repurchase agreements, which involve purchases of debt
    securities. At the time the Trust purchases securities pursuant
    to a repurchase agreement, it simultaneously agrees to resell
    and redeliver such securities to the seller, who also
    simultaneously agrees to buy back the securities at a fixed
    price and time. This assures a predetermined yield for the Trust
    during its holding period, since the resale price is always
    greater than the purchase price and reflects an
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    market rate. Such actions afford an opportunity for the Trust to
    temporarily invest available cash. The Trust may enter into
    repurchase agreements only with respect to obligations of the
    U.S.&#160;government, its agencies or instrumentalities;
    certificates of deposit; or bankers&#146; acceptances in which
    the Trust may invest. Repurchase agreements may be considered
    loans to the seller, collateralized by the underlying
    securities. The risk to the Trust is limited to the ability of
    the seller to pay the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    sum on the repurchase date; in the event of default, the
    repurchase agreement provides that the Trust is entitled to sell
    the underlying collateral. If the value of the collateral
    declines after the agreement is entered into, and if the seller
    defaults under a repurchase agreement when the value of the
    underlying collateral is less than the repurchase price, the
    Trust could incur a loss of both principal and interest. The
    Advisors monitor the value of the collateral at the time the
    action is entered into and on a daily basis during the term of
    the repurchase agreement. The Advisors do so in an effort to
    determine that the value of the collateral always equals or
    exceeds the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    repurchase price to be paid to the Trust. If the seller were to
    be subject to a federal bankruptcy proceeding, the ability of
    the Trust to liquidate the collateral could be delayed or
    impaired because of certain provisions of the bankruptcy laws.
</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;Commercial paper, which consists of short-term
    unsecured promissory notes, including variable rate master
    demand notes issued by corporations to finance their current
    operations. Master demand notes are direct lending arrangements
    between the Trust and a corporation. There is no secondary
    market for such notes. However, they are redeemable by the Trust
    at any time. The Advisors will consider the financial condition
    of the corporation (e.g., earning power, cash flow and other
    liquidity ratios) and will continually monitor the
    corporation&#146;s ability to meet all of its financial
    obligations, because the Trust&#146;s liquidity might be
    impaired if the corporation were unable to pay principal and
    interest on demand. Investments in commercial paper will be
    limited to commercial paper rated in the highest categories by a
    major rating agency and which mature within one year of the date
    of purchase or carry a variable or floating rate of interest.
</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;Money market funds, which are a type of mutual fund
    that is required by law to invest in low risk securities. Money
    market funds typically invest in government securities,
    certificates of deposits, commercial paper of companies, and
    other highly liquid and low risk 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">Equity
    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">
    While the Trust will primarily invest in common stocks, it may
    also invest in other equity securities, including preferred
    stocks, convertible securities, warrants and depository receipts.
</DIV>

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

<DIV align="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>Preferred Stock.</I>&#160;&#160;Preferred stock has a
    preference over common stock in liquidation (and, generally,
    dividends as well) but is subordinated to the liabilities of the
    issuer in all respects. As a general rule, the market value of
    preferred stock with a fixed dividend rate and no conversion
    element varies inversely with interest rates and perceived
    credit risk, while the market price of convertible preferred
    stock generally also reflects some element of
</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>
    A-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    conversion value. Because preferred stock is junior to debt
    securities and other obligations of the issuer, deterioration in
    the credit quality of the issuer will cause greater changes in
    the value of a preferred stock than in a more senior debt
    security with similar stated yield characteristics. Unlike
    interest payments on debt securities, preferred stock dividends
    are payable only if declared by the issuer&#146;s board of
    directors. Preferred stock also may be subject to optional or
    mandatory redemption provisions.
</DIV>

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

<DIV align="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, preferred stock or other 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. A convertible security entitles the
    holder to receive interest paid or accrued on debt or the
    dividend paid on preferred stock until the convertible security
    matures or is redeemed, converted or exchanged. Before
    conversion, convertible securities have characteristics similar
    to nonconvertible income securities in that they ordinarily
    provide a stable stream of income with generally higher yields
    than those of common stocks of the same or similar issuers, but
    lower yields than comparable nonconvertible securities. The
    value of a convertible security is influenced by changes in
    interest rates, with investment value declining as interest
    rates increase and increasing as interest rates decline. The
    credit standing of the issuer and other factors also may have an
    effect on the convertible security&#146;s investment value.
    Convertible securities rank senior to common stock in a
    corporation&#146;s capital structure but are usually
    subordinated to comparable nonconvertible securities.
    Convertible securities may be subject to redemption at the
    option of the issuer at a price established in the convertible
    security&#146;s governing 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>Warrants.</I>&#160;&#160;Warrants, which are privileges
    issued by corporations enabling the owners to subscribe to and
    purchase a specified number of shares of the corporation at a
    specified price during a specified period of time. Subscription
    rights normally have a short life span to expiration. The
    purchase of warrants involves the risk that the Trust could lose
    the purchase value of a right or warrant if the right to
    subscribe to additional shares is not exercised prior to the
    warrants&#146; expiration. Also, the purchase of warrants
    involves the risk that the effective price paid for the warrant
    added to the subscription price of the related security may
    exceed the value of the subscribed security&#146;s market price,
    such as when there is no movement in the level of the underlying
    security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Depository Receipts.</I>&#160;&#160;The Trust may invest in
    both sponsored and unsponsored American Depository Receipts
    (&#147;ADRs&#148;), European Depository Receipts
    (&#147;EDRs&#148;), Global Depository Receipts
    (&#147;GDRs&#148;) and other similar global instruments. ADRs
    typically are issued by an American bank or trust company and
    evidence ownership of underlying securities issued by a
    <FONT style="white-space: nowrap">non-U.S.&#160;corporation.</FONT>
    EDRs, which are sometimes referred to as Continental Depository
    Receipts, are receipts issued in Europe, typically by
    <FONT style="white-space: nowrap">non-U.S.&#160;banks</FONT>
    and trust companies, that evidence ownership of either
    <FONT style="white-space: nowrap">non-U.S.&#160;or</FONT>
    domestic underlying securities. GDRs are depository receipts
    structured like global debt issues to facilitate trading on an
    international basis. Unsponsored ADR, EDR and GDR programs are
    organized independently and without the cooperation of the
    issuer of the underlying securities. As a result, available
    information concerning the issuer may not be as current as for
    sponsored ADRs, EDRs and GDRs, and the prices of unsponsored
    ADRs, EDRs and GDRs may be more volatile than if such
    instruments were sponsored by the issuer. Investments in ADRs,
    EDRs and GDRs present additional investment considerations of
    <FONT style="white-space: nowrap">non-U.S.&#160;securities.</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">Master
    Limited Partnership Interests</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">
    Equity securities issued by MLPs currently consist of common
    units, subordinated units and preferred units.
</DIV>

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

<DIV align="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>MLP Common Units.</I>&#160;&#160;MLP common units represent a
    limited partnership interest in the MLP. Common units are listed
    and traded on U.S.&#160;securities exchanges or
    <FONT style="white-space: nowrap">over-the-counter,</FONT>
    with their value fluctuating predominantly based on prevailing
    market conditions and the success of the MLP. We intend to
    purchase common units in market transactions as well as directly
    from the MLP or other parties. Unlike owners of common stock of
    a corporation, owners of common units have limited voting rights
    and have no ability annually to elect directors. MLPs generally
    distribute all available cash flow (cash flow from operations
    less maintenance capital expenditures) in the form of quarterly
    distributions. Common units along with general partner units,
    have first priority to receive quarterly cash distributions up
    to the MQD and have arrearage rights. In the event of
    liquidation, common units have preference over subordinated
    units, but not debt or preferred units, to the remaining assets
    of the MLP.
</DIV>
<!-- XBRL Pagebreak Begin -->

<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="#Y93113tocpage">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>MLP Subordinated Units.</I>&#160;&#160;MLP subordinated units
    are typically not listed on an exchange or publicly traded. The
    Trust will typically purchase MLP subordinated units through
    negotiated transactions directly with affiliates of MLPs and
    institutional holders of such units or will purchase newly
    issued subordinated units directly from MLPs. Holders of MLP
    subordinated units are entitled to receive minimum quarterly
    distributions after payments to holders of common units have
    been satisfied and prior to incentive distributions to the
    general partner. MLP subordinated units do not provide arrearage
    rights. Subordinated units typically have limited voting rights
    similar to common units. Most MLP subordinated units are
    convertible into common units after the passage of a specified
    period of time or upon the achievement by the MLP of specified
    financial goals.
</DIV>

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

<DIV align="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>MLP Preferred Units.</I>&#160;&#160;MLP preferred units are
    typically not listed on an exchange or publicly traded. The
    Trust will typically purchase MLP preferred units through
    negotiated transactions directly with MLPs, affiliates of MLPs
    and institutional holders of such units. Holders of MLP
    preferred units can be entitled to a wide range of voting and
    other rights, depending on the structure of each separate
    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">
    <I>I-Shares.</I>&#160;&#160;I-Shares represent an ownership
    interest issued by an affiliated party of an MLP. The MLP
    affiliate uses the proceeds from the sale of I-Shares to
    purchase limited partnership interests in the MLP in the form of
    <FONT style="white-space: nowrap">i-units.</FONT>
    <FONT style="white-space: nowrap">I-units</FONT> have
    similar features as MLP common units in terms of voting rights,
    liquidation preference and distributions. However, rather than
    receiving cash, the MLP affiliate receives additional
    <FONT style="white-space: nowrap">i-units</FONT> in
    an amount equal to the cash distributions received by MLP common
    units. Similarly, holders of I-Shares will receive additional
    I-Shares, in the same proportion as the MLP affiliates receipt
    of <FONT style="white-space: nowrap">i-units,</FONT>
    rather than cash distributions. I-Shares themselves have limited
    voting rights which are similar to those applicable to MLP
    common units. The MLP affiliate issuing the I-Shares is
    structured as a corporation for federal income tax purposes.
    I-Shares are traded on the New York Stock Exchange (the
    &#147;NYSE&#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">Structured
    Products</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 Trust may invest in structured products, including
    instruments such as credit-linked securities and structured
    notes, which are potentially high-risk derivatives. For example,
    a structured product may combine a traditional stock, bond, or
    commodity with an option or forward contract. Generally, the
    principal amount, amount payable upon maturity or redemption, or
    interest rate of a structured product is tied (positively or
    negatively) to the price of some security, currency or index or
    another interest rate or some other economic factor (each a
    &#147;benchmark&#148;). The interest rate or (unlike most fixed
    income securities) the principal amount payable at maturity of a
    structured product may be increased or decreased, depending on
    changes in the value of the benchmark.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Structured products can be used as an efficient means of
    pursuing a variety of investment goals, including currency
    hedging, duration management, and increased total return.
    Structured products may not bear interest or pay dividends. The
    value of a structured product or its interest rate may be a
    multiple of a benchmark and, as a result, may be leveraged and
    move (up or down) more steeply and rapidly than the benchmark.
    These benchmarks may be sensitive to economic and political
    events, such as commodity shortages and currency devaluations,
    which cannot be readily foreseen by the purchaser of a
    structured product. Under certain conditions, the redemption
    value of a structured product could be zero. Thus, an investment
    in a structured product may entail significant market risks that
    are not associated with a similar investment in a traditional,
    U.S.&#160;dollar-denominated bond that has a fixed principal
    amount and pays a fixed rate or floating rate of interest. The
    purchase of structured products also exposes the Trust to the
    credit risk of the issuer of the structured product. These risks
    may cause significant fluctuations in the net asset value of the
    Trust.
</DIV>

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

<DIV align="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>Structured Notes and Indexed
    Securities.</I>&#160;&#160;Structured notes are derivative debt
    instruments, the interest rate or principal of which is
    determined by an unrelated indicator (for example, a currency,
    security, commodity or index thereof). The terms of the
    instrument may be &#147;structured&#148; by the purchaser and
    the borrower issuing the note. Indexed securities may include
    structured notes as well as securities other than debt
    securities, the interest rate or principal of which is
    determined by an unrelated indicator. Indexed securities may
    include a multiplier that multiplies the indexed element by a
    specified factor and, therefore, the value of such securities
    may be very volatile. The terms of structured notes and indexed
    securities may provide that in certain circumstances no
    principal is due at maturity, which may result in a loss of
    invested capital. Structured notes and indexed securities may be
    positively or negatively indexed, so that appreciation of the
    unrelated indicator may produce an increase or a decrease in 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>
    A-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    interest rate or the value of the structured note or indexed
    security at maturity may be calculated as a specified multiple
    of the change in the value of the unrelated indicator.
    Therefore, the value of such notes and securities may be very
    volatile. Structured notes and indexed securities may entail a
    greater degree of market risk than other types of debt
    securities because the investor bears the risk of the unrelated
    indicator. Structured notes or indexed securities also may be
    more volatile, less liquid, and more difficult to accurately
    price than less complex securities and instruments or more
    traditional debt securities. The Trust currently does not intend
    to invest in structured notes that involve leverage.
</DIV>

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

<DIV align="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 issuers of structured products may be deemed to be
    investment companies as defined in the Investment Company Act.
    As a result, the Trust&#146;s investments in these structured
    products may be subject to limits applicable to investments in
    investment companies and may be subject to restrictions
    contained in the Investment Company Act.
</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">Strategic
    Transactions and Risk 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">
    Consistent with its investment objective and policies set forth
    herein and in its prospectus, and in addition to its option
    strategy, the Trust may also enter into certain transactions in
    an effort to hedge all or a portion of the portfolio or to seek
    to enhance the Trust&#146;s total returns. In particular, the
    Trust may purchase and sell futures contracts, exchange listed
    and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    call and put options on securities, equity and other indices and
    futures contracts, forward foreign currency contracts, and may
    enter into various derivative transactions (collectively,
    &#147;Strategic Transactions&#148;). Strategic Transactions may
    be used to attempt to protect against possible changes in the
    market value of the Trust&#146;s portfolio resulting from
    fluctuations in the securities markets and changes in interest
    rates, to protect the Trust&#146;s unrealized gains in the value
    of its portfolio securities, to facilitate the sale of such
    securities for investment purposes and to establish a position
    in the securities markets as a temporary substitute for
    purchasing particular securities. Any or all of these Strategic
    Transactions may be used at any time. There is no particular
    strategy that requires use of one technique rather than another.
    Use of any Strategic Transaction is a function of market
    conditions. The ability of the Trust to manage them successfully
    will depend on the Advisors&#146; ability to predict pertinent
    market movements as well as sufficient correlation among the
    instruments, which cannot be assured. The Strategic Transactions
    that the Trust may use are described below. Although the Trust
    recognizes it is not likely that it will use certain of these
    strategies in light of its investment policies, it nevertheless
    describes them here because the Trust may seek to use these
    strategies 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>Puts on Securities, Indices and Futures
    Contracts.</I>&#160;&#160;In addition to its option strategy,
    the Trust may purchase put options (&#147;puts&#148;) that
    relate to securities (whether or not it holds such securities in
    its portfolio), indices or futures contracts. For the same
    purposes, the Trust may also sell puts on securities, indices or
    futures contracts on such securities if the Trust&#146;s
    contingent obligations on such puts are secured by segregated
    assets consisting of cash or liquid debt securities having a
    value not less than the exercise price. In selling puts, there
    is a risk that the Trust may be required to buy the underlying
    security at a price higher than the current market 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">
    <I>Forward Foreign Currency Contracts.</I>&#160;&#160;The Trust
    may enter into forward currency contracts to purchase or sell
    foreign currencies for a fixed amount of U.S.&#160;dollars or
    another foreign currency. A forward currency contract involves
    an obligation to purchase or sell a specific currency at a
    future date, which may be any fixed number of days (term) from
    the date of the forward currency contract agreed upon by the
    parties, at a price set at the time the forward currency
    contract is entered into. Forward currency contracts are traded
    directly between currency traders (usually large commercial
    banks) and their customers. The Trust may purchase a forward
    currency contract to lock in the U.S.&#160;dollar price of a
    security denominated in a foreign currency that the Trust
    intends to acquire. The Trust may sell a forward currency
    contract to lock in the U.S.&#160;dollar equivalent of the
    proceeds from the anticipated sale of a security or a dividend
    or interest payment denominated in a foreign currency. The Trust
    may also use forward currency contracts to shift the
    Trust&#146;s exposure to foreign currency exchange rate changes
    from one currency to another. For example, if the Trust owns
    securities denominated in a foreign currency and the Advisors
    believe that currency will decline relative to another currency,
    the Trust might enter into a forward currency contract to sell
    the appropriate amount of the first foreign currency with
    payment to be made in the second currency. The Trust may also
    purchase forward currency contracts to enhance income when the
    Advisors anticipate that the foreign currency will appreciate in
    value but securities denominated in that currency do not present
    attractive investment opportunities. The Trust may also use
    forward currency contracts to offset against a decline in the
    value of existing investments denominated in a foreign currency.
    Such a transaction would tend to offset both positive and
    negative
</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>
    A-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    currency fluctuations, but would not offset changes in security
    values caused by other factors. The Trust could also enter into
    a forward currency contract to sell another currency expected to
    perform similarly to the currency in which the Trust&#146;s
    existing investments are denominated. This type of transaction
    could offer advantages in terms of cost, yield or efficiency,
    but may not offset currency exposure as effectively as a simple
    forward currency transaction to sell U.S.&#160;dollars. This
    type of transaction may result in losses if the currency sold
    does not perform similarly to the currency in which the
    Trust&#146;s existing investments are denominated. The Trust may
    also use forward currency contracts in one currency or a basket
    of currencies to attempt to offset against fluctuations in the
    value of securities denominated in a different currency if the
    Advisors anticipate that there will be a correlation between the
    two 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 cost to the Trust of engaging in forward currency contracts
    varies with factors such as the currency involved, the length of
    the contract period and the market conditions then prevailing.
    Because forward currency contracts are usually entered into on a
    principal basis, no fees or commissions are involved. When the
    Trust enters into a forward currency contract, it relies on the
    counterparty to make or take delivery of the underlying currency
    at the maturity of the contract. Failure by the counterparty to
    do so would result in the loss of some or all of any expected
    benefit of the transaction. Secondary markets generally do not
    exist for forward currency contracts, with the result that
    closing transactions generally can be made for forward currency
    contracts only by negotiating directly with the counterparty.
    Thus, there can be no assurance that the Trust will in fact be
    able to close out a forward currency contract at a favorable
    price prior to maturity. In addition, in the event of insolvency
    of the counterparty, the Trust might be unable to close out a
    forward currency contract. In either event, the Trust would
    continue to be subject to market risk with respect to the
    position, and would continue to be required to maintain a
    position in securities denominated in the foreign currency or to
    maintain cash or liquid assets in a segregated account. The
    precise matching of forward currency contract amounts and the
    value of the securities involved generally will not be possible
    because the value of such securities, measured in the foreign
    currency, will change after the forward currency contract has
    been established. Thus, the Trust might need to purchase or sell
    foreign currencies in the spot (cash) market to the extent such
    foreign currencies are not covered by forward currency
    contracts. The projection of short-term currency market
    movements is extremely difficult, and the successful execution
    of a short-term strategy is highly uncertain.
</DIV>

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

<DIV align="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
    Contracts.</I>&#160;&#160;In connection with its hedging and
    other risk management strategies, the Trust may also enter into
    contracts for the purchase or sale for future delivery
    (&#147;futures contracts&#148;) of securities, aggregates of
    securities or indices or prices thereof, other financial indices
    and U.S.&#160;government debt securities or options on the
    above. The Trust primarily intends to engage in such
    transactions for bona fide risk management and other portfolio
    management 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>Calls on Securities, Indices and Futures
    Contracts.</I>&#160;&#160;In addition to its option strategy, in
    order to enhance income or reduce fluctuations on net asset
    value, the Trust may sell or purchase call options
    (&#147;calls&#148;) on securities and indices based upon the
    prices of futures contracts and debt or equity securities that
    are traded on U.S.&#160;and
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    exchanges and in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. A call option gives the purchaser of the option the
    right to buy, and obligates the seller to sell, the underlying
    security, futures contract or index at the exercise price at any
    time or at a specified time during the option period. All such
    calls sold by the Trust must be &#147;covered&#148; as long as
    the call is outstanding (i.e., the Trust must own the instrument
    subject to the call or other securities or assets acceptable for
    applicable segregation and coverage requirements). A call sold
    by the Trust exposes the Trust during the term of the option to
    possible loss of opportunity to realize appreciation in the
    market price of the underlying security, index or futures
    contract and may require the Trust to hold an instrument which
    it might otherwise have sold. The purchase of a call gives the
    Trust the right to buy a security, futures contract or index at
    a fixed price. Calls on futures on securities must also be
    covered by assets or instruments acceptable under applicable
    segregation and coverage 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>Interest Rate Transactions.</I>&#160;&#160;The Trust may
    enter into interest rate swaps and purchase or sell interest
    rate caps and floors primarily to preserve a return or spread on
    a particular investment or portion of its portfolio as a
    duration management technique or to protect against any increase
    in the price of securities the Trust anticipates purchasing at a
    later date. The Trust intends to use these transactions for risk
    management purposes and not as a speculative investment. The
    Trust will not sell interest rate caps or floors that it does
    not own. Interest rate swaps involve the exchange by the Trust
    with another party of their respective commitments to pay or
    receive interest, e.g., an
</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>
    A-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    exchange of floating rate payments for fixed rate payments with
    respect to a notional amount of principal. The purchase of an
    interest rate cap entitles the purchaser, to the extent that a
    specified index exceeds a predetermined interest rate, to
    receive payments of interest on a notional principal amount from
    the party selling such interest rate cap. The purchase of an
    interest rate floor entitles the purchaser, to the extent that a
    specified index falls below a predetermined interest rate, to
    receive payments of interest on a notional principal amount from
    the party selling such interest rate floor.
</DIV>

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

<DIV align="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 Trust may enter into interest rate swaps, caps and floors on
    either an asset-based or liability-based basis, depending on
    whether it is offsetting volatility with respect to its assets
    or liabilities, and will usually enter into interest rate swaps
    on a net basis, i.e., the two payment streams are netted out,
    with the Trust receiving or paying, as the case may be, only the
    net amount of the two payments on the payment dates. Inasmuch as
    these Strategic Transactions are entered into for good faith
    risk management purposes, the Advisors and the Trust believe
    such obligations do not constitute senior securities, and,
    accordingly, will not treat them as being subject to its
    borrowing restrictions. The Trust will accrue the net amount of
    the excess, if any, of the Trust&#146;s obligations over its
    entitlements with respect to each interest rate swap on a daily
    basis and will designate on its books and records with a
    custodian an amount of cash or liquid high grade securities
    having an aggregate net asset value at all times at least equal
    to the accrued excess. The Trust will not enter into any
    interest rate swap, cap or floor transaction unless the
    unsecured senior debt or the claims-paying ability of the other
    party thereto is rated in the highest rating category of at
    least one nationally recognized statistical rating organization
    at the time of entering into such transaction. If there is a
    default by the other party to such a transaction, the Trust will
    have contractual remedies pursuant to the agreements related to
    the transaction. The swap market has grown substantially in
    recent years with a large number of banks and investment banking
    firms acting both as principals and as agents utilizing
    standardized swap documentation. Caps and floors are more recent
    innovations for which standardized documentation has not yet
    been developed and, accordingly, they are less liquid than swaps.
</DIV>

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

<DIV align="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>Credit Default Swap Agreements and Similar
    Instruments.</I>&#160;&#160;The Trust may enter into credit
    default swap agreements, a type of derivative, for hedging
    purposes or to seek to increase its returns. The credit default
    swap agreement may have as reference obligations one or more
    securities that are not currently held by the Trust. The Trust
    enters into credit default agreements to provide a measure of
    protection against the default of an issuer (as buyer of
    protection)
    <FONT style="white-space: nowrap">and/or</FONT> gain
    credit exposure to an issuer to which it is not otherwise
    exposed (as seller of protection). The Trust may either buy or
    sell (write) credit default swaps on single-name issuers or
    traded indexes. Credit default swaps on single-name issuers are
    agreements in which the buyer pays fixed periodic payments to
    the seller in consideration for a guarantee from the seller to
    make a specific payment should a negative credit event take
    place (e.g., bankruptcy, failure to pay, obligation
    accelerators, repudiation, moratorium or restructuring). Credit
    default swaps on traded indexes are agreements in which the
    buyer pays fixed periodic payments to the seller in
    consideration for a guarantee from the seller to make a specific
    payment should a write-down, principal or interest shortfall or
    default of all or individual underlying securities included in
    the index occur. As a buyer, if an underlying credit event
    occurs, the Trust will either receive from the seller an amount
    equal to the notional amount of the swap and deliver the
    referenced security or underlying securities comprising of an
    index or receive a net settlement of cash equal to the notional
    amount of the swap less the recovery value of the security or
    underlying securities comprising of an index. As a seller
    (writer), if an underlying credit event occurs, the Trust will
    either pay the buyer an amount equal to the notional amount of
    the swap and take delivery of the referenced security or
    underlying securities comprising an index or pay a net
    settlement of cash equal to the notional amount of the swap less
    the recovery value of the security or underlying securities
    comprising of an index.
</DIV>

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

<DIV align="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>Credit Linked Securities.</I>&#160;&#160;Credit-linked
    securities are issued by a limited purpose trust or other
    vehicle that, in turn, invests in a basket of derivative
    instruments, such as credit default swaps, interest rate swaps,
    and other securities, in order to provide exposure to certain
    high yield or other fixed income markets. A credit-linked
    security is a synthetic obligation between two or more parties
    where the payment of principal
    <FONT style="white-space: nowrap">and/or</FONT>
    interest is based on the performance of some obligation (a
    reference obligation). Like an investment in a bond, investments
    in credit-linked securities represent the right to receive
    periodic income payments (in the form of distributions) and
    payment of principal at the end of the term of the security.
    However, these payments are conditioned on the issuing
    trust&#146;s receipt of payments from, and the issuing
    trust&#146;s potential obligations to, the counterparties to the
    derivative instruments and other securities in which the issuing
    trust invests. For instance, the issuing trust may sell one or
</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>
    A-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    more credit default swaps, under which the issuing trust would
    receive a stream of payments over the term of the swap
    agreements provided that no event of default has occurred with
    respect to the referenced debt obligation upon which the swap is
    based. If a default occurs, the stream of payments may stop and
    the issuing trust would be obligated to pay the counterparty the
    par (or other agreed upon value) of the referenced debt
    obligation. This, in turn, would reduce the amount of income and
    principal that the Trust would receive as an investor in the
    Trust. The Trust&#146;s investments in these instruments are
    indirectly subject to the risks associated with derivative
    instruments, including, among others, credit risk, default or
    similar event risk, counterparty risk, interest rate risk,
    leverage risk and management risk.
</DIV>

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

<DIV align="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 Swap Agreements.</I>&#160;&#160;Total return
    swap agreements are contracts in which one party agrees to make
    periodic payments to another party based on the change in market
    value of the assets underlying the contract, which may include a
    specified security, basket of securities or securities indices
    during the specified period, in return for periodic payments
    based on a fixed or variable interest rate or the total return
    from other underlying assets. Total return swap agreements may
    be used to obtain exposure to a security or market without
    owning or taking physical custody of such security or investing
    directly in such market. Total return swap agreements may
    effectively add leverage to the Trust&#146;s portfolio because,
    in addition to its total net assets, the Trust would be subject
    to investment exposure on the notional amount of the swap.
</DIV>

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

<DIV align="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 return swap agreements are subject to the risk that a
    counterparty will default on its payment obligations to the
    Trust thereunder. Swap agreements also bear the risk that the
    Trust will not be able to meet its obligation to the
    counterparty. Generally, the Trust will enter into total return
    swaps on a net basis (i.e., the two payment streams are netted
    against one another with the Trust receiving or paying, as the
    case may be, only the net amount of the two payments). The net
    amount of the excess, if any, of the Trust&#146;s obligations
    over its entitlements with respect to each total return swap
    will be accrued on a daily basis, and an amount of liquid assets
    having an aggregate net asset value at least equal to the
    accrued excess will be segregated by the Trust. If the total
    return swap transaction is entered into on other than a net
    basis, the full amount of the Trust&#146;s obligations will be
    accrued on a daily basis, and the full amount of the
    Trust&#146;s obligations will be segregated by the Trust in an
    amount equal to or greater than the market value of the
    liabilities under the total return swap agreement or the amount
    it would have cost the Trust initially to make an equivalent
    direct investment, plus or minus any amount the Trust is
    obligated to pay or is to receive under the total return swap
    agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Credit Derivatives.</I>&#160;&#160;The Trust may engage in
    credit derivative transactions. There are two broad categories
    of credit derivatives: default price risk derivatives and market
    spread derivatives. Default price risk derivatives are linked to
    the price of reference securities or loans after a default by
    the issuer or borrower, respectively. Market spread derivatives
    are based on the risk that changes in market factors, such as
    credit spreads, can cause a decline in the value of a security,
    loan or index. There are three basic transactional forms for
    credit derivatives: swaps, options and structured instruments.
    The use of credit derivatives is a highly specialized activity
    which involves strategies and risks different from those
    associated with ordinary portfolio security transactions. If the
    Advisors are incorrect in their forecasts of default risks,
    market spreads or other applicable factors, the investment
    performance of the Trust would diminish compared with what it
    would have been if these techniques were not used. Moreover,
    even if the Advisors are correct in their forecasts, there is a
    risk that a credit derivative position may correlate imperfectly
    with the price of the asset or liability being hedged. There is
    no limit on the amount of credit derivative transactions that
    may be entered into by the Trust. The Trust&#146;s risk of loss
    in a credit derivative transaction varies with the form of the
    transaction. For example, if the Trust purchases a default
    option on a security, and if no default occurs with respect to
    the security, the Trust&#146;s loss is limited to the premium it
    paid for the default option. In contrast, if there is a default
    by the grantor of a default option, the Trust&#146;s loss will
    include both the premium that it paid for the option and the
    decline in value of the underlying security that the default
    option hedged.
</DIV>

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

<DIV align="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>New Products.</I>&#160;&#160;The financial markets continue
    to evolve and financial products continue to be developed. The
    Trust reserves the right to invest in new financial products as
    they are developed or become more widely accepted. As with any
    new financial product, these products will entail risks,
    including risks to which the Trust currently is not subject.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Appendix&#160;C contains further information about the
    characteristics, risks and possible benefits of Strategic
    Transactions and the Trust&#146;s other policies and limitations
    (which are not fundamental policies) relating to
</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>
    A-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    investment in futures contracts and options. The principal risks
    relating to the use of futures contracts and other Strategic
    Transactions are: (a)&#160;less than perfect correlation between
    the prices of the instrument and the market value of the
    securities in the Trust&#146;s portfolio; (b)&#160;possible lack
    of a liquid secondary market for closing out a position in such
    instruments; (c)&#160;losses resulting from interest rate or
    other market movements not anticipated by the Advisor; and
    (d)&#160;the obligation to meet additional variation margin or
    other payment requirements, all of which could result in the
    Trust being in a worse position than if such techniques had not
    been used.
</DIV>

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

<DIV align="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 Code may restrict or affect the
    ability of the Trust to engage in Strategic Transactions. See
    &#147;Tax Matters.&#148;
</DIV>

<A name='Y93113140'>
<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">OTHER
    INVESTMENT POLICIES AND TECHNIQUES</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">Restricted
    and Illiquid 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">
    Certain of the Trust&#146;s investments may be illiquid.
    Illiquid securities are subject to legal or contractual
    restrictions on disposition or lack an established secondary
    trading market. The sale of restricted and illiquid securities
    often requires more time and results in higher brokerage charges
    or dealer discounts and other selling expenses than does the
    sale of securities eligible for trading on national securities
    exchanges or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. Restricted securities may sell at a price lower than
    similar securities that are not subject to restrictions on
    resale.
</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">When-Issued
    and Forward Commitment 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 Trust may purchase securities on a &#147;when-issued&#148;
    basis and may purchase or sell securities on a &#147;forward
    commitment&#148; basis in order to acquire the security or to
    offset against anticipated changes in interest rates and prices.
    When such transactions are negotiated, the price, which is
    generally expressed in yield terms, is fixed at the time the
    commitment is made, but delivery and payment for the securities
    take place at a later date. When-issued securities and forward
    commitments may be sold prior to the settlement date, but the
    Trust will enter into when-issued and forward commitments only
    with the intention of actually receiving or delivering the
    securities, as the case may be. If the Trust disposes of the
    right to acquire a when-issued security prior to its acquisition
    or disposes of its right to deliver or receive against a forward
    commitment, it might incur a gain or loss. At the time the Trust
    enters into a transaction on a when-issued or forward commitment
    basis, it will designate on its books and records cash or liquid
    debt securities equal to at least the value of the when-issued
    or forward commitment securities. The value of these assets will
    be monitored daily to ensure that their marked to market value
    will at all times equal or exceed the corresponding obligations
    of the Trust. There is always a risk that the securities may not
    be delivered and that the Trust may incur a loss. Settlements in
    the ordinary course, which may take substantially more than five
    business days, are not treated by the Trust as when-issued or
    forward commitment transactions and, accordingly, are not
    subject to the foregoing restrictions.
</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">Reverse
    Repurchase Agreements</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 Trust may enter into reverse repurchase agreements with
    respect to its portfolio investments subject to the investment
    restrictions set forth herein. Reverse repurchase agreements
    involve the sale of securities held by the Trust with an
    agreement by the Trust to repurchase the securities at an agreed
    upon price, date and interest payment. At the time the Trust
    enters into a reverse repurchase agreement, it may designate on
    its books and records liquid instruments having a value not less
    than the repurchase price (including accrued interest). If the
    Trust establishes and maintains such a segregated account, a
    reverse repurchase agreement will not be considered a borrowing
    by the Trust; however, under certain circumstances in which the
    Trust does not establish and maintain such a segregated account,
    such reverse repurchase agreement will be considered a borrowing
    for the purpose of the Trust&#146;s limitation on borrowings.
    The use by the Trust of reverse repurchase agreements involves
    many of the same risks of leverage since the proceeds derived
    from such reverse repurchase agreements may be invested in
    additional securities. Reverse repurchase agreements involve the
    risk that the market value of the securities acquired in
    connection with the reverse repurchase agreement may decline
    below the price of the securities the Trust has sold but is
    obligated to
</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>
    A-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    repurchase. Also, reverse repurchase agreements involve the risk
    that the market value of the securities retained in lieu of sale
    by the Trust in connection with the reverse repurchase agreement
    may decline in 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">
    If the buyer of securities under a reverse repurchase agreement
    files for bankruptcy or becomes insolvent, such buyer or its
    trustee or receiver may receive an extension of time to
    determine whether to enforce the Trust&#146;s obligation to
    repurchase the securities, and the Trust&#146;s use of the
    proceeds of the reverse repurchase agreement may effectively be
    restricted pending such decision. Also, the Trust would bear the
    risk of loss to the extent that the proceeds of the reverse
    repurchase agreement are less than the value of the securities
    subject to such agreement.
</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
    Agreements</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 temporary investments, the Trust may invest in repurchase
    agreements. A repurchase agreement is a contractual agreement
    whereby the seller of securities agrees to repurchase the same
    security at a specified price on a future date agreed upon by
    the parties. The
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    repurchase price determines the yield during the Trust&#146;s
    holding period. Repurchase agreements are considered to be loans
    collateralized by the underlying security that is the subject of
    the repurchase contract. The Trust will only enter into
    repurchase agreements with registered securities dealers or
    domestic banks that, in the opinion of the Advisors, present
    minimal credit risk. The risk to the Trust is limited to the
    ability of the issuer to pay the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    repurchase price on the delivery date; however, although the
    value of the underlying collateral at the time the transaction
    is entered into always equals or exceeds the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    repurchase price, if the value of the collateral declines, there
    is a risk of loss of both principal and interest. In the event
    of default, the collateral may be sold but the Trust might incur
    a loss if the value of the collateral declines, and might incur
    disposition costs or experience delays in connection with
    liquidating the collateral. In addition, if bankruptcy
    proceedings are commenced with respect to the seller of the
    security, realization upon the collateral by the Trust may be
    delayed or limited. The Advisors will monitor the value of the
    collateral at the time the transaction is entered into and at
    all times subsequent during the term of the repurchase agreement
    in an effort to determine that such value always equals or
    exceeds the
    <FONT style="white-space: nowrap">agreed-upon</FONT>
    repurchase price. In the event the value of the collateral
    declines below the repurchase price, the Advisors will demand
    additional collateral from the issuer to increase the value of
    the collateral to at least that of the repurchase price,
    including interest.
</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">Short
    Sales</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 Trust does not currently intend to engage in short
    sales of securities, the Trust is permitted to engage in such
    transactions. A short sale is a transaction in which the Trust
    sells a security it does not own in anticipation that the market
    price of that security will decline. The Trust may make short
    sales for risk management purposes, to maintain portfolio
    flexibility or to seek to enhance total return.
</DIV>

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

<DIV align="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 Trust makes a short sale, it must borrow the security
    sold short and deliver it to the broker-dealer through which it
    made the short sale as collateral for its obligation to deliver
    the security upon conclusion of the sale. The Trust may have to
    pay a fee to borrow particular securities and is often obligated
    to pay over any payments received on such borrowed 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 Trust&#146;s obligation to replace the borrowed security
    will be secured by collateral deposited with the broker-dealer,
    usually cash, U.S.&#160;government securities or other liquid
    securities. The Trust will also be required to designate on its
    books and records similar collateral with its custodian to the
    extent, if any, necessary so that the aggregate collateral value
    is at all times at least equal to the current market value of
    the security sold short. Depending on arrangements made with the
    broker-dealer from which it borrowed the security regarding
    payment over of any payments received by the Trust on such
    security, the Trust may not receive any payments (including
    interest) on its collateral deposited with such broker-dealer.
</DIV>

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

<DIV align="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 price of the security sold short increases between the
    time of the short sale and the time the Trust replaces the
    borrowed security, the Trust will incur a loss; conversely, if
    the price declines, the Trust will realize a gain. Any gain will
    be decreased, and any loss increased, by the transaction costs
    described above. Although the Trust&#146;s gain is limited to
    the price at which it sold the security short, its potential
    loss is theoretically unlimited. There can be no assurance that
    the securities necessary to cover a short position will be
    available for purchase. Purchasing securities to close out the
    short position can itself cause the price of the securities to
    rise further, thereby exacerbating the loss.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    The Trust will not make a short sale if, after giving effect to
    such sale, the market value of all securities sold short exceeds
    15% of the value of its total assets or the Trust&#146;s
    aggregate short sales of a particular class of securities of an
    issuer exceeds 15% of the issuer&#146;s outstanding securities
    of that class. The Trust may also make short sales &#147;against
    the box&#148; without respect to such limitations. In this type
    of short sale, at the time of the sale, the Trust owns or has
    the immediate and unconditional right to acquire at no
    additional cost the identical security.
</DIV>

<A name='Y93113127'>
<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">ADDITIONAL
    RISK FACTORS</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">Preferred
    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">
    The Trust may invest in preferred stock. Preferred stocks are
    unique securities that combine some of the characteristics of
    both common stocks and bonds. Preferred stocks generally pay a
    fixed rate of return and are sold on the basis of current yield,
    like bonds. However, because they are equity securities,
    preferred stock provides equity ownership of a company, and the
    income is paid in the form of dividends. Preferred stocks
    typically have a yield advantage over common stocks as well as
    comparably-rated fixed income investments. Preferred stocks are
    typically subordinated to 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
    credit risk than those debt instruments. Unlike interest
    payments on debt securities, preferred stock dividends are
    payable only if declared by the issuer&#146;s board of
    directors. Preferred stocks also may be subject to optional or
    mandatory redemption provisions. Certain of the preferred stocks
    in which the Trust may invest may be convertible preferred
    stocks, which have risks similar to convertible securities as
    described below in &#147;&#151;&#160;Convertible Securities
    Risk.&#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">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">
    The Trust may invest in convertible securities. A convertible
    security is a bond, debenture, note, preferred stock or other
    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
    nonconvertible income securities in that they ordinarily provide
    a stable stream of income with generally higher yields than
    those of common stocks of the same or similar issuers, but lower
    yields than comparable nonconvertible securities. Similar to
    traditional fixed income securities, the market values of
    convertible securities tend to decline as interest rates
    increase and, conversely, to increase as interest rates decline.
    However, when the market price of the common stock underlying a
    convertible security exceeds the conversion price, the
    convertible security tends to reflect the market price of the
    underlying common stock. As the market price of the underlying
    common stock declines, the convertible security tends to trade
    increasingly on a yield basis and thus may not decline in price
    to the same extent as the underlying common stock. The credit
    standing of the issuer and other factors also may have an effect
    on the convertible security&#146;s investment value. Convertible
    securities rank senior to common stock in a corporation&#146;s
    capital structure but are usually subordinated to comparable
    nonconvertible securities. Convertible securities may be subject
    to redemption at the option of the issuer at a price established
    in the convertible security&#146;s governing instrument.
</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">Short
    Sales 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 Trust may take short positions in securities that the
    Advisors believe may decline in price or in the aggregate may
    underperform broad market benchmarks. The Trust may also engage
    in derivatives transactions that provide similar short exposure.
    In times of unusual or adverse market, economic, regulatory or
    political conditions, the Trust may not be able, fully or
    partially, to implement a short selling strategy.
</DIV>

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

<DIV align="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 are transactions in which the Trust sells a security
    or other instrument (such as an option, forward, futures or
    other derivative contract) that it does not own. Short selling
    allows the Trust to profit from a decline in market price to the
    extent such decline exceeds the transaction costs and the costs
    of borrowing the securities. If a security sold short increases
    in price, the Trust may have to cover its short position at a
    higher price than the short sale price, resulting in a loss. The
    Trust may have substantial short positions and must borrow those
    securities to make delivery to the buyer. The Trust may not be
    able to borrow a security that it needs to deliver or it may not
    be able to close out a short position at an acceptable price and
    may have to sell related long positions before it had
</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>
    A-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    intended to do so. Thus, the Trust may not be able to
    successfully implement its short sale strategy due to limited
    availability of desired securities or for other reasons. Also,
    there is the risk that the counterparty to a short sale may fail
    to honor its contractual terms, causing a loss to the Trust.
</DIV>

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

<DIV align="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 losses on short sales arise from increases in the value
    of the security sold short, such losses are theoretically
    unlimited. By contrast, a loss on a long position arises from
    decreases in the value of the security and is limited by the
    fact that a security&#146;s value cannot go below zero. The use
    of short sales in combination with long positions in the
    Trust&#146;s portfolio in an attempt to improve performance or
    reduce overall portfolio risk may not be successful and may
    result in greater losses or lower positive returns than if the
    Trust held only long positions. It is possible that the
    Trust&#146;s long securities positions will decline in value at
    the same time that the value of its short securities positions
    increase, thereby increasing potential losses to the Trust. In
    addition, the Trust&#146;s short selling strategies will limit
    its ability to fully benefit from increases in the 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">
    By investing the proceeds received from selling securities
    short, the Trust could be deemed to be employing a form of
    leverage, which creates special risks. The use of leverage may
    increase the Trust&#146;s exposure to long securities positions
    and make any change in the Trust&#146;s NAV greater than it
    would be without the use of leverage. This could result in
    increased volatility of returns. There is no guarantee that any
    leveraging strategy the Trust employs will be successful during
    any period in which it is employed.
</DIV>

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

<DIV align="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 recently proposed certain restrictions on short sales.
    If the SEC&#146;s proposals are adopted, they could restrict the
    Trust&#146;s ability to engage in short sales in certain
    circumstances. In addition, regulatory authorities in the United
    States or other countries may adopt bans on short sales of
    certain securities, either generally, or with respect to certain
    industries or countries, in response to market events.
    Restrictions
    <FONT style="white-space: nowrap">and/or</FONT> bans
    on short selling may make it impossible for the Trust to execute
    certain 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">Repurchase
    Agreements 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">
    Subject to its investment objective and policies, the Trust may
    invest in repurchase agreements for investment purposes.
    Repurchase agreements typically involve the acquisition by the
    Trust of debt securities from a selling financial institution
    such as a bank, savings and loan association or broker-dealer.
    The agreement provides that the Trust will sell the securities
    back to the institution at a fixed time in the future. The Trust
    does not bear the risk of a decline in the value of the
    underlying security unless the seller defaults under its
    repurchase obligation. In the event of the bankruptcy or other
    default of a seller of a repurchase agreement, the Trust could
    experience both delays in liquidating the underlying securities
    and losses, including possible decline in the value of the
    underlying security during the period in which the Trust seeks
    to enforce its rights thereto; possible lack of access to income
    on the underlying security during this period; and expenses of
    enforcing its rights. While repurchase agreements involve
    certain risks not associated with direct investments in debt
    securities, the Trust follows procedures approved by the
    Trust&#146;s Board that are designed to minimize such risks. In
    addition, the value of the collateral underlying the repurchase
    agreement will be at least equal to the repurchase price,
    including any accrued interest earned on the repurchase
    agreement. In the event of a default or bankruptcy by a selling
    financial institution, the Trust generally will seek to
    liquidate such collateral. However, the exercise of the
    Trust&#146;s right to liquidate such collateral could involve
    certain costs or delays and, to the extent that proceeds from
    any sale upon a default of the obligation to repurchase were
    less than the repurchase price, the Trust could suffer a loss.
</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">When-Issued
    and Delayed-Delivery Transactions 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 Trust may purchase fixed income securities on a when-issued
    basis, and may purchase or sell those securities for delayed
    delivery. When-issued and delayed-delivery transactions occur
    when securities are purchased or sold by the Trust with payment
    and delivery taking place in the future to secure an
    advantageous yield or price. Securities purchased on a
    when-issued or delayed-delivery basis may expose the Trust to
    counterparty risk of default, as well as the risk that
    securities may experience fluctuations in value prior to their
    actual delivery. The Trust will not accrue income with respect
    to a when-issued or delayed-delivery security prior to its
    stated delivery date. Purchasing securities on a when-issued or
    delayed-delivery basis can involve the additional risk that the
    price or yield available in the market when the delivery takes
    place may not be as favorable as that obtained in the
    transaction itself.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">Risk
    Factors in Strategic Transactions and Derivatives</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 addition to Appendix&#160;C, the following contains risk
    factors associated with derivatives. Derivatives are volatile
    and involve significant risks, 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">
    The Trust&#146;s use of derivatives may reduce its returns
    <FONT style="white-space: nowrap">and/or</FONT>
    increase volatility. Volatility is defined as the characteristic
    of a security, an index or a market to fluctuate significantly
    in price within a short time period. A risk of the Trust&#146;s
    use of derivatives is that the fluctuations in their values may
    not correlate perfectly with the overall securities markets.
    Derivatives are also subject to counterparty risk, which is the
    risk that the other party in the transaction will not fulfill
    its contractual obligation. In addition, some derivatives are
    more sensitive to interest rate changes and market price
    fluctuations than other securities. The possible lack of a
    liquid secondary market for derivatives and the resulting
    inability of the Trust to sell or otherwise close a derivatives
    position could expose the Trust to losses and could make
    derivatives more difficult for the Trust to value accurately.
    The Trust could also suffer losses related to its derivative
    positions as a result of unanticipated market movements, which
    losses are potentially unlimited. Finally, the Advisors may not
    be able to predict correctly the direction of securities prices,
    interest rates and other economic factors, which could cause the
    Trust&#146;s derivatives positions to lose value. When a
    derivative is used as a hedge against a position that the Trust
    holds, any loss generated by the derivative generally should be
    substantially offset by gains on the hedged investment, and vice
    versa. While hedging can reduce or eliminate losses, it can also
    reduce or eliminate gains. Hedges are sometimes subject to
    imperfect matching between the derivative and the underlying
    security, and there can be no assurance that the Trust&#146;s
    hedging transactions will be effective. The income from certain
    derivatives may be subject to federal income tax. Swap
    agreements involve the risk that the party with whom the Trust
    has entered into the swap will default on its obligation to pay
    the Trust and the risk that the Trust will not be able to meet
    its obligations to pay the other party to the agreement. Credit
    default swaps involve special risks in addition to those
    mentioned above because they are difficult to value, are highly
    susceptible to liquidity and credit risk, and generally pay a
    return to the party that has paid the premium only in the event
    of an actual default by the issuer of the underlying obligation
    (as opposed to a credit downgrade or other indication of
    financial difficulty). Forward foreign currency exchange
    contracts do not eliminate fluctuations in the value of
    <FONT style="white-space: nowrap">non-U.S.&#160;Securities</FONT>
    but rather allow the Trust to establish a fixed rate of exchange
    for a future point in time. This strategy can have the effect of
    reducing returns and minimizing opportunities for gain.
</DIV>

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

<DIV align="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>Credit Risk </I>&#151;&#160;the risk that the counterparty in
    a derivative transaction will be unable to honor its financial
    obligation to the Trust, or the risk that the reference entity
    in a credit default swap or similar derivative will not be able
    to honor its financial obligations.
</DIV>

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

<DIV align="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>&#151;&#160;the risk associated with
    certain types of investments or trading strategies (such as, for
    example, borrowing money to increase the amount of investments)
    that relatively small market movements may result in large
    changes in the value of an investment. Certain investments or
    trading strategies that involve leverage can result in losses
    that greatly exceed the amount originally 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">
    <I>Liquidity Risk </I>&#151;&#160;the risk that certain
    securities may be difficult or impossible to sell at the time
    that the seller would like or at the price that the seller
    believes the security is currently worth.
</DIV>

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

<DIV align="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>Correlation Risk </I>&#151;&#160;the risk that changes in the
    value of a derivative will not match the changes in the value of
    the portfolio holdings that are being hedged or of the
    particular market or security to which the Trust seeks exposure.
</DIV>

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

<DIV align="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>Index Risk </I>&#151;&#160;If the derivative is linked to the
    performance of an index, it will be subject to the risks
    associated with changes in that index. If the index changes, the
    Trust could receive lower interest payments or experience a
    reduction in the value of the derivative to below what that
    Trust paid. Certain indexed securities, including inverse
    securities (which move in an opposite direction to the index),
    may create leverage, to the extent that they increase or
    decrease in value at a rate that is a multiple of the changes in
    the applicable index.
</DIV>

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

<DIV align="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, at any specific time, either a
    liquid secondary market will exist for a derivative or the Trust
    will otherwise be able to sell such instrument at an acceptable
    price. It may, therefore, not be possible to close a position in
    a derivative without incurring substantial losses, if at all.
    Certain transactions in derivatives (such as futures
    transactions or sales of put options) involve substantial
    leverage risk and may expose the Trust to potential losses that
    exceed the amount originally invested by the Trust. When the
    Trust engages in such a transaction, 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>
    A-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    Trust will deposit in a segregated account liquid assets with a
    value at least equal to the Trust&#146;s exposure, on a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    basis, to the transaction (as calculated pursuant to
    requirements of the Securities and Exchange Commission). Such
    segregation will ensure that the Trust has assets available to
    satisfy its obligations with respect to the transaction, but
    will not limit the Trust&#146;s exposure to loss.
</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">Risks
    Associated with Swaps</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">
    Swaps are privately negotiated transactions between the Trust
    and a counterparty. All of the rights and obligations of the
    Trust are detailed in the swap contract, which binds the Trust
    and its counterparty. Because a swap transaction is a
    privately-negotiated contract, the Trust remains liable for all
    obligations under the contract until the swap contract matures
    or is purchased by the swap counterparty. Therefore, even if the
    Trust were to sell the swap contract to a third party, the Trust
    would remain primarily liable for the obligations under the swap
    transaction. The only way for the Trust to eliminate its primary
    obligations under the swap agreement is to sell the swap
    contract back to the original counterparty. Additionally, the
    Trust must identify liquid assets on its books to the extent of
    the Trust&#146;s obligations to pay the counterparty under the
    swap agreement. The Trust will also be exposed to the
    performance risk of its counterparty. If the counterparty is
    unable to perform its obligations under the swap contract at
    maturity of the swap or any interim payment date, the Trust may
    not receive the payments due it under the swap agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total return swaps expose the Trust to the price risk of the
    underlying security, index, futures or option contract,
    instrument or other economic variable. If the price of the
    underlying security, index, futures or option contract,
    instrument or other economic variable increases in value during
    the term of the swap, the Trust will receive the resulting price
    appreciation. However, if the price declines in value during the
    term of the swap, the Trust will be required to pay to its
    counterparty the amount of the price depreciation. The amount of
    the price depreciation paid by the Trust to its counterparty
    would be in addition to the financing fee paid by the Trust to
    the same counterparty.
</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">Risks
    Associated with Options</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">
    There are several risks associated with transactions in options
    on securities and indexes. 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 transaction not to achieve its objectives. In
    addition, a liquid secondary market for particular options,
    whether traded
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    or on a national securities exchange (&#147;Exchange&#148;) may
    be absent for reasons which include the following: there may be
    insufficient trading interest in certain options; restrictions
    may be imposed by an Exchange on opening transactions or closing
    transactions or both; trading halts, suspensions or other
    restrictions may be imposed with respect to particular classes
    or series of options or underlying securities; unusual or
    unforeseen circumstances may interrupt normal operations on an
    Exchange; the facilities of an Exchange or the Options Clearing
    Corporation (&#147;OCC&#148;) may not at all times be adequate
    to handle current trading volume; or one or more Exchanges
    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), in which event the
    secondary market on that Exchange (or in that class or series of
    options) would cease to exist, although outstanding options 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.
</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">Risks
    Associated with Futures</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 primary risks associated with the use of futures contracts
    and options are: the imperfect correlation between the change in
    market value of the instruments held by the Trust and the price
    of the futures contract or option; possible lack of a liquid
    secondary market for a futures contract and the resulting
    inability to close a futures contract when desired; losses
    caused by unanticipated market movements, which are potentially
    unlimited; the Advisor&#146;s inability to predict correctly the
    direction of securities prices, interest rates, currency
    exchange rates and other economic factors; and the possibility
    that the counterparty will default in the performance of its
    obligations.
</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
    Risk Factors of OTC Transactions; Limitations on the Use of OTC
    Derivatives</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">
    Certain derivatives traded in OTC markets, including indexed
    securities, swaps and OTC options, involve substantial liquidity
    risk. The absence of liquidity may make it difficult or
    impossible for the Trust to sell such
</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>
    A-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    instruments promptly at an acceptable price. The absence of
    liquidity may also make it more difficult for the Trust to
    ascertain a market value for such instruments. The Trust will,
    therefore, acquire illiquid OTC instruments (i)&#160;if the
    agreement pursuant to which the instrument is purchased contains
    a formula price at which the instrument may be terminated or
    sold, or (ii)&#160;for which the Advisors anticipate the Trust
    can receive on each business day at least two independent bids
    or offers, unless a quotation from only one dealer is available,
    in which case that dealer&#146;s quotation may be used. Because
    derivatives traded in OTC markets are not guaranteed by an
    exchange or clearing corporation and generally do not require
    payment of margin, to the extent that the Trust has unrealized
    gains in such instruments or has deposited collateral with its
    counterparties, the Trust is at risk that its counterparties
    will become bankrupt or otherwise fail to honor its obligations.
    The Trust will attempt to minimize these risks by engaging in
    transactions in derivatives traded in OTC markets only with
    financial institutions that have substantial capital or that
    have provided the Trust with a third-party guaranty or other
    credit enhancement.
</DIV>

<A name='Y93113128'>
<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 TRUST</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
    Advisor and
    <FONT style="white-space: nowrap">Sub-Advisors</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">
    BlackRock Advisors acts as the Trust&#146;s investment advisor.
    BlackRock Financial Management, Inc. and BlackRock Investment
    Management, LLC (collectively, the
    <FONT style="white-space: nowrap">&#147;Sub-Advisor&#148;)</FONT>
    act as the Trust&#146;s investment
    <FONT style="white-space: nowrap">sub-advisors.</FONT>
    BlackRock Advisors, located at 100 Bellevue Parkway, Wilmington,
    Delaware 19809, BlackRock Financial Management, Inc. located at
    55 East 52nd&#160;Street, New York, New York 10055, and
    BlackRock Investment Management, LLC, located at 55 East
    52nd&#160;Street, New York, New York 10055, are wholly owned
    subsidiaries of BlackRock, Inc. (&#147;BlackRock&#148;).
    BlackRock is one of the world&#146;s largest publicly-traded
    investment management firms. As of September&#160;30, 2011,
    BlackRock&#146;s assets under management were approximately
    $3.345 trillion. BlackRock has over 20&#160;years of experience
    managing closed-end products and, as of September&#160;30, 2011,
    advised a registered closed-end family of 94 exchange-listed
    active funds with approximately $39.6&#160;billion in assets. In
    addition, BlackRock advised two non-exchange-listed closed-end
    funds with approximately $322.7&#160;million in 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">
    BlackRock offers products that span the risk spectrum to meet
    clients&#146; needs, including active, enhanced and index
    strategies across markets and asset classes. Products are
    offered in a variety of structures including separate accounts,
    mutual funds,
    iShares<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (exchange traded funds), and other pooled investment vehicles.
    BlackRock also offers risk management, advisory and enterprise
    investment system services to a broad base of institutional
    investors through <I>BlackRock
    Solutions</I><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

    Headquartered in New York City, as of September&#160;30, 2011,
    the firm has approximately 10,200&#160;employees in 27 countries
    and a major presence in key global markets, including North and
    South America, Europe, Asia, Australia and the Middle East and
    Africa.
</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
    Management Agreement</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 BlackRock Advisors intends to devote such time and
    effort to the business of the Trust as is reasonably necessary
    to perform its duties to the Trust, the services of BlackRock
    Advisors are not exclusive and BlackRock Advisors provides
    similar services to other investment companies and other clients
    and may engage in other activities.
</DIV>

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

<DIV align="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 Management Agreement also provides that in the
    absence of willful misfeasance, bad faith, gross negligence or
    reckless disregard of its obligations thereunder, BlackRock
    Advisors is not liable to the Trust or any of the Trust&#146;s
    shareholders for any act or omission by BlackRock Advisors in
    the supervision or management of its respective investment
    activities or for any loss sustained by the Trust or the
    Trust&#146;s shareholders and provides for indemnification by
    the Trust of BlackRock Advisors, its directors, officers,
    employees, agents and control persons for liabilities incurred
    by them in connection with their services to the Trust, subject
    to certain limitations and conditions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Management Agreement was approved by the
    Trust&#146;s Board, including a majority of the trustees who are
    not parties to the agreement or interested persons of any such
    party (as such term is defined in the Investment Company Act),
    at an in-person meeting of the Board held on October&#160;21,
    2011. This agreement provides for the Trust to pay a Management
    Fee at an annual rate equal to 1.00% of the average daily value
    of the net assets of the Trust.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    The Investment Management Agreement was approved by the sole
    common shareholder of the Trust as of October&#160;24, 2011. The
    Investment Management Agreement will continue in effect for a
    period of two years from its effective date, and if not sooner
    terminated, will continue in effect for successive periods of
    12&#160;months thereafter, provided that each continuance is
    specifically approved at least annually by both (1)&#160;the
    vote of a majority of the Board or the vote of a majority of the
    outstanding voting securities of the Trust (as such term is
    defined in the Investment Company Act) and (2)&#160;by the vote
    of a majority of the trustees who are not parties to the
    investment management agreement or interested persons (as such
    term is defined in the Investment Company Act) of any such
    party, cast in person at a meeting called for the purpose of
    voting on such approval. The Investment Management Agreement may
    be terminated as a whole at any time by the Trust, without the
    payment of any penalty, upon the vote of a majority of the Board
    or a majority of the outstanding voting securities of the Trust
    or by BlackRock Advisors, on 60&#160;days&#146; written notice
    by either party to the other which can be waived by the
    non-terminating party. The Investment Management Agreement will
    terminate automatically in the event of its assignment (as such
    term is defined in the Investment Company Act and the rules
    thereunder).
</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-Investment</FONT>
    Advisory Agreements</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">
    Pursuant to separate
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreements, BlackRock Advisors has appointed BlackRock
    Financial Management, Inc. and BlackRock Investment Management,
    LLC, each an affiliate of BlackRock Advisors, to perform certain
    of the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    investment management of the Trust. Each
    <FONT style="white-space: nowrap">Sub-Advisor</FONT>
    will receive a portion of the management fee paid by the Trust
    to BlackRock Advisors. From the management fees, BlackRock
    Advisors will pay to each
    <FONT style="white-space: nowrap">Sub-Advisor</FONT>
    a fee equal to 51% of the monthly management fees received by
    BlackRock Advisors with respect to the average daily net assets
    of the Trust allocated to such Sub-Advisor.
</DIV>

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

<DIV align="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
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreements also provide that, in the absence of willful
    misfeasance, bad faith, gross negligence or reckless disregard
    of its obligations thereunder, the Trust will indemnify the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    and their respective directors, officers, employees, agents,
    associates and control persons for liabilities incurred by them
    in connection with their services to the Trust, subject to
    certain 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">
    Although the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    intend to devote such time and effort to the business of the
    Trust as is reasonably necessary to perform their duties to the
    Trust, the services of the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    are not exclusive and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    provide similar services to other investment companies and other
    clients and may engage in other activities.
</DIV>

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

<DIV align="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
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreements were approved by the Board, including a
    majority of the trustees who are not parties to the agreement or
    interested persons of any such party (as such term is defined in
    the Investment Company Act), at an in-person meeting of the
    Board held on October&#160;21, 2011.
</DIV>

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

<DIV align="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
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreement was approved by the sole common shareholder
    of the Trust as of October&#160;24, 2011. Each
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreement will continue in effect for a period of two
    years from its effective date, and if not sooner terminated,
    will continue in effect for successive periods of 12&#160;months
    thereafter, provided that each continuance is specifically
    approved at least annually by both (1)&#160;the vote of a
    majority of the Board or the vote of a majority of the
    outstanding voting securities of the Trust (as defined in the
    Investment Company Act) and (2)&#160;by the vote of a majority
    of the trustees who are not parties to such agreement or
    interested persons (as such term is defined in the Investment
    Company Act) of any such party, cast in person at a meeting
    called for the purpose of voting on such approval. Each
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreement may be terminated as a whole at any time by
    the Trust without the payment of any penalty, upon the vote of a
    majority of the Board or a majority of the outstanding voting
    securities of the Trust, or by BlackRock Advisors or the
    applicable
    <FONT style="white-space: nowrap">Sub-Advisor,</FONT>
    on 60&#160;days&#146; written notice by either party to the
    other. Each
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreement will also terminate automatically in the
    event of its assignment (as such term is defined in the
    Investment Company Act and the rules thereunder).
</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">Matters
    Considered by the Board</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">
    A discussion regarding the basis for the approval of the
    respective initial and successor investment management and each
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreement by the Board will be available in the
    Trust&#146;s first report sent to shareholders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">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">
    The Board consists of eleven individuals, six of whom are
    currently not &#147;interested persons&#148; (as defined in the
    Investment Company Act) of the Trust, and an additional three of
    whom will not be &#147;interested persons&#148; of the Trust
    once certain underwriters are no longer principal underwriters
    of the Trust. The registered investment companies advised by the
    Advisors or their affiliates (the &#147;BlackRock-Advised
    Funds&#148;) are organized into one complex of closed-end funds
    (the &#147;Closed-End Complex&#148;), two complexes of open-end
    funds (the &#147;Equity-Liquidity Complex,&#148; and the
    &#147;Equity-Bond Complex&#148;) and one complex of
    exchange-traded funds (the &#147;Exchange-Traded Complex&#148;;
    each such complex a &#147;BlackRock Fund&#160;Complex&#148;).
    The Trust is included in the Closed-End Complex. The Trustees
    also oversee as Board members the operations of the other
    closed-end registered investment companies included in the
    Closed-End 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">Biographical
    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">
    Certain biographical and other information relating to the
    Trustees is set forth below, including their address and year of
    birth, their principal occupations for at least the last five
    years, the length of time served, the total number of investment
    companies and portfolios overseen in the BlackRock-Advised Funds
    and any public directorships held during the past five years.
</DIV>

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

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</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 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 nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>BlackRock-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Advised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Public<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 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 nowrap align="center" valign="bottom">
    <B>Companies<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Company or<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 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 nowrap align="center" valign="bottom">
    <B>(&#147;RICs&#148;)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<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 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 nowrap align="center" valign="bottom">
    <B>Consisting of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Company<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 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>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<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 nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Address<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(&#147;Portfolios&#148;)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Past Five<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>and Year of Birth</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Overseen*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years**</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="11" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Non-Interested Trustees</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Richard E. Cavanagh <BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055 1946
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Chairman of the Board
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The
    Guardian Life Insurance Company of America since 1998; Trustee,
    Educational Testing Service from 1997 to 2009 and Chairman
    thereof from 2005 to 2009; Senior Advisor, The Fremont Group
    since 2008 and Director thereof since 1996; Adjunct Lecturer,
    Harvard University since 2007; President and Chief Executive
    Officer, The Conference Board, Inc. (global business research
    organization) from 1995 to 2007.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Arch Chemical (chemical and allied products)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Michael J. Castellano&#134;&#134;<BR>
    55 East 52nd Street <BR>
    New York, NY<BR>
    10055 1946
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Member of the Audit
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since Inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director and Chief Financial Officer of Lazard Group
    LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd
    from 2004 to 2011; Director, Support Our Aging Religions
    (non-profit) since 2009; Director, National Advisory Board of
    Church Management at Villanova University since 2010.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Frank J. Fabozzi<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1948
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Member of the Audit Committee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Editor of and Consultant for The Journal of Portfolio Management
    since 1986; Professor of Finance, EDHEC Business School since
    2011; Professor in the Practice of Finance and Becton Fellow,
    Yale University School of Management from 2006 to 2011; Adjunct
    Professor of Finance and Becton Fellow, Yale University from
    1994 to 2006.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

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

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</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 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 nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>BlackRock-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Advised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Public<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 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 nowrap align="center" valign="bottom">
    <B>Companies<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Company or<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 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 nowrap align="center" valign="bottom">
    <B>(&#145;&#145;RICs&#148;)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<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 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 nowrap align="center" valign="bottom">
    <B>Consisting of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Company<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 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>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<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 nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Address<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(&#145;&#145;Portfolios&#148;)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Past Five<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>and Year of Birth</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Overseen*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years**</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Kathleen F. Feldstein&#134;&#134;<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1941
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of Economics Studies, Inc. (private economic
    consulting firm) since 1987; Chair, Board of Trustees, McLean
    Hospital from 2000 to 2008 and Trustee Emeritus thereof since
    2008; Member of the Board of Partners Community Healthcare, Inc.
    from 2005 to 2009; Member of the Corporation of Partners
    HealthCare since 1995; Trustee, Museum of Fine Arts, Boston
    since 1992; Member of the Visiting Committee to the Harvard
    University Art Museum since 2003; Director, Catholic Charities
    of Boston since 2009.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The McClatchy Company (publishing); BellSouth
    (telecommunications); Knight Ridder (publishing)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    James T. Flynn<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1939
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Member of the Audit Committee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer of JPMorgan &#038; Co., Inc. from 1990
    to 1995.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Jerrold B. Harris<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1942
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee, Ursinus College since 2000; Director, Troemner LLC
    (scientific equipment) since 2000;  Director of Delta Waterfowl
    Foundation since 2001; President and Chief Executive Officer,
    VWR Scientific Products Corporation from 1990 to 1999.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    BlackRock Kelso Capital Corp. (business development company)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    R. Glenn Hubbard&#134;&#134;<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1958
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dean, Columbia Business School since 2004; Columbia faculty
    member since 1988; Co-Director, Columbia Business School&#146;s
    Entrepreneurship Program from 1997 to 2004; Chairman, U.S.
    Council of Economic Advisers under the President of the United
    States from 2001 to 2003; Chairman, Economic Policy Committee of
    the OECD from 2001 to 2003.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    ADP (data and information services); KKR Financial Corporation
    (finance); Metropolitan Life Insurance Company (insurance)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    W. Carl Kester<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1951
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee and Member of the Audit Committee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    George Fisher Baker Jr. Professor of Business Administration,
    Harvard Business School; Deputy Dean for Academic Affairs, from
    2006 to 2010; Chairman of the Finance Department, Harvard
    Business School, from 2005 to 2006; Senior Associate Dean and
    Chairman of the MBA Program of Harvard Business School, from
    1999 to 2005; Member of the faculty of Harvard Business School
    since 1981.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

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

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</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 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 nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>BlackRock-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Advised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<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 nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Public<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 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 nowrap align="center" valign="bottom">
    <B>Companies<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Company or<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 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 nowrap align="center" valign="bottom">
    <B>(&#145;&#145;RICs&#148;)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<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 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 nowrap align="center" valign="bottom">
    <B>Consisting of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Company<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 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>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<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 nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held During<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Address<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>During Past<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>(&#145;&#145;Portfolios&#148;)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Past Five<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>and Year of Birth</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Overseen*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years**</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Karen P. Robards<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1950
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee, Vice Chair of the Board and Chairperson of the Audit
    Committee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner of Robards &#038; Company, LLC (financial advisory firm)
    since 1987; Co-founder and Director of the Cooke Center for
    Learning and Development (a not-for-profit organization) since
    1987; Director of Care Investment Trust, Inc. (health care real
    estate investment trust) from 2007 to 2010; Director of Enable
    Medical Corp. from 1996 to 2005; Investment Banker at Morgan
    Stanley from 1976 to 1987.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    96 RICs consisting of 96 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    AtriCure, Inc. (medical devices)
</TD>
</TR>
<TR valign="bottom">
<TD colspan="11" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Interested Trustees</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Paul L. Audet&#134;<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1953
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Managing Director, BlackRock, Inc., and Head of
    BlackRock&#146;s Real Estate business from 2008 to 2011;  Member
    of BlackRock&#146;s Global Operating and Corporate Risk
    Management Committees and of the BlackRock Alternative Investors
    Executive Committee and Investment Committee for the Private
    Equity Fund of Funds business since 2008; Head of
    BlackRock&#146;s Global Cash Management business from 2005 to
    2010; Acting Chief Financial Officer of BlackRock from 2007 to
    2008; Chief Financial Officer of BlackRock from 1998 to 2005.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    158 RICs consisting of 286 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Henry Gabbay&#134;<BR>
    55 East 52nd Street <BR>
    New York, NY <BR>
    10055<BR>
    1947
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since inception
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consultant, BlackRock, Inc. from 2007 to 2008; Managing
    Director, BlackRock, Inc. from 1989 to 2007; Chief
    Administrative Officer, BlackRock Advisors, LLC from 1998 to
    2007; President of BlackRock Funds and BlackRock Bond Allocation
    Target Shares from 2005 to 2007; Treasurer of certain closed-end
    funds in the BlackRock fund complex from 1989 to 2006.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    158 RICs consisting of 286 Portfolios
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</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"><FONT size="1">

</FONT></DIV>

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

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  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">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">For purposes of this chart,
    &#147;RICs&#148; refers to registered investment companies and
    &#147;Portfolios&#148; refers to the investment programs of the
    BlackRock-Advised Funds. The Closed-End Complex, including the
    Trust, is comprised of 97 RICs.
    </FONT></TD>
</TR>

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


<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Directorships disclosed under this
    column do not include directorships disclosed under the column
    &#147;Principal Occupation(s) During Past Five Years.&#148;
    </FONT></TD>
</TR>

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


<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#134;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Messrs.&#160; Audet and Gabbay are
    &#147;interested persons&#148; (as defined in the 1940 Act) of
    the Trust by virtue of their current or former positions with
    the Advisors, each a wholly owned subsidiary of BlackRock, Inc.,
    and their ownership of BlackRock, Inc. and The PNC Financial
    Service Group, Inc. securities. Messrs. Audet and Gabbay serve
    as interested trustees of three groups of BlackRock-advised
    funds&#160;- the Closed-End Complex and two complexes of
    open-end funds.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#134;&#134;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Ms.&#160;Feldstein and
    Messrs.&#160;Hubbard and Castellano are currently
    &#147;interested persons&#148; (as defined in the Investment
    Company Act) of the Trust as a result of their ownership of
    securities of one or more of the Trust&#146;s underwriters.
    Ms.&#160;Feldstein and Messrs.&#160;Hubbard and Castellano will
    cease to be &#147;interested persons&#148; once such
    underwriters are no longer principal underwriters of the Trust.
    </FONT></TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">Experience,
    Qualifications and Skills</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 Independent Trustees have adopted a statement of policy that
    describes the experience, qualifications, skills and attributes
    that are necessary and desirable for potential Independent
    Trustee candidates (the &#147;Statement of Policy&#148;). The
    Board believes that each Independent Trustee satisfied, at the
    time he or she was initially elected or appointed a Trustee, and
    continues to satisfy, the standards contemplated by the
    Statement of Policy. Furthermore, in determining that a
    particular Trustee was and continues to be qualified to serve as
    a Trustee, the Board has considered a variety of criteria, none
    of which, in isolation, was controlling. The Board believes
    that, collectively, the Trustees have balanced and diverse
    experience, skills, attributes and qualifications, which allow
    the Board to operate effectively in governing the Trust and
    protecting the interests of stockholders. Among the attributes
    common to all Trustees is their ability to review critically,
    evaluate, question and discuss information provided to them, to
    interact effectively with the Trust&#146;s investment adviser,
    <FONT style="white-space: nowrap">sub-adviser,</FONT>
    other service providers, counsel and independent auditors, and
    to exercise effective business judgment in the performance of
    their duties as Trustees. Each Trustee&#146;s ability to perform
    his or her duties effectively is evidenced by his or her
    educational background or professional training; business,
    consulting, public service or academic positions; experience
    from service as a board member of the Trust or the other funds
    in the BlackRock fund complexes (and any predecessor funds),
    other investment funds, public companies, or non-profit entities
    or other organizations; ongoing commitment and participation in
    Board and committee meetings, as well as their leadership of
    standing and ad hoc committees throughout the years; or other
    relevant life experiences. The table below discusses some of the
    experiences, qualifications and skills of each of our Trustees
    that support the conclusion that they should serve (or continue
    to serve) on the Board.
</DIV>

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

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="77%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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>Trustee</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>Experiences, Qualifications and Skills</B>
</DIV>
</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="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard E. Cavanagh
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr.&#160;Cavanagh brings to the Board a wealth of practical
    business knowledge and leadership as an experienced
    director/trustee of various public and private companies. In
    particular, because Mr.&#160;Cavanagh served for over a decade
    as President and Chief Executive Officer of The Conference
    Board, Inc., a global business research organization, he is able
    to provide the Board with expertise about business and economic
    trends and governance practices. Mr.&#160;Cavanagh created the
    &#147;blue ribbon&#148; Commission on Public Trust and Private
    Enterprise in 2002, which recommended corporate governance
    enhancements. Mr.&#160;Cavanagh&#146;s service as a director of
    The Guardian Life Insurance Company of America and as a senior
    advisor and director of The Fremont Group provides added insight
    into investment trends and conditions. Mr.&#160;Cavanagh&#146;s
    long-standing service on the boards of the Closed-End Complex
    also provides him with a specific understanding of the Trust,
    its operations, and the business and regulatory issues facing
    the Trust. Mr.&#160;Cavanagh&#146;s independence from the Trust
    and the Trust&#146;s investment adviser enhances his service as
    Chair of the Board, Chair of the Executive Committee and as a
    member of the Governance and Nominating Committee, Compliance
    Committee and Performance Oversight Committee.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael J. Castellano
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Board benefits from Mr.&#160;Castellano&#146;s over forty
    year career in accounting. Mr.&#160;Castellano has served as
    Chief Financial Officer of Lazard Ltd. and as a Managing
    Director and Chief Financial Officer of Lazard Group. Prior to
    joining Lazard, Mr.&#160;Castellano held various senior
    management positions at Merrill Lynch&#160;&#038; Co., including
    Senior Vice President&#160;&#151; Chief Control Officer for
    Merrill Lynch&#146;s capital markets businesses, Chairman of
    Merrill Lynch International Bank and Senior Vice
    President&#160;&#151; Corporate Controller. Prior to joining
    Merrill Lynch&#160;&#038; Co., Mr.&#160;Castellano was a partner
    with Deloitte&#160;&#038; Touche where he served a number of
    investment banking clients over the course of his 24&#160;years
    with the firm.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

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

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="77%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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>Trustee</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>Experiences, Qualifications and Skills</B>
</DIV>
</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="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank J. Fabozzi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Fabozzi holds the designations of Chartered Financial
    Analyst and Certified Public Accountant. Dr.&#160;Fabozzi was
    inducted into the Fixed Income Analysts Society&#146;s Hall of
    Fame and is the 2007 recipient of the C. Stewart Sheppard Award
    given by the CFA Institute. The Board benefits from
    Dr.&#160;Fabozzi&#146;s experiences as a professor and author in
    the field of finance. Dr.&#160;Fabozzi&#146;s experience as a
    Professor in the Practice of Finance and Becton Fellow at the
    Yale University School of Management and as editor of the
    Journal of Portfolio Management demonstrate his wealth of
    expertise in the investment management and structured finance
    areas. Dr.&#160;Fabozzi has authored and edited numerous books
    and research papers on topics in investment management and
    financial econometrics, and his writings have focused on fixed
    income securities and portfolio management, many of which are
    considered standard references in the investment management
    industry. Dr.&#160;Fabozzi&#146;s long-standing service on the
    boards of the Closed-End Complex also provides him with a
    specific understanding of the Trust, its operations, and the
    business and regulatory issues facing the Trust. Moreover,
    Dr.&#160;Fabozzi&#146;s knowledge of financial and accounting
    matters qualifies him to serve as a member of the Trust&#146;s
    Audit Committee. Dr.&#160;Fabozzi&#146;s independence from the
    Trust and the Trust&#146;s investment adviser enhances his
    service as Chair of the Performance Oversight Committee.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kathleen F. Feldstein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Feldstein, who served as President of Economics
    Studies, Inc., an economic consulting firm, benefits the Board
    by providing business leadership and experience and knowledge of
    economics. The Board benefits from Dr.&#160;Feldstein&#146;s
    experience as a director/trustee of publicly traded and private
    companies, including financial services, technology and
    telecommunications companies. Dr.&#160;Feldstein&#146;s
    long-standing service on the boards of the Closed-End Complex
    also provides her with a specific understanding of the Trust,
    its operations, and the business and regulatory issues facing
    the Trust.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James T. Flynn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr.&#160;Flynn brings to the Board a broad and diverse knowledge
    of business and capital markets as a result of his many years of
    experience in the banking and financial industry.
    Mr.&#160;Flynn&#146;s five years as the Chief Financial Officer
    of JP Morgan&#160;&#038; Co. provide the Board with experience
    on financial reporting obligations and oversight of investments.
    Mr.&#160;Flynn&#146;s long-standing service on the boards of the
    Closed-End Complex also provides him with a specific
    understanding of the Trust, its operations, and the business and
    regulatory issues facing the Trust. Mr.&#160;Flynn&#146;s
    knowledge of financial and accounting matters qualifies him to
    serve as a member of the Trust&#146;s Audit Committee.
    Mr.&#160;Flynn&#146;s independence from the Trust and the
    Trust&#146;s investment adviser enhances his service as a member
    of the Performance Oversight Committee.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Jerrold B. Harris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr.&#160;Harris&#146;s time as President and Chief Executive
    Officer of VWR Scientific Products Corporation brings to the
    Board business leadership and experience and knowledge of the
    chemicals industry and national and international product
    distribution. Mr.&#160;Harris&#146;s position as a director of
    BlackRock Kelso Capital Corporation brings to the Board the
    benefit of his experience as a director of a business
    development company governed by the Investment Company Act and
    allows him to provide the Board with added insight into the
    management practices of other financial companies.
    Mr.&#160;Harris&#146;s long-standing service on the boards of
    the Closed-End Complex also provides him with a specific
    understanding of the Trust, its operations and the business and
    regulatory issues facing the Trust. Mr.&#160;Harris&#146;s
    independence from the Trust and the Trust&#146;s investment
    adviser fosters his role as Chair of the Compliance Committee
    and as a member of the Governance and Nominating Committee and
    Performance Oversight Committee.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="77%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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>Trustee</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>Experiences, Qualifications and Skills</B>
</DIV>
</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="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    R. Glenn Hubbard
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Dr.&#160;Hubbard has served in numerous roles in the field of
    economics, including as the Chairman of the U.S. Council of
    Economic Advisers of the President of the United States.
    Dr.&#160;Hubbard serves as the Dean of Columbia Business School,
    has served as a member of the Columbia Faculty and as a Visiting
    Professor at the John F. Kennedy School of Government at Harvard
    University, the Harvard Business School and the University of
    Chicago. Dr.&#160;Hubbard&#146;s experience as an adviser to the
    President of the United States adds a dimension of balance to
    the Trust&#146;s governance and provides perspective on economic
    issues. Dr.&#160;Hubbard&#146;s service on the boards of KKR
    Financial Corporation, ADP and Metropolitan Life Insurance
    Company provides the Board with the benefit of his experience
    with the management practices of other financial companies.
    Dr.&#160;Hubbard&#146;s long-standing service on the boards of
    the Closed-End Complex also provides him with a specific
    understanding of the Trust, its operations, and the business and
    regulatory issues facing the Trust.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W. Carl Kester
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Board benefits from Dr.&#160;Kester&#146;s experiences as a
    professor and author in finance, and his experience as the
    George Fisher Baker Jr. Professor of Business Administration at
    Harvard Business School and as Deputy Dean of Academic Affairs
    at Harvard Business School adds to the Board a wealth of
    expertise in corporate finance and corporate governance.
    Dr.&#160;Kester has authored and edited numerous books and
    research papers on both subject matters, including co-editing a
    leading volume of finance case studies used worldwide.
    Dr.&#160;Kester&#146;s long-standing service on the boards of
    the Closed-End Complex also provides him with a specific
    understanding of the Trust, its operations, and the business and
    regulatory issues facing the Trust. Dr.&#160;Kester&#146;s
    knowledge of financial and accounting matters qualifies him to
    serve as a member of the Trust&#146;s Audit Committee. In
    addition, Dr.&#160;Kester&#146;s independence from the Trust and
    the Trust&#146;s investment adviser enhances his service as a
    member of the Performance Oversight Committee.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Karen P. Robards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Board benefits from Ms.&#160;Robards&#146;s many years of
    experience in investment banking and the financial advisory
    industry where she obtained extensive knowledge of the capital
    markets and advised clients on corporate finance transactions,
    including mergers and acquisitions and the issuance of debt and
    equity securities. Ms.&#160;Robards&#146;s prior position as an
    investment banker at Morgan Stanley provides useful oversight of
    the Trust&#146;s investment decisions and investment valuation
    processes. Additionally, Ms.&#160;Robards&#146;s experience
    derived from serving as a director of Care Investment Trust,
    Inc., a health care real estate investment trust, provides the
    Board with the benefit of her experience with the management
    practices of other financial companies. Ms.&#160;Robards&#146;s
    long-standing service on the boards of the Closed-End Complex
    also provides her with a specific understanding of the Trust,
    its operations, and the business and regulatory issues facing
    the Trust. Ms.&#160;Robards&#146;s knowledge of financial and
    accounting matters qualifies her to serve as Vice Chair of the
    Board and as the Chair of the Trust&#146;s Audit Committee.
    Ms.&#160;Robards&#146;s independence from the Trust and the
    Trust&#146;s investment adviser enhances her service as a member
    of the Performance Oversight Committee and Executive Committee.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paul L. Audet
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Mr.&#160;Audet has a wealth of experience in the investment
    management industry, including more than 13&#160;years with
    BlackRock and over 20&#160;years in finance and asset
    management. He also has expertise in finance, as demonstrated by
    his positions as Chief Financial Officer of BlackRock and head
    of BlackRock&#146;s Global Cash Management business.
    Mr.&#160;Audet currently is a member of BlackRock&#146;s Global
    Operating and Corporate Risk Management Committees, the
    BlackRock Alternative Investors Executive Committee and the
    Investment Committee for the Private Equity Fund of Funds. Prior
    to joining BlackRock, Mr.&#160;Audet was the Senior Vice
    President of Finance at PNC Bank Corp. and Chief Financial
    Officer of the investment management and mutual fund processing
    businesses and head of PNC&#146;s Mergers&#160;&#038;
    Acquisitions unit. Mr.&#160;Audet is a member of the Executive
    Committee.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="77%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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>Trustee</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>Experiences, Qualifications and Skills</B>
</DIV>
</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">
    Henry Gabbay
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The Board benefits from Dr.&#160;Gabbay&#146;s many years of
    experience in administration, finance and financial services
    operations. Dr.&#160;Gabbay&#146;s experience as a Managing
    Director of BlackRock, Inc., Chief Administrative Officer of
    BlackRock Advisors, LLC and President of BlackRock Funds
    provides the Board with insight into investment company
    operational, financial and investment matters.
    Dr.&#160;Gabbay&#146;s former positions as Chief Administrative
    Officer of BlackRock Advisors, LLC and as Treasurer of certain
    closed-end funds in the Closed-End Complex provide the Board
    with direct knowledge of the operations of the Trust and its
    investment advisers. Dr.&#160;Gabbay&#146;s long-standing
    service on the boards of the Closed-End Complex also provides
    him with a specific understanding of the Trust, its operations,
    and the business and regulatory issues facing the Trust.
</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">Board
    Leadership Structure and Oversight</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 Board has overall responsibility for the oversight of the
    Trust. The Chair of the Board and the Chief Executive Officer
    are two different people. Not only is the Chair of the Board an
    Independent Trustee, but also the Chair of each Board committee
    (each, a &#147;Committee&#148;) is an Independent Trustee. The
    Board has five standing Committees: an Audit Committee, a
    Governance and Nominating Committee, a Compliance Committee, a
    Performance Oversight Committee and an Executive Committee. The
    role of the Chair of the Board is to preside at all meetings of
    the Board and to act as a liaison with service providers,
    officers, attorneys, and other Trustees between meetings. The
    Chair of each Committee performs a similar role with respect to
    such Committee. The Chair of the Board or Committees may also
    perform such other functions as may be delegated by the Board or
    the Committees from time to time. The Independent Trustees meet
    regularly outside the presence of the Trust&#146;s management,
    in executive session or with other service providers to the
    Trust. The Board has regular meetings five times a year,
    including a meeting to consider the approval of the Trust&#146;s
    advisory agreements, and may hold special meetings if required
    before their next regular meeting. Each Committee meets
    regularly to conduct the oversight functions delegated to that
    Committee by the Board and reports its findings to the Board.
    The Board and each standing Committee conduct annual assessments
    of their oversight function and structure. The Board has
    determined that the Board&#146;s leadership structure is
    appropriate because it allows the Board to exercise independent
    judgment over management and to allocate areas of responsibility
    among Committees and the Board to enhance effective oversight.
</DIV>

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

<DIV align="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 decided to separate the roles of Chair and Chief
    Executive Officer because it believes that an independent Chair:
</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">
    Increases the independent oversight of the Trust and enhances
    the Board&#146;s objective evaluation of the Chief Executive
    Officer
</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">
    Allows the Chief Executive Officer to focus on the Trust&#146;s
    operations instead of Board administration
</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">
    Provides greater opportunities for direct and independent
    communication between shareholders and 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">
    Provides an independent spokesman for the Trust
</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 Board has engaged the Advisors to manage the Trust on a
    day-to day basis. The Board is responsible for overseeing the
    Advisors, other service providers, the operations of the Trust
    and associated risks in accordance with the provisions of the
    1940 Act, state law, other applicable laws, the Trust&#146;s
    charter, and the Trust&#146;s investment objective(s) and
    strategies. The Board reviews, on an ongoing basis, the
    Trust&#146;s performance, operations, and investment strategies
    and techniques. The Board also conducts reviews of the Advisors
    and its role in running the operations of the Trust.
</DIV>

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

<DIV align="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">Day-to-day</FONT>
    risk management with respect to the Trust is the responsibility
    of the Advisors or other service providers (depending on the
    nature of the risk), subject to the supervision of the Advisors.
    The Trust is subject to a number of risks, including investment,
    compliance, operational and valuation risks, among others. While
    there are a number of risk management functions performed by the
    Advisors or other service providers, as applicable, it is not
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    possible to eliminate all of the risks applicable to the Trust.
    Risk oversight is part of the Board&#146;s general oversight of
    the Trust and is addressed as part of various Board and
    Committee activities. The Board, directly or through Committees,
    also review reports from, among others, management, the
    independent registered public accounting firm for the Trust, the
    Advisors, and internal auditors for the Advisors or its
    affiliates, as appropriate, regarding risks faced by the Trust
    and management&#146;s or the service provider&#146;s risk
    functions. The Committee system facilitates the timely and
    efficient consideration of matters by the Trustees and
    facilitates effective oversight of compliance with legal and
    regulatory requirements and of the Trust&#146;s activities and
    associated risks. The Board has appointed a Chief Compliance
    Officer, who oversees the implementation and testing of the
    Trust&#146;s compliance program and reports regularly to the
    Board regarding compliance matters for the Trust and its service
    providers. The Independent Trustees have engaged independent
    legal counsel to assist them in performing their oversight
    responsibilities.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Audit Committee.</I></B>&#160;The Board has a standing
    Audit Committee composed of Karen P. Robards (Chair), Frank J.
    Fabozzi, James T. Flynn and W. Carl Kester, all of whom are
    Independent Trustees. The Board intends to appoint
    Michael&#160;J. Castellano to the Audit Committee once he ceases
    to be an &#147;interested person&#148; of the Trust. The
    principal responsibilities of the Audit Committee are to assist
    the Board in fulfilling its oversight responsibilities relating
    to the accounting and financial reporting polices and practices
    of the Trust. The Audit Committee&#146;s responsibilities
    include, without limitation: (i)&#160;approving the selection,
    retention, termination and compensation of the Trust&#146;s
    independent registered public accounting firm (the
    &#147;independent auditors&#148;) and evaluating the
    independence and objectivity of the independent auditors;
    (ii)&#160;approving all audit engagement terms and fees for the
    Trust; (iii)&#160;reviewing the conduct and results of each
    audit; (iv)&#160;reviewing any issues raised by the independent
    auditor or management regarding the accounting or financial
    reporting policies and practices of the Trust, its internal
    controls, and, as appropriate, the internal controls of certain
    service providers and management&#146;s response to any such
    issues; (v)&#160;reviewing and discussing the Trust&#146;s
    audited and unaudited financial statements and disclosure in the
    Trust&#146;s shareholder reports relating to the Trust&#146;s
    performance; (vi)&#160;assisting the Board in considering the
    performance of the Trust&#146;s internal audit function provided
    by its investment adviser, administrator, pricing agent or other
    service provider; and (vii)&#160;resolving any disagreements
    between Trust management and the independent auditors regarding
    financial reporting. A copy of the Audit Committee Charter for
    the Trust can be found in the &#147;Corporate Governance&#148;
    section of the BlackRock Closed-End Fund website at
    www.blackrock.com.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Governance and Nominating Committee.</I></B>&#160;The
    Board has a standing Governance and Nominating Committee
    composed of Richard E. Cavanagh, Frank&#160;G. Fabozzi,
    James&#160;T. Flynn, Jerrold B. Harris, W.&#160;Carl Kester and
    Karen&#160;P. Robards, all of whom are Independent Trustees. The
    Board intends to appoint Michael&#160;J. Castellano,
    R.&#160;Glenn Hubbard and Kathleen&#160;F. Feldstein to the
    Governance and Nominating Committee once they cease to be
    &#147;interested persons&#148; of the Trust. The principal
    responsibilities of the Governance and Nominating Committee are:
    (i)&#160;identifying individuals qualified to serve as
    Independent Trustees and recommending Independent Trustee
    nominees for election by shareholders or appointment by the
    Board; (ii)&#160;advising the Board with respect to Board
    composition, procedures and committees (other than the Audit
    Committee); (iii)&#160;overseeing periodic self-assessments of
    the Board and committees of the Board (other than the Audit
    Committee); (iv)&#160;reviewing and making recommendations in
    respect of Independent Trustee compensation; (v)&#160;monitoring
    corporate governance matters and making recommendations in
    respect thereof to the Board; and (vi)&#160;acting as the
    administrative committee with respect to Board policies and
    procedures, committee policies and procedures (other than the
    Audit Committee) and codes of ethics as they relate to the
    Independent 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 Governance and Nominating Committee of the Board seeks to
    identify individuals to serve on the Board who have a diverse
    range of viewpoints, qualifications, experiences, backgrounds
    and skill sets so that the Board will be better suited to
    fulfill its responsibility of overseeing the Trust&#146;s
    activities. In so doing, the Governance and Nominating Committee
    reviews the size of the Board, the ages of the current Trustees
    and their tenure on the Board, and the skills, background and
    experiences of the Trustees in light of the issues facing the
    Trust in determining whether one or more new trustees should be
    added to the Board. The Board as a group strives to achieve
    diversity in terms of gender, race and geographic location. The
    Governance and Nominating Committee believes that the Trustees
    as a group possess the array of skills, experiences and
    backgrounds necessary to guide the Trust. The Trustees&#146;
    biographies included above highlight the diversity and breadth
    of skills, qualifications and expertise that the Trustees bring
    to the Trust.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    The Governance and Nominating Committee may consider nominations
    for Trustees made by the Trust&#146;s shareholders as it deems
    appropriate. Under the Trust&#146;s By-laws, shareholders must
    follow certain procedures to nominate a person for election as a
    trustee at a shareholder meeting, or to introduce an item of
    business at a shareholder meeting. The Trust does not intend to
    hold regular annual shareholders&#146; meetings. Under these
    advance notice procedures, shareholders must submit the proposed
    nominee or item of business by delivering a notice to the
    Secretary of the Trust at its principal executive offices. Each
    Trust must receive notice of a shareholder&#146;s intention to
    introduce a nomination or proposed item of business for a
    shareholder meeting called for the purpose of electing trustees
    not later than the close of business on the fifth day following
    the day on which notice of the date of the special meeting was
    mailed or public disclosure of the date of the special meeting
    was made, whichever first occurs.
</DIV>

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

<DIV align="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 Trust&#146;s By-laws provide that notice of a proposed
    nomination must include certain information about the
    shareholder and the nominee, as well as a written consent of the
    proposed nominee to serve if elected. A notice of a proposed
    item of business must include a description of and the reasons
    for bringing the proposed business to the meeting, any material
    interest of the shareholder in the business, and certain other
    information about the 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">
    Further, the Trust has adopted Trustee qualification
    requirements which can be found in the Trust&#146;s By-laws and
    are applicable to all Trustees that may be nominated, elected,
    appointed, qualified or seated to serve as Trustees. Reference
    is made to the Trust&#146;s By-laws for more details.
</DIV>

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

<DIV align="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 copy of the Governance and Nominating Committee Charter for
    the Trust can be found in the &#147;Corporate Governance&#148;
    section of the BlackRock Closed-End Fund website at
    www.blackrock.com.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Compliance Committee.</I></B>&#160;The Board has a
    Compliance Committee composed of Jerrold B. Harris (Chair) and
    Richard E. Cavanagh, each of whom are Independent Trustees. The
    Board intends to appoint Kathleen F. Feldstein and R. Glenn
    Hubbard to the Compliance Committee once they cease to be
    &#147;interested persons&#148; of the Trust. The Compliance
    Committee&#146;s purpose is to assist the Board in fulfilling
    its responsibility with respect to the oversight of regulatory
    and fiduciary compliance matters involving the Trust, the
    trust-related activities of BlackRock, and any
    <FONT style="white-space: nowrap">sub-advisors</FONT>
    and the Trust&#146;s other third party service providers. The
    Compliance Committee&#146;s responsibilities include, without
    limitation: (i)&#160;overseeing the compliance policies and
    procedures of the Trust and its service providers;
    (ii)&#160;reviewing information on and, where appropriate,
    recommending policies concerning the Trust&#146;s compliance
    with applicable law; (iii)&#160;reviewing information on any
    significant correspondence with or other actions by regulators
    or governmental agencies with respect to the Trust and any
    employee complaints or published reports that raise concerns
    regarding compliance matters; and (iv)&#160;reviewing reports
    from and making certain recommendations in respect of the
    Trust&#146;s Chief Compliance Officer, including, without
    limitation, determining the amount and structure of the Chief
    Compliance Officer&#146;s compensation. The Board has adopted a
    written charter for the Compliance Committee.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Performance Oversight Committee.</I></B>&#160;The Board
    has a Performance Oversight Committee composed of Frank J.
    Fabozzi (Chair), Richard E. Cavanagh, James T. Flynn, Jerrold B.
    Harris, W. Carl Kester and Karen P. Robards, all of whom are
    Independent Trustees. The Board intends to appoint Michael J.
    Castellano, Kathleen F. Feldstein and R. Glenn Hubbard to the
    Performance Oversight Committee once they cease to be
    &#147;interested persons&#148; of the Trust. The Performance
    Oversight Committee&#146;s purpose is to assist the Board in
    fulfilling its responsibility to oversee the Trust&#146;s
    investment performance relative to the Trust&#146;s investment
    objectives, policies and practices. The Performance Oversight
    Committee&#146;s responsibilities include, without limitation:
    (i)&#160;reviewing the Trust&#146;s investment objectives,
    policies and practices; (ii)&#160;recommending to the Board any
    required action in respect of changes in fundamental and
    non-fundamental investment restrictions; (iii)&#160;reviewing
    information on appropriate benchmarks and competitive universes;
    (iv)&#160;reviewing the Trust&#146;s investment performance
    relative to such benchmarks; (v)&#160;reviewing information on
    unusual or exceptional investment matters; (vi)&#160;reviewing
    whether the Trust has complied with its investment polices and
    restrictions; and (vii)&#160;overseeing policies, procedures and
    controls regarding valuation of the Trust&#146;s investments.
    The Board has adopted a written charter for the Performance
    Oversight Committee.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>Executive Committee.</I></B>&#160;The Board has an
    Executive Committee composed of Richard E. Cavanagh and Karen P.
    Robards, both of whom are Independent Trustees, and Paul L.
    Audet, who serves as an interested Trustee. The principal
    responsibilities of the Executive Committee include, without
    limitation: (i)&#160;acting on routine matters
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

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

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    between meetings of the Board; (ii)&#160;acting on such matters
    as may require urgent action between meetings of the Board; and
    (iii)&#160;exercising such other authority as may from time to
    time be delegated to the Executive Committee by the Board. The
    Board has adopted a written charter for the Executive 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">
    As the Trust is a closed-end investment company with no prior
    investment operations, no meetings of the above committees have
    been held in the fiscal year, except that the Audit Committee
    met in connection with the organization of the Trust to select
    the Trust&#146;s independent registered public accounting firm.
    Additionally, the Nominating and Governance Committee met in
    connection with the organization of the Trust to approve certain
    administrative matters.
</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">Share
    Ownership</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="16%" 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="24%" 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>Aggregate Dollar Range of Equity<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>Securities Overseen by Trustees in<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>Dollar Range of Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Family of Registered<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>Securities in the Trust(*)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Investment Companies</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <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="center" 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: -6pt; margin-left: 6pt">
    Michael J. Castellano&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    Richard E. Cavanagh
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;0
</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">
    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: -6pt; margin-left: 6pt">
    Frank J. Fabozzi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    Kathleen F. Feldstein&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    James T. Flynn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    Jerrold B. Harris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    R. Glenn Hubbard&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    W. Carl Kester
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    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: -6pt; margin-left: 6pt">
    Karen P. Robards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    over $100,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    <B>Interested Trustees</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Paul L. Audet
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    None&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</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: -6pt; margin-left: 6pt">
    Henry Gabbay
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    over $100,000
</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="font-size: 12pt; margin-left: 0%; width: 10%;  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">
    As of December&#160;31, 2010. The Trustees could not own shares
    in the Trust as of this date because the Trust had not yet begun
    investment operations. The term &#147;Family of Registered
    Investment Companies&#148; refers to all registered investment
    companies advised by the Advisors or an affiliate thereof.</TD>
</TR>


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

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Ms.&#160;Feldstein and Messrs. Hubbard and Castellano are
    currently &#147;interested persons&#148; (as defined in the
    Investment Company Act) of the Trust as a result of their
    ownership of securities of one or more of the Trust&#146;s
    underwriters. Ms.&#160;Feldstein and Messrs. Hubbard and
    Castellano will cease to be &#147;interested persons&#148; once
    such underwriters are no longer principal underwriters of the
    Trust.</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">Compensation
    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">
    Each Trustee (other than those who are employees or officers of
    the Advisors) is paid an annual retainer of $250,000 per year
    for his or her services as a Trustee of all BlackRock-advised
    closed-end funds (the &#147;Closed-End Complex&#148;) that are
    overseen by the respective director/trustee and each Trustee may
    also receive a $10,000 board meeting fee for special unscheduled
    meetings or meetings in excess of six Board meetings held in a
    calendar year, together with
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in accordance with a Board policy on travel and other
    business expenses relating to attendance at meetings. In
    addition, the Chair and Vice-Chair of the Board are paid an
    additional annual retainer of $120,000 and $40,000,
    respectively. The Chairs of the Audit Committee, Compliance
    Committee, Governance and Nominating Committee, and Performance
    Oversight Committee are paid an additional annual retainer of
    $35,000, $20,000, $10,000, and $20,000, respectively. Each Audit
    Committee member is paid an additional annual retainer of
    $25,000. The Trust pays a pro rata portion quarterly (based on
    relative net assets) of the foregoing Trustee fees paid by the
    funds in the Closed-End 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">
    Dr.&#160;Gabbay is an interested person of the Trust and serves
    as an interested Trustee of three groups of BlackRock-advised
    funds&#160;&#151; the Closed-End Complex and two complexes of
    open-end funds (the &#147;Equity-Liquidity Complex&#148; and the
    &#147;Equity-Bond Complex&#148;; each such complex, a
    &#147;BlackRock Fund&#160;Complex&#148;). Dr.&#160;Gabbay
    receives for his services as a Trustee of such BlackRock
    Fund&#160;Complexes (i)&#160;an annual retainer of $487,500
    allocated to the funds in these three BlackRock
    Fund&#160;Complexes, including the Trust, based on their
</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>
    A-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    relative net assets and (ii)&#160;with respect to each of the
    two open-end BlackRock Fund&#160;Complexes, a Board meeting fee
    of $3,750 (with respect to meetings of the Equity-Liquidity
    Complex) and $18,750 (with respect to meetings of the
    Equity-Bond Complex) to be paid for attendance at each Board
    meeting up to five Board meetings held in a calendar year by
    each such complex (compensation for meetings in excess of this
    number to be determined on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis). Dr.&#160;Gabbay is also reimbursed for
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in accordance with a Board policy on travel and other
    business expenses relating to attendance at meetings.
    Dr.&#160;Gabbay&#146;s compensation for serving on the boards of
    the funds in these BlackRock Fund&#160;Complexes (including the
    Trust) is equal to 75% of each retainer and, as applicable, of
    each meeting fee (without regard to additional fees paid to
    Board and Committee chairs) received by the Independent Trustees
    serving on such boards. The Board of the Trust or of any other
    fund in a BlackRock Fund&#160;Complex may modify the
    Trustees&#146; compensation from time to time depending on
    market conditions and Dr.&#160;Gabbay&#146;s compensation would
    be impacted by those modifications.
</DIV>

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

<DIV align="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 Independent Trustees have agreed that a maximum of 50% of
    each Independent Trustee&#146;s total compensation paid by funds
    in the Closed-End Complex may be deferred pursuant to the
    Closed-End Complex&#146;s deferred compensation plan. Under the
    deferred compensation plan, deferred amounts earn a return for
    the Independent Trustees as though equivalent dollar amounts had
    been invested in common shares of certain funds in the
    Closed-End Complex selected by the Independent Trustees. This
    has approximately the same economic effect for the Independent
    Trustees as if they had invested the deferred amounts in such
    funds in the Closed-End Complex. The deferred compensation plan
    is not funded and obligations thereunder represent general
    unsecured claims against the general assets of a fund and are
    recorded as a liability for accounting purposes. A fund may,
    however, elect to invest in common shares of those funds in the
    Closed-End Complex selected by the Independent Trustees in order
    to match its deferred compensation obligation.
</DIV>

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

<DIV align="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 compensation that
    each of the Trustees would have earned from the Trust for the
    fiscal year ended October&#160;31, 2010 and the aggregate
    compensation paid to them by all funds in the Closed-End Complex
    for the calendar 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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&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="9%" 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="12%" 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>Aggregate<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 from<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>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>the Trust 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>Closed-End<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</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>from the Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Complex(1)</B>
</TD>
<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>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">
    Michael J. Castellano&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,367
</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">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Richard E. Cavanagh
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,185
</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">
    395,000
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank J. Fabozzi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,540
</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">
    320,000
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kathleen F. Feldstein&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,152
</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">
    270,000
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James T. Flynn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,367
</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">
    275,000
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Jerrold B. Harris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,324
</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">
    275,000
</TD>
<TD nowrap align="left" valign="bottom">
    (7)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    R. Glenn Hubbard&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,238
</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">
    260,000
</TD>
<TD nowrap align="left" valign="bottom">
    (8)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W. Carl Kester
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,367
</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">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
    (9)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Karen P. Robards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,013
</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">
    400,000
</TD>
<TD nowrap align="left" valign="bottom">
    (10)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="9" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Interested Trustees</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paul L. Audet
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</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">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    (11)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Henry Gabbay
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,829
</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">
    212,500
</TD>
<TD nowrap align="left" valign="bottom">
    (12)
</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: 12pt; margin-left: 0%; width: 10%;  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">
    <FONT style="font-size: 9pt">&#134;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Ms.&#160;Feldstein and Messrs.
    Hubbard and Castellano are currently &#147;interested
    persons&#148; (as defined in the Investment Company Act) of the
    Trust as a result of their ownership of securities of one or
    more of the Trust&#146;s underwriters. Ms.&#160;Feldstein and
    Messrs. Hubbard and Castellano will cease to be &#147;interested
    persons&#148; once such underwriters are no longer principal
    underwriters of the Trust.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Represents the aggregate
    compensation earned by such persons from the Closed-End Complex
    during the calendar year ended December&#160;31, 2010. Of this
    amount, Mr.&#160;Cavanagh, Dr.&#160;Fabozzi, Dr.&#160;Feldstein,
    Mr.&#160;Flynn, Mr.&#160;Harris, Dr.&#160;Kester and
    Ms.&#160;Robards deferred $37,000, $14,750, $81,000, $137,500,
    $125,000, $75,000 and $35,000, respectively, pursuant to the
    </FONT></TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Closed-End Complex&#146;s deferred
    compensation plan. In addition, during the calendar year ended
    December&#160;31, 2010, Mr.&#160;Cavanagh, Dr.&#160;Fabozzi,
    Dr.&#160;Feldstein and Dr.&#160;Hubbard received $24,857,
    $7,591, $3,478 and $18,883, respectively, due to deferred
    compensation payments in connection with fund liquidations.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $452,570 as of December&#160;31, 2010. Also a member of the AMPS
    Committee for certain funds in the Closed-End Complex and, as
    such, was paid a retainer of $25,000 for the year ended
    December&#160;31, 2010.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Mr.&#160;Castellano was appointed
    to the Boards of Directors/Trustees of the funds in the
    Closed-End Complex on April&#160;14, 2011. Therefore, for the
    purposes of this table, he received no compensation from the
    Closed-End Complex during the calendar year ended
    December&#160;31, 2010.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $422,019 as of December&#160;31, 2010. Also a member of the AMPS
    Committee for certain funds in the Closed-End Complex and, as
    such, was paid a retainer of $25,000 for the year ended
    December&#160;31, 2010.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $410,327 as of December&#160;31, 2010.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(6)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $547,940 as of December&#160;31, 2010.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(7)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $498,128 as of December&#160;31, 2010. Received a retainer of
    $25,000 for the year ended December&#160;31, 2010 as a member of
    the Joint Product Pricing Committee, which is an ad hoc
    committee of the Boards of Directors/Trustees of the other funds
    in the BlackRock Fund&#160;Complexes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(8)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">As of December&#160;31, 2010,
    Dr.&#160;Hubbard did not participate in the deferred
    compensation plan. Dr.&#160;Hubbard previously participated in
    the deferred compensation plan and is owed $705,827 by the
    Closed-End Complex as of December&#160;31, 2010 pursuant to such
    plan.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(9)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $298,877 as of December&#160;31, 2010. Also a member of the AMPS
    Committee for certain funds in the Closed-End Complex and, as
    such, was paid a retainer of $25,000 for the year ended
    December&#160;31, 2010.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(10)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Total amount of deferred
    compensation payable by the Closed-End Complex to Trustee is
    $286,081 as of December&#160;31, 2010. Also a member of the AMPS
    Committee for certain funds in the Closed-End Complex and, as
    such, was paid a retainer of $25,000 for the year ended
    December&#160;31, 2010. Received a retainer of $25,000 for the
    year ended December&#160;31, 2010 as a member of the Joint
    Product Pricing Committee, which is an ad hoc committee of the
    Boards of Directors/Trustees of the other funds in the BlackRock
    Fund&#160;Complexes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(11)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Mr.&#160;Audet serves without
    compensation from the Trust because of his affiliation with
    BlackRock, Inc. and the Advisors.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 9pt">(12)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">As of December&#160;31, 2010,
    Mr.&#160;Gabbay did not participate in the deferred compensation
    plan. Also a member of the AMPS Committee for certain funds in
    the Closed-End Complex and, as such, was paid a retainer of
    $25,000 for the year ended December&#160;31, 2010.
    </FONT></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">Independent
    Trustee Ownership of 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">
    As of September&#160;30, 2011, the Independent Trustees (and
    their respective immediate family members) did not beneficially
    own securities of the Advisors, or an entity controlling,
    controlled by or under common control with the Advisors (not
    including registered investment companies).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of September&#160;30, 2011, as a group, Trustees and officers
    owned less than 1% of the outstanding common shares in the Trust
    because the Trust is commencing its offering coincident with the
    date of the prospectus. Prior to this offering, all of the
    outstanding shares of the Trust were owned by an affiliate of
    the Advisors.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">Information
    Pertaining to the 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 officers of the Trust, their year of birth and their
    principal occupations during the past five years (their titles
    may have varied during that period) are shown in the tables
    below. The address of each officer is c/o BlackRock, Inc., Park
    Avenue Plaza, 55 East 52nd Street, New York, New York 10055.
    Each officer is an &#147;interested person&#148; of the Trust
    (as defined in the Investment Company Act) by virtue of that
    individual&#146;s position with BlackRock or its affiliates
    described 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: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="46%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Address<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupations(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>and Year of Birth</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held with Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5 Years</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    John Perlowski<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1964
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of BlackRock, Inc. since 2009; Global Head of
    BlackRock Fund&#160;Administration since 2009; Managing Director
    and Chief Operating Officer of the Global Product Group at
    Goldman Sachs Asset Management, L.P. from 2003 to 2009;
    Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and
    Senior Vice President thereof from 2007 to 2009; Director of
    Goldman Sachs Offshore Funds from 2002 to 2009; Director of
    Family Resource Network (charitable foundation) since 2009.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Anne F. Ackerley<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1962
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of BlackRock, Inc. since 2000; President and
    Chief Executive Officer of the BlackRock-advised funds from 2009
    to 2011; Vice President of the BlackRock-advised funds from 2007
    to 2009; Chief Operating Officer of BlackRock&#146;s Global
    Client Group since 2009; Chief Operating Officer of
    BlackRock&#146;s U.S. Retail Group from 2006 to 2009; Head of
    BlackRock&#146;s Mutual Fund&#160;Group from 2000 to 2006.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Brendan Kyne<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1977
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of BlackRock, Inc. since 2010; Director of
    BlackRock, Inc. from 2008 to 2009; Head of Product Development
    and Management for BlackRock&#146;s U.S. Retail Group since 2009
    and Co-head thereof from 2007 to 2009; Vice President of
    BlackRock, Inc. from 2005 to 2008.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Neal J. Andrews<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1966
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of BlackRock, Inc. since 2006; Senior Vice
    President and Line of Business Head of Fund&#160;Accounting and
    Administration at PNC Global Investment Servicing (U.S.) Inc.
    from 1992 to 2006.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Jay M. Fife<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1970
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of BlackRock, Inc. since 2007; Director of
    BlackRock, Inc. in 2006; Assistant Treasurer of the MLIM and
    Fund&#160;Asset Management, L.P. advised funds from 2005 to
    2006; Director of MLIM Fund&#160;Services Group from 2001 to
    2006.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Brian P. Kindelan<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1959
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer of the BlackRock-advised funds since
    2007; Managing Director and Senior Counsel of BlackRock, Inc.
    since 2005.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Ira P. Shapiro<BR>
    55 East 52nd Street<BR>
    New York, NY<BR>
    10055<BR>
    1963
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Managing Director of BlackRock, Inc. since 2009; Managing
    Director and Associate General Counsel of Barclays Global
    Investors from 2008 to 2009 and Principal thereof from 2004 to
    2008.
</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">
    With the exception of the Chief Compliance Officer, officers
    receive no compensation from the Trust. The Trust compensates
    the Chief Compliance Officer for his services as its 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">Principal
    Owners of 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">
    Prior to the public offering of the Common Shares, an affiliate
    of the Advisors purchased Common Shares from the Trust in an
    amount satisfying the net worth requirements of
    Section&#160;14(a) of the 1940 Act, which requires the Trust to
    have a net worth of at least $100,000 prior to making a public
    offering. As of the date of this Prospectus, this affiliate of
    the Advisors owned 100% of the Trust&#146;s outstanding Common
    Shares and therefore may be deemed
</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>
    A-31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    to control the Trust until such time as it owns less than 25% of
    the Trust&#146;s outstanding Common Shares, which is expected to
    occur upon the closing of this offering.
</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">Trust&#160;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">
    <I>Portfolio Manager Assets Under Management.</I>&#160;&#160;The
    following table sets forth information about funds and accounts
    other than the Trust for which the portfolio managers are
    primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    portfolio management as of September&#160;30, 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: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=07 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="5" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" nowrap align="center" valign="bottom">
    <B>Number of Other Accounts Assets for<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="5" nowrap align="center" valign="bottom">
    <B>Number of Other Accounts Managed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" nowrap align="center" valign="bottom">
    <B>Which Advisory Fee is<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="5" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>and Assets by Account Type</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="5" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance-Based</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>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</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 nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</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>Registered<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Pooled<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Pooled<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Investment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<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>Portfolio Manager</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Vehicles</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Accounts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Companies</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Vehicles</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Accounts</B>
</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="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kathleen M. Anderson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    13<BR>
    $17.51 billion
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2<BR>
    $120.97 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3<BR>
    $90.07 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Robert M. Shearer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    15<BR>
    $18.66 billion
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2<BR>
    $120.97 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3<BR>
    $90.07 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kyle G. McClements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    15<BR>
    $6.34 billion
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2<BR>
    $142.75 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1<BR>
    $12.24 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Dan Neumann
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    2<BR>
    $1.38 billion
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Christopher Accettella
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    1<BR>
    $694.33 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    0<BR>
    $0
</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"><FONT size="1">

</FONT></DIV>

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

</FONT></DIV>

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

</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><I><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Manager Compensation Overview</FONT></I></B>
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock&#146;s financial arrangements with its portfolio
    managers, its competitive compensation and its career path
    emphasis at all levels reflect the value senior management
    places on key resources. Compensation may include a variety of
    components and may vary from year to year based on a number of
    factors. The principal components of compensation include a base
    salary, a performance-based discretionary bonus, participation
    in various benefits programs and one or more of the incentive
    compensation programs established by BlackRock.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Base compensation.</I>&#160;&#160;Generally, portfolio
    managers receive base compensation based on their position with
    the firm.
</DIV>

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

</FONT></DIV>

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

</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">Discretionary
    Incentive Compensation</FONT></B>
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, discretionary incentive compensation for Active
    Equity portfolio managers such as Ms.&#160;Anderson and
    Messrs.&#160;Shearer, McClements, Neumann and Accettella is
    based on a formulaic compensation program. BlackRock&#146;s
    formulaic portfolio manager compensation program is based on
    team revenue and pre-tax investment performance relative to
    appropriate competitors or benchmarks over 1-, 3- and
    <FONT style="white-space: nowrap">5-year</FONT>
    performance periods, as applicable. In most cases, these
    benchmarks are the same as the benchmark or benchmarks against
    which the performance of the Funds or other accounts managed by
    the portfolio managers are measured. BlackRock&#146;s Chief
    Investment Officers determine the benchmarks or rankings against
    which the performance of funds and other accounts managed by
    each portfolio management team is compared and the period of
    time over which performance is evaluated. With respect to
    Ms.&#160;Anderson and Mr.&#160;Shearer, such benchmarks for the
    Fund and other accounts are Lipper Equity Income Funds, Lipper
    Natural Resources Funds and Lipper Utility Funds
    classifications. With respect to Mr.&#160;Neumann, such
    benchmarks for the Fund and other accounts is a customized
    benchmark combining Wilshire and MSCI Energy indices. There are
    no benchmarks associated with Messrs.&#160;McClements and
    Accettella compensation.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A smaller element of portfolio manager discretionary
    compensation may include consideration of: financial results,
    expense control, profit margins, strategic planning and
    implementation, quality of client service, market
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

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

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

</FONT></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">
     share, corporate reputation, capital allocation, compliance and
    risk control, leadership, technology and innovation. These
    factors are considered collectively by BlackRock management and
    the relevant Chief Investment Officers.
</DIV>

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

</FONT></DIV>

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

</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">Distribution
    of Discretionary Incentive Compensation</FONT></B>
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Discretionary incentive compensation is distributed to portfolio
    managers in a combination of cash and BlackRock, Inc. restricted
    stock units which vest ratably over a number of years. For some
    portfolio managers, discretionary incentive compensation is also
    distributed in deferred cash awards that notionally track the
    returns of select BlackRock investment products they manage and
    that vest ratably over a number of years. The BlackRock, Inc.
    restricted stock units, upon vesting, will be settled in
    BlackRock, Inc. common stock. Typically, the cash bonus, when
    combined with base salary, represents more than 60% of total
    compensation for the portfolio managers. Paying a portion of
    annual bonuses in stock puts compensation earned by a portfolio
    manager for a given year &#147;at risk&#148; based on
    BlackRock&#146;s ability to sustain and improve its performance
    over future periods. Providing a portion of annual bonuses in
    deferred cash awards that notionally track the BlackRock
    investment products they manage provides direct alignment with
    investment product results.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Long-Term Incentive Plan Awards&#160;&#151; </I>From time to
    time long-term incentive equity awards are granted to certain
    key employees to aid in retention, align their interests with
    long-term shareholder interests and motivate performance. Equity
    awards are generally granted in the form of BlackRock, Inc.
    restricted stock units that, once vested, settle in BlackRock,
    Inc. common stock. Ms.&#160;Anderson and Messrs.&#160;Shearer,
    McClements, Neumann and Accettella have each received long-term
    incentive awards.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Deferred Compensation Program&#160;&#151; </I>A portion of
    the compensation paid to eligible BlackRock employees may be
    voluntarily deferred into an account that tracks the performance
    of certain of the firm&#146;s investment products. Each
    participant in the deferred compensation program is permitted to
    allocate his deferred amounts among various BlackRock investment
    options. Ms.&#160;Anderson and Messrs.&#160;Shearer, McClements,
    Neumann and Accettella have each participated in the deferred
    compensation program.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Other compensation benefits.</I>&#160;&#160;In addition to
    base compensation and discretionary incentive compensation,
    portfolio managers may be eligible to receive or participate in
    one or more of the following:
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Incentive Savings Plans</I>&#160;&#151; BlackRock, Inc. has
    created a variety of incentive savings plans in which BlackRock
    employees are eligible to participate, including a 401(k) plan,
    the BlackRock Retirement Savings Plan (RSP), and the BlackRock
    Employee Stock Purchase Plan (ESPP). The employer contribution
    components of the RSP include a company match equal to 50% of
    the first 8% of eligible pay contributed to the plan capped at
    $5,000 per year, and a company retirement contribution equal to
    3-5% of eligible compensation. The RSP offers a range of
    investment options, including registered investment companies
    and collective investment funds managed by the firm. BlackRock
    contributions follow the investment direction set by
    participants for their own contributions or, absent participant
    investment direction, are invested into an index target date
    fund that corresponds to, or is closest to, the year in which
    the participant attains age&#160;65. The ESPP allows for
    investment in BlackRock common stock at a 5% discount on the
    fair market value of the stock on the purchase date. Annual
    participation in the ESPP is limited to the purchase of
    1,000&#160;shares or a dollar value of $25,000. Each portfolio
    manager is eligible to participate in these plans.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Securities Ownership of Portfolio
    Managers.</I>&#160;&#160;The Trust is a newly-organized
    investment company. Accordingly, as of the date of this SAI,
    none of the portfolio managers beneficially owned any securities
    issued by the Trust.
</DIV>

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

<DIV align="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>Potential Material Conflicts of
    Interest.</I>&#160;&#160;Real, potential or apparent conflicts
    of interest may arise when a portfolio manager has
    <FONT style="white-space: nowrap">day-to-day</FONT>
    portfolio management responsibilities with respect to more than
    one fund or account.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock has built a professional working environment,
    firm-wide compliance culture and compliance procedures and
    systems designed to protect against potential incentives that
    may favor one account over another. BlackRock has adopted
    policies and procedures that address the allocation of
    investment opportunities, execution of portfolio transactions,
    personal trading by employees and other potential conflicts of
    interest that are designed to ensure that all client accounts
    are treated equitably over time. Nevertheless, BlackRock
    furnishes investment
</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>
    A-33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

</FONT></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">
     management and advisory services to numerous clients in
    addition to the Trust, and BlackRock may, consistent with
    applicable law, make investment recommendations to other clients
    or accounts (including accounts which are hedge funds or have
    performance or higher fees paid to BlackRock, or in which
    portfolio managers have a personal interest in the receipt of
    such fees), which may be the same as or different from those
    made to the Trust. In addition, BlackRock, its affiliates and
    significant shareholders and any officer, director, stockholder
    or employee may or may not have an interest in the securities
    whose purchase and sale BlackRock recommends to the Trust.
    BlackRock, or any of its affiliates or significant shareholders,
    or any officer, director, stockholder, employee or any member of
    their families may take different actions than those recommended
    to the Trust by BlackRock with respect to the same securities.
    Moreover, BlackRock may refrain from rendering any advice or
    services concerning securities of companies of which any of
    BlackRock&#146;s (or its affiliates&#146; or significant
    shareholders&#146;) officers, directors or employees are
    directors or officers, or companies as to which BlackRock or any
    of its affiliates or significant shareholders or the officers,
    directors and employees of any of them has any substantial
    economic interest or possesses material non-public information.
    Each portfolio manager also may manage accounts whose investment
    strategies may at times be opposed to the strategy utilized for
    a fund. It should also be noted that Mr.&#160;Neumann may be
    managing hedge fund
    <FONT style="white-space: nowrap">and/or</FONT> long
    only accounts, or may be part of a team managing hedge fund
    <FONT style="white-space: nowrap">and/or</FONT> long
    only accounts, subject to incentive fees. Mr.&#160;Neumann may
    therefore be entitled to receive a portion of any incentive fees
    earned on such accounts. Additional portfolio managers may in
    the future manage other such accounts or funds and may be
    entitled to receive incentive fees.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a fiduciary, BlackRock owes a duty of loyalty to its clients
    and must treat each client fairly. When BlackRock purchases or
    sells securities for more than one account, the trades must be
    allocated in a manner consistent with its fiduciary duties.
    BlackRock attempts to allocate investments in a fair and
    equitable manner among client accounts, with no account
    receiving preferential treatment. To this end, BlackRock has
    adopted policies that are intended to ensure that investment
    opportunities are allocated fairly and equitably among client
    accounts over time. These policies also seek to achieve
    reasonable efficiency in client transactions and provide
    BlackRock with sufficient flexibility to allocate investments in
    a manner that is consistent with the particular investment
    discipline and client base, as appropriate.
</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 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 Board has delegated the voting of proxies for the
    Trust&#146;s securities to the Advisor pursuant to the
    Advisor&#146;s proxy voting guidelines. Under these guidelines,
    the Advisor will vote proxies related to Trust securities in the
    best interests of the Trust and its shareholders. From time to
    time, a vote may present a conflict between the interests of the
    Trust&#146;s shareholders, on the one hand, and those of the
    Advisor, or any affiliated person of the Trust or the Advisor,
    on the other. In such event, provided that the Advisor&#146;s
    Equity Investment Policy Oversight Committee, or a
    <FONT style="white-space: nowrap">sub-committee</FONT>
    thereof (the &#147;Committee&#148;) is aware of the real or
    potential conflict, if the matter to be voted on represents a
    material, non-routine matter and if the Committee does not
    reasonably believe it is able to follow its general voting
    guidelines (or if the particular proxy matter is not addressed
    in the guidelines) and vote impartially, the Committee may
    retain an independent fiduciary to advise the Committee on how
    to vote or to cast votes on behalf of the Advisor&#146;s
    clients. If the Advisor determines not to retain an independent
    fiduciary, or does not desire to follow the advice of such
    independent fiduciary, the Committee shall determine how to vote
    the proxy after consulting with the Advisor&#146;s Portfolio
    Management Group
    <FONT style="white-space: nowrap">and/or</FONT> the
    Advisor&#146;s Legal&#160;and Compliance Department and
    concluding that the vote cast is in its client&#146;s best
    interest notwithstanding the conflict. A copy of the
    Trusts&#146; Proxy Voting Policy and Procedures is included as
    Appendix&#160;B to this SAI. Information regarding how the Trust
    voted proxies relating to portfolio securities for the
    <FONT style="white-space: nowrap">12-month</FONT>
    period ending June&#160;30 will be available (i)&#160;without
    charge, upon request, by calling
    <FONT style="white-space: nowrap">(800)&#160;441-7762;</FONT>
    and (ii)&#160;on the Securities and Exchange Commission&#146;s
    website at
    <I><FONT style="white-space: nowrap">http://www.sec.gov</FONT></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">Codes 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 Trust and the Advisors have adopted codes of ethics pursuant
    to
    <FONT style="white-space: nowrap">Rule&#160;17j-1</FONT>
    under the Investment Company Act. These codes permit personnel
    subject to the codes to invest in securities, including
    securities that may be purchased or held by the Trust. These
    codes can be reviewed and copied at the Securities and Exchange
    Commission&#146;s Public Reference Room in Washington,&#160;D.C.
    Information on the operation of the Public Reference
</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>
    A-34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    Room may be obtained by calling the Securities and Exchange
    Commission at
    <FONT style="white-space: nowrap">(202)&#160;551-8090.</FONT>
    These codes of ethics are available on the EDGAR Database on the
    Securities and Exchange Commission&#146;s website
    <FONT style="white-space: nowrap">(http://www.sec.gov),</FONT>
    and copies of these codes 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 Securities and
    Exchange Commission&#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">Other
    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">
    BlackRock is independent in ownership and governance, with no
    single majority stockholder and a majority of independent
    directors. As of June&#160;30, 2011, PNC Financial Services
    Group, Inc. (&#147;PNC&#148;) owned 21.7% of BlackRock, Barclays
    PLC (&#147;Barclays&#148;) owned 19.7%, and institutional
    investors, employees and the public hold economic interests of
    58.6%. With regard to voting stock, PNC owned 24.6%, Barclays
    owned 2.2%, and institutional investors, employees and the
    public own 73.2% of voting 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">
    Prior to the June&#160;1, 2011 repurchase of Bank of America
    Corporation&#146;s (&#147;Bank of America&#148;) ownership
    interest in BlackRock, PNC owned 20.2% of BlackRock, Barclays
    owned 19.5%, Bank of America, through its subsidiary Merrill
    Lynch&#160;&#038; Co. Inc., owned 7.1%, and institutional
    investors, employees and the public held economic interests of
    53.2%. With regard to voting stock, PNC owned 25.1%, Barclays
    owned 2.3%, and institutional investors, employees and the
    public owned 72.6% of voting shares; Bank of America did not
    hold any voting stock.
</DIV>

<A name='Y93113129'>
<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 AND BROKERAGE</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 Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    are responsible for decisions to buy and sell securities for the
    Trust, the selection of brokers and dealers to effect the
    transactions and the negotiation of prices and any brokerage
    commissions. The securities in which the Trust invests are
    traded principally in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market. In the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, securities are generally traded on a &#147;net&#148;
    basis with dealers acting as principal for their own accounts
    without a stated commission, although the price of such
    securities usually includes a
    <FONT style="white-space: nowrap">mark-up</FONT> to
    the dealer. Securities purchased in underwritten offerings
    generally include, in the price, a fixed amount of compensation
    for the manager(s), underwriter(s) and dealer(s). The Trust may
    also purchase certain money market instruments directly from an
    issuer, in which case no commissions or discounts are paid.
    Purchases and sales of bonds on a stock exchange are effected
    through brokers who charge a commission for their services.
</DIV>

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

<DIV align="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 Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    are responsible for effecting securities transactions of the
    Trust and will do so in a manner deemed fair and reasonable to
    shareholders of the Trust and not according to any formula. The
    Advisor&#146;s and the
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    primary considerations in selecting the manner of executing
    securities transactions for the Trust will be prompt execution
    of orders, the size and breadth of the market for the security,
    the reliability, integrity and financial condition and execution
    capability of the firm, the difficulty in executing the order,
    and the best net price. There are many instances when, in the
    judgment of the Advisor or the
    <FONT style="white-space: nowrap">Sub-Advisors,</FONT>
    more than one firm can offer comparable execution services. In
    selecting among such firms, consideration is given to those
    firms which supply research and other services in addition to
    execution services. Consideration may also be given to the sale
    of shares of the Trust. However, it is not the policy of
    BlackRock, absent special circumstances, to pay higher
    commissions to a firm because it has supplied such research or
    other services.
</DIV>

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

<DIV align="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 Advisor and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    are able to fulfill their obligation to furnish a continuous
    investment program to the Trust without receiving research or
    other information from brokers; however, each considers access
    to such information to be an important element of financial
    management. Although such information is considered useful, its
    value is not determinable, as it must be reviewed and
    assimilated by the Advisor
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">Sub-Advisors,</FONT>
    and does not reduce the Advisor&#146;s
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    normal research activities in rendering investment advice under
    the investment management agreement or the
    <FONT style="white-space: nowrap">sub-investment</FONT>
    advisory agreements. It is possible that the Advisor&#146;s
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    expenses could be materially increased if it attempted to
    purchase this type of information or generate it through its own
    staff.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One or more of the other investment companies or accounts which
    the Advisor
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    manage may own from time to time some of the same investments as
    the Trust. Investment decisions for the Trust
</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>
    A-35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    are made independently from those of such other investment
    companies or accounts; however, from time to time, the same
    investment decision may be made for more than one company or
    account. When two or more companies or accounts seek to purchase
    or sell the same securities, the securities actually purchased
    or sold will be allocated among the companies and accounts on a
    good faith equitable basis by the Advisor
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    in their discretion in accordance with the accounts&#146;
    various investment objectives. In some cases, this system may
    adversely affect the price or size of the position obtainable
    for the Trust. In other cases, however, the ability of the Trust
    to participate in volume transactions may produce better
    execution for the Trust. It is the opinion of the Trust&#146;s
    Board that this advantage, when combined with the other benefits
    available due to the Advisor&#146;s or the
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    organization, outweighs any disadvantages that may be said to
    exist from exposure to simultaneous 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">
    The Trust has received an exemptive order from the SEC
    permitting it to lend portfolio securities to its affiliates.
    Pursuant to that order, the Trust also has retained an
    affiliated entity of the Advisor as the securities lending agent
    (the &#147;lending agent&#148;) for a fee, including a fee based
    on a share of the returns on investment of cash collateral. In
    connection with securities lending activities, the lending agent
    may, on behalf of the Trust, invest cash collateral received by
    that Trust for such loans, among other things, in a private
    investment company managed by the lending agent or in registered
    money market funds advised by the Advisor or its affiliates.
    Pursuant to the same order, the Trust may invest its uninvested
    cash in registered money market funds advised by the Advisor or
    its affiliates, or in a private investment company managed by
    the lending agent. If the Trust acquires shares in either the
    private investment company or an affiliated money market fund,
    shareholders would bear both their proportionate share of the
    Trust&#146;s expenses and, indirectly, the expenses of such
    other entities. However, in accordance with the exemptive order,
    the investment adviser to the private investment company will
    not charge any advisory fees with respect to shares purchased by
    the Trust. Such shares also will not be subject to a sales load,
    redemption fee, distribution fee or service fee, or in the case
    of the shares of an affiliated money market fund, the payment of
    any such sales load, redemption fee, distribution fee or service
    fee will be offset by the Advisor&#146;s waiver of a portion of
    its advisory fee.
</DIV>

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

<DIV align="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 not the Trust&#146;s policy to engage in transactions with
    the objective of seeking profits from short-term trading.
    However, the annual portfolio turnover rate of the trust may be
    greater than 100%. Because it is difficult to predict accurately
    portfolio turnover rates, actual turnover may be higher or
    lower. Higher portfolio turnover results in increased Trust
    costs, including brokerage commissions, dealer
    <FONT style="white-space: nowrap">mark-ups</FONT> and
    other transaction costs on the sale of securities and on the
    reinvestment in other securities.
</DIV>

<A name='Y93113130'>
<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">CONFLICTS
    OF INTEREST</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">
    Barclays and PNC each have a significant economic interest in
    BlackRock, Inc., the parent of the Advisors. PNC is considered
    to be an affiliate of BlackRock, Inc., under the Investment
    Company Act. Certain activities of the Advisors, BlackRock, Inc.
    and their affiliates (collectively, &#147;BlackRock&#148;) and
    PNC and its affiliates (collectively, &#147;PNC&#148; and
    together with BlackRock, &#147;Affiliates&#148;), and those of
    Barclays and its affiliates (the &#147;Barclays Entities&#148;),
    with respect to the Trust
    <FONT style="white-space: nowrap">and/or</FONT> other
    accounts managed by BlackRock, PNC or Barclays Entities, may
    give rise to actual or perceived conflicts of interest, such as
    those 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">
    BlackRock is one of the world&#146;s largest asset management
    firms. PNC is a diversified financial services organization
    spanning the retail, business and corporate markets. Barclays is
    a major global financial services provider engaged in a range of
    activities including retail and commercial banking, credit
    cards, investment banking, and wealth management. BlackRock and
    PNC are affiliates of one another under the Investment Company
    Act. BlackRock, PNC, Barclays and their respective affiliates
    (including, for these purposes, their directors, partners,
    trustees, managing members, officers and employees), including
    the entities and personnel who may be involved in the investment
    activities and business operations of the Trust, are engaged
    worldwide in businesses, including equity, fixed income, cash
    management and alternative investments, and have interests other
    than that of managing the Trust. These are considerations of
    which investors in the Trust should be aware, and which may
    cause conflicts of interest that could disadvantage the Trust
    and its shareholders. These activities and interests include
    potential multiple advisory, transactional, financial and other
    interests in securities and other instruments, and companies
    that may be purchased or sold by the Trust.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    BlackRock and its Affiliates, as well as the Barclays Entities,
    have proprietary interests in, and may manage or advise with
    respect to, accounts or funds (including separate accounts and
    other funds and collective investment vehicles) that have
    investment objectives similar to those of the Trust
    <FONT style="white-space: nowrap">and/or</FONT> that
    engage in transactions in the same types of securities,
    currencies and instruments as the Trust. One or more Affiliates
    and Barclays Entities are also major participants in the global
    currency, equities, swap and fixed income markets, in each case
    both on a proprietary basis and for the accounts of customers.
    As such, one or more Affiliates or Barclays Entities are or may
    be actively engaged in transactions in the same securities,
    currencies, and instruments in which the Trust may invest. Such
    activities could affect the prices and availability of the
    securities, currencies, and instruments in which the Trust
    invests, which could have an adverse impact on the Trust&#146;s
    performance. Such transactions, particularly in respect of most
    proprietary accounts or customer accounts, will be executed
    independently of the Trust&#146;s transactions and thus at
    prices or rates that may be more or less favorable than those
    obtained by the Trust.
</DIV>

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

<DIV align="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 BlackRock and its Affiliates or the Barclays Entities seek
    to purchase or sell the same assets for their managed accounts,
    the assets actually purchased or sold may be allocated among the
    accounts on a basis determined in their good faith discretion to
    be equitable. In some cases, this system may adversely affect
    the size or price of the assets purchased or sold for the Trust.
    In addition, transactions in investments by one or more other
    accounts managed by BlackRock or its Affiliates or a Barclays
    Entity may have the effect of diluting or otherwise
    disadvantaging the values, prices or investment strategies of
    the Trust, particularly, but not limited to, with respect to
    small capitalization, emerging market or less liquid strategies.
    This may occur when investment decisions regarding the Trust are
    based on research or other information that is also used to
    support decisions for other accounts. When BlackRock or its
    Affiliates or a Barclays Entity implements a portfolio decision
    or strategy on behalf of another account ahead of, or
    contemporaneously with, similar decisions or strategies for the
    Trust, market impact, liquidity constraints, or other factors
    could result in the Trust receiving less favorable trading
    results and the costs of implementing such decisions or
    strategies could be increased or the Trust could otherwise be
    disadvantaged. BlackRock or its Affiliates or a Barclays Entity
    may, in certain cases, elect to implement internal policies and
    procedures designed to limit such consequences, which may cause
    the Trust to be unable to engage in certain activities,
    including purchasing or disposing of securities, when it might
    otherwise be desirable for it 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">
    Conflicts may also arise because portfolio decisions regarding
    the Trust may benefit other accounts managed by BlackRock or its
    Affiliates or a Barclays Entity. For example, the sale of a long
    position or establishment of a short position by the Trust may
    impair the price of the same security sold short by (and
    therefore benefit) one or more Affiliates or Barclays Entities
    or their other accounts, and the purchase of a security or
    covering of a short position in a security by the Trust may
    increase the price of the same security held by (and therefore
    benefit) one or more Affiliates or Barclays Entities or their
    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">
    BlackRock and its Affiliates or a Barclays Entity and their
    clients may pursue or enforce rights with respect to an issuer
    in which the Trust has invested, and those activities may have
    an adverse effect on the Trust. As a result, prices,
    availability, liquidity and terms of the Trust&#146;s
    investments may be negatively impacted by the activities of
    BlackRock or its Affiliates or a Barclays Entity or their
    clients, and transactions for the Trust may be impaired or
    effected at prices or terms that may be less favorable than
    would otherwise have been the case.
</DIV>

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

<DIV align="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 results of the Trust&#146;s investment activities may differ
    significantly from the results achieved by BlackRock and its
    Affiliates or the Barclays Entities for their proprietary
    accounts or other accounts (including investment companies or
    collective investment vehicles) managed or advised by them. It
    is possible that one or more Affiliate- or Barclays
    Entity-managed accounts and such other accounts will achieve
    investment results that are substantially more or less favorable
    than the results achieved by the Trust. Moreover, it is possible
    that the Trust will sustain losses during periods in which one
    or more Affiliates or Barclays Entity-managed accounts achieve
    significant profits on their trading for proprietary or other
    accounts. The opposite result is also possible. The investment
    activities of one or more Affiliates or Barclays Entities for
    their proprietary accounts and accounts under their management
    may also limit the investment opportunities for the Trust in
    certain emerging and other markets in which limitations are
    imposed upon the amount of investment, in the aggregate or in
    individual issuers, by affiliated foreign investors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time, the Trust&#146;s activities may also be
    restricted because of regulatory restrictions applicable to one
    or more Affiliates or Barclays Entities,
    <FONT style="white-space: nowrap">and/or</FONT> their
    internal policies designed to comply with such restrictions.
</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>
    A-37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    As a result, there may be periods, for example, when BlackRock,
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more Affiliates or Barclays Entities, will not initiate or
    recommend certain types of transactions in certain securities or
    instruments with respect to which BlackRock
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more Affiliates or Barclays Entities are performing services
    or when position limits have been reached.
</DIV>

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

<DIV align="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 connection with its management of the Trust, BlackRock may
    have access to certain fundamental analysis and proprietary
    technical models developed by one or more Affiliates or Barclays
    Entities. BlackRock will not be under any obligation, however,
    to effect transactions on behalf of the Trust in accordance with
    such analysis and models. In addition, neither BlackRock nor any
    of its Affiliates, nor any Barclays Entity, will have any
    obligation to make available any information regarding their
    proprietary activities or strategies, or the activities or
    strategies used for other accounts managed by them, for the
    benefit of the management of the Trust and it is not anticipated
    that BlackRock will have access to such information for the
    purpose of managing the Trust. The proprietary activities or
    portfolio strategies of BlackRock and its Affiliates and the
    Barclays Entities, or the activities or strategies used for
    accounts managed by them or other customer accounts could
    conflict with the transactions and strategies employed by
    BlackRock in managing the Trust.
</DIV>

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

<DIV align="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, certain principals and certain employees of
    BlackRock are also principals or employees of BlackRock or
    another Affiliate. As a result, the performance by these
    principals and employees of their obligations to such other
    entities may be a consideration of which investors in the Trust
    should be aware.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock may enter into transactions and invest in securities,
    instruments and currencies on behalf of the Trust in which
    customers of BlackRock or its Affiliates or a Barclays Entity,
    or, to the extent permitted by the SEC, BlackRock or another
    Affiliate or a Barclays Entity, serves as the counterparty,
    principal or issuer. In such cases, such party&#146;s interests
    in the transaction will be adverse to the interests of the
    Trust, and such party may have no incentive to assure that the
    Trust obtains the best possible prices or terms in connection
    with the transactions. In addition, the purchase, holding and
    sale of such investments by the Trust may enhance the
    profitability of BlackRock or its Affiliates or a Barclays
    Entity. One or more Affiliates or Barclays Entities may also
    create, write or issue derivatives for their customers, the
    underlying securities, currencies or instruments of which may be
    those in which the Trust invests or which may be based on the
    performance of the Trust. The Trust may, subject to applicable
    law, purchase investments that are the subject of an
    underwriting or other distribution by one or more Affiliates or
    Barclays Entities and may also enter into transactions with
    other clients of an Affiliate or Barclays Entity where such
    other clients have interests adverse to those of the Trust.
</DIV>

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

<DIV align="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 times, these activities may cause departments of BlackRock or
    its Affiliates or a Barclays Entity to give advice to clients
    that may cause these clients to take actions adverse to the
    interests of the Trust. To the extent affiliated transactions
    are permitted, the Trust will deal with BlackRock and its
    Affiliates or Barclays Entities on an arms-length basis.
    BlackRock or its Affiliates or a Barclays Entity may also have
    an ownership interest in certain trading or information systems
    used by the Trust. The Trust&#146;s use of such trading or
    information systems may enhance the profitability of BlackRock
    and its Affiliates or Barclays 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">
    One or more Affiliates or one of the Barclays Entities may act
    as broker, dealer, agent, lender or adviser or in other
    commercial capacities for the Trust. It is anticipated that the
    commissions,
    <FONT style="white-space: nowrap">mark-ups,</FONT>
    mark-downs, financial advisory fees, underwriting and placement
    fees, sales fees, financing and commitment fees, brokerage fees,
    other fees, compensation or profits, rates, terms and conditions
    charged by an Affiliate or Barclays Entity will be in its view
    commercially reasonable, although each Affiliate or Barclays
    Entity, including its sales personnel, will have an interest in
    obtaining fees and other amounts that are favorable to the
    Affiliate or Barclays Entity and such sales personnel.
</DIV>

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

<DIV align="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 applicable law, the Affiliates and Barclays Entities
    (and their personnel and other distributors) will be entitled to
    retain fees and other amounts that they receive in connection
    with their service to the Trust as broker, dealer, agent,
    lender, adviser or in other commercial capacities and no
    accounting to the Trust or its shareholders will be required,
    and no fees or other compensation payable by the Trust or its
    shareholders will be reduced by reason of receipt by an
    Affiliate or Barclays Entity of any such fees or other amounts.
</DIV>

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

<DIV align="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 Affiliate or Barclays Entity acts as broker, dealer,
    agent, adviser or in other commercial capacities in relation to
    the Trust, the Affiliate or Barclays Entity may take commercial
    steps in its own interests, which may have
</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>
    A-38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    an adverse effect on the Trust. The Trust will be required to
    establish business relationships with its counterparties based
    on the Trust&#146;s own credit standing. Neither BlackRock nor
    any of the Affiliates, nor any Barclays Entity, will have any
    obligation to allow their credit to be used in connection with
    the Trust&#146;s establishment of its business relationships,
    nor is it expected that the Trust&#146;s counterparties will
    rely on the credit of BlackRock or any of the Affiliates or
    Barclays Entities in evaluating the Trust&#146;s
    creditworthiness.
</DIV>

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

<DIV align="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 and sales of securities for the Trust may be bunched
    or aggregated with orders for other BlackRock client accounts.
    BlackRock and its Affiliates and the Barclays Entities, however,
    are not required to bunch or aggregate orders if portfolio
    management decisions for different accounts are made separately,
    or if they determine that bunching or aggregating is not
    practicable, required or with cases involving client direction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prevailing trading activity frequently may make impossible the
    receipt of the same price or execution on the entire volume of
    securities purchased or sold. When this occurs, the various
    prices may be averaged, and the Trust will be charged or
    credited with the average price. Thus, the effect of the
    aggregation may operate on some occasions to the disadvantage of
    the Trust. In addition, under certain circumstances, the Trust
    will not be charged the same commission or commission equivalent
    rates in connection with a bunched or aggregated order.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock may select brokers (including, without limitation,
    Affiliates or Barclays Entities) that furnish BlackRock, the
    Trust, other BlackRock client accounts or other Affiliates or
    Barclays Entities or personnel, directly or through
    correspondent relationships, with research or other appropriate
    services which provide, in BlackRock&#146;s view, appropriate
    assistance to BlackRock in the investment decision-making
    process (including with respect to futures, fixed price
    offerings and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    transactions). Such research or other services may include, to
    the extent permitted by law, research reports on companies,
    industries and securities; economic and financial data;
    financial publications; proxy analysis; trade industry seminars;
    computer data bases; research-oriented software; and other
    services and products.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Research or other services obtained in this manner may be used
    in servicing the Trust and other BlackRock client accounts,
    including in connection with BlackRock client accounts other
    than those that pay commissions to the broker relating to the
    research or other service arrangements. Such products and
    services may disproportionately benefit other BlackRock client
    accounts relative to the Trust based on the amount of brokerage
    commissions paid by the Trust and such other BlackRock client
    accounts. For example, research or other services that are paid
    for through one client&#146;s commissions may not be used in
    managing that client&#146;s account. In addition, other
    BlackRock client accounts may receive the benefit, including
    disproportionate benefits, of economies of scale or price
    discounts in connection with products and services that may be
    provided to the Trust and to such other BlackRock client
    accounts. To the extent that BlackRock uses soft dollars, it
    will not have to pay for those products and services itself.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock may receive research that is bundled with the trade
    execution, clearing,
    <FONT style="white-space: nowrap">and/or</FONT>
    settlement services provided by a particular broker-dealer. To
    the extent that BlackRock receives research on this basis, many
    of the same conflicts related to traditional soft dollars may
    exist. For example, the research effectively will be paid by
    client commissions that also will be used to pay for the
    execution, clearing, and settlement services provided by the
    broker-dealer and will not be paid by BlackRock.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock may endeavor to execute trades through brokers who,
    pursuant to such arrangements, provide research or other
    services in order to ensure the continued receipt of research or
    other services BlackRock believes are useful in its investment
    decision-making process. BlackRock may from time to time choose
    not to engage in the above described arrangements to varying
    degrees. BlackRock may also enter into commission sharing
    arrangements under which BlackRock may execute transactions
    through a broker-dealer, including, where permitted, an
    Affiliate or Barclays Entity, and request that the broker-dealer
    allocate a portion of the commissions or commission credits to
    another firm that provides research to BlackRock. To the extent
    that BlackRock engages in commission sharing arrangements, many
    of the same conflicts related to traditional soft dollars may
    exist.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock may utilize certain electronic crossing networks
    (&#147;ECNs&#148;) in executing client securities transactions
    for certain types of securities. These ECNs may charge fees for
    their services, including access fees and transaction fees. The
    transaction fees, which are similar to commissions or
    markups/markdowns, will generally be charged to clients and,
    like commissions and markups/markdowns, would generally be
    included in the cost of the securities purchased. Access fees
    may be paid by BlackRock even though incurred in connection with
    executing
</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>
    A-39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    transactions on behalf of clients, including the Trust. In
    certain circumstances, ECNs may offer volume discounts that will
    reduce the access fees typically paid by BlackRock. This would
    have the effect of reducing the access fees paid by BlackRock.
    BlackRock will only utilize ECNs consistent with its obligation
    to seek to obtain best execution in client 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">
    BlackRock has adopted policies and procedures designed to
    prevent conflicts of interest from influencing proxy voting
    decisions that it makes on behalf of advisory clients, including
    the Trust, and to help ensure that such decisions are made in
    accordance with BlackRock&#146;s fiduciary obligations to its
    clients. Nevertheless, notwithstanding such proxy voting
    policies and procedures, actual proxy voting decisions of
    BlackRock may have the effect of favoring the interests of other
    clients or businesses of other divisions or units of BlackRock
    <FONT style="white-space: nowrap">and/or</FONT> its
    Affiliates or a Barclays Entity, provided that BlackRock
    believes such voting decisions to be in accordance with its
    fiduciary obligations. For a more detailed discussion of these
    policies and procedures, see &#147;Management of the
    Trust&#160;&#151; Proxy Voting 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">
    It is also possible that, from time to time, BlackRock or its
    Affiliates or a Barclays Entity may, although they are not
    required to, purchase and hold shares of the Trust. Increasing
    the Trust&#146;s assets may enhance investment flexibility and
    diversification and may contribute to economies of scale that
    tend to reduce the Trust&#146;s expense 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">
    It is possible that the Trust may invest in securities of
    companies with which an Affiliate or a Barclays Entity has or is
    trying to develop investment banking relationships as well as
    securities of entities in which BlackRock or its Affiliates or a
    Barclays Entity has significant debt or equity investments or in
    which an Affiliate or Barclays Entity makes a market. The Trust
    also may invest in securities of companies to which an Affiliate
    or a Barclays Entity provides or may some day provide research
    coverage. Such investments could cause conflicts between the
    interests of the Trust and the interests of other clients of
    BlackRock or its Affiliates or a Barclays Entity. In making
    investment decisions for the Trust, BlackRock is not permitted
    to obtain or use material non-public information acquired by any
    division, department or Affiliate of BlackRock or of a Barclays
    Entity in the course of these activities. In addition, from time
    to time, the activities of an Affiliate or a Barclays Entity may
    limit the Trust&#146;s flexibility in purchases and sales of
    securities. When an Affiliate is engaged in an underwriting or
    other distribution of securities of an entity, BlackRock may be
    prohibited from purchasing or recommending the purchase of
    certain securities of that entity for the Trust.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock and its Affiliates and the Barclays Entities, their
    personnel and other financial service providers have interests
    in promoting sales of the Trust. With respect to BlackRock and
    its Affiliates and Barclays Entities and their personnel, the
    remuneration and profitability relating to services to and sales
    of the Trust or other products may be greater than remuneration
    and profitability relating to services to and sales of certain
    funds or other products that might be provided or offered.
    BlackRock and its Affiliates or Barclays Entities and their
    sales personnel may directly or indirectly receive a portion of
    the fees and commissions charged to the Trust or its
    shareholders. BlackRock and its advisory or other personnel may
    also benefit from increased amounts of assets under management.
    Fees and commissions may also be higher than for other products
    or services, and the remuneration and profitability to BlackRock
    or its Affiliates or a Barclays Entity and such personnel
    resulting from transactions on behalf of or management of the
    Trust may be greater than the remuneration and profitability
    resulting from other funds or products.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock and its Affiliates or a Barclays Entity and their
    personnel may receive greater compensation or greater profit in
    connection with an account for which BlackRock serves as an
    adviser than with an account advised by an unaffiliated
    investment adviser. Differentials in compensation may be related
    to the fact that BlackRock may pay a portion of its advisory fee
    to its Affiliate or to a Barclays Entity, or relate to
    compensation arrangements, including for portfolio management,
    brokerage transactions or account servicing. Any differential in
    compensation may create a financial incentive on the part of
    BlackRock or its Affiliates or Barclays Entities and their
    personnel to recommend BlackRock over unaffiliated investment
    advisers or to effect transactions differently in one account
    over another.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock and its Affiliates or a Barclays Entity may provide
    valuation assistance to certain clients with respect to certain
    securities or other investments and the valuation
    recommendations made for their clients&#146; accounts may differ
    from the valuations for the same securities or investments
    assigned by the Trust&#146;s pricing vendors, especially if such
    valuations are based on broker-dealer quotes or other data
    sources unavailable to 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>
    A-40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    Trust&#146;s pricing vendors. While BlackRock will generally
    communicate its valuation information or determinations to the
    Trust&#146;s pricing vendors
    <FONT style="white-space: nowrap">and/or</FONT> fund
    accountants, there may be instances where the Trust&#146;s
    pricing vendors or fund accountants assign a different valuation
    to a security or other investment than the valuation for such
    security or investment determined or recommended by BlackRock.
</DIV>

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

<DIV align="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 permitted by applicable law, the Trust may invest
    all or some of its short term cash investments in any money
    market fund or similarly-managed private fund or exchange-traded
    fund advised or managed by BlackRock. In connection with any
    such investments, the Trust, to the extent permitted by the
    Investment Company Act, may pay its share of expenses of a money
    market fund in which it invests, which may result in the Trust
    bearing some additional 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">
    BlackRock and its Affiliates or a Barclays Entity and their
    directors, officers and employees, may buy and sell securities
    or other investments for their own accounts, and may have
    conflicts of interest with respect to investments made on behalf
    of the Trust. As a result of differing trading and investment
    strategies or constraints, positions may be taken by directors,
    officers, employees and Affiliates of BlackRock or by Barclays
    Entities that are the same, different from or made at different
    times than positions taken for the Trust. To lessen the
    possibility that the Trust will be adversely affected by this
    personal trading, the Trust and BlackRock each have adopted a
    Code of Ethics in compliance with Section&#160;17(j) of the
    Investment Company Act that restricts securities trading in the
    personal accounts of investment professionals and others who
    normally come into possession of information regarding the
    Trust&#146;s portfolio 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">
    BlackRock and its Affiliates will not purchase securities or
    other property from, or sell securities or other property to,
    the Trust, except that the Trust may, in accordance with rules
    adopted under the Investment Company Act, engage in transactions
    with accounts that are affiliated with the Trust as a result of
    common officers, directors, or investment advisers or pursuant
    to exemptive orders granted to the Trust
    <FONT style="white-space: nowrap">and/or</FONT>
    BlackRock by the SEC. These transactions would be affected in
    circumstances in which BlackRock determined that it would be
    appropriate for the Trust to purchase and another client of
    BlackRock to sell, or the Trust, to sell and another client of
    BlackRock to purchase, the same security or instrument on the
    same day. From time to time, the activities of the Trust may be
    restricted because of regulatory requirements applicable to
    BlackRock or its Affiliates or a Barclays Entity
    <FONT style="white-space: nowrap">and/or</FONT>
    BlackRock&#146;s internal policies designed to comply with,
    limit the applicability of, or otherwise relate to such
    requirements. A client not advised by BlackRock would not be
    subject to some of those considerations. There may be periods
    when BlackRock may not initiate or recommend certain types of
    transactions, or may otherwise restrict or limit their advice in
    certain securities or instruments issued by or related to
    companies for which an Affiliate or a Barclays Entity is
    performing investment banking, market making or other services
    or has proprietary positions. For example, when an Affiliate is
    engaged in an underwriting or other distribution of securities
    of, or advisory services for, a company, the Trust may be
    prohibited from or limited in purchasing or selling securities
    of that company. Similar situations could arise if personnel of
    BlackRock or its Affiliates or a Barclays Entity serve as
    directors of companies the securities of which the Trust wishes
    to purchase or sell. However, if permitted by applicable law,
    the Trust may purchase securities or instruments that are issued
    by such companies or are the subject of an underwriting,
    distribution, or advisory assignment by an Affiliate or a
    Barclays Entity, or in cases in which personnel of BlackRock or
    its Affiliates or of Barclays Entities are directors or officers
    of the issuer. The investment activities of one or more
    Affiliates or Barclays Entities for their proprietary accounts
    and for client accounts may also limit the investment strategies
    and rights of the Trust. For example, in regulated industries,
    in certain emerging or international markets, in corporate and
    regulatory ownership definitions, in certain futures and
    derivative transactions, and to comply with certain provisions
    of the Investment Company Act that prohibit affiliated
    transactions there may be limits on the aggregate amount of
    investment by affiliated investors that may not be exceeded
    without the grant of a license or other regulatory or corporate
    consent or, if exceeded, may cause BlackRock, the Trust or other
    client accounts to suffer disadvantages or business
    restrictions. These limitations may cause the Trust to invest in
    different portfolios than other BlackRock funds, which may
    result in the Trust investing on less advantageous terms that
    such other funds or in different types of securities, such as
    non-voting securities, in order to comply with regulatory
    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">
    If certain aggregate ownership thresholds are reached or certain
    transactions undertaken, the ability of BlackRock on behalf of
    clients (including the Trust) to purchase or dispose of
    investments, or exercise rights or undertake business
    transactions, may be restricted by regulation or otherwise
    impaired. As a result, BlackRock, on
</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>
    A-41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    behalf of clients (including the Trust), may limit purchases,
    sell existing investments, or otherwise restrict or limit the
    exercise of rights (including voting rights) when BlackRock, in
    its sole discretion, deems it appropriate.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock and its Affiliates and Barclays Entities may maintain
    securities indices as part of their product offerings.
    Index-based funds seek to track the performance of securities
    indices and may use the name of the index in the fund name.
    Index providers, including BlackRock and its Affiliates and
    Barclays Entities, may be paid licensing fees for use of their
    index or index name. BlackRock and its Affiliates and Barclays
    Entities will not be obligated to license their indices to
    BlackRock, and BlackRock cannot be assured that the terms of any
    index licensing agreement with BlackRock and its Affiliates and
    Barclays Entities will be as favorable as those terms offered to
    other index licensees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock and its Affiliates and Barclays Entities may serve as
    Authorized Participants in the creation and redemption of
    exchange traded funds, including funds advised by affiliates of
    BlackRock. BlackRock and its Affiliates and Barclays Entities
    may therefore be deemed to be participants in a distribution of
    such exchange traded funds, which could render them statutory
    underwriters.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Custody arrangements may lead to potential conflicts of interest
    with BlackRock where BlackRock has agreed to waive fees
    <FONT style="white-space: nowrap">and/or</FONT>
    reimburse ordinary operating expenses in order to cap expenses
    of the Trust. This is because the custody arrangements with the
    Custodian may have the effect of reducing custody fees when the
    Trust leaves cash balances uninvested. When the Trust&#146;s
    actual operating expense ratio exceeds a stated cap, a reduction
    in custody fees reduces the amount of waivers
    <FONT style="white-space: nowrap">and/or</FONT>
    reimbursements BlackRock would be required to make to the Trust.
    This could be viewed as having the potential to provide
    BlackRock an incentive to keep high positive cash balances for a
    Trust with an expense cap in order to offset fund custody fees
    that BlackRock might otherwise reimburse. However,
    BlackRock&#146;s portfolio managers do not intentionally keep
    uninvested balances high, but rather make investment decisions
    that they anticipate will be beneficial to fund performance.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Present and future activities of BlackRock and its Affiliates
    and Barclays Entities, including BlackRock Advisors, LLC, in
    addition to those described in this section, may give rise to
    additional conflicts of interest.
</DIV>

<A name='Y93113131'>
<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 SHARES</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">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 Trust intends to hold annual meetings of shareholders so
    long as the common shares are listed on a national securities
    exchange and such meetings are required as a condition to such
    listing.
</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">
    The terms of preferred shares, if any, issued by the Trust,
    including their dividend rate, voting rights, liquidation
    preference and redemption provisions, would be determined by the
    Board (subject to applicable law and the Trust&#146;s Agreement
    and Declaration of Trust) if and when it authorizes a preferred
    shares offering.
</DIV>

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

<DIV align="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 Board determines to proceed with an offering of preferred
    shares, the terms of the preferred shares may be the same as, or
    different from, the terms described below, subject to applicable
    law and the Trust&#146;s Agreement and Declaration of Trust. The
    Board, without the approval of the holders of common shares, may
    authorize an offering of preferred shares or may determine not
    to authorize such an offering, and may fix the terms of the
    preferred shares to be offered.
</DIV>

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

<DIV align="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 Trust, the holders of any preferred shares then
    outstanding would be entitled to receive a preferential
    liquidating distribution, which is expected to equal the
    original purchase price per preferred share plus accrued 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
    would not be entitled to any further participation in any
    distribution of assets by the Trust.
</DIV>

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

<DIV align="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 Investment Company 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
</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>
    A-42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    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 of the Trust at
    any time two years&#146; dividends on any preferred shares are
    unpaid. The Investment Company 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 (1)&#160;adopt any plan of reorganization
    that would adversely affect the preferred shares, and
    (2)&#160;take any action requiring a vote of security holders
    under Section&#160;13(a) of the Investment Company Act,
    including, among other things, changes in the Trust&#146;s
    subclassification as a closed-end investment company or changes
    in its fundamental investment restrictions. See &#147;Certain
    Provisions in the Agreement and Declaration of Trust&#148; in
    the Trust&#146;s prospectus. As a result of these voting rights,
    the Trust&#146;s ability to take any such actions may be impeded
    to the extent that there are any preferred shares outstanding.
    The Board anticipates that, except as otherwise indicated in the
    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 Investment Company 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">
    <I>Redemption, Purchase and Sale of Preferred Shares by the
    Trust.</I>&#160;&#160;The terms of any preferred shares that may
    be offered are expected to provide that (1)&#160;they are
    redeemable by the Trust in whole or in part at the original
    purchase price per share plus accrued dividends per share,
    (2)&#160;the Trust may tender for or purchase preferred shares
    and (3)&#160;the Trust may subsequently resell any shares so
    tendered for or purchased. Any redemption or purchase of
    preferred shares by the Trust will reduce the leverage
    applicable to the common shares, while any resale of shares by
    the Trust will increase that leverage.
</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">Other
    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 Board (subject to applicable law and the Trust&#146;s
    Agreement and Declaration of Trust) may authorize an offering,
    without the approval of the holders of common shares and,
    depending on their terms, any Preferred Shares outstanding at
    that time, of other classes of shares, or other classes or
    series of shares, as they determine to be necessary, desirable
    or appropriate, having such terms, rights, preferences,
    privileges, limitations and restrictions as the Board sees fit.
    The Trust currently does not expect to issue any other classes
    of shares, or series of shares, except for the common shares.
</DIV>

<A name='Y93113132'>
<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 Trust is a closed-end management investment company and as
    such its shareholders will not have the right to cause the Trust
    to redeem their shares. Instead, the Trust&#146;s common shares
    will trade in the open market at a price that will be a function
    of several factors, including dividend levels (which are in turn
    affected by expenses), net asset value, call protection,
    dividend stability, relative demand for and supply of such
    shares in the market, general market and economic conditions and
    other factors. Because shares of a closed-end investment company
    may frequently trade at prices lower than net asset value, the
    Board may consider action that might be taken to reduce or
    eliminate any material discount from net asset value in respect
    of common shares, which may include the repurchase of such
    shares in the open market or in private transactions, the making
    of a tender offer for such shares, or the conversion of the
    Trust to an open-end investment company. The Board may decide
    not to take any of these actions. In addition, there can be no
    assurance that share repurchases or tender offers, if
    undertaken, will reduce market discount.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, at any time when the Trust has
    Preferred Shares outstanding, the Trust may not purchase, redeem
    or otherwise acquire any of its common shares unless
    (1)&#160;all accrued Preferred Shares dividends have been paid
    and (2)&#160;at the time of such purchase, redemption or
    acquisition, the net asset value of the Trust&#146;s portfolio
    (determined after deducting the acquisition price of the common
    shares) is at least 200% of the liquidation value of any
    outstanding Preferred Shares (expected to equal the original
    purchase price per share plus any accrued
</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>
    A-43
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    and unpaid dividends thereon). Any service fees incurred in
    connection with any tender offer made by the Trust will be borne
    by the Trust and will not reduce the stated consideration to be
    paid to tendering 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">
    Subject to its investment restrictions, the Trust may borrow to
    finance the repurchase of shares or to make a tender offer.
    Interest on any borrowings to finance share repurchase
    transactions or the accumulation of cash by the Trust in
    anticipation of share repurchases or tenders will reduce the
    Trust&#146;s net income. Any share repurchase, tender offer or
    borrowing that might be approved by the Board would have to
    comply with the Exchange Act, the Investment Company Act and the
    rules and regulations thereunder.
</DIV>

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

<DIV align="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 decision to take action in response to a discount
    from net asset value will be made by the Board at the time it
    considers such issue, it is the Board&#146;s present policy,
    which may be changed by the Board, not to authorize repurchases
    of common shares or a tender offer for such shares if:
    (1)&#160;such transactions, if consummated, would
    (a)&#160;result in the delisting of the common shares from the
    New York Stock Exchange, or (b)&#160;impair the Trust&#146;s
    status as a regulated investment company under the Code (which
    would make the Trust a taxable entity, causing the Trust&#146;s
    income to be taxed at the corporate level in addition to the
    taxation of shareholders who receive dividends from the Trust)
    or as a registered closed-end investment company under the
    Investment Company Act; (2)&#160;the Trust would not be able to
    liquidate portfolio securities in an orderly manner and
    consistent with the Trust&#146;s investment objective and
    policies in order to repurchase shares; or (3)&#160;there is, in
    the Board&#146;s judgment, any (a)&#160;material legal action or
    proceeding instituted or threatened challenging such
    transactions or otherwise materially adversely affecting the
    Trust, (b)&#160;general suspension of or limitation on prices
    for trading securities on the New York Stock Exchange,
    (c)&#160;declaration of a banking moratorium by federal or state
    authorities or any suspension of payment by United States or New
    York banks, (d)&#160;material limitation affecting the Trust or
    the issuers of its portfolio securities by federal or state
    authorities on the extension of credit by lending institutions
    or on the exchange of foreign currency, (e)&#160;commencement of
    war, armed hostilities or other international or national
    calamity directly or indirectly involving the United States, or
    (f)&#160;other event or condition which would have a material
    adverse effect (including any adverse tax effect) on the Trust
    or its shareholders if shares were repurchased. The Board may in
    the future modify these conditions in light of experience.
</DIV>

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

<DIV align="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 repurchase by the Trust of its shares at prices below net
    asset value will result in an increase in the net asset value of
    those shares that remain outstanding. However, there can be no
    assurance that share repurchases or tender offers at or below
    net asset value will result in the Trust&#146;s shares trading
    at a price equal to their net asset value. Nevertheless, the
    fact that the Trust&#146;s shares may be the subject of
    repurchase or tender offers from time to time, or that the Trust
    may be converted to an open-end investment company, may reduce
    any spread between market price and net asset value that might
    otherwise exist.
</DIV>

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

<DIV align="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, a purchase by the Trust of its common shares will
    decrease the Trust&#146;s net assets which would likely have the
    effect of increasing the Trust&#146;s expense ratio. Any
    purchase by the Trust of its common shares at a time when
    Preferred Shares are outstanding will increase the leverage
    applicable to the outstanding common shares then remaining.
</DIV>

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

<DIV align="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 deciding whether to take any action if the common shares
    trade below net asset value, the Board would likely consider all
    relevant factors, including the extent and duration of the
    discount, the liquidity of the Trust&#146;s portfolio, the
    impact of any action that might be taken on the Trust or its
    shareholders and market considerations. Based on these
    considerations, even if the Trust&#146;s shares should trade at
    a discount, the Board may determine that, in the interest of the
    Trust and its shareholders, no action should be taken.
</DIV>

<A name='Y93113133'>
<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">TAX
    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">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Trust
    and its shareholders. 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 assurance can be given that the IRS
    would not assert, or that a court would not sustain, a position
    different from any of the tax aspects set forth below. This
    discussion assumes that the Trust&#146;s shareholders hold their
    common shares as capital assets for U.S.&#160;federal income tax
    purposes (generally, assets held
</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>
    A-44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    for investment). No attempt is made to present a detailed
    explanation of all U.S.&#160;federal income tax concerns
    affecting the Trust and its shareholders (including shareholders
    owning a large position in the Trust), and the discussions set
    forth here and in the prospectus do not constitute tax advice.
    Investors are urged to consult their own tax advisors regarding
    the U.S.&#160;federal, state, local and foreign tax consequences
    of investing in the Trust.
</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 Trust</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 Trust intends to elect to be, and to qualify for special tax
    treatment afforded to, a regulated investment company under
    Subchapter M of the Code. As long as it so qualifies, in any
    taxable year in which it meets the distribution requirements
    described below, the Trust (but not its shareholders) will not
    be subject to U.S.&#160;federal income tax to the extent that it
    distributes its investment company taxable income and net
    recognized 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">
    In order to qualify to be taxed as a regulated investment
    company, the Trust must, among other things: (i)&#160;derive in
    each taxable year at least 90% of its gross income from the
    following sources, which are referred 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 currencies and (b)&#160;net income
    derived from interests in certain publicly traded partnerships
    that derive less than 90% of their gross income from the items
    described in clause&#160;(a) above (each a &#147;Qualified
    Publicly Traded Partnership&#148;); and (ii)&#160;diversify its
    holdings so that, at the end of each quarter of each taxable
    year (a)&#160;at least 50% of the value of the Trust&#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 Trust&#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
    value of the Trust&#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
    Trust 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 Trust&#146;s investments in equity interests 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 MLP that would be Qualifying Income
    if earned directly by the Trust.
</DIV>

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

<DIV align="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 Trust&#146;s investments in partnerships, including in
    Qualified Publicly Traded Partnerships, may result in the Trust
    being subject to state, local or foreign income, franchise or
    withholding tax liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a regulated investment company, the Trust generally is not
    subject to U.S.&#160;federal income tax on income and gains that
    it distributes each taxable year to its shareholders, provided
    that in such taxable year it distributes at least 90% of the sum
    of (i)&#160;its investment company taxable income (which
    includes, among other items, dividends, interest, the excess of
    any net short-term capital gain over net long-term capital loss
    and other taxable income, other than net capital gain (as
    defined below), reduced by deductible expenses) determined
    without regard to the deduction for dividends and distributions
    paid and (ii)&#160;its net tax-exempt interest income (the
    excess of its gross tax-exempt interest income over certain
    disallowed deductions). The Trust intends to distribute annually
    all or substantially all of such income and gain. If the Trust
    retains any investment company taxable income or net capital
    gain (as defined below), it will be subject to U.S.&#160;federal
    income tax on the retained amount at regular corporate tax
    rates. In addition, if the Trust fails to qualify as a regulated
    investment company for any taxable year, it will be subject to
    U.S.&#160;federal income tax on all of its income and gains at
    regular corporate tax 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 Trust may retain for investment its net capital gain (which
    consists of the excess of its net long-term capital gain over
    its net short-term capital loss). However, if the Trust retains
    any net capital gain or any investment company taxable income,
    it will be subject to a tax on such amount at regular corporate
    tax rates. If the Trust retains any net capital gain, it expects
    to designate the retained amount as undistributed capital gains
    in a notice to its shareholders, each of whom, if subject to
    U.S.&#160;federal income tax on long-term capital gains,
    (i)&#160;will be required to include in income for
    U.S.&#160;federal income tax purposes its share of such
    undistributed net capital gain, (ii)&#160;will be entitled to
    credit its proportionate share of the tax paid by the Trust
    against its U.S.&#160;federal income tax liability, if
</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>
    A-45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    any, and to claim refunds to the extent that the credit exceeds
    such liability and (iii)&#160;will increase its tax basis in its
    common shares by the excess of the amount described in
    clause&#160;(i) over the amount described in clause (ii).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Amounts not distributed on a timely basis in accordance with a
    calendar year distribution requirement are subject to a
    nondeductible 4% U.S.&#160;federal excise tax at the Trust
    level. To avoid the excise tax, the Trust must distribute during
    each calendar year an amount at least equal to the sum of
    (i)&#160;98% of its ordinary income (not taking into account any
    capital gains or losses) for the calendar year and
    (ii)&#160;98.2% of its capital gains in excess of its capital
    losses (adjusted for certain ordinary losses) for a one-year
    period generally ending on October 31 of the calendar year. In
    addition, the minimum amounts that must be distributed in any
    year to avoid the excise tax will be increased or decreased to
    reflect any under-distribution or over-distribution, as the case
    may be, from the previous year. While the Trust 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 Trust&#146;s
    taxable income and capital gains will be distributed to avoid
    entirely the imposition of the tax. In that event, the Trust
    will be liable for the tax only on the amount by which it does
    not meet the foregoing distribution requirement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends and distributions will be treated as paid during the
    calendar year if they are paid during the calendar year or
    declared by the Trust in October, November or December of the
    year, payable to shareholders of record on a date during such a
    month and paid by the Trust during January of the following
    year. Any such dividend or distribution paid during January of
    the following year will be deemed to be received by the
    Trust&#146;s shareholders on December 31 of the year the
    dividend or distribution was declared, rather than when the
    dividend or distribution is actually received.
</DIV>

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

<DIV align="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 Trust were unable to satisfy the 90% distribution
    requirement or otherwise were to fail to qualify as a regulated
    investment company in any year, it would be taxed on all of its
    taxable income in the same manner as an ordinary corporation and
    distributions to the Trust&#146;s shareholders would not be
    deductible by the Trust in computing its taxable income. In such
    case, distributions generally would be eligible (i)&#160;through
    2012, for treatment as qualified dividend income in the case of
    individual shareholders and (ii)&#160;for the dividends received
    deduction in the case of corporate shareholders. To qualify
    again to be taxed as a regulated investment company in a
    subsequent year, the Trust would be required to distribute to
    its shareholders its accumulated earnings and profits
    attributable to non-regulated investment company years reduced
    by an interest charge on 50% of such earnings and profits
    payable by the Trust as an additional tax. In addition, if the
    Trust failed to qualify as a regulated investment company for a
    period greater than two taxable years, then, in order to qualify
    as a regulated investment company in a subsequent year, the
    Trust would be required to elect to recognize and pay tax on any
    net built-in gain (the excess of aggregate gain, including items
    of income, over aggregate loss that would have been realized if
    the Trust had been liquidated) or, alternatively, be subject to
    taxation on such built-in gain recognized for a period of ten
    years.
</DIV>

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

<DIV align="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 sale of securities by the Trust will
    generally be long-term capital gain or loss if the securities
    have been held by the Trust 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">
    Certain of the Trust&#146;s investment practices are subject to
    special and complex U.S.&#160;federal income tax provisions that
    may, among other things, (i)&#160;disallow, suspend or otherwise
    limit the allowance of certain losses or deductions (including
    the dividends received deduction), (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 Trust to recognize income or gain without a
    corresponding receipt of cash (e.g., under the original issue
    discount rules), (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 Trust 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 Trust as a regulated investment company.
</DIV>

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

<DIV align="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 Trust intends to invest are expected to be
    treated as partnerships for U.S.&#160;federal income tax
    purposes. The cash distributions received by the Trust from an
    MLP may not correspond to the amount of income allocated to the
    Trust by the MLP in any given taxable year. If the amount of
    income allocated by an MLP to the Trust exceeds the amount of
    cash received by the Trust from such MLP, the Trust may have
    difficulty making
</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>
    A-46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    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 Trust 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: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 Trust expects that the income derived by the Trust from the
    MLPs in which it invests will be Qualifying Income. If, however,
    an MLP in which the Trust invests is not a Qualified Publicly
    Traded Partnership, the income derived by the Trust from such
    investment may not be Qualifying Income and, therefore, could
    adversely affect the Trust&#146;s status as a regulated
    investment company. The Trust intends to monitor its investments
    in MLPs to prevent to disqualification of the Trust as a
    regulated investment company.
</DIV>

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

<DIV align="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 Trust invests in foreign securities, its income from such
    securities may be subject to
    <FONT style="white-space: nowrap">non-U.S.&#160;Taxes.</FONT>
    The Trust will not be eligible to elect to &#147;pass
    through&#148; to shareholders of the Trust the ability to use
    the foreign tax deduction or foreign tax credit for foreign
    taxes paid with respect to qualifying taxes.
</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">
    Distributions paid by the Trust from its investment company
    taxable income (as defined above) (together referred to
    hereinafter as &#147;ordinary income dividends&#148;), whether
    paid in cash or reinvested in Trust shares, are generally
    taxable to you as ordinary income to the extent of the
    Trust&#146;s earnings and profits. Certain properly designated
    distributions may, however, qualify (provided that holding
    period and other requirements are met by both the Trust and the
    shareholder) (i)&#160;for the dividends received deduction in
    the case of corporate shareholders to the extent that the
    Trust&#146;s income consists of dividend income from
    U.S.&#160;corporations or (ii)&#160;in the case of individual
    shareholders, for taxable years beginning on or before
    December&#160;31, 2012, as qualified dividend income eligible to
    be taxed at a reduced maximum rate to the extent that the Trust
    receives qualified dividend income. Qualified dividend income
    is, in general, dividend income from taxable domestic
    corporations and certain foreign corporations. There can be no
    assurance as to what portion of the Trust&#146;s distributions
    will qualify for the dividends received deduction or for
    treatment as qualified dividend income or as to whether the
    favorable tax treatment for qualified dividend income will be
    extended by Congress for taxable years beginning after 2012.
</DIV>

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

<DIV align="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 made from net capital gain, which is the excess of
    net long-term capital gains over net short-term capital losses
    (&#147;capital gain dividends&#148;), including capital gain
    dividends credited to a shareholder but retained by the Trust,
    are taxable to shareholders as long-term capital gains if they
    have been properly reported by the Trust, regardless of the
    length of time the shareholder has owned common shares of the
    Trust. Net long-term capital gain of individuals is generally
    taxed at a reduced maximum rate. For corporate taxpayers, net
    long-term capital gain is 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">
    If, for any calendar year, the Trust&#146;s 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, reducing that
    basis accordingly. Such distributions exceeding the
    shareholder&#146;s basis will be treated as gain from the sale
    or exchange of the shares. When you sell your shares in the
    Trust, the amount, if any, by which your sales price exceeds
    your basis in the Trust&#146;s common shares is gain subject to
    tax. Because a return of capital reduces your basis in the
    shares, it will increase the amount of your gain or decrease the
    amount of your loss when you sell the shares, all other things
    being equal.
</DIV>

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

<DIV align="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, after the close of its taxable year, the Trust will
    provide its shareholders with a written notice designating the
    amount of any ordinary income dividends or capital gain
    dividends and 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">
    The sale or other disposition of common shares of the Trust will
    generally result in capital gain or loss to shareholders
    measured by the difference between the sale price and the
    shareholder&#146;s tax basis in its shares. Generally, a
    shareholder&#146;s gain or loss will be long-term gain or loss
    if the shares have been held for more than one year. Any loss
    upon the sale or exchange of Trust 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) by the shareholder.
    Any loss a shareholder realizes on a sale or exchange of common
    shares of the Trust will be disallowed if the shareholder
    acquires other common shares of the Trust (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
</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>
    A-47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    the shareholder&#146;s sale or exchange of the common shares. In
    such case, the basis of the common shares acquired will be
    adjusted to reflect the disallowed loss. Present law taxes both
    long-term and short-term capital gains of corporations at the
    rates applicable to ordinary income.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders may be entitled to offset their capital gain
    distributions with capital losses. There are several statutory
    provisions affecting when capital losses may be offset against
    capital gain, and limiting the use of losses from certain
    investments and activities. Accordingly, shareholders with
    capital losses 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 Trust 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 likely to
    reduce the trading value of such Trust 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">
    Dividends and other taxable distributions are taxable to you
    even though they are reinvested in additional shares of the
    Trust. Dividends and other distributions paid by the Trust are
    generally treated for U.S.&#160;federal income tax purposes as
    received by you at the time the dividend or distribution is
    made. If, however, the Trust 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
    U.S.&#160;federal income tax purposes as being paid by the Trust
    and received by you on December 31 of the year in which the
    dividend was declared. In addition, certain other distributions
    made after the close of the Trust&#146;s taxable year may be
    &#147;spilled back&#148; and treated as paid by the Trust
    (except for purposes of the 4% nondeductible excise tax) during
    such taxable year. In such case, you will be treated as having
    received such dividends in the taxable year in which the
    distributions were actually made.
</DIV>

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

<DIV align="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;federal withholding tax at a rate
    of 30% (or possibly a lower rate provided by an applicable tax
    treaty) on ordinary income dividends (except as discussed
    below). Actual or deemed distributions of the Trust&#146;s net
    capital gain to a foreign investor, and gains recognized by a
    foreign investor upon the sale of the Trust&#146;s common stock,
    will generally not be subject to U.S.&#160;federal withholding
    or income tax. 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 Trust&#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, withholding at a rate of 30% will be required after
    December&#160;31, 2013 on dividends in respect of, and after
    December&#160;31, 2014, on gross proceeds from the sale of, our
    common stock 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 United States
    persons or by certain
    <FONT style="white-space: nowrap">non-U.S.&#160;entities</FONT>
    that are wholly or partially owned by United States persons.
    Accordingly, the entity or entities through which our common
    stock is held will affect the determination of whether such
    withholding is required. Similarly, withholding at a rate of 30%
    will be required after December&#160;31, 2013 on dividends in
    respect of, and after December&#160;31, 2014 on the gross
    proceeds from the sale of, our common stock held by an investor
    that is a non-financial
    <FONT style="white-space: nowrap">non-U.S.&#160;entity,</FONT>
    unless such entity either (i)&#160;certifies to us that such
    entity does not have any &#147;substantial United States
    owners&#148; or (ii)&#160;provides certain information regarding
    the entity&#146;s &#147;substantial United&#160;States
    owners,&#148; which we 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 our common 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">
    For taxable years of the Trust beginning before January&#160;1,
    2012, properly designated dividends are generally exempt from
    U.S.&#160;federal withholding tax where they (i)&#160;are paid
    in respect of the Trust&#146;s &#147;qualified net interest
    income&#148; (generally, the Trust&#146;s
    <FONT style="white-space: nowrap">U.S.-source</FONT>
    interest income, other than certain contingent interest and
    interest from obligations of a corporation or partnership in
    which the Trust is at least a 10% shareholder, reduced by
    expenses that are allocable to such income) or (ii)&#160;are
    paid in respect of the Trust&#146;s &#147;qualified short-term
    capital gains&#148; (generally, the excess of the Trust&#146;s
    net short-term capital gain over the Trust&#146;s long-term
    capital loss for such taxable year).
</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>
    A-48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    Depending on its circumstances, however, the Trust may designate
    all, some or none of its potentially eligible dividends as such
    qualified net interest income or as qualified short-term capital
    gains,
    <FONT style="white-space: nowrap">and/or</FONT> 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
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    (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 Trust
    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 Trust&#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 Trust is required in certain circumstances to withhold, for
    U.S.&#160;federal backup withholding purposes, on taxable
    dividends or distributions and certain other payments paid to
    non-exempt holders of the Trust&#146;s common shares who do not
    furnish the Trust with their correct taxpayer identification
    number (in the case of individuals, their social security
    number) and certain certifications, or who are otherwise subject
    to backup withholding. Backup withholding is not an additional
    tax. Any amounts withheld from payments made to a shareholder
    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>The foregoing is a general summary of the provisions of the
    Code and the Treasury regulations in effect as they directly
    govern the taxation of the Trust and its shareholders. These
    provisions are subject to change by legislative, judicial or
    administrative action, and any such change may be retroactive.
    Ordinary income and capital gain dividends may also be subject
    to state, local and foreign taxes. Shareholders are urged to
    consult their tax advisors regarding U.S.&#160;federal, state,
    local and foreign tax consequences of investing in the Trust.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113134'>
<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
    AUDITORS&#146; REPORT<BR>
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
    FIRM</FONT></B>
</DIV>

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

</FONT></DIV>
</A>

<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">
    To the Shareholder and Board of Trustees of
</DIV>

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

</FONT></DIV>

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

</FONT></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">
     BlackRock Utility and Infrastructure Trust:
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

<DIV align="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 have audited the accompanying statement of assets and
    liabilities of BlackRock Utility and Infrastructure Trust (the
    &#147;Trust&#148;) as of October&#160;12, 2011, and the related
    statements of operations and changes in net assets for the
    period from August&#160;25, 2011 (date of inception) to
    October&#160;12, 2011. These financial statements are the
    responsibility of the Trust&#146;s management. Our
    responsibility is to express an opinion on these financial
    statements based on our audit.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We conducted our audit in accordance with the standards of the
    Public Company Accounting Oversight Board (United States). Those
    standards require that we plan and perform the audit to obtain
    reasonable assurance about whether the financial statements are
    free of material misstatement. The Trust is not required to
    have, nor were we engaged to perform, an audit of its internal
    control over financial reporting. Our audit included
    consideration of internal control over financial reporting as a
    basis for designing audit procedures that are appropriate in the
    circumstances, but not for the purpose of expressing an opinion
    on the effectiveness of the Trust&#146;s internal control over
    financial reporting. Accordingly, we express no such opinion. An
    audit also includes examining, on a test basis, evidence
    supporting the amounts and disclosures in the financial
    statements, assessing the accounting principles used and
    significant estimates made by management, as well as evaluating
    the overall financial statement presentation. We believe that
    our audit provides a reasonable basis for our opinion.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In our opinion, the financial statements referred to above
    present fairly, in all material respects, the financial position
    of BlackRock Utility and Infrastructure Trust as of
    October&#160;12, 2011, and the results of its operations and
    changes in its net assets for the period from August&#160;25,
    2011 (date of inception) to October&#160;12, 2011, in conformity
    with accounting principles generally accepted in the United
    States of America.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Deloitte&#160;&#038;
    Touche <FONT style="font-variant: SMALL-CAPS">LLP</FONT></DIV>
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></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">
     October&#160;24, 2011
</DIV>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113135'>
<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">BlackRock
    Utility and Infrastructure Trust<BR>
    </A>Statement of Assets and Liabilities<BR>
    October&#160;12, 2011</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="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Assets:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    133,012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Liabilities:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Payable for organization costs
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000
</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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Assets:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,012
</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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Assets Consist of:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Paid-in capital (Note&#160;1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    133,012
</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">
    Accumulated net investment loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,000
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net Assets, October&#160;12, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,012
</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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net asset value per common share:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Equivalent to 6,964&#160;shares of common stock issued and
    outstanding, par $0.001, unlimited shares authorized
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14.36
</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>
</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 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">
    See Notes to Financial Statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">BlackRock
    Utility and Infrastructure Trust<BR>
    Statement of Operations<BR>
    For the period August&#160;25, 2011 (date of inception) to
    October&#160;12, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL,op -->
<!-- XBRL,body -->
<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="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</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">
    <B>Investment Income:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Expenses:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Organization expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000
</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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net investment loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (33,000
</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>
</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,op -->
<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">
    See Notes to Financial Statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">BlackRock
    Utility and Infrastructure Trust<BR>
    Statement of Changes in Net Assets<BR>
    For the period August&#160;25, 2011 (date of inception) to
    October&#160;12, 2011</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="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>INCREASE (DECREASE) IN NET ASSETS</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operations:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (33,000
</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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net decrease in net assets resulting from operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,000
</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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Capital 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>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net proceeds from the issuance of common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    133,012
</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>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Assets:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total increase in net assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100,012
</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">
    Beginning of period
</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>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    End of period (including accumulated net investment loss of
    $33,000)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,012
</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>
</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 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">
    See Notes to Financial Statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113141'>
<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">NOTES&#160;TO
    FINANCIAL STATEMENTS</FONT></B>
</DIV>
</A>
<!-- XBRL,n -->
<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="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Organization
    and Significant Accounting Policies:</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock Utility and Infrastructure Trust (the
    &#147;Trust&#148;) was organized as a Delaware statutory trust
    on August&#160;25, 2011, and is registered as a non-diversified,
    closed-end management investment company under the Investment
    Company Act of 1940, as amended. The Trust had no operations
    other than a sale to BlackRock HoldCo 2, Inc. of
    6,964&#160;shares of common stock for $133,012 ($19.10 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">
    The Trust&#146;s financial statements are prepared in conformity
    with accounting principles generally accepted in the United
    States of America (&#147;US GAAP&#148;), which may require
    management to make estimates and assumptions that affect the
    reported amounts and disclosure in the financial statements.
    Actual results could differ from those estimates.
</DIV>

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

<DIV align="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>Valuation:</B>&#160;&#160;US GAAP defines fair value as the
    price the Trust would receive to sell an asset or pay to
    transfer a liability in an orderly transaction between market
    participants at the measurement date. The Trust fair values its
    financial instruments at market value using independent dealers
    or pricing services under policies approved by the Board of
    Trustees (the &#147;Board&#148;). Equity investments traded on a
    recognized securities exchange or the NASDAQ Global Market
    System (&#147;NASDAQ&#148;) are valued at the last reported sale
    price that day or the NASDAQ official closing price, if
    applicable. For equity investments traded on more than one
    exchange, the last reported sale price on the exchange where the
    stock is primarily traded is used. Equity investments traded on
    a recognized exchange for which there were no sales on that day
    are valued at the last available bid (long positions) or ask
    (short positions) price. If no bid or ask price is available,
    the prior day&#146;s price will be used, unless it is determined
    that such prior day&#146;s price no longer reflects the fair
    value of the security. Investments in open-end registered
    investment companies are valued at net asset value each business
    day. Short-term securities with remaining maturities of
    60&#160;days or less may be valued at amortized cost, which
    approximates fair 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">
    The Fund values its bond investments on the basis of last
    available bid prices or current market quotations provided by
    dealers or pricing services. Floating rate loan interests are
    valued at the mean of the bid prices from one or more brokers or
    dealers as obtained from a pricing service. In determining the
    value of a particular investment, pricing services may use
    certain information with respect to transactions in such
    investments, quotations from dealers, pricing matrixes, market
    transactions in comparable investments, various relationships
    observed in the market between investments and calculated yield
    measures. Asset-backed and mortgage-backed securities are valued
    by independent pricing services using models that consider
    estimated cash flows of each tranche of the security, establish
    a benchmark yield and develop an estimated tranche specific
    spread to the benchmark yield based on the unique attributes of
    the tranche.
</DIV>

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

<DIV align="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 other assets and liabilities denominated in
    foreign currencies are translated into US dollars using exchange
    rates determined as of the close of business on the New York
    Stock Exchange (&#147;NYSE&#148;). Foreign currency exchange
    contracts are valued at the mean between the bid and ask prices
    and are determined as of the close of business on the NYSE.
    Interpolated values are derived when the settlement date of the
    contract is an interim date for which quotations are not
    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">
    Exchange-traded options are valued at the mean between the last
    bid and ask prices at the close of the options market in which
    the options trade. An exchange-traded option for which there is
    no mean price is valued at the last bid (long positions) or ask
    (short positions) price. If no bid or ask price is available,
    the prior day&#146;s price will be used, unless it is determined
    that the prior day&#146;s price no longer reflects the fair
    value of the option.
    <FONT style="white-space: nowrap">Over-the-counter</FONT>
    (&#147;OTC&#148;) options are valued by an independent pricing
    service using a mathematical model which incorporates a number
    of market data factors, such as the trades and prices of the
    underlying 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">
    In the event that application of these methods of valuation
    results in a price for an investment which is deemed not to be
    representative of the market value of such investment or if a
    price is not available, the investment will be valued in
    accordance with a policy approved by the Board as reflecting
    fair value (&#147;Fair Value Assets&#148;). When determining the
    price for Fair Value Assets, the investment advisor
    <FONT style="white-space: nowrap">and/or</FONT> the
    <FONT style="white-space: nowrap">sub-advisor</FONT>
    seeks to determine the price that the Trust might reasonably
    expect to receive from the current sale of that asset in an
    arm&#146;s-length transaction. Fair value determinations shall
    be based upon all available factors that the investment advisor
    <FONT style="white-space: nowrap">and/or</FONT>
    <FONT style="white-space: nowrap">sub-advisor</FONT>
    deems relevant. The pricing of all Fair Value Assets is
    subsequently reported to the Board or a committee thereof.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    Generally, trading in foreign instruments is substantially
    completed each day at various times prior to the close of
    business on the NYSE. Occasionally, events affecting the values
    of such instruments may occur between the foreign market close
    and the close of business on the NYSE that may not be reflected
    in the computation of the Trust&#146;s net assets. If events
    (for example, a company announcement, market volatility or a
    natural disaster) occur during such periods that are expected to
    materially affect the value of such instruments, those
    instruments may be Fair Value Assets and be valued at their fair
    value, as determined in good faith by the investment advisor
    using a pricing service
    <FONT style="white-space: nowrap">and/or</FONT>
    policies approved by the Board. Each business day, the Trust
    uses a pricing service to assist with the valuation of certain
    foreign exchange-traded equity securities and foreign
    exchange-traded and OTC options (the &#147;Systematic Fair Value
    Price&#148;). Using current market factors, the Systematic Fair
    Value Price is designed to value such foreign securities and
    foreign options at fair value as of the close of business on the
    NYSE, which follows the close of the local 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">
    <B>Income Taxes:</B>&#160;&#160;It is the Trust&#146;s policy to
    comply with the requirements of the Internal Revenue Code of
    1986, as amended, applicable to regulated investment companies
    and to distribute substantially all of its taxable income to its
    shareholders. Therefore, no federal income tax provision is
    required.
</DIV>

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

<DIV align="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>Recent Accounting Standard:</B>&#160;&#160;In May 2011, the
    Financial Accounting Standards Board issued amended guidance to
    improve disclosure about fair value measurements which will
    require the following disclosures for fair value measurements
    categorized as Level&#160;3: quantitative information about the
    unobservable inputs and assumptions used in the fair value
    measurement, a description of the valuation policies and
    procedures and a narrative description of the sensitivity of the
    fair value measurement to changes in unobservable inputs and the
    interrelationships between those unobservable inputs. In
    addition, the amounts and reasons for all transfers in and out
    of Level&#160;1 and Level&#160;2 will be required to be
    disclosed. The amended guidance is effective for financial
    statements for fiscal years beginning after December&#160;15,
    2011, and interim periods within those fiscal years. Management
    is evaluating the impact of this guidance on the Trust&#146;s
    financial statements and disclosures.
</DIV>

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


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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Advisory Arrangements:</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 PNC Financial Services Group, Inc. (&#147;PNC&#148;) and
    Barclays Bank PLC (&#147;Barclays&#148;) are the largest
    stockholders of BlackRock, Inc. (&#147;BlackRock&#148;). Due to
    the ownership structure, PNC is an affiliate for 1940 Act
    purposes, but Barclays is not.
</DIV>

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

<DIV align="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 Trust entered into an Investment Advisory Agreement with
    BlackRock Advisors, LLC (the &#147;Manager&#148;), the
    Trust&#146;s investment advisor, an indirect, wholly owned
    subsidiary of BlackRock, to provide investment advisory and
    administration services. The Manager is responsible for the
    management of the Trust&#146;s portfolio and provides the
    necessary personnel, facilities, equipment and certain other
    services necessary to the operations of the Trust. For such
    services, the Trust pays the Manager an annual fee, payable
    monthly, in a maximum amount equal to 1.00% of the average daily
    value of the net assets of the Trust.
</DIV>

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

<DIV align="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 Manager entered into a
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement with BlackRock Financial Management, Inc.
    (&#147;BFM&#148;) and BlackRock Investment Management, LLC
    (&#147;BIM&#148;), affiliates of the Manager. The Manager pays
    BFM and BIM for services they provide, a monthly fee that is a
    percentage of the investment advisory fees paid by the Trust to
    the Manager.
</DIV>
<!-- XBRL,n -->
<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="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Organization
    Expenses and Offering Costs:</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Organization expenses of $33,000 incurred by the Trust have been
    expensed. Offering costs, estimated to be approximately
    $1,790,650, limited to $.04 per share, will be charged to
    paid-in capital at the time common shares are sold.
</DIV>
<!-- XBRL,n -->
<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="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Subsequent
    Events:</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Management has evaluated the impact of all subsequent events on
    the Trust through the date the financial statements were issued
    and has determined that there were no subsequent events
    requiring adjustment or additional disclosure in the financial
    statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113136'>
<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">APPENDIX&#160;A<BR>
    Ratings of Investments</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">
    <B><I>Standard&#160;&#038; Poor&#146;s Corporation
    </I></B><I>&#151;&#160;</I>A brief description of the applicable
    Standard&#160;&#038; Poor&#146;s Corporation
    (&#147;S&#038;P&#148;) rating symbols and their meanings (as
    published by S&#038;P) follows:
</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">
    A Standard&#160;&#038; Poor&#146;s issue credit rating is a
    forward-looking opinion about the creditworthiness of an obligor
    with respect to a specific financial obligation, a specific
    class of financial obligations, or a specific financial program
    (including ratings on medium-term note programs and commercial
    paper programs). It takes into consideration the
    creditworthiness of guarantors, insurers, or other forms of
    credit enhancement on the obligation and takes into account the
    currency in which the obligation is denominated. The opinion
    reflects S&#038;P&#146;s view of the obligor&#146;s capacity and
    willingness to meet its financial commitments as they come due,
    and may assess terms, such as collateral security and
    subordination, which could affect ultimate payment in the event
    of default.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</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">
    Issue credit ratings can be either long-term or short-term.
    Short-term ratings are generally assigned to those obligations
    considered short-term in the relevant market. In the U.S., for
    example, that means obligations with an original maturity of no
    more than 365&#160;days&#160;&#151; including commercial paper.
    Short-term ratings are also used to indicate the
    creditworthiness of an obligor with respect to put features on
    long-term obligations. The result is a dual rating, in which the
    short-term rating addresses the put feature, in addition to the
    usual long-term rating. Medium-term notes are assigned long-term
    ratings.
</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><I><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Issue Credit Ratings</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">
    Issue credit ratings are based, in varying degrees, on
    S&#038;P&#146;s analysis of the following considerations:
</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">
    Likelihood of payment&#160;&#151; capacity and willingness of
    the obligor to meet its financial commitment on an obligation in
    accordance with the terms of the obligation;
</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">
    Nature of and provisions of the obligation;
</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">
    Protection afforded by, and relative position of, the obligation
    in the event of bankruptcy, reorganization, or other arrangement
    under the laws of bankruptcy and other laws affecting
    creditors&#146; rights.
</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">
    Issue ratings are an assessment of default risk, but may
    incorporate an assessment of relative seniority or ultimate
    recovery in the event of default. Junior obligations are
    typically rated lower than senior obligations, to reflect the
    lower priority in bankruptcy, as noted above. (Such
    differentiation may apply when an entity has both senior and
    subordinated obligations, secured and unsecured obligations, or
    operating company and holding company obligations.)
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AAA&#160;An obligation rated &#145;AAA&#146; has the highest
    rating assigned by S&#038;P. The obligor&#146;s capacity to meet
    its financial commitment on the obligation is extremely strong.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AA&#160;An obligation rated &#145;AA&#146; differs from the
    highest-rated obligations only to a small degree. The
    obligor&#146;s capacity to meet its financial commitment on the
    obligation is very strong.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A&#160;An obligation rated &#145;A&#146; is somewhat more
    susceptible to the adverse effects of changes in circumstances
    and economic conditions than obligations in higher-rated
    categories. However, the obligor&#146;s capacity to meet its
    financial commitment on the obligation is still strong.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BBB&#160;An obligation rated &#145;BBB&#146; exhibits adequate
    protection parameters. However, adverse economic conditions or
    changing circumstances are more likely to lead to a weakened
    capacity of the obligor to meet its financial commitment on the
    obligation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Obligations rated &#145;BB&#146;, &#145;B&#146;,
    &#145;CCC&#146;, &#145;CC&#146;, and &#145;C&#146; are regarded
    as having significant speculative characteristics.
    &#145;BB&#146; indicates the least degree of speculation and
    &#145;C&#146; the highest. While such obligations will likely
    have some quality and protective characteristics, these may be
    outweighed by large uncertainties or major exposures to adverse
    conditions.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BB&#160;An obligation rated &#145;BB&#146; is less vulnerable to
    nonpayment than other speculative issues. However, it faces
    major ongoing uncertainties or exposure to adverse business,
    financial, or economic conditions which could lead to the
    obligor&#146;s inadequate capacity to meet its financial
    commitment on the obligation.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B&#160;An obligation rated &#145;B&#146; is more vulnerable to
    nonpayment than obligations rated &#145;BB&#146;, but the
    obligor currently has the capacity to meet its financial
    commitment on the obligation. Adverse business, financial, or
    economic conditions will likely impair the obligor&#146;s
    capacity or willingness to meet its financial commitment on the
    obligation.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CCC&#160;An obligation rated &#145;CCC&#146; is currently
    vulnerable to nonpayment, and is dependent upon favorable
    business, financial, and economic conditions for the obligor to
    meet its financial commitment on the obligation. In the event of
    adverse business, financial, or economic conditions, the obligor
    is not likely to have the capacity to meet its financial
    commitment on the obligation.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CC&#160;An obligation rated &#145;CC&#146; is currently highly
    vulnerable to nonpayment.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C&#160;A &#145;C&#146; rating is assigned to obligations that
    are currently highly vulnerable to nonpayment, obligations that
    have payment arrearages allowed by the terms of the documents,
    or obligations of an issuer that is the subject of a bankruptcy
    petition or similar action which have not experienced a payment
    default. Among others, the &#145;C&#146; rating may be assigned
    to subordinated debt, preferred stock or other obligations on
    which cash payments have been suspended in accordance with the
    instrument&#146;s terms or when preferred stock is the subject
    of a distressed exchange offer, whereby some or all of the issue
    is either repurchased for an amount of cash or replaced by other
    instruments having a total value that is less than par.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    D&#160;An obligation rated &#145;D&#146; is in payment default.
    The &#145;D&#146; rating category is used when payments on an
    obligation, including a regulatory capital instrument, are not
    made on the date due even if the applicable grace period has not
    expired, unless Standard&#160;&#038; Poor&#146;s believes that
    such payments will be made during such grace period. The
    &#145;D&#146; rating also will be used upon the filing of a
    bankruptcy petition or the taking of similar action if payments
    on an obligation are jeopardized. An obligation&#146;s rating is
    lowered to &#145;D&#146; upon completion of a distressed
    exchange offer, whereby some or all of the issue is either
    repurchased for an amount of cash or replaced by other
    instruments having a total value that is less than par.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NR&#160;This indicates that no rating has been requested, that
    there is insufficient information on which to base a rating, or
    that S&#038;P does not rate a particular obligation as a matter
    of policy.
</DIV>

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

<DIV align="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 ratings from &#145;AA&#146; to &#145;CCC&#146; may be
    modified by the addition of a plus (+) or minus (-) sign to show
    relative standing within the major rating categories.
</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><I><FONT style="font-family: 'Times New Roman', Times">Short-Term
    Issue Credit Ratings</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">A-1&#160;A</FONT>
    short-term obligation rated &#145;A-1&#146; is rated in the
    highest category by S&#038;P. The obligor&#146;s capacity to
    meet its financial commitment on the obligation is strong.
    Within this category, certain obligations are designated with a
    plus sign (+). This indicates that the obligor&#146;s capacity
    to meet its financial commitment on these obligations is
    extremely strong.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">A-2&#160;A</FONT>
    short-term obligation rated &#145;A-2&#146; is somewhat more
    susceptible to the adverse effects of changes in circumstances
    and economic conditions than obligations in higher rating
    categories. However, the obligor&#146;s capacity to meet its
    financial commitment on the obligation is satisfactory.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">A-3&#160;A</FONT>
    short-term obligation rated &#145;A-3&#146; exhibits adequate
    protection parameters. However, adverse economic conditions or
    changing circumstances are more likely to lead to a weakened
    capacity of the obligor to meet its financial commitment on the
    obligation.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B&#160;A short-term obligation rated &#145;B&#146; is regarded
    as having significant speculative characteristics. Ratings of
    &#145;B-1&#146;, &#145;B-2&#146;, and &#145;B-3&#146; may be
    assigned to indicate finer distinctions within the &#145;B&#146;
    category. The obligor currently has the capacity to meet its
    financial commitment on the obligation; however, it faces major
    ongoing uncertainties which could lead to the obligor&#146;s
    inadequate capacity to meet its financial commitment on the
    obligation.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B-1&#160;A short-term obligation rated &#145;B-1&#146; is
    regarded as having significant speculative characteristics, but
    the obligor has a relatively stronger capacity to meet its
    financial commitments over the short-term compared to other
    speculative-grade obligors.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B-2&#160;A short-term obligation rated &#145;B-2&#146; is
    regarded as having significant speculative characteristics, and
    the obligor has an average speculative-grade capacity to meet
    its financial commitments over the short-term compared to other
    speculative-grade obligors.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B-3&#160;A short-term obligation rated &#145;B-3&#146; is
    regarded as having significant speculative characteristics, and
    the obligor has a relatively weaker capacity to meet its
    financial commitments over the short-term compared to other
    speculative-grade obligors.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C&#160;A short-term obligation rated &#145;C&#146; is currently
    vulnerable to nonpayment and is dependent upon favorable
    business, financial, and economic conditions for the obligor to
    meet its financial commitment on the obligation.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    D&#160;A short-term obligation rated &#145;D&#146; is in payment
    default. The &#145;D&#146; rating category is used when payments
    on an obligation, including a regulatory capital instrument, are
    not made on the date due even if the applicable grace period has
    not expired, unless S&#038;P believes that such payments will be
    made during such grace period. The &#145;D&#146; rating also
    will be used upon the filing of a bankruptcy petition or the
    taking of a similar action if payments on an obligation are
    jeopardized.
</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><I><FONT style="font-family: 'Times New Roman', Times">Active
    Qualifiers (Currently applied
    <FONT style="white-space: nowrap">and/or</FONT>
    outstanding)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    i&#160;This subscript is used for issues in which the credit
    factors, terms, or both, that determine the likelihood of
    receipt of payment of interest are different from the credit
    factors, terms or both that determine the likelihood of receipt
    of principal on the obligation. The &#145;i&#146; subscript
    indicates that the rating addresses the interest portion of the
    obligation only. The &#145;i&#146; subscript will always be used
    in conjunction with the &#145;p&#146; subscript, which addresses
    likelihood of receipt of principal. For example, a rated
    obligation could be assigned ratings of &#147;AAAp NRi&#148;
    indicating that the principal portion is rated &#147;AAA&#148;
    and the interest portion of the obligation is not rated.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    L&#160;Ratings qualified with &#145;L&#146; apply only to
    amounts invested up to federal deposit insurance limits.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    p&#160;This subscript is used for issues in which the credit
    factors, the terms, or both, that determine the likelihood of
    receipt of payment of principal are different from the credit
    factors, terms or both that determine the likelihood of receipt
    of interest on the obligation. The &#145;p&#146; subscript
    indicates that the rating addresses the principal portion of the
    obligation only. The &#145;p&#146; subscript will always be used
    in conjunction with the &#145;i&#146; subscript, which addresses
    likelihood of receipt of interest. For example, a rated
    obligation could be assigned ratings of &#147;AAAp NRi&#148;
    indicating that the principal portion is rated &#147;AAA&#148;
    and the interest portion of the obligation is not rated.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    pi&#160;Ratings with a &#145;pi&#146; subscript are based on an
    analysis of an issuer&#146;s published financial information, as
    well as additional information in the public domain. They do
    not, however, reflect in-depth meetings with an issuer&#146;s
    management and therefore may be based on less comprehensive
    information than ratings without a &#145;pi&#146; subscript.
    Ratings with a &#145;pi&#146; subscript are reviewed annually
    based on a new year&#146;s financial statements, but may be
    reviewed on an interim basis if a major event occurs that may
    affect the issuer&#146;s credit quality.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    prelim&#160;Preliminary ratings, with the &#145;prelim&#146;
    qualifier, may be assigned to obligors or obligations, including
    financial programs, in the circumstances described below.
    Assignment of a final rating is conditional on the receipt by
    S&#038;P of appropriate documentation. S&#038;P reserves the
    right not to issue a final rating. Moreover, if a final rating
    is issued, it may differ from the preliminary rating.
</DIV>

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

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

<TR>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="88%"></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">
    Preliminary ratings may be assigned to obligations, most
    commonly structured and project finance issues, pending receipt
    of final documentation and legal opinions.
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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>

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

<TR>
    <TD width="10%"></TD>
    <TD width="2%"></TD>
    <TD width="88%"></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">
    Preliminary ratings are assigned to Rule&#160;415 Shelf
    Registrations. As specific issues, with defined terms, are
    offered from the master registration, a final rating may be
    assigned to them in accordance with Standard&#160;&#038;
    Poor&#146;s policies.
</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">
    Preliminary ratings may be assigned to obligations that will
    likely be issued upon the obligor&#146;s emergence from
    bankruptcy or similar reorganization, based on late-stage
    reorganization plans, documentation and discussions with the
    obligor. Preliminary ratings may also be assigned to the
    obligors. These ratings consider the anticipated general credit
    quality of the reorganized or postbankruptcy issuer as well as
    attributes of the anticipated obligation(s).
</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">
    Preliminary ratings may be assigned to entities that are being
    formed or that are in the process of being independently
    established when, in S&#038;P&#146;s opinion, documentation is
    close to final. Preliminary ratings may also be assigned to
    these entities&#146; obligations.
</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">
    Preliminary ratings may be assigned when a previously unrated
    entity is undergoing a well-formulated restructuring,
    recapitalization, significant financing or other transformative
    event, generally at the point that investor or lender
    commitments are invited. The preliminary rating may be assigned
    to the entity and to its proposed obligation(s). These
    preliminary ratings consider the anticipated general credit
    quality of the obligor, as well as attributes of the anticipated
    obligation(s), assuming successful completion of the
    transformative event. Should the transformative event not occur,
    S&#038;P would likely withdraw these preliminary ratings.
</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">
    A preliminary recovery rating may be assigned to an obligation
    that has a preliminary issue credit rating.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    t&#160;This symbol indicates termination structures that are
    designed to honor their contracts to full maturity or, should
    certain events occur, to terminate and cash settle all their
    contracts before their final maturity date.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    uns(...)&#160;Unsolicited ratings are those credit ratings
    assigned at the initiative of S&#038;P and not at the request of
    the issuer or its agents.
</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><I><FONT style="font-family: 'Times New Roman', Times">Municipal
    Short-Term Note Ratings Definitions</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 Standard&#160;&#038; Poor&#146;s U.S.&#160;municipal note
    rating reflects S&#038;P&#146;s opinion about the liquidity
    factors and market access risks unique to the notes. Notes due
    in three years or less will likely receive a note rating. Notes
    with an original maturity of more than three years will most
    likely receive a long-term debt rating. In determining which
    type of rating, if any, to assign, S&#038;P&#146;s analysis will
    review the following considerations:
</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">
    Amortization schedule&#160;&#151; the larger the final maturity
    relative to other maturities, the more likely it will be treated
    as a note;&#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">
    Source of payment&#160;&#151; the more dependent the issue is on
    the market for its refinancing, the more likely it will be
    treated as a note.
</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">
    Note rating symbols are as follows:
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    SP-1&#160;Strong capacity to pay principal and interest. An
    issue determined to possess a very strong capacity to pay debt
    service is given a plus (+) designation.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    SP-2&#160;Satisfactory capacity to pay principal and interest,
    with some vulnerability to adverse financial and economic
    changes over the term of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    SP-3&#160;Speculative capacity to pay principal and interest.
</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="#Y93113tocpage">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">
    <B><I>Moody&#146;s Investors Service, Inc.</I></B>&#160;&#151; A
    brief description of the applicable Moody&#146;s Investors
    Service, Inc. (&#147;Moody&#146;s&#148;) rating symbols and
    their meanings (as published by Moody&#146;s) follows:
</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><I><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Obligation Ratings</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">
    Moody&#146;s long-term ratings are opinions of the relative
    credit risk of financial obligations with an original maturity
    of one year or more. They address the possibility that a
    financial obligation will not be honored as promised. Such
    ratings use Moody&#146;s Global Scale and reflect both the
    likelihood of default and any financial loss suffered in the
    event of default.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Aaa&#160;Obligations rated Aaa are judged to be of the highest
    quality, with minimal credit risk.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Aa&#160;Obligations rated Aa are judged to be of high quality
    and are subject to very low credit risk.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A&#160;Obligations rated A are considered upper-medium grade and
    are subject to low credit risk.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Baa&#160;Obligations rated Baa are subject to moderate credit
    risk. They are considered medium grade and as such may possess
    certain speculative characteristics.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ba&#160;Obligations rated Ba are judged to have speculative
    elements and are subject to substantial credit risk.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B&#160;Obligations rated B are considered speculative and are
    subject to high credit risk.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Caa&#160;Obligations rated Caa are judged to be of poor standing
    and are subject to very high credit risk.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ca&#160;Obligations rated Ca are highly speculative and are
    likely in, or very near, default, with some prospect of recovery
    of principal and interest.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C&#160;Obligations rated C are the lowest rated class of bonds
    and are typically in default, with little prospect for recovery
    of principal or interest.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Note:&#160;&#160;Moody&#146;s appends numerical modifiers 1, 2,
    and 3 to each generic rating classification from Aa through Caa.
    The modifier 1 indicates that the obligation ranks in the higher
    end of its generic rating category; the modifier 2 indicates a
    mid-range ranking; and the modifier 3 indicates a ranking in the
    lower end of that generic rating category.
</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><I><FONT style="font-family: 'Times New Roman', Times">Short-Term
    Obligation Ratings</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">
    Moody&#146;s short-term ratings are opinions of the ability of
    issuers to honor short-term financial obligations. Ratings may
    be assigned to issuers, short-term programs or to individual
    short-term debt instruments. Such obligations generally have an
    original maturity not exceeding thirteen months, unless
    explicitly noted. Moody&#146;s employs the following
    designations to indicate the relative repayment ability of rated
    issuers:
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">P-1&#160;Issuers</FONT>
    (or supporting institutions) rated Prime-1 have a superior
    ability to repay short-term debt obligations.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">P-2&#160;Issuers</FONT>
    (or supporting institutions) rated Prime-2 have a strong ability
    to repay short-term debt obligations.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">P-3&#160;Issuers</FONT>
    (or supporting institutions) rated Prime-3 have an acceptable
    ability to repay short-term obligations.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NP&#160;Issuers (or supporting institutions) rated Not Prime do
    not fall within any of the Prime rating categories.
</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><I><FONT style="font-family: 'Times New Roman', Times">US
    Municipal Short-Term Obligation Ratings</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">
    There are three rating categories for short-term municipal
    obligations that are considered investment grade. These ratings
    are designated as Municipal Investment Grade (MIG) and are
    divided into three levels&#160;&#151; MIG 1 through MIG 3. In
    addition, those short-term obligations that are of speculative
    quality are designated SG, or speculative grade. MIG ratings
    expire at the maturity of the obligation.
</DIV>
<!-- XBRL Pagebreak Begin -->

<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="#Y93113tocpage">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: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MIG1&#160;This designation denotes superior credit quality.
    Excellent protection is afforded by established cash flows,
    highly reliable liquidity support, or demonstrated broad-based
    access to the market for refinancing.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MIG2&#160;This designation denotes strong credit quality.
    Margins of protection are ample, although not as large as in the
    preceding group.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MIG3&#160;This designation denotes acceptable credit quality.
    Liquidity and cash-flow protection may be narrow, and market
    access for refinancing is likely to be less well-established.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    SG&#160;This designation denotes speculative-grade credit
    quality. Debt instruments in this category may lack sufficient
    margins of protection.
</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><I><FONT style="font-family: 'Times New Roman', Times">Other
    Ratings Symbols</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    e&#160;<B><I>Expected ratings.</I></B>&#160;&#160;To address
    market demand for timely information on particular types of
    credit ratings, Moody&#146;s has licensed to certain third
    parties the right to generate &#147;Expected Ratings.&#148;
    Expected Ratings are designated by an &#147;e&#148; after the
    rating code, and are intended to anticipate Moody&#146;s
    forthcoming rating assignments based on reliable information
    from third-party sources (such as the issuer or underwriter
    associated with the particular securities) or established
    Moody&#146;s rating practices (i.e., medium term notes are
    typically, but not always, assigned the same rating as the
    note&#146;s program rating). Expected Ratings will exist only
    until Moody&#146;s confirms the Expected Rating, or issues a
    different rating for the relevant instrument. Moody&#146;s
    encourages market participants to contact Moody&#146;s Ratings
    Desk or visit www.moodys.com if they have questions regarding
    Expected Ratings, or wish Moody&#146;s to confirm an Expected
    Rating.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (P)&#160;<B><I>Provisional Ratings.</I></B>&#160;&#160;As a
    service to the market and at the request of an issuer,
    Moody&#146;s will often assign a provisional rating when the
    assignment of a final rating is subject to the fulfillment of
    contingencies but it is highly likely that the rating will
    become definitive after all documents are received or an
    obligation is issued into the market. A provisional rating is
    denoted by placing a (P)&#160;in front of the rating. Such
    ratings are typically assigned to shelf registrations under SEC
    rule&#160;415 or transaction-based structures that require
    investor education. When a transaction uses a well-established
    structure and the transaction&#146;s structure and terms are not
    expected to change prior to sale in a manner that would affect
    the rating, a definitive rating may be assigned directly.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    #&#160;<B><I>Refundeds.</I></B>&#160;&#160;Issues that are
    secured by escrowed funds held in trust, reinvested in direct,
    non-callable US government obligations or non-callable
    obligations unconditionally guaranteed by the US Government or
    Resolution Funding Corporation are identified with a # (hatch
    mark) symbol, <I>e.g.</I>, #Aaa.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WR&#160;<B><I>Withdrawn.</I></B>&#160;&#160;When Moody&#146;s no
    longer rates an obligation on which it previously maintained a
    rating, the symbol WR is employed. Please see Moody&#146;s
    Guidelines for the Withdrawal of Ratings, available on
    www.moodys.com.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NR&#160;<B><I>Not Rated.</I></B>&#160;&#160;NR is assigned to an
    unrated issuer, obligation and/or program.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NAV&#160;<B><I>Not Available.</I></B>&#160;&#160;An issue that
    Moody&#146;s has not yet rated is denoted by the NAV symbol.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TWR&#160;<B><I>Terminated Without Rating.</I></B>&#160;&#160;The
    symbol TWR applies primarily to issues that mature or are
    redeemed without having been rated.
</DIV>

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



<DIV align="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>Fitch IBCA, Inc.</I></B>&#160;&#151;&#160;A brief
    description of the applicable Fitch IBCA, Inc.
    (&#147;Fitch&#148;) ratings symbols and meanings (as published
    by Fitch) follows:
</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">
    Rated entities in a number of sectors, including financial and
    non-financial corporations, sovereigns and insurance companies,
    are generally assigned Issuer Default Ratings (IDRs). IDRs opine
    on an entity&#146;s relative vulnerability to default on
    financial obligations. The &#147;threshold&#148; default risk
    addressed by the IDR is generally that of the financial
    obligations whose non-payment would best reflect the uncured
    failure of that entity. As such, IDRs also address relative
    vulnerability to bankruptcy, administrative receivership or
    similar concepts, although the agency recognizes that issuers
    may also make pre-emptive and therefore voluntary use of such
    mechanisms.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In aggregate, IDRs provide an ordinal ranking of issuers based
    on the agency&#146;s view of their relative vulnerability to
    default, rather than a prediction of a specific percentage
    likelihood of default. For historical information on the default
    experience of Fitch-rated issuers, please consult the transition
    and default performance studies available from the Fitch Ratings
    website.
</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><I><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Credit Ratings Scales</FONT></I></B>
</DIV>

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

</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AAA <B><I>Highest Credit
    Quality.</I></B>&#160;&#160;&#145;AAA&#146; ratings denote the
    lowest expectation of default risk. They are assigned only in
    cases of exceptionally strong capacity for payment of financial
    commitments. This capacity is highly unlikely to be adversely
    affected by foreseeable events.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AA <B><I>Very High Credit
    Quality.</I></B>&#160;&#160;&#145;AA&#146; ratings denote
    expectations of very low default risk. They indicate very strong
    capacity for payment of financial commitments. This capacity is
    not significantly vulnerable to foreseeable events.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A <B><I>High Credit Quality.</I></B>&#160;&#160;&#145;A&#146;
    ratings denote expectations of low default risk. The capacity
    for payment of financial commitments is considered strong. This
    capacity may, nevertheless, be more vulnerable to adverse
    business or economic conditions than is the case for higher
    ratings.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BBB <B><I>Good Credit
    Quality.</I></B>&#160;&#160;&#145;BBB&#146; ratings indicate
    that expectations of default risk are currently low. The
    capacity for payment of financial commitments is considered
    adequate but adverse business or economic conditions are more
    likely to impair this capacity.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BB <B><I>Speculative.</I></B>&#160;&#160;&#145;BB&#146; ratings
    indicate an elevated vulnerability to default risk, particularly
    in the event of adverse changes in business or economic
    conditions over time; however, business or financial flexibility
    exists which supports the servicing of financial commitments.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B <B><I>Highly speculative.</I></B>&#160;&#160;&#145;B&#146;
    ratings indicate that material default risk is present, but a
    limited margin of safety remains. Financial commitments are
    currently being met; however, capacity for continued payment is
    vulnerable to deterioration in the business and economic
    environment.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CCC <B><I>Substantial credit risk.</I></B>&#160;&#160;Default is
    a real possibility.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CC <B><I>Very high levels of credit
    risk.</I></B>&#160;&#160;Default of some kind appears probable.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C <B><I>Exceptionally high levels of credit
    risk.</I></B>&#160;&#160;Default is imminent or inevitable, or
    the issuer is in standstill. Conditions that are indicative of a
    &#145;C&#146; category rating for an issuer include:
</DIV>

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

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a.&#160;the issuer has entered into a grace or cure period
    following non-payment of a material financial obligation;
</DIV>

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

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b.&#160;the issuer has entered into a temporary negotiated
    waiver or standstill agreement following a payment default on a
    material financial obligation;&#160;or
</DIV>

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

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    c.&#160;Fitch Ratings otherwise believes a condition of
    &#145;RD&#146; or &#145;D&#146; to be imminent or inevitable,
    including through the formal announcement of a coercive debt
    exchange.
</DIV>

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

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    RD <B><I>Restricted default.</I></B>&#160;&#160;&#145;RD&#146;
    ratings indicate an issuer that in Fitch Ratings&#146; opinion
    has experienced an uncured payment default on a bond, loan or
    other material financial obligation but which has not entered
    into bankruptcy filings, administration, receivership,
    liquidation or other formal
    <FONT style="white-space: nowrap">winding-up</FONT>
    procedure, and which has not otherwise ceased business. This
    would include:
</DIV>

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

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a.&#160;the selective payment default on a specific class or
    currency of debt;
</DIV>

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

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b.&#160;the uncured expiry of any applicable grace period, cure
    period or default forbearance period following a payment default
    on a bank loan, capital markets security or other material
    financial obligation;
</DIV>

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

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    c.&#160;the extension of multiple waivers or forbearance periods
    upon a payment default on one or more material financial
    obligations, either in series or in parallel;&#160;or
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 10%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    d.&#160;execution of a coercive debt exchange on one or more
    material financial obligations.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    D&#160;<B><I>Default.</I></B>&#160;&#160;&#145;D&#146; ratings
    indicate an issuer that in Fitch Ratings&#146; opinion has
    entered into bankruptcy filings, administration, receivership,
    liquidation or other formal
    <FONT style="white-space: nowrap">winding-up</FONT>
    procedure, or which has otherwise ceased business.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Default ratings are not assigned prospectively to entities or
    their obligations; within this context, non-payment on an
    instrument that contains a deferral feature or grace period will
    generally not be considered a default until after the expiration
    of the deferral or grace period, unless a default is otherwise
    driven by bankruptcy or other similar circumstance, or by a
    coercive debt exchange.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Imminent&#148; default typically refers to the occasion
    where a payment default has been intimated by the issuer, and is
    all but inevitable. This may, for example, be where an issuer
    has missed a scheduled payment, but (as is typical) has a grace
    period during which it may cure the payment default. Another
    alternative would be where an issuer has formally announced a
    coercive debt exchange, but the date of the exchange still lies
    several days or weeks in the immediate future.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In all cases, the assignment of a default rating reflects the
    agency&#146;s opinion as to the most appropriate rating category
    consistent with the rest of its universe of ratings, and may
    differ from the definition of default under the terms of an
    issuer&#146;s financial obligations or local commercial practice.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Note: The modifiers &#147;+&#148; or &#147;-&#148; may be
    appended to a rating to denote relative status within major
    rating categories. Such suffixes are not added to the
    &#145;AAA&#146; Long-Term IDR category, or to Long-Term IDR
    categories below &#147;B&#146;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Specific limitations relevant to the structured, project and
    public finance obligation rating scale 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">
    The ratings do not predict a specific percentage of default
    likelihood over any given time period.
</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 ratings do not opine on the market value of any
    issuer&#146;s securities or stock, or the likelihood that this
    value may change.
</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 ratings do not opine on the liquidity of the issuer&#146;s
    securities or stock.
</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 ratings do not opine on the possible loss severity on an
    obligation should an obligation 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">
    The ratings do not opine on any quality related to a
    transaction&#146;s profile other than the agency&#146;s opinion
    on the relative vulnerability to default of each rated tranche
    or security.
</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">
    Ratings assigned by Fitch Ratings articulate an opinion on
    discrete and specific areas of risk. The above list is not
    exhaustive, and is provided for the reader&#146;s convenience.
</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><I><FONT style="font-family: 'Times New Roman', Times">Short-Term
    Ratings Assigned to Obligations in Corporate, Public and
    Structured Finance</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 short-term issuer or obligation rating is based in all cases
    on the short-term vulnerability to default of the rated entity
    or security stream and relates to the capacity to meet financial
    obligations in accordance with the documentation governing the
    relevant obligation. Short-Term Ratings are assigned to
    obligations whose initial maturity is viewed as
    &#147;short-term&#148; based on market convention. Typically,
    this means up to 13&#160;months for corporate, sovereign, and
    structured obligations, and up to 36&#160;months for obligations
    in U.S.&#160;public finance markets.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    F1&#160;<B><I>Highest short-term credit
    quality.</I></B>&#160;&#160;Indicates the strongest intrinsic
    capacity for timely payment of financial commitments; may have
    an added &#147;+&#148; to denote any exceptionally strong credit
    feature.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    F2&#160;<B><I>Good short-term credit
    quality.</I></B>&#160;&#160;Good intrinsic capacity for timely
    payment of financial commitments.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    F3&#160;<B><I>Fair short-term credit
    quality.</I></B>&#160;&#160;The intrinsic capacity for timely
    payment of financial commitments is adequate.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B&#160;<B><I>Speculative short-term credit
    quality.</I></B>&#160;&#160;Minimal capacity for timely payment
    of financial commitments, plus heightened vulnerability to near
    term adverse changes in financial and economic conditions.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C&#160;<B><I>High short-term default
    risk.</I></B>&#160;&#160;Default is a real possibility.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    RD&#160;<B><I>Restricted default.</I></B>&#160;&#160;Indicates
    an entity that has defaulted on one or more of its financial
    commitments, although it continues to meet other financial
    obligations. Applicable to entity ratings only.
</DIV>

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

<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    D&#160;<B><I>Default.</I></B>&#160;&#160;Indicates a broad-based
    default event for an entity, or the default of a specific
    short-term obligation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Specific limitations relevant to the Short-Term Ratings scale
    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">
    The ratings do not predict a specific percentage of default
    likelihood over any given time period.
</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 ratings do not opine on the market value of any
    issuer&#146;s securities or stock, or the likelihood that this
    value may change.
</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 ratings do not opine on the liquidity of the issuer&#146;s
    securities or stock.
</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 ratings do not opine on the possible loss severity on an
    obligation should an obligation 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">
    The ratings do not opine on any quality related to an issuer or
    transaction&#146;s profile other than the agency&#146;s opinion
    on the relative vulnerability to default of the rated issuer or
    obligation.
</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">
    Ratings assigned by Fitch Ratings articulate an opinion on
    discrete and specific areas of risk. The above list is not
    exhaustive, and is provided for the reader&#146;s convenience.
</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">
    Ratings assigned by Fitch Ratings articulate an opinion on
    discrete and specific areas of risk. The above list is not
    exhaustive, and is provided for the reader&#146;s convenience.
</TD>
</TR>

</TABLE>
<!-- 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">&nbsp;</H5><P>

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

<A name='Y93113137'>
<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">APPENDIX&#160;B<BR>
    <BR>
    </A>Proxy Voting Policies<BR>
    For The BlackRock-Advised Funds<BR>
    <BR>
    December, 2009</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">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="Y93113tocpage"></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="1%">&nbsp;</TD>	<!-- colindex=01 type=quadleft -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113201'>I.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y93113201'>Introduction</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113202'>II.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113202'>Proxy Voting Policies</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113203'>A. Boards of Directors</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y93113204'>B. Auditors</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113205'>C. Compensation and Benefits</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113206'>D. Capital Structure</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113207'>E. Corporate Charter and By-Laws</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113208'>F. Environmental and Social Issues</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113209'>III.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#Y93113209'>Conflicts Management</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y93113210'>IV.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#Y93113210'>Reports to the Board</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    B-4
</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 align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113201'>
<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">I.
    Introduction</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 Trustees/Directors (&#147;Directors&#148;) of the
    BlackRock-Advised Funds (the &#147;Funds&#148;) have the
    responsibility for voting proxies relating to portfolio
    securities of the Funds, and have determined that it is in the
    best interests of the Funds and their shareholders to delegate
    that responsibility to BlackRock Advisors, LLC and its
    affiliated U.S.&#160;Registered investment advisers
    (&#147;BlackRock&#148;), the investment adviser to the Funds, as
    part of BlackRock&#146;s authority to manage, acquire and
    dispose of account assets. The Directors hereby direct BlackRock
    to vote such proxies in accordance with this Policy, and any
    proxy voting guidelines that the Advisor determines are
    appropriate and in the best interests of the Funds&#146;
    shareholders and which are consistent with the principles
    outlined in this Policy. The Directors have authorized BlackRock
    to utilize an unaffiliated third-party as its agent to vote
    portfolio proxies in accordance with this Policy and to maintain
    records of such portfolio proxy 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">
    <FONT style="white-space: nowrap">Rule&#160;206(4)-6</FONT>
    under the Investment Advisers Act of 1940 requires, among other
    things, that an investment adviser that exercises voting
    authority over clients&#146; proxy voting adopt policies and
    procedures reasonably designed to ensure that the adviser votes
    proxies in the best interests of clients, discloses to its
    clients information about those policies and procedures and also
    discloses to clients how they may obtain information on how the
    adviser has voted their proxies.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock has adopted separate but substantially similar
    guidelines and procedures that are consistent with the
    principles of this Policy. BlackRock&#146;s Corporate Governance
    Committee (the &#147;Committee&#148;), addresses proxy voting
    issues on behalf of BlackRock and its clients, including the
    Funds. The Committee is comprised of senior members of
    BlackRock&#146;s Portfolio Management and Administration Groups
    and is advised by BlackRock&#146;s Legal and Compliance
    Department.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock votes (or refrains from voting) proxies for each Fund
    in a manner that BlackRock, in the exercise of its independent
    business judgment, concludes are in the best economic interests
    of such Fund. In some cases, BlackRock may determine that it is
    in the best economic interests of a Fund to refrain from
    exercising the Fund&#146;s proxy voting rights (such as, for
    example, proxies on certain
    <FONT style="white-space: nowrap">non-U.S.&#160;Securities</FONT>
    that might impose costly or time-consuming in-person voting
    requirements). With regard to the relationship between
    securities lending and proxy voting, BlackRock&#146;s approach
    is also driven by our clients&#146; economic interests. The
    evaluation of the economic desirability of recalling loans
    involves balancing the revenue producing value of loans against
    the likely economic value of casting votes. Based on our
    evaluation of this relationship, BlackRock believes that the
    likely economic value of casting a vote generally is less than
    the securities lending income, either because the votes will not
    have significant economic consequences or because the outcome of
    the vote would not be affected by BlackRock recalling loaned
    securities in order to ensure they are voted. Periodically,
    BlackRock analyzes the process and benefits of voting proxies
    for securities on loan, and will consider whether any
    modification of its proxy voting policies or procedures are
    necessary in light of any regulatory changes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock will normally vote on specific proxy issues in
    accordance with BlackRock&#146;s proxy voting guidelines.
    BlackRock&#146;s proxy voting guidelines provide detailed
    guidance as to how to vote proxies on certain important or
    commonly raised issues. BlackRock may, in the exercise of its
    business judgment, conclude that the proxy voting guidelines do
    not cover the specific matter upon which a proxy vote is
    requested, or that an exception to the proxy voting guidelines
    would be in the best economic interests of a Fund. BlackRock
    votes (or refrains from voting) proxies without regard to the
    relationship of the issuer of the proxy (or any shareholder of
    such issuer) to the Fund, the Fund&#146;s affiliates (if any),
    BlackRock or BlackRock&#146;s affiliates. When voting proxies,
    BlackRock attempts to encourage companies to follow practices
    that enhance shareholder value and increase transparency and
    allow the market to place a proper value on their assets.
</DIV>

<A name='Y93113202'>
<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">II. Proxy
    Voting Policies</FONT></B>
</DIV>
</A>
<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">A.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='Y93113203'></A><B><FONT style="font-family: 'Times New Roman', Times">Boards
    of Directors</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 Funds generally support the board&#146;s nominees in the
    election of directors and generally supports proposals that
    strengthen the independence of boards of directors. As a general
    matter, the Funds believe that a company&#146;s board of
    directors (rather than shareholders) is most likely to have
    access to important, nonpublic information
</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>
    B-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    regarding a company&#146;s business and prospects, and is
    therefore best-positioned to set corporate policy and oversee
    management. The Funds therefore believe that the foundation of
    good corporate governance is the election of responsible,
    qualified, independent corporate directors who are likely to
    diligently represent the interests of shareholders and oversee
    management of the corporation in a manner that will seek to
    maximize shareholder value over time. In individual cases,
    consideration may be given to a director nominee&#146;s history
    of representing shareholder interests as a director of the
    company issuing the proxy or other companies, or other factors
    to the extent deemed relevant by the Committee.
</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">B.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='Y93113204'></A><B><FONT style="font-family: 'Times New Roman', Times">Auditors</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">
    These proposals concern those issues submitted to shareholders
    related to the selection of auditors. As a general matter, the
    Funds believe that corporate auditors have a responsibility to
    represent the interests of shareholders and provide an
    independent view on the propriety of financial reporting
    decisions of corporate management. While the Funds anticipate
    that BlackRock will generally defer to a corporation&#146;s
    choice of auditor, in individual cases, consideration may be
    given to an auditors&#146; history of representing shareholder
    interests as auditor of the company issuing the proxy or other
    companies, to the extent deemed relevant.
</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">C.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='Y93113205'></A><B><FONT style="font-family: 'Times New Roman', Times">Compensation
    and Benefits</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">
    These proposals concern those issues submitted to shareholders
    related to management compensation and employee benefits. As a
    general matter, the Funds favor disclosure of a company&#146;s
    compensation and benefit policies and oppose excessive
    compensation, but believe that compensation matters are normally
    best determined by a corporation&#146;s board of directors,
    rather than shareholders. Proposals to &#147;micro-manage&#148;
    a company&#146;s compensation practices or to set arbitrary
    restrictions on compensation or benefits should therefore
    generally not be supported.
</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">D.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='Y93113206'></A><B><FONT style="font-family: 'Times New Roman', Times">Capital
    Structure</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">
    These proposals relate to various requests, principally from
    management, for approval of amendments that would alter the
    capital structure of a company, such as an increase in
    authorized shares. As a general matter, the Funds expect that
    BlackRock will support requests that it believes enhance the
    rights of common shareholders and oppose requests that appear to
    be unreasonably dilutive.
</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">E.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='Y93113207'></A><B><FONT style="font-family: 'Times New Roman', Times">Corporate
    Charter and By-Laws</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">
    These proposals relate to various requests for approval of
    amendments to a corporation&#146;s charter or by-laws. As a
    general matter, the Funds generally vote against anti-takeover
    proposals and proposals that would create additional barriers or
    costs to corporate transactions that are likely to deliver a
    premium to shareholders.
</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">F.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='Y93113208'></A><B><FONT style="font-family: 'Times New Roman', Times">Environmental
    and Social Issues</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">
    These are shareholder proposals addressing either corporate
    social and environmental policies or requesting specific
    reporting on these issues. The Funds generally do not support
    proposals on social issues that lack a demonstrable economic
    benefit to the issuer and the Fund investing in such issuer.
    BlackRock seeks to make proxy voting decisions in the manner
    most likely to protect and promote the long-term economic value
    of the securities held in client accounts. We intend to support
    economically advantageous corporate practices while leaving
    direct oversight of company management and strategy to boards of
    directors. We seek to avoid micromanagement of companies, as we
    believe that a company&#146;s board of directors is best
    positioned to represent shareholders and oversee management on
    shareholders behalf. Issues of corporate social and
    environmental responsibility are evaluated on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis within this framework.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113209'>
<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">III.
    Conflicts Management</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">
    BlackRock maintains policies and procedures that are designed to
    prevent any relationship between the issuer of the proxy (or any
    shareholder of the issuer) and a Fund, a Fund&#146;s affiliates
    (if any), BlackRock or BlackRock&#146;s affiliates, from having
    undue influence on BlackRock&#146;s proxy voting activity. In
    certain instances, BlackRock may determine to engage an
    independent fiduciary to vote proxies as a further safeguard
    against potential conflicts of interest or as otherwise required
    by applicable law. The independent fiduciary may either vote
    such proxies or provide BlackRock with instructions as to how to
    vote such proxies. In the latter case, BlackRock votes the proxy
    in accordance with the independent fiduciary&#146;s
    determination.
</DIV>

<A name='Y93113210'>
<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">IV.
    Reports To the Board</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">
    BlackRock will report to the Directors on proxy votes it has
    made on behalf of the Funds at least annually.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

<A name='Y93113138'>
<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">APPENDIX&#160;C<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">

    </A><B><FONT style="font-family: 'Times New Roman', Times">General
    Characteristics and Risks<BR>
    </FONT></B>
</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">of
    Strategic 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">
    In order to manage the risk of its securities portfolio, or to
    enhance income or gain as described in the prospectus, the Trust
    may engage in Strategic Transactions. The Trust may engage in
    such activities in the Advisor&#146;s or
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    discretion, and may not necessarily be engaging in such
    activities when movements in interest rates that could affect
    the value of the assets of the Trust occur. The Trust&#146;s
    ability to pursue certain of these strategies may be limited by
    applicable regulations of the CFTC. Certain Strategic
    Transactions may give rise to taxable income.
</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">Put and
    Call Options on Securities and Indices</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 Trust may purchase and sell put and call options on
    securities and indices. A put option gives the purchaser of the
    option the right to sell and the writer the obligation to buy
    the underlying security at the exercise price during the option
    period. The Trust may also purchase and sell options on bond
    indices (&#147;index options&#148;). Index options are similar
    to options on securities except that, rather than taking or
    making delivery of securities underlying the option at a
    specified price upon exercise, an index option gives the holder
    the right to receive cash upon exercise of the option if the
    level of the bond index upon which the option is based is
    greater, in the case of a call, or less, in the case of a put,
    than the exercise price of the option. The purchase of a put
    option on a debt security could protect the Trust&#146;s
    holdings in a security or a number of securities against a
    substantial decline in the market value. A call option gives the
    purchaser of the option the right to buy and the seller the
    obligation to sell the underlying security or index at the
    exercise price during the option period or for a specified
    period prior to a fixed date. The purchase of a call option on a
    security could protect the Trust against an increase in the
    price of a security that it intended to purchase in the future.
    In the case of either put or call options that it has purchased,
    if the option expires without being sold or exercised, the Trust
    will experience a loss in the amount of the option premium plus
    any related commissions. When the Trust sells put and call
    options, it receives a premium as the seller of the option. The
    premium that the Trust receives for selling the option will
    serve as a partial hedge, in the amount of the option premium,
    against changes in the value of the securities in its portfolio.
    During the term of the option, however, a covered call seller
    has, in return for the premium on the option, given up the
    opportunity for capital appreciation above the exercise price of
    the option if the value of the underlying security increases,
    but has retained the risk of loss should the price of the
    underlying security decline. Conversely, a secured put seller
    retains the risk of loss should the market value of the
    underlying security decline be low the exercise price of the
    option, less the premium received on the sale of the option. The
    Trust is authorized to purchase and sell exchange-listed options
    and
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    options (&#147;OTC Options&#148;) which are privately negotiated
    with the counterparty. Listed options are issued by the Options
    Clearing Corporation (&#147;OCC&#148;) which guarantees the
    performance of the obligations of the parties to such 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">
    The Trust&#146;s ability to close out its position as a
    purchaser or seller of an exchange-listed put or call option is
    dependent upon the existence of a liquid secondary market on
    option exchanges. Among the possible reasons for the absence of
    a liquid secondary market on an exchange are:
    (i)&#160;insufficient trading interest in certain options;
    (ii)&#160;restrictions on transactions imposed by an exchange;
    (iii)&#160;trading halts, suspensions or other restrictions
    imposed with respect to particular classes or series of options
    or underlying securities; (iv)&#160;interruption of the normal
    operations on an exchange; (v)&#160;inadequacy of the facilities
    of an exchange or OCC to handle current trading volume; or
    (vi)&#160;a decision by one or more exchanges to discontinue the
    trading of options (or a particular class or series of options),
    in which event the secondary market on that exchange (or in that
    class or series of options) would cease to exist, although
    outstanding options on that exchange that had been listed by the
    OCC as a result of trades on that exchange would generally
    continue to be exercisable in accordance with their terms. OTC
    Options are purchased from or sold to dealers, financial
    institutions or other counterparties which have entered into
    direct agreements with the Trust. With OTC Options, such
    variables as expiration date, exercise price and premium will be
    agreed upon between the Trust and the counterparty, without the
    intermediation of a third party such as the OCC. If the
    counterparty fails to make or take delivery of the securities
    underlying an option it has written, or otherwise settle the
    transaction in accordance with the terms of that option as
    written, the Trust would lose the premium paid for the option as
    well as any anticipated benefit of the transaction. As the Trust
    must rely on the credit quality of 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>
    C-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    counterparty rather than the guarantee of the OCC, it will only
    enter into OTC Options with counterparties with the highest
    long-term credit ratings, and with primary United States
    government securities dealers recognized by the Federal Reserve
    Bank of 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">
    The hours of trading for options on debt securities may not
    conform to the hours during which the underlying securities are
    traded. To the extent that the option 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 option markets.
</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">Futures
    Contracts and Related Options</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>Characteristics.</I>&#160;&#160;The Trust may sell financial
    futures contracts or purchase put and call options on such
    futures as a hedge against anticipated interest rate changes or
    other market movements. The sale of a futures contract creates
    an obligation by the Trust, as seller, to deliver the specific
    type of financial instrument called for in the contract at a
    specified future time for a specified price. Options on futures
    contracts are similar to options on securities except that 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 (a long position if the option is a call and a short
    position if the option is a put).
</DIV>

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

<DIV align="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>Margin Requirements.</I>&#160;&#160;At the time a futures
    contract is purchased or sold, the Trust must allocate cash or
    securities as a deposit payment (&#147;initial margin&#148;). It
    is expected that the initial margin that the Trust will pay may
    range from approximately 1% to approximately 5% of the value of
    the securities or commodities underlying the contract. In
    certain circumstances, however, such as periods of high
    volatility, the Trust may be required by an exchange to increase
    the level of its initial margin payment. Additionally, initial
    margin requirements may be increased generally in the future by
    regulatory action. An outstanding futures contract is valued
    daily and the payment in case of &#147;variation margin&#148;
    may be required, a process known as &#147;marking to the
    market.&#148; Transactions in listed options and futures are
    usually settled by entering into an offsetting transaction, and
    are subject to the risk that the position may not be able to be
    closed if no offsetting transaction can be arranged.
</DIV>

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

<DIV align="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>Limitations on Use of Futures and Options on
    Futures.</I>&#160;&#160;The Trust&#146;s use of futures and
    options on futures will in all cases be consistent with
    applicable regulatory requirements and in particular the rules
    and regulations of the CFTC. Under such regulations the Trust
    currently may enter into such transactions without limit for
    bona fide hedging purposes, including risk management and
    duration management and other portfolio strategies. The Trust
    may also engage in transactions in futures contracts or related
    options for non-hedging purposes to enhance income or gain
    provided that the Trust will not enter into a futures contract
    or related option (except for closing transactions) for purposes
    other than bona fide hedging, or risk management including
    duration management if, immediately thereafter, the sum of the
    amount of its initial deposits and premiums on open contracts
    and options would exceed 5% of the Trust&#146;s liquidation
    value, i.e., net assets (taken at current value); provided,
    however, that in the case of an option that is
    <FONT style="white-space: nowrap">in-the-money</FONT>
    at the time of the purchase, the
    <FONT style="white-space: nowrap">in-the-money</FONT>
    amount may be excluded in calculating the 5% limitation. The
    above policies are non-fundamental and may be changed by the
    Trust&#146;s board of trustees at any time. Also, when required,
    an account of cash equivalents designated on the books and
    records will be maintained and marked to market on a daily basis
    in an amount equal to the market value of the contract. The
    Trust reserves the right to comply with such different standard
    as may be established from time to time by CFTC rules and
    regulations with respect to the purchase or sale of futures
    contracts or options thereon.
</DIV>

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

<DIV align="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>Segregation and Cover Requirements.</I>&#160;&#160;Futures
    contracts, interest rate swaps, caps, floors and collars, short
    sales, reverse repurchase agreements and dollar rolls, and
    listed or OTC options on securities, indices and futures
    contracts sold by the Trust are generally subject to earmarking
    and coverage requirements of either the CFTC or the SEC, with
    the result that, if the Trust does not hold the security or
    futures contract underlying the instrument, the Trust will be
    required to designate on its books and records an ongoing basis,
    cash, U.S.&#160;government securities, or other liquid high
    grade debt obligations in an amount at least equal to the
    Trust&#146;s obligations with respect to such instruments. Such
    amounts fluctuate as the obligations increase or decrease. The
    earmarking requirement can result in the Trust maintaining
    securities positions it would otherwise liquidate, segregating
    assets at a time when it might be disadvantageous to do so or
    otherwise restrict portfolio management.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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>Strategic Transactions Present Certain
    Risks.</I>&#160;&#160;With respect to hedging and risk
    management, the variable degree of correlation between price
    movements of hedging instruments and price movements in the
    position being hedged create the possibility that losses on the
    hedge may be greater than gains in the value of the Trust&#146;s
    position. The same is true for such instruments entered into for
    income or gain. In addition, certain instruments and markets may
    not be liquid in all circumstances. As a result, in volatile
    markets, the Trust may not be able to close out a transaction
    without incurring losses substantially greater than the initial
    deposit. Although the contemplated use of these instruments
    predominantly for hedging should tend to minimize the risk of
    loss due to a decline in the value of the position, at the same
    time they tend to limit any potential gain which might result
    from an increase in the value of such position. The ability of
    the Trust to successfully utilize Strategic Transactions will
    depend on the Advisor&#146;s and the
    <FONT style="white-space: nowrap">Sub-Advisors&#146;</FONT>
    ability to predict pertinent market movements and sufficient
    correlations, which cannot be assured. Finally, the daily
    deposit requirements in futures contracts that the Trust has
    sold create an on going greater potential financial risk than do
    options transactions, where the exposure is limited to the cost
    of the initial premium. Losses due to the use of Strategic
    Transactions will reduce 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>Regulatory Considerations.</I>&#160;&#160;The Trust has
    claimed an exclusion from the term &#147;commodity pool
    operator&#148; under the Commodity Exchange Act and, therefore,
    is not subject to registration or regulation as a commodity pool
    operator under the Commodity Exchange Act.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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>
    </FONT></B>
</DIV>

<DIV style="margin-top: 4pt; 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">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.&#160;&#160;</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: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Part&#160;A&#160;&#151; None
</DIV>

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

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

<TR>
    <TD width="8%"></TD>
    <TD width="9%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Part&#160;B&#160;&#151;
</TD>
    <TD align="left">
    Audited Financial Statements
</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 0%; 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 align="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 agreements included or incorporated by reference as exhibits
    to this registration statement contain representations and
    warranties by each of the parties to the applicable agreement.
    These representations and warranties were made solely for the
    benefit of the other parties to the applicable agreement and
    (i)&#160;were not intended to be treated as categorical
    statements of fact, but rather as a way of allocating the risk
    to one of the parties if those statements prove to be
    inaccurate; (ii)&#160;may have been qualified in such agreement
    by disclosures that were made to the other party in connection
    with the negotiation of the applicable agreement; (iii)&#160;may
    apply contract standards of &#147;materiality&#148; that are
    different from &#147;materiality&#148; under the applicable
    securities laws; and (iv)&#160;were made only as of the date of
    the applicable agreement or such other date or dates as may be
    specified in the agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trust acknowledges that, notwithstanding the inclusion of
    the foregoing cautionary statements, it is responsible for
    considering whether additional specific disclosures of material
    information regarding material contractual provisions are
    required to make the statements in this registration statement
    not misleading.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;Agreement and Declaration of Trust(1)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;By-Laws(1)
</DIV>

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

</FONT></DIV>

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

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

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

<DIV align="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;Inapplicable
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;Dividend Reinvestment Plan(1)
</DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;(1)&#160;Form of Investment Management Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;(2)&#160;Form of
    <FONT style="white-space: nowrap">Sub-Investment</FONT>
    Advisory Agreement with BlackRock Financial Management, Inc.(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;(3)&#160;Form of
    <FONT style="white-space: nowrap">Sub-Investment</FONT>
    Advisory Agreement with BlackRock Investment Management, LLC(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(1)&#160;Form of Underwriting Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(4)&#160;Form of Morgan Stanley &#038; Co. LLC
    Structuring Fee Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(5)&#160;Form of Citigroup Global Markets Inc.
    Structuring Fee Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(6)&#160;Form of Merrill Lynch, Pierce, Fenner &#038;
    Smith Incorporated Structuring Fee Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(7)&#160;Form of UBS Securities LLC Structuring Fee
    Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(8)&#160;Form of Wells Fargo Securities, LLC
    Structuring Fee Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(9)&#160;Form of Ameriprise Financial Services, Inc.
    Structuring Fee Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;(10)&#160;Form of Morgan Stanley &#038; Co. LLC
    Syndication Fee Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;Form of the BlackRock Closed-End Funds Amended and
    Restated Deferred Compensation Plan(1)
</DIV>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">Table of Contents</A></H5><P>

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

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;(1)&#160;Custody Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;(1)&#160;Stock Transfer Agency Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;(2)&#160;Administration and Accounting Services
    Agreement(*)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;Opinion and Consent of Counsel to the Trust(*)
</DIV>

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

</FONT></DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (n)&#160;Consent of Independent Public Accountants(*)
</DIV>

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

<DIV align="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;Inapplicable
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (p)&#160;Initial Subscription Agreement(1)
</DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (r)&#160;(1)&#160;Code of Ethics of Trust(1)
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (r)&#160;(2)&#160;Code of Ethics of Advisor and
    <FONT style="white-space: nowrap">Sub-Advisors(1)</FONT>
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (s)&#160;Powers of Attorney(1)
</DIV>

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

</FONT></DIV>

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

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

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

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

</FONT></DIV>

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



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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(*)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Filed herewith.
    </FONT></TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

</FONT></DIV>

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

<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">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Incorporated by reference to
    Pre-Effective Amendment No. 2 to this Registration Statement, as
    filed with the Securities and Exchange Commission on
    October&#160;26, 2011
    </FONT></TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: 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.&#160;&#160;</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">
    Reference is made to the Form of Underwriting Agreement for the
    Registrant&#146;s shares of beneficial interest to be filed by
    amendment to this registration statement.
</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;27.&#160;&#160;</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>

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</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">
    Registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,650
</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">
    NYSE listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</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">
    Printing (other than certificates)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    565,000
</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">
    Engraving and printing certificates
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,000
</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">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,000
</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">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    415,000
</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">
    FINRA fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</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">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</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: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,823,650
</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 align="left"><FONT size="1">

</FONT></DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: 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.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Persons
    Controlled By Or Under Common Control With The
    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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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;29.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    Of Holders Of Shares</FONT></I></B>
</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

<DIV align="left" 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 November&#160;18, 2011:
</DIV>

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

</FONT></DIV>

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

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

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<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><FONT style="font-size: 10pt">Title of Class</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Number of Record
    Holders</FONT></B>
</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: -10pt; margin-left: 10pt">
    Shares of Beneficial Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    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 align="left"><FONT size="1">

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: 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.&#160;&#160;</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">
    Article&#160;V of the Registrant&#146;s Agreement and
    Declaration of Trust provides as follows:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.1&#160;<I>No Personal Liability of Shareholders, Trustees,
    etc.</I>&#160;&#160;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 Delaware General Corporation Law. No Trustee or
    officer of the Trust shall be subject in such capacity to any
    personal liability whatsoever to any Person, 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. Any repeal or modification of this
    Section&#160;5.1 shall not adversely affect any right or
    protection of a Trustee or officer of the Trust existing at the
    time of such repeal or modification with respect to acts or
    omissions occurring prior to such repeal or modification.
</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">
    5.2&#160;<I>Mandatory
    Indemnification.</I>&#160;&#160;(a)&#160;The Trust hereby agrees
    to indemnify each person who at any time serves as a Trustee or
    officer 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 or with which he may
    be or may have been threatened, while acting in any capacity set
    forth in this Article&#160;V 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,
    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
    (1)&#160;was authorized by a majority of the Trustees or
    (2)&#160;was instituted by the indemnitee to enforce his or her
    rights to indemnification hereunder in a case in which the
    indemnitee is found to be entitled to such indemnification. The
    rights to indemnification set forth in this Declaration shall
    continue as to a person who has ceased to be a Trustee or
    officer of the Trust and shall inure to the benefit of his or
    her heirs, executors and personal and legal representatives. No
    amendment or restatement of this Declaration or repeal of any of
    its provisions shall limit or eliminate any of the benefits
    provided to any person who at any time is or was a Trustee or
    officer of the Trust or otherwise entitled to indemnification
    hereunder in respect of any act or omission that occurred prior
    to such amendment, restatement or repeal.
</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">
    (b)&#160;Notwithstanding the foregoing, no indemnification shall
    be made hereunder unless there has been a determination
    (i)&#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,
    (ii)&#160;in the absence of such a decision, by (1)&#160;a
    majority vote of a quorum of those Trustees who are neither
    &#147;interested persons&#148; of the Trust (as defined in
    Section&#160;2(a)(19) of the 1940 Act) nor
</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>
    C-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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">
    parties to the proceeding (&#147;Disinterested Non-Party
    Trustees&#148;), that the indemnitee is entitled to
    indemnification hereunder, or (2)&#160;if such quorum is not
    obtainable or even if obtainable, if such majority so directs,
    independent legal counsel in a written opinion concludes 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: 4%; 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
    the indemnitee 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: (i)&#160;the indemnitee shall provide adequate security
    for his undertaking, (ii)&#160;the Trust shall be insured
    against losses arising by reason of any lawful advances, or
    (iii)&#160;a majority of a quorum of the Disinterested Non-Party
    Trustees, or if a majority vote of such quorum so direct,
    independent legal counsel in a written opinion, shall conclude,
    based on a review of readily available facts (as opposed to a
    full trial-type inquiry), that there is substantial reason to
    believe that the indemnitee ultimately will be found entitled to
    indemnification.
</DIV>

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

<DIV align="left" style="margin-left: 4%; 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 which any person
    may have or hereafter acquire under this Declaration, the
    By-Laws of the Trust, any statute, agreement, vote of
    stockholders or Trustees who are &#147;disinterested
    persons&#148; (as defined in Section&#160;2(a)(19) of the 1940
    Act) or any other right to which he or she may be lawfully
    entitled.
</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">
    (e)&#160;Subject to any limitations provided by the 1940 Act and
    this Declaration, the Trust shall have the power and authority
    to indemnify and provide for the advance payment of expenses to
    employees, agents and other Persons providing services to the
    Trust or serving in any capacity at the request of the Trust to
    the full extent corporations organized under the Delaware
    General Corporation Law may indemnify or provide for the advance
    payment of expenses for such Persons, 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.3&#160;<I>No Bond Required of Trustees.</I>&#160;&#160;No
    Trustee shall, as such, be obligated to give any bond or other
    security for the performance of any of his duties hereunder
</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">
    5.4&#160;<I>No Duty of Investigation; Notice in
    Trust&#160;Instruments, etc.</I>&#160;&#160;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, the Shareholders,
    Trustees, officers, employees and agents in such amount as the
    Trustees shall deem adequate to cover possible tort 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.5&#160;<I>Reliance on Experts, etc.</I>&#160;&#160;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 expert may also be a Trustee.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Registrant has also entered into an agreement with Trustees and
    officers of the Registrant entitled to indemnification under the
    Agreement and Declaration of Trust pursuant to which the
    Registrant has agreed to advance expenses and costs incurred by
    the indemnitee in connection with any matter in respect of which
    indemnification might be sought pursuant to the Agreement and
    Declaration of Trust to the maximum extent permitted by 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">
    Reference is also made to:
</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">
    Sections&#160;10 and 11 of the Registrant&#146;s Investment
    Management Agreement, a form of which is filed herewith as
    Exhibit (g)(1) to this Registration Statement
</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">
    Sections&#160;10 and 11 of each of the Registrant&#146;s
    <FONT style="white-space: nowrap">Sub-Investment</FONT>
    Advisory Agreements, forms of which are filed herewith as
    Exhibits (g)(2) and (g)(3) to this Registration Statement
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;8 of the Underwriting Agreement, a form of which is
    filed as Exhibit (h)(1)&#160;to this Registration Statement.
</DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Additionally, the Registrant and the other funds in the
    BlackRock Closed-End Fund&#160;Complex jointly maintain, at
    their own expense, E&#038;O/D&#038;O insurance policies for the
    benefit of its Trustees, officers and certain affiliated
    persons. The Registrant pays a pro rata portion of the premium
    on such insurance policies.
</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">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933, as amended, may be terminated to
    Trustees, officers and controlling persons of the Trust,
    pursuant to the foregoing provisions or otherwise, the Trust has
    been advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Securities Act and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    Registrant of expenses incurred or paid by a Trustee, officer or
    controlling person of the Registrant in the successful defense
    of any action, suit or proceeding) is asserted by such Trustee,
    officer or controlling person in connection with the securities
    being registered, the Registrant will, unless in the opinion of
    its counsel the matter has been settled by controlling
    precedent, submit to a court of appropriate jurisdiction the
    question whether such indemnification by it is against public
    policy as expressed in the Securities Act and will be governed
    by the final adjudication of such issue.
</DIV>

<DIV style="margin-top: 8pt; 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.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Business
    And Other Connections Of Investment Advisor</FONT></I></B>
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    BlackRock Advisors, LLC, a limited liability company organized
    under the laws of Delaware, 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 directors of
    BlackRock Advisors, LLC, together with information as to any
    other business, profession, vocation or employment of a
    substantial nature engaged in by BlackRock Advisors, LLC or
    those officers and directors during the past two years, by
    incorporating by reference the information contained in the
    Form&#160;ADV of BlackRock Advisors, LLC filed with the
    commission pursuant to the Investment Advisers Act of 1940
    (Commission File
    <FONT style="white-space: nowrap">No.&#160;801-47710).</FONT>
</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">
    BlackRock Financial Management, Inc., a corporation organized
    under the laws of Delaware, acts as investment
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Registrant. The Registrant is fulfilling the requirement
    of this Item&#160;31 to provide a list of the officers and
    directors of BlackRock Financial Management, Inc., together with
    information as to any other business, profession, vocation or
    employment of a substantial nature engaged in by BlackRock
    Financial Management, Inc. or those officers and directors
    during the past two years, by incorporating by reference the
    information contained in the Form&#160;ADV of BlackRock
    Financial Management, Inc. filed with the commission pursuant to
    the Investment Advisers Act of 1940 (Commission File
    <FONT style="white-space: nowrap">No.&#160;801-48433).</FONT>
</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">
    BlackRock Investment Management, LLC, a limited liability
    company organized under the laws of Delaware, acts as investment
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to the Registrant. The Registrant is fulfilling the requirement
    of this Item&#160;31 to provide a list of the officers and
    directors of BlackRock Investment Management, LLC, together with
    information as to any other business, profession, vocation or
    employment of a substantial nature engaged in by BlackRock
    Investment Management, LLC or those officers and directors
    during the past two years, by incorporating by reference the
    information contained in the Form&#160;ADV of BlackRock
    Investment Management, LLC filed with the commission pursuant to
    the Investment Advisers Act of 1940 (Commission File
    <FONT style="white-space: nowrap">No.&#160;801-56972).</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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;32.&#160;&#160;</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: 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 Registrant&#146;s accounts, books and other documents are
    currently located at the offices of the Registrant,
    <FONT style="white-space: nowrap">c/o&#160;BlackRock</FONT>
    Advisors, LLC, 100 Bellevue Parkway, Wilmington, Delaware 19809
    and at the offices of the Bank of New York Mellon, the
    Registrant&#146;s Custodian and Transfer Agent.
</DIV>

<DIV style="margin-top: 8pt; 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.&#160;&#160;</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: 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">
    Not Applicable
</DIV>

<DIV style="margin-top: 8pt; 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.&#160;&#160;</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: 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">
    (1)&#160;The Registrant hereby undertakes to suspend the
    offering of its units until it amends its prospectus if
    (a)&#160;subsequent to the effective date of its registration
    statement, the net asset value declines more than
    10&#160;percent from its net asset value as of the effective
    date of the Registration Statement or (b)&#160;the net asset
    value increases to an amount greater than its net proceeds as
    stated in the prospectus.
</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">
    (2)&#160;Not applicable
</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">
    (3)&#160;Not applicable
</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">
    (4)&#160;Not applicable
</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">
    (5)&#160;(a)&#160;For the purposes of determining any liability
    under the Securities Act of 1933, the information omitted from
    the form of prospectus filed as part of a registration statement
    in reliance upon Rule&#160;430A and contained in the form of
    prospectus filed by the Registrant under Rule&#160;497(h) under
    the Securities Act of 1933 shall be deemed to be part of the
    Registration Statement as of the time it was declared effective.
</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">
    (b)&#160;For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of the securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</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">
    (6)&#160;The 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
    SAI constituting Part&#160;B of this Registration Statement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y93113tocpage">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="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 align="left"><FONT size="1">

</FONT></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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933 and
    the Investment Company Act of 1940, the Trust has duly caused
    this Registration Statement to be signed on its behalf by the
    undersigned, thereunto duly authorized, in the City of New York,
    and State of New York, on the
    21<SUP style="font-size: 85%; vertical-align: top">st</SUP> day

    of November, 2011.
</DIV>

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

</FONT></DIV>

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

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

<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;John
    Perlowski</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">
    John Perlowski
</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, Chief Executive Officer
</DIV>

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

</FONT></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: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed by the following persons
    in the capacities and on the
    21<SUP style="font-size: 85%; vertical-align: top">st</SUP> day

    of November, 2011.
</DIV>

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

</FONT></DIV>

<DIV style="margin-top: 2pt; 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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="54%">&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><FONT style="font-size: 10pt">Signature</FONT></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><FONT style="font-size: 10pt">Title</FONT></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">John
    Perlowski</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>John
    Perlowski
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer<BR>
    (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">Neal
    J. Andrews</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Neal
    J. Andrews
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Financial Officer (Principal Financial and<BR>
    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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Paul
    L. Audet
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Michael
    J. Castellano
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Richard
    E. Cavanagh
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Frank
    J. Fabozzi
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Kathleen
    F. Feldstein
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>James
    T. Flynn
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Henry
    Gabbay
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>R.
    Glenn Hubbard
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>W.
    Carl Kester
</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%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Karen
    P. Robards
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<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">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">John
    Perlowski</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>John
    Perlowski<BR>
    as Attorney-in-Fact
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" 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>
<!-- 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="#Y93113tocpage">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
    INDEX</FONT></B>
</DIV>

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

</FONT></DIV>

<DIV style="margin-top: 14pt; 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: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)(1)&#160;&#160;&#160;&#160;&#160;&#160;Form of Investment
    Management Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)(2)&#160;&#160;&#160;&#160;&#160;&#160;Form of Sub-Investment
    Advisory Agreement with BlackRock Financial Management, Inc.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)(3)&#160;&#160;&#160;&#160;&#160;&#160;Form of Sub-Investment
    Advisory Agreement with BlackRock Investment Management, LLC
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(1)&#160;&#160;&#160;&#160;&#160;&#160;Form of Underwriting
    Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(4)&#160;&#160;&#160;&#160;&#160;&#160;Form of Morgan Stanley
    &#038; Co. LLC Structuring Fee Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(5)&#160;&#160;&#160;&#160;&#160;&#160;Form of Citigroup
    Global Markets Inc. Structuring Fee Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(6)&#160;&#160;&#160;&#160;&#160;&#160;Form of Merrill Lynch,
    Pierce, Fenner &#038; Smith Incorporated Structuring Fee
    Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(7)&#160;&#160;&#160;&#160;&#160;&#160;Form of UBS Securities
    LLC Structuring Fee Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(8)&#160;&#160;&#160;&#160;&#160;&#160;Form of Wells Fargo
    Securities, LLC Structuring Fee Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(9)&#160;&#160;&#160;&#160;&#160;&#160;Form of Ameriprise
    Financial Services, Inc. Structuring Fee Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)(10)&#160;&#160;&#160;&#160;&#160;Form of Morgan Stanley
    &#038; Co. LLC Syndication Fee Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Custody Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)(1)&#160;&#160;&#160;&#160;&#160;&#160;Stock Transfer Agency
    Agreement
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

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

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Opinion
    and Consent of Counsel to the Trust
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Consent
    of Independent Public Accountants
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></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 -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.G.1
<SEQUENCE>2
<FILENAME>y93113aexv99wgw1.htm
<DESCRIPTION>EX-99.G.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wgw1</TITLE>
</HEAD>
<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 (g)(1)</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT, dated November&nbsp;____, 2011, between BlackRock Utility and Infrastructure Trust (the
&#147;<U>Trust</U>&#148;), a Delaware statutory trust, and BlackRock Advisors, LLC (the &#147;<U>Advisor</U>&#148;),
a Delaware limited liability company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Advisor has agreed to furnish investment advisory services to the Trust, a
closed-end management investment company registered under the Investment Company Act of 1940, as
amended (the &#147;<U>1940 Act</U>&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act,
and the Advisor is willing to furnish such services upon the terms and conditions herein set forth;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and
other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by
and between the parties hereto as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>In General</U>. The Advisor agrees, all as more fully set forth herein, to act as
investment advisor to the Trust with respect to the investment of the Trust&#146;s assets and to
supervise and arrange for the day-to-day operations of the Trust and the purchase of securities for
and the sale of securities held in the investment portfolio of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Duties and Obligations of the Advisor with Respect to Investment of Assets of the
Trust</U>. Subject to the succeeding provisions of this section and subject to the direction and
control of the Trust&#146;s Board of Trustees, the Advisor shall (i)&nbsp;act as investment advisor for and
supervise and manage the investment and reinvestment of the Trust&#146;s assets and in connection
therewith have complete discretion in purchasing and selling securities and other assets for the
Trust and in voting, exercising consents and exercising all other rights appertaining to such
securities and other assets on behalf of the Trust; (ii)&nbsp;supervise continuously the investment
program of the Trust and the composition of its investment portfolio; (iii)&nbsp;arrange, subject to the
provisions of paragraph 4 hereof, for the purchase and sale of securities and other assets held in
the investment portfolios of the Trust; and (iv)&nbsp;provide investment research to the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Duties and Obligations of Advisor with Respect to the Administration of the Trust</U>.
The Advisor also agrees to furnish office facilities and equipment and clerical, bookkeeping and
administrative services (other than such services, if any, provided by the Trust&#146;s custodian,
transfer agent and dividend disbursing agent and other service providers, as the case may be) for
the Trust. To the extent
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /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">requested by the Trust, the Advisor agrees to provide the following administrative services:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Oversee the determination and publication of the Trust&#146;s net asset value in accordance
with the Trust&#146;s policy as adopted from time to time by the Board of Trustees of the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Oversee the maintenance by the Trust&#146;s custodian, transfer agent and dividend disbursing
agent, as the case may be, of certain books and records of the Trust as required under Rule
31a-1(b)(4) of the 1940 Act and maintain (or oversee maintenance by such other persons as approved
by the Board of Trustees of the Trust) such other books and records required by law or for the
proper operation of the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Oversee the preparation and filing of the Trust&#146;s federal, state and local income tax
returns, as applicable, and any other required tax returns;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Review the appropriateness of and arrange for payment of the Trust&#146;s expenses;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Prepare for review and approval by officers of the Trust, financial information for the
Trust&#146;s semi-annual and annual reports, proxy statements and other communications with shareholders
required or otherwise to be sent to Trust shareholders, and arrange for the printing and
dissemination of such reports and communications to shareholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Prepare for review by an officer of the Trust, the Trust&#146;s periodic financial reports
required to be filed with the Securities and Exchange Commission (&#147;<U>SEC</U>&#148;) on Form N-SAR,
Form N-CSR, Form N-PX, Form N-Q, and such other reports, forms and filings, as may be mutually
agreed upon;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Prepare such reports relating to the business and affairs of the Trust as may be mutually
agreed upon and not otherwise appropriately prepared by the Trust&#146;s custodian, counsel or auditors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Prepare such information and reports as may be required by any stock exchange or exchanges
on which the Trust&#146;s shares are listed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Make such reports and recommendations to the Board of Trustees of the Trust concerning the
performance of the independent accountants as the Board of Trustees of the Trust may reasonably
request or deems appropriate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Make such reports and recommendations to the Board of Trustees of the Trust concerning the
performance and fees of the Trust&#146;s custodian, transfer agent and dividend disbursing agent, as the
case may be, as the Board of Trustees of the Trust may reasonably request or deems appropriate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Oversee and review calculations of fees paid to the Trust&#146;s service providers;
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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;(l)&nbsp;Oversee the Trust&#146;s portfolios and perform necessary calculations as required under
Section&nbsp;18 of the 1940 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Consult with the Trust&#146;s officers, independent accountants, legal counsel, custodian,
accounting agent, transfer agent and dividend disbursing agent, as the case may be, in establishing
the accounting policies of the Trust and monitor financial and shareholder accounting services;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Review implementation of any share purchase programs authorized by the Board of Trustees
of the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Determine the amounts available for distribution as dividends and distributions to be paid
by the Trust to its shareholders; prepare and arrange for the printing of dividend notices to
shareholders; and provide the Trust&#146;s dividend disbursing agent and custodian with such information
as is required for such parties to effect the payment of dividends and distributions and to
implement the Trust&#146;s dividend reinvestment plan;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Prepare such information and reports as may be required by any banks from which the Trust
borrows funds;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;Provide such assistance to the Trust&#146;s custodian, counsel and auditors as generally may be
required to properly carry on the business and operations of the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;Assist in the preparation and filing of Forms 3, 4, and 5 pursuant to Section&nbsp;16 of the
Securities Exchange Act of 1934, as amended, and Section 30(f) of the 1940 Act for the Trustees and
officers of the Trust, such filings to be based on information provided by those persons;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Respond to or refer to the Trust&#146;s officers or transfer agent, any shareholder (including
any potential shareholder) inquiries relating to the Trust; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Supervise any other aspects of the Trust&#146;s administration as may be agreed to by the Trust
and the Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All services are to be furnished through the medium of any trustees, officers or employees of
the Advisor or its affiliates as the Advisor deems appropriate in order to fulfill its obligations
hereunder. The Advisor may from time to time, in its sole discretion to the extent permitted by
applicable law, appoint one or more sub-advisors, including, without limitation, affiliates of the
Advisor, to perform investment advisory services with respect to the Trust, or assign all or a
portion of this agreement to any of its affiliates. The Advisor may terminate any or all
sub-advisors in its sole discretion at any time to the extent permitted by applicable law.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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;The Trust will reimburse the Advisor or its affiliates for all out-of-pocket expenses incurred
by them in connection with the performance of the administrative services described in this
paragraph 3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Covenants</U>. (a)&nbsp;In the performance of its duties under this Agreement, the Advisor
shall at all times conform to, and act in accordance with, any requirements imposed by: (i)&nbsp;the
provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended, and all applicable
Rules and Regulations of the Securities and Exchange Commission; (ii)&nbsp;any other applicable
provision of law; (iii)&nbsp;the provisions of the Agreement and Declaration of Trust and By-Laws of the
Trust, as such documents are amended from time to time; (iv)&nbsp;the investment objectives and policies
of the Trust as set forth in its Registration Statement on Form N-2; and (v)&nbsp;any policies and
determinations of the Board of Trustees of the Trust; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Advisor will:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) place orders either directly with the issuer or with any broker or dealer.
Subject to the other provisions of this paragraph, in placing orders with brokers and
dealers, the Advisor will attempt to obtain the best price and the most favorable execution
of its orders. In placing orders, the Advisor will consider the experience and skill of
the firm&#146;s securities traders as well as the firm&#146;s financial responsibility and
administrative efficiency. Consistent with this obligation, the Advisor may select brokers
on the basis of the research, statistical and pricing services they provide to the Trust
and other clients of the Advisor. Information and research received from such brokers will
be in addition to, and not in lieu of, the services required to be performed by the Advisor
hereunder. A commission paid to such brokers may be higher than that which another
qualified broker would have charged for effecting the same transaction, provided that the
Advisor determines in good faith that such commission is reasonable in terms either of the
transaction or the overall responsibility of the Advisor to the Trust and its other clients
and that the total commissions paid by the Trust will be reasonable in relation to the
benefits to the Trust over the long-term. In no instance, however, will the Trust&#146;s
securities be purchased from or sold to the Advisor, or any affiliated person thereof,
except to the extent permitted by the SEC or by applicable law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain a policy and practice of conducting its investment advisory services
hereunder independently of the commercial banking operations of its affiliates. When the
Advisor makes investment recommendations for the Trust, its investment advisory personnel
will not inquire or take into consideration whether the issuer of securities proposed for
purchase or sale for the Trust&#146;s accounts are customers of the commercial department of its
affiliates; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) treat confidentially and as proprietary information of the Trust all records and
other information relative to the Trust, and the Trust&#146;s prior, current or potential
shareholders, and will not use such records and information for any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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; margin-left: 2%">purpose other than performance of its responsibilities and duties hereunder, except
after prior notification to and approval in writing by the Trust, which approval shall not
be unreasonably withheld and may not be withheld where the Advisor may be exposed to civil
or criminal contempt proceedings for failure to comply, when requested to divulge such
information by duly constituted authorities, or when so requested by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Services Not Exclusive</U>. Nothing in this Agreement shall prevent the Advisor or any
officer, employee or other affiliate thereof from acting as investment advisor for any other
person, firm or corporation, or from engaging in any other lawful activity, and shall not in any
way limit or restrict the Advisor or any of its officers, employees or agents from buying, selling
or trading any securities for its or their own accounts or for the accounts of others for whom it
or they may be acting; provided, however, that the Advisor will undertake no activities which, in
its judgment, will adversely affect the performance of its obligations under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Books and Records</U>. In compliance with the requirements of Rule&nbsp;31a-3 under the
1940 Act, the Advisor hereby agrees that all records which it maintains for the Trust are the
property of the Trust, and further agrees to surrender promptly to the Trust any such records upon
the Trust&#146;s request. The Advisor further agrees to preserve for the periods prescribed by Rule
31a-2 under the 1940 Act the records required to be maintained by Rule&nbsp;31a-1 under the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Agency Cross Transactions</U>. From time to time, the Advisor or brokers or dealers
affiliated with it may find themselves in a position to buy for certain of their brokerage clients
(each an &#147;<U>Account</U>&#148;) securities which the Advisor&#146;s investment advisory clients wish to
sell, and to sell for certain of their brokerage clients securities which advisory clients wish to
buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker or
dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of
an advisory client and retain commissions from one or both parties to the transaction without the
advisory client&#146;s consent. This is because in a situation where the Advisor is making the
investment decision (as opposed to a brokerage client who makes his own investment decisions), and
the Advisor or an affiliate is receiving commissions from both sides of the transaction, there is a
potential conflicting division of loyalties and responsibilities on the Advisor&#146;s part regarding
the advisory client. The SEC has adopted a rule under the Investment Advisers Act of 1940, as
amended (the &#147;<U>Advisers Act</U>&#148;), which permits the Advisor or its affiliates to participate on
behalf of an Account in agency cross transactions if the advisory client has given written consent
in advance. By execution of this Agreement, the Trust authorizes the Advisor or its affiliates to
participate in agency cross transactions involving an Account. The Trust may revoke its consent at
any time by written notice to the Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Expenses</U>. During the term of this Agreement, the Advisor will bear all costs and
expenses of its employees and any overhead incurred in connection with its duties hereunder and
shall bear the costs of any salaries or Directors/Trustees fees of any officers or
Directors/Trustees of the Trust who are affiliated persons (as defined in the 1940 Act) of the
Advisor; provided that the Board of Trustees of the Trust may
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">approve reimbursements to the Advisor of the pro rata portion of the salaries, bonuses, health
insurance, retirement benefits and all similar employment costs for the time spent on the Trust&#146;s
operations (including, without limitation, compliance matters) (other than the provision of
investment advice and administrative services required to be provided hereunder) of all personnel
employed by the Advisor who devote substantial time to the Trust&#146;s operations or the operations of
other investment companies advised by the Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Compensation of the Advisor</U>. (a)&nbsp;The Trust agrees to pay to the Advisor and the
Advisor agrees to accept as full compensation for all services rendered by the Advisor pursuant to
this Agreement, an aggregate monthly fee in arrears at an annual rate equal to 1.00% of the sum of
the average daily value of the net assets of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any period less than a month during which this Agreement is in effect, the fee shall be
prorated according to the proportion which such period bears to a full month of 28, 29, 30 or 31
days, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For purposes of this Agreement, the net assets of the Trust shall be calculated pursuant
to the procedures adopted by resolutions of the Board of Trustees of the Trust for calculating the
value of the Trust&#146;s assets or delegating such calculations to third parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <U>Indemnity</U>. (a)&nbsp;The Trust may, with the prior consent of the Board of Trustees of
the Trust, including a majority of the Trustees of the Trust who are not &#147;interested persons&#148; of
the Trust (as defined in Section&nbsp;2(a)(19) of the 1940 Act), indemnify the Advisor, and each of the
Advisor&#146;s trustees, officers, employees, agents, associates and controlling persons and the
trustees, partners, members, officers, employees and agents thereof (including any individual who
serves at the Advisor&#146;s request as trustee, officer, partner, member, trustee or the like of
another entity) (each such person being an &#147;<U>Indemnitee</U>&#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 state 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 such Indemnitee may be or may have been involved as a party or otherwise or with
which such Indemnitee may be or may have been threatened, while acting in any capacity set forth
herein or thereafter by reason of such Indemnitee having acted in any such capacity, except with
respect to any matter as to which such Indemnitee shall have been adjudicated not to have acted in
good faith in the reasonable belief that such Indemnitee&#146;s action was in the best interest of the
Trust and furthermore, in the case of any criminal proceeding, so long as such Indemnitee had no
reasonable cause to believe that the conduct was unlawful; provided, however, that (1)&nbsp;no
Indemnitee shall be indemnified hereunder against any liability to the Trust or the Trust&#146;s
shareholders or any expense of such Indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)
bad faith, (iii)&nbsp;gross negligence or (iv)&nbsp;reckless disregard of the duties involved in the conduct
of such Indemnitee&#146;s position (the conduct referred to in such
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">clauses (i)&nbsp;through (iv)&nbsp;being sometimes referred to herein as &#147;<U>disabling conduct</U>&#148;),
(2)&nbsp;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 Trust and that such Indemnitee appears to have acted in good faith
in the reasonable belief that such Indemnitee&#146;s action was in the best interest of the Trust and
did not involve disabling conduct by such Indemnitee and (3)&nbsp;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 full Board of Trustees of the Trust, including a majority of the
Trustees of the Trust who are not &#147;interested persons&#148; of the Trust (as defined in Section&nbsp;2(a)(19)
of the 1940 Act).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trust may 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 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 Trust unless it is
subsequently determined that such Indemnitee is entitled to such indemnification and if the
Trustees of the Trust 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)&nbsp;the
Indemnitee shall provide security for such Indemnitee undertaking, (B)&nbsp;the Trust shall be insured
against losses arising by reason of any unlawful advance, or (C)&nbsp;a majority of a quorum consisting
of Trustees of the Trust who are neither &#147;interested persons&#148; of the Trust (as defined in Section
2(a)(19) of the 1940 Act) nor parties to the proceeding (&#147;<U>Disinterested Non-Party
Trustees</U>&#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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All determinations with respect to the standards for indemnification hereunder shall be
made (1)&nbsp;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 or is not liable by reason of disabling conduct, or (2)
in the absence of such a decision, by (i)&nbsp;a majority vote of a quorum of the Disinterested
Non-Party Trustees of the Trust, or (ii)&nbsp;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. All
determinations that advance payments in connection with the expense of defending any proceeding
shall be authorized and shall be made in accordance with the immediately preceding clause (2)
above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights accruing to any Indemnitee under these provisions shall not exclude any other right
to which such Indemnitee may be lawfully entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <U>Limitation on Liability</U>. (a)&nbsp;The Advisor will not be liable for any error of
judgment or mistake of law or for any loss suffered by Advisor or by the Trust in
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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">connection with the performance of this Agreement, except a loss resulting from a breach of
fiduciary duty with respect to the receipt of compensation for services or a loss resulting from
willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or
from reckless disregard by it of its duties under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the parties hereto
acknowledge and agree that, as provided in Section&nbsp;5.1 of Article&nbsp;V of the Agreement and
Declaration of Trust, this Agreement is executed by the Trustees and/or officers of the Trust, not
individually but as such Trustees and/or officers of the Trust, and the obligations hereunder are
not binding upon any of the Trustees or shareholders individually but bind only the estate of the
Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <U>Duration and Termination</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement shall become effective on the date hereof and, unless sooner terminated
with respect to the Trust as provided herein, shall continue in effect for a period of two years.
Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Trust
for successive periods of 12&nbsp;months, provided such continuance is specifically approved at least
annually by both (a)&nbsp;the vote of a majority of the Trust&#146;s Board of Trustees or the vote of a
majority of the outstanding voting securities of the Trust at the time outstanding and entitled to
vote, and (b)&nbsp;by the vote of a majority of the Trustees who are not parties to this Agreement or
interested persons of any party to this Agreement, cast in person at a meeting called for the
purpose of voting on such approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time,
without the payment of any penalty, upon giving the Advisor 60&nbsp;days&#146; notice (which notice may be
waived by the Advisor), provided that such termination by the Trust shall be directed or approved
by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of the
holders of a majority of the voting securities of the Trust at the time outstanding and entitled to
vote, or by the Advisor on 60&nbsp;days&#146; written notice (which notice may be waived by the Trust). This
Agreement will also immediately terminate in the event of its assignment. (As used in this
Agreement, the terms &#147;<U>majority of the outstanding voting securities</U>,&#148; &#147;<U>interested
person</U>&#148; and &#147;<U>assignment</U>&#148; shall have the same meanings of such terms in the 1940 Act.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <U>Notices</U>. Any notice under this Agreement shall be in writing to the other party
at such address as the other party may designate from time to time for the receipt of such notice
and shall be deemed to be received on the earlier of the date actually received or on the fourth
day after the postmark if such notice is mailed first class postage prepaid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <U>Amendment of this Agreement</U>. No provision of this Agreement may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">or termination is sought. Any amendment of this Agreement shall be subject to the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York for contracts to be performed entirely therein without
reference to choice of law principles thereof and in accordance with the applicable provisions of
the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <U>Use of the Name BlackRock</U>. The Advisor has consented to the use by the Trust of
the name or identifying word &#147;BlackRock&#148; in the name of the Trust. Such consent is conditioned
upon the employment of the Advisor as the investment advisor to the Trust. The name or identifying
word &#147;BlackRock&#148; may be used from time to time in other connections and for other purposes by the
Advisor and any of its affiliates. The Advisor may require the Trust to cease using &#147;BlackRock&#148; in
the name of the Trust, if the Trust, ceases to employ, for any reason, the Advisor, any successor
thereto or any affiliate thereof as investment advisor of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <U>Miscellaneous</U>. The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or otherwise affect
their construction or effect. If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected
thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto
and their respective successors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <U>Counterparts</U>. This Agreement may be executed in counterparts by the parties
hereto, each of which shall constitute an original counterpart, and all of which, together, shall
constitute one Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page Follows&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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;IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by
their duly authorized officers, all as of the day and the year first above written.
</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">BLACKROCK UTILITY AND INFRASTRUCTURE TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.G.2
<SEQUENCE>3
<FILENAME>y93113aexv99wgw2.htm
<DESCRIPTION>EX-99.G.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wgw2</TITLE>
</HEAD>
<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 (g)(2)</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
dated November&nbsp;____, 2011, among BlackRock Utility and Infrastructure
Trust, a Delaware statutory trust (the &#147;<U>Trust</U>&#148;), BlackRock Advisors, LLC, a Delaware
limited liability company (the &#147;<U>Advisor</U>&#148;), and BlackRock Financial Management, Inc., a
Delaware corporation (the &#147;<U>Sub-Advisor</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Advisor has agreed to furnish investment advisory services to the Trust, a
closed-end management investment company registered under the Investment Company Act of 1940, as
amended (the &#147;<U>1940 Act</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it with certain sub-advisory
services as described below in connection with Advisor&#146;s advisory activities on behalf of the
Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the investment management agreement between the Advisor and the Trust, dated November
22, 2011 (such agreement or the most recent successor agreement between such parties relating to
advisory services to the Trust is referred to herein as the &#147;<U>Advisory Agreement</U>&#148;),
contemplates that the Advisor may appoint a sub-adviser to perform investment advisory services
with respect to the Trust; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act,
and the Sub-Advisor is willing to furnish such services upon the terms and conditions herein set
forth;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and
other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by
and between the parties hereto as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Appointment</U>. The Advisor hereby appoints the Sub-Advisor to act as sub-advisor
with respect to the Trust and the Sub-Advisor accepts such appointment and agrees to render the
services herein set forth for the compensation herein provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Services of the Sub-Advisor</U>. Subject to the succeeding provisions of this section,
the oversight and supervision of the Advisor and the direction and control of the Board of Trustees
of the Trust, the Sub-Advisor will perform certain of the day-to-day operations of the Trust, which
may include one or more of the following services, at the request of the Advisor: (a)&nbsp;acting as
investment advisor for and managing the investment and reinvestment of those assets of the Trust as
the Advisor may from time to time request and in connection therewith have complete discretion in
purchasing and selling such securities and other assets for the Trust and in voting, exercising
consents and exercising all other rights appertaining to such securities and other assets on behalf
of the Trust; (b)&nbsp;arranging, subject to the provisions of paragraph 3 hereof, for the purchase and
sale of securities and other assets of the Trust; (c)&nbsp;providing investment research and credit
analysis concerning the Trust&#146;s investments, (d)&nbsp;assist the Advisor in determining what portion of
the Trust&#146;s assets will be invested in cash, cash equivalents and money market instruments, (e)
placing orders for all purchases and sales of such investments
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /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">made for the Trust, and (f)&nbsp;maintaining the books and records as are required to support the
Trust&#146;s investment operations. At the request of the Advisor, the Sub-Advisor will also, subject
to the oversight and supervision of the Advisor and the direction and control of the Board of
Trustees of the Trust, provide to the Advisor or the Trust any of the facilities and equipment and
perform any of the services described in Section&nbsp;3 of the Advisory Agreement. In addition, the
Sub-Advisor will keep the Trust and the Advisor informed of developments materially affecting the
Trust and shall, on its own initiative, furnish to the Trust from time to time whatever information
the Sub-Advisor believes appropriate for this purpose. The Sub-Advisor will periodically
communicate to the Advisor, at such times as the Advisor may direct, information concerning the
purchase and sale of securities for the Trust, including: (a)&nbsp;the name of the issuer, (b)&nbsp;the
amount of the purchase or sale, (c)&nbsp;the name of the broker or dealer, if any, through which the
purchase or sale is effected, (d)&nbsp;the CUSIP number of the instrument, if any, and (e)&nbsp;such other
information as the Advisor may reasonably require for purposes of fulfilling its obligations to the
Trust under the Advisory Agreement. The Sub-Advisor will provide the services rendered by it under
this Agreement in accordance with the Trust&#146;s investment objectives, policies and restrictions (as
currently in effect and as they may be amended or supplemented from time to time) as stated in the
Trust&#146;s Prospectus and Statement of Additional Information and the resolutions of the Trust&#146;s Board
of Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Covenants</U>. (a)&nbsp;In the performance of its duties under this Agreement, the
Sub-Advisor shall at all times conform to, and act in accordance with, any requirements imposed by:
(i)&nbsp;the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended (the
&#147;<U>Advisers Act</U>&#148;), and all applicable Rules and Regulations of the Securities and Exchange
Commission (the &#147;<U>SEC</U>&#148;); (ii)&nbsp;any other applicable provision of law; (iii)&nbsp;the provisions of
the Agreement and Declaration of Trust and By-Laws of the Trust, as such documents are amended from
time to time; (iv)&nbsp;the investment objectives and policies of the Trust as set forth in its
Registration Statement on Form N-2; and (v)&nbsp;any policies and determinations of the Board of
Trustees of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Sub-Advisor will:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) place orders either directly with the issuer or with any broker or
dealer. Subject to the other provisions of this paragraph, in placing orders with
brokers and dealers, the Sub-Advisor will attempt to obtain the best price and the
most favorable execution of its orders. In placing orders, the Sub-Advisor will
consider the experience and skill of the firm&#146;s securities traders as well as the
firm&#146;s financial responsibility and administrative efficiency. Consistent with
this obligation, the Sub-Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Trust and other clients of
the Advisor or the Sub-Advisor. Information and research received from such
brokers will be in addition to, and not in lieu of, the services required to be
performed by the Sub-Advisor hereunder. A commission paid to such brokers may be
higher than that which another qualified broker would have charged for effecting
the same transaction, provided
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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; margin-left: 2%">that the Sub-Advisor determines in good faith that such commission is
reasonable in terms either of the transaction or the overall responsibility of the
Advisor and the Sub-Advisor to the Trust and their other clients and that the
total commissions paid by the Trust will be reasonable in relation to the benefits
to the Trust over the long-term. In no instance, however, will the Trust&#146;s
securities be purchased from or sold to the Advisor, the Sub-Advisor or any
affiliated person thereof, except to the extent permitted by the SEC or by
applicable law. Subject to the foregoing and the provisions of the 1940 Act, the
Securities Exchange Act of 1934, as amended, and other applicable provisions of
law, the Sub-Advisor may select brokers and dealers with which it or the Trust is
affiliated;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain books and records with respect to the Trust&#146;s securities
transactions and will render to the Advisor and the Trust&#146;s Board of Trustees,
such periodic and special reports as they may request;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain a policy and practice of conducting its investment advisory
services hereunder independently of the commercial banking operations of its
affiliates. When the Sub-Advisor makes investment recommendations for the Trust,
its investment advisory personnel will not inquire or take into consideration
whether the issuer of securities proposed for purchase or sale for the Trust&#146;s
accounts are customers of the commercial department of its affiliates; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) treat confidentially and as proprietary information of the Trust all
records and other information relative to the Trust, and the Trust&#146;s prior,
current or potential shareholders, and will not use such records and information
for any purpose other than performance of its responsibilities and duties
hereunder, except after prior notification to and approval in writing by the Trust
which approval shall not be unreasonably withheld and may not be withheld where
the Sub-Advisor may be exposed to civil or criminal contempt proceedings for
failure to comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Services Not Exclusive</U>. Nothing in this Agreement shall prevent the Sub-Advisor or
any officer, employee or other affiliate thereof from acting as investment advisor for any other
person, firm or corporation, or from engaging in any other lawful activity, and shall not in any
way limit or restrict the Sub-Advisor or any of its officers, employees or agents from buying,
selling or trading any securities for its or their own accounts or for the accounts of others for
whom it or they may be acting; provided, however, that the Sub-Advisor will undertake no activities
which, in its judgment, will adversely affect the performance of its obligations under this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Books and Records</U>. In compliance with the requirements of Rule&nbsp;31a-3 under the
1940 Act, the Sub-Advisor hereby agrees that all records which it
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">maintains for the Trust are the property of the Trust as the case may be and further agrees to
surrender promptly to the Trust, any such records upon the Trust&#146;s request as the case may be. The
Sub-Advisor further agrees to preserve for the periods prescribed by Rule&nbsp;31a-2 under the 1940 Act
the records required to be maintained by Rule&nbsp;31a-1 under the 1940 Act (to the extent such books
and records are not maintained by the Advisor).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Agency Cross Transactions</U>. From time to time, the Sub-Advisor or brokers or
dealers affiliated with it may find themselves in a position to buy for certain of their brokerage
clients (each an &#147;<U>Account</U>&#148;) securities which the Sub-Advisor&#146;s investment advisory clients
wish to sell, and to sell for certain of their brokerage clients securities which advisory clients
wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker
or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf
of an advisory client and retain commissions from both parties to the transaction without the
advisory client&#146;s consent. This is because in a situation where the Sub-Advisor is making the
investment decision (as opposed to a brokerage client who makes his own investment decisions), and
the Sub-Advisor or an affiliate is receiving commissions from one or both sides of the transaction,
there is a potential conflicting division of loyalties and responsibilities on the Sub-Advisor&#146;s
part regarding the advisory client. The SEC has adopted a rule under the Advisers Act which
permits the Sub-Advisor or its affiliates to participate on behalf of an Account in agency cross
transactions if the advisory client has given written consent in advance. By execution of this
Agreement, the Trust authorizes the Sub-Advisor or its affiliates to participate in agency cross
transactions involving an Account. The Trust may revoke its consent at any time by written notice
to the Sub-Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Expenses</U>. During the term of this Agreement, the Sub-Advisor will bear all costs
and expenses of its employees and any overhead incurred by the Sub-Advisor in connection with its
duties hereunder; provided that the Board of Trustees of the Trust may approve reimbursement to the
Sub-Advisor of the pro-rata portion of the salaries, bonuses, health insurance, retirement benefits
and all similar employment costs for the time spent on the Trust&#146;s operations (including, without
limitation, compliance matters) (other than the provision of investment advice and administrative
services required to be provided hereunder) of all personnel employed by the Sub-Advisor who devote
substantial time to the Trust&#146;s operations or the operations of other investment companies advised
or sub-advised by the Sub-Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Compensation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor agrees to accept as full
compensation for all services rendered by the Sub-Advisor pursuant to this Agreement, a monthly fee
in arrears in an amount equal to 51% of the monthly advisory fees received by the Advisor from the
Trust with respect to the average daily value of the net assets of the Trust allocated to the
Sub-Advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For purposes of this Agreement, the net assets of the Trust shall be calculated pursuant
to the procedures adopted by resolutions of the Board of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">Trustees of the Trust for calculating the value of the Trust&#146;s assets or delegating such
calculations to third parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Indemnity</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust may, with the prior consent of the Board of Trustees of the Trust, including a
majority of the trustees of the Trust that are not &#147;interested persons&#148; of the Trust (as defined in
Section&nbsp;2(a)(19) of the 1940 Act), indemnify the Sub-Advisor and each of the Sub-Advisor&#146;s
directors, officers, employees, agents, associates and controlling persons and the directors,
partners, members, officers, employees and agents thereof (including any individual who serves at
the Sub-Advisor&#146;s request as director, officer, partner, member, trustee or the like of another
entity) (each such person being an &#147;<U>Indemnitee</U>&#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 state 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 such
Indemnitee may be or may have been involved as a party or otherwise or with which such Indemnitee
may be or may have been threatened, while acting in any capacity set forth herein or thereafter by
reason of such Indemnitee having acted in any such capacity, except with respect to any matter as
to which such Indemnitee shall have been adjudicated not to have acted in good faith in the
reasonable belief that such Indemnitee&#146;s action was in the best interest of the Trust and
furthermore, in the case of any criminal proceeding, so long as such Indemnitee had no reasonable
cause to believe that the conduct was unlawful; provided, however, that (1)&nbsp;no Indemnitee shall be
indemnified hereunder against any liability to the Trust, the Trust&#146;s shareholders or any expense
of such Indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross
negligence or (iv)&nbsp;reckless disregard of the duties involved in the conduct of such Indemnitee&#146;s
position (the conduct referred to in such clauses (i)&nbsp;through (iv)&nbsp;being sometimes referred to
herein as &#147;<U>disabling conduct</U>&#148;), (2)&nbsp;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 Trust
and that such Indemnitee appears to have acted in good faith in the reasonable belief that such
Indemnitee&#146;s action was in the best interest of the Trust and did not involve disabling conduct by
such Indemnitee and (3)&nbsp;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 full Board
of Trustees of the Trust, including a majority of the trustees of the Trust who are not &#147;interested
persons&#148; of the Trust (as defined in Section&nbsp;2(a)(19) of the 1940 Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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 of the Indemnitee&#146;s good faith belief that the standard of conduct necessary
for indemnification has been met and a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">written undertaking to reimburse the Trust unless it is subsequently determined that such
Indemnitee is entitled to such indemnification and if the trustees of the Trust 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)&nbsp;the Indemnitee shall provide a security for such
Indemnitee-undertaking, (B)&nbsp;the Trust shall be insured against losses arising by reason of any
unlawful advance, or (C)&nbsp;a majority of a quorum consisting of trustees of the Trust who are neither
&#147;interested persons&#148; of the Trust (as defined in Section&nbsp;2(a)(19) of the 1940 Act) nor parties to
the proceeding (&#147;<U>Disinterested Non-Party Trustees</U>&#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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All determinations with respect to indemnification hereunder shall be made (1)&nbsp;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)&nbsp;in the absence of such a decision,
by (i)&nbsp;a majority vote of a quorum of the Disinterested Non-Party Trustees of the Trust, or (ii)&nbsp;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. All determinations that advance payments
in connection with the expense of defending any proceeding shall be authorized shall be made in
accordance with the immediately preceding clause (2)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights accruing to any Indemnitee under these provisions shall not exclude any other right
to which such Indemnitee may be lawfully entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <U>Limitation on Liability</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Sub-Advisor will not be liable for any error of judgment or mistake of law or for any
loss suffered by the Advisor or by the Trust in connection with the performance of this Agreement,
except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation
for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its
part in the performance of its duties or from reckless disregard by it of its duties under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the parties hereto
acknowledge and agree that, as provided in Section&nbsp;5.1 of Article&nbsp;V of the Agreement and
Declaration of Trust, this Agreement is executed by the Trustees and/or officers of the Trust, not
individually but as such Trustees and/or officers of the Trust, and the obligations hereunder are
not binding upon any of the Trustees or Shareholders individually but bind only the estate of the
Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <U>Duration and Termination</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement shall become effective as of the date hereof and, unless sooner terminated
with respect to the Trust as provided herein, shall continue in effect for a period of two years.
Thereafter, if not terminated, this Agreement
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">shall continue in effect with respect to the Trust for successive periods of 12&nbsp;months,
provided such continuance is specifically approved at least annually by both (a)&nbsp;the vote of a
majority of the Trust&#146;s Board of Trustees or a vote of a majority of the outstanding voting
securities of the Trust at the time outstanding and entitled to vote and (b)&nbsp;by the vote of a
majority of the Trustees, who are not parties to this Agreement or interested persons (as such term
is defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose
of voting on such approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, this Agreement may be terminated by the Trust or the
Advisor at any time, without the payment of any penalty, upon giving the Sub-Advisor 60&nbsp;days&#146;
notice (which notice may be waived by the Sub-Advisor), provided that such termination by the Trust
or the Advisor shall be directed or approved by the vote of a majority of the Trustees of the Trust
in office at the time or by the vote of the holders of a majority of the voting securities of the
Trust at the time outstanding and entitled to vote, or by the Sub-Advisor on 60&nbsp;days&#146; written
notice (which notice may be waived by the Trust and the Advisor), and will terminate automatically
upon any termination of the Advisory Agreement between the Trust and the Advisor. This Agreement
will also immediately terminate in the event of its assignment. (As used in this Agreement, the
terms &#147;<U>majority of the outstanding voting securities</U>,&#148; &#147;<U>interested person</U>&#148; and
&#147;<U>assignment</U>&#148; shall have the same meanings of such terms in the 1940 Act.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <U>Notices</U>. Any notice under this Agreement shall be in writing to the other party
at such address as the other party may designate from time to time for the receipt of such notice
and shall be deemed to be received on the earlier of the date actually received or on the fourth
day after the postmark if such notice is mailed first class postage prepaid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <U>Amendment of this Agreement</U>. No provision of this Agreement may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is sought. Any amendment
of this Agreement shall be subject to the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <U>Miscellaneous</U>. The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or otherwise affect
their construction or effect. If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected
thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto
and their respective successors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York for contracts to be performed entirely therein without
reference to choice of law principles thereof and in accordance with the applicable provisions of
the 1940 Act.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;16. <U>Counterparts</U>. This Agreement may be executed in counterparts by the parties
hereto, each of which shall constitute an original counterpart, and all of which, together, shall
constitute one Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page Follows&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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;IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their
duly authorized officers designated below as of the day and year first above written.
</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">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK FINANCIAL MANAGEMENT, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK UTILITY AND INFRASTRUCTURE TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>




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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.G.3
<SEQUENCE>4
<FILENAME>y93113aexv99wgw3.htm
<DESCRIPTION>EX-99.G.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wgw3</TITLE>
</HEAD>
<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 (g)(3)</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
dated November&nbsp;___, 2011, among BlackRock Utility and Infrastructure
Trust, a Delaware statutory trust (the &#147;<U>Trust</U>&#148;), BlackRock Advisors, LLC, a Delaware
limited liability company (the &#147;<U>Advisor</U>&#148;), and BlackRock Investment Management, LLC, a
Delaware limited liability company (the &#147;<U>Sub-Advisor</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Advisor has agreed to furnish investment advisory services to the Trust, a
closed-end management investment company registered under the Investment Company Act of 1940, as
amended (the &#147;<U>1940 Act</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it with certain sub-advisory
services as described below in connection with Advisor&#146;s advisory activities on behalf of the
Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the investment management agreement between the Advisor and the Trust, dated November
22, 2011 (such agreement or the most recent successor agreement between such parties relating to
advisory services to the Trust is referred to herein as the &#147;<U>Advisory Agreement</U>&#148;),
contemplates that the Advisor may appoint a sub-adviser to perform investment advisory services
with respect to the Trust; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act,
and the Sub-Advisor is willing to furnish such services upon the terms and conditions herein set
forth;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and
other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by
and between the parties hereto as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Appointment</U>. The Advisor hereby appoints the Sub-Advisor to act as sub-advisor
with respect to the Trust and the Sub-Advisor accepts such appointment and agrees to render the
services herein set forth for the compensation herein provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Services of the Sub-Advisor</U>. Subject to the succeeding provisions of this section,
the oversight and supervision of the Advisor and the direction and control of the Board of Trustees
of the Trust, the Sub-Advisor will perform certain of the day-to-day operations of the Trust, which
may include one or more of the following services, at the request of the Advisor: (a)&nbsp;acting as
investment advisor for and managing the investment and reinvestment of those assets of the Trust as
the Advisor may from time to time request and in connection therewith have complete discretion in
purchasing and selling such securities and other assets for the Trust and in voting, exercising
consents and exercising all other rights appertaining to such securities and other assets on behalf
of the Trust; (b)&nbsp;arranging, subject to the provisions of paragraph 3 hereof, for the purchase and
sale of securities and other assets of the Trust; (c)&nbsp;providing investment research and credit
analysis concerning the Trust&#146;s investments, (d)&nbsp;assist the Advisor in determining what portion of
the Trust&#146;s assets will be invested in cash, cash equivalents and money market instruments, (e)
placing orders for all purchases and sales of such investments
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /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">made for the Trust, and (f)&nbsp;maintaining the books and records as are required to support the
Trust&#146;s investment operations. At the request of the Advisor, the Sub-Advisor will also, subject
to the oversight and supervision of the Advisor and the direction and control of the Board of
Trustees of the Trust, provide to the Advisor or the Trust any of the facilities and equipment and
perform any of the services described in Section&nbsp;3 of the Advisory Agreement. In addition, the
Sub-Advisor will keep the Trust and the Advisor informed of developments materially affecting the
Trust and shall, on its own initiative, furnish to the Trust from time to time whatever information
the Sub-Advisor believes appropriate for this purpose. The Sub-Advisor will periodically
communicate to the Advisor, at such times as the Advisor may direct, information concerning the
purchase and sale of securities for the Trust, including: (a)&nbsp;the name of the issuer, (b)&nbsp;the
amount of the purchase or sale, (c)&nbsp;the name of the broker or dealer, if any, through which the
purchase or sale is effected, (d)&nbsp;the CUSIP number of the instrument, if any, and (e)&nbsp;such other
information as the Advisor may reasonably require for purposes of fulfilling its obligations to the
Trust under the Advisory Agreement. The Sub-Advisor will provide the services rendered by it under
this Agreement in accordance with the Trust&#146;s investment objectives, policies and restrictions (as
currently in effect and as they may be amended or supplemented from time to time) as stated in the
Trust&#146;s Prospectus and Statement of Additional Information and the resolutions of the Trust&#146;s Board
of Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Covenants</U>. (a)&nbsp;In the performance of its duties under this Agreement, the
Sub-Advisor shall at all times conform to, and act in accordance with, any requirements imposed by:
(i)&nbsp;the provisions of the 1940 Act and the Investment Advisers Act of 1940, as amended (the
&#147;<U>Advisers Act</U>&#148;), and all applicable Rules and Regulations of the Securities and Exchange
Commission (the &#147;<U>SEC</U>&#148;); (ii)&nbsp;any other applicable provision of law; (iii)&nbsp;the provisions of
the Agreement and Declaration of Trust and By-Laws of the Trust, as such documents are amended from
time to time; (iv)&nbsp;the investment objectives and policies of the Trust as set forth in its
Registration Statement on Form N-2; and (v)&nbsp;any policies and determinations of the Board of
Trustees of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Sub-Advisor will:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) place orders either directly with the issuer or with any broker or
dealer. Subject to the other provisions of this paragraph, in placing orders with
brokers and dealers, the Sub-Advisor will attempt to obtain the best price and the
most favorable execution of its orders. In placing orders, the Sub-Advisor will
consider the experience and skill of the firm&#146;s securities traders as well as the
firm&#146;s financial responsibility and administrative efficiency. Consistent with
this obligation, the Sub-Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Trust and other clients of
the Advisor or the Sub-Advisor. Information and research received from such
brokers will be in addition to, and not in lieu of, the services required to be
performed by the Sub-Advisor hereunder. A commission paid to such brokers may be
higher than that which another qualified broker would have charged for effecting
the same transaction, provided
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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; margin-left: 2%">that the Sub-Advisor determines in good faith that such commission is
reasonable in terms either of the transaction or the overall responsibility of the
Advisor and the Sub-Advisor to the Trust and their other clients and that the
total commissions paid by the Trust will be reasonable in relation to the benefits
to the Trust over the long-term. In no instance, however, will the Trust&#146;s
securities be purchased from or sold to the Advisor, the Sub-Advisor or any
affiliated person thereof, except to the extent permitted by the SEC or by
applicable law. Subject to the foregoing and the provisions of the 1940 Act, the
Securities Exchange Act of 1934, as amended, and other applicable provisions of
law, the Sub-Advisor may select brokers and dealers with which it or the Trust is
affiliated;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain books and records with respect to the Trust&#146;s securities
transactions and will render to the Advisor and the Trust&#146;s Board of Trustees,
such periodic and special reports as they may request;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain a policy and practice of conducting its investment advisory
services hereunder independently of the commercial banking operations of its
affiliates. When the Sub-Advisor makes investment recommendations for the Trust,
its investment advisory personnel will not inquire or take into consideration
whether the issuer of securities proposed for purchase or sale for the Trust&#146;s
accounts are customers of the commercial department of its affiliates; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) treat confidentially and as proprietary information of the Trust all
records and other information relative to the Trust, and the Trust&#146;s prior,
current or potential shareholders, and will not use such records and information
for any purpose other than performance of its responsibilities and duties
hereunder, except after prior notification to and approval in writing by the Trust
which approval shall not be unreasonably withheld and may not be withheld where
the Sub-Advisor may be exposed to civil or criminal contempt proceedings for
failure to comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Services Not Exclusive</U>. Nothing in this Agreement shall prevent the Sub-Advisor or
any officer, employee or other affiliate thereof from acting as investment advisor for any other
person, firm or corporation, or from engaging in any other lawful activity, and shall not in any
way limit or restrict the Sub-Advisor or any of its officers, employees or agents from buying,
selling or trading any securities for its or their own accounts or for the accounts of others for
whom it or they may be acting; provided, however, that the Sub-Advisor will undertake no activities
which, in its judgment, will adversely affect the performance of its obligations under this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Books and Records</U>. In compliance with the requirements of Rule&nbsp;31a-3 under the
1940 Act, the Sub-Advisor hereby agrees that all records which it
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">maintains for the Trust are the property of the Trust as the case may be and further agrees to
surrender promptly to the Trust, any such records upon the Trust&#146;s request as the case may be. The
Sub-Advisor further agrees to preserve for the periods prescribed by Rule&nbsp;31a-2 under the 1940 Act
the records required to be maintained by Rule&nbsp;31a-1 under the 1940 Act (to the extent such books
and records are not maintained by the Advisor).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Agency Cross Transactions</U>. From time to time, the Sub-Advisor or brokers or
dealers affiliated with it may find themselves in a position to buy for certain of their brokerage
clients (each an &#147;<U>Account</U>&#148;) securities which the Sub-Advisor&#146;s investment advisory clients
wish to sell, and to sell for certain of their brokerage clients securities which advisory clients
wish to buy. Where one of the parties is an advisory client, the Advisor or the affiliated broker
or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf
of an advisory client and retain commissions from both parties to the transaction without the
advisory client&#146;s consent. This is because in a situation where the Sub-Advisor is making the
investment decision (as opposed to a brokerage client who makes his own investment decisions), and
the Sub-Advisor or an affiliate is receiving commissions from one or both sides of the transaction,
there is a potential conflicting division of loyalties and responsibilities on the Sub-Advisor&#146;s
part regarding the advisory client. The SEC has adopted a rule under the Advisers Act which
permits the Sub-Advisor or its affiliates to participate on behalf of an Account in agency cross
transactions if the advisory client has given written consent in advance. By execution of this
Agreement, the Trust authorizes the Sub-Advisor or its affiliates to participate in agency cross
transactions involving an Account. The Trust may revoke its consent at any time by written notice
to the Sub-Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Expenses</U>. During the term of this Agreement, the Sub-Advisor will bear all costs
and expenses of its employees and any overhead incurred by the Sub-Advisor in connection with its
duties hereunder; provided that the Board of Trustees of the Trust may approve reimbursement to the
Sub-Advisor of the pro-rata portion of the salaries, bonuses, health insurance, retirement benefits
and all similar employment costs for the time spent on the Trust&#146;s operations (including, without
limitation, compliance matters) (other than the provision of investment advice and administrative
services required to be provided hereunder) of all personnel employed by the Sub-Advisor who devote
substantial time to the Trust&#146;s operations or the operations of other investment companies advised
or sub-advised by the Sub-Advisor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Compensation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor agrees to accept as full
compensation for all services rendered by the Sub-Advisor pursuant to this Agreement, a monthly fee
in arrears in an amount equal to 51% of the monthly advisory fees received by the Advisor from the
Trust with respect to the average daily value of the net assets of the Trust allocated to the
Sub-Advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For purposes of this Agreement, the net assets of the Trust shall be calculated pursuant
to the procedures adopted by resolutions of the Board of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">Trustees of the Trust for calculating the value of the Trust&#146;s assets or delegating such
calculations to third parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Indemnity</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust may, with the prior consent of the Board of Trustees of the Trust, including a
majority of the trustees of the Trust that are not &#147;interested persons&#148; of the Trust (as defined in
Section&nbsp;2(a)(19) of the 1940 Act), indemnify the Sub-Advisor and each of the Sub-Advisor&#146;s
directors, officers, employees, agents, associates and controlling persons and the directors,
partners, members, officers, employees and agents thereof (including any individual who serves at
the Sub-Advisor&#146;s request as director, officer, partner, member, trustee or the like of another
entity) (each such person being an &#147;<U>Indemnitee</U>&#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 state 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 such
Indemnitee may be or may have been involved as a party or otherwise or with which such Indemnitee
may be or may have been threatened, while acting in any capacity set forth herein or thereafter by
reason of such Indemnitee having acted in any such capacity, except with respect to any matter as
to which such Indemnitee shall have been adjudicated not to have acted in good faith in the
reasonable belief that such Indemnitee&#146;s action was in the best interest of the Trust and
furthermore, in the case of any criminal proceeding, so long as such Indemnitee had no reasonable
cause to believe that the conduct was unlawful; provided, however, that (1)&nbsp;no Indemnitee shall be
indemnified hereunder against any liability to the Trust, the Trust&#146;s shareholders or any expense
of such Indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross
negligence or (iv)&nbsp;reckless disregard of the duties involved in the conduct of such Indemnitee&#146;s
position (the conduct referred to in such clauses (i)&nbsp;through (iv)&nbsp;being sometimes referred to
herein as &#147;<U>disabling conduct</U>&#148;), (2)&nbsp;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 Trust
and that such Indemnitee appears to have acted in good faith in the reasonable belief that such
Indemnitee&#146;s action was in the best interest of the Trust and did not involve disabling conduct by
such Indemnitee and (3)&nbsp;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 full Board
of Trustees of the Trust, including a majority of the trustees of the Trust who are not &#147;interested
persons&#148; of the Trust (as defined in Section&nbsp;2(a)(19) of the 1940 Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;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 of the Indemnitee&#146;s good faith belief that the standard of conduct necessary
for indemnification has been met and a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">written undertaking to reimburse the Trust unless it is subsequently determined that such
Indemnitee is entitled to such indemnification and if the trustees of the Trust 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)&nbsp;the Indemnitee shall provide a security for such
Indemnitee-undertaking, (B)&nbsp;the Trust shall be insured against losses arising by reason of any
unlawful advance, or (C)&nbsp;a majority of a quorum consisting of trustees of the Trust who are neither
&#147;interested persons&#148; of the Trust (as defined in Section&nbsp;2(a)(19) of the 1940 Act) nor parties to
the proceeding (&#147;<U>Disinterested Non-Party Trustees</U>&#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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All determinations with respect to indemnification hereunder shall be made (1)&nbsp;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)&nbsp;in the absence of such a decision,
by (i)&nbsp;a majority vote of a quorum of the Disinterested Non-Party Trustees of the Trust, or (ii)&nbsp;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. All determinations that advance payments
in connection with the expense of defending any proceeding shall be authorized shall be made in
accordance with the immediately preceding clause (2)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights accruing to any Indemnitee under these provisions shall not exclude any other right
to which such Indemnitee may be lawfully entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <U>Limitation on Liability</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Sub-Advisor will not be liable for any error of judgment or mistake of law or for any
loss suffered by the Advisor or by the Trust in connection with the performance of this Agreement,
except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation
for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its
part in the performance of its duties or from reckless disregard by it of its duties under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the parties hereto
acknowledge and agree that, as provided in Section&nbsp;5.1 of Article&nbsp;V of the Agreement and
Declaration of Trust, this Agreement is executed by the Trustees and/or officers of the Trust, not
individually but as such Trustees and/or officers of the Trust, and the obligations hereunder are
not binding upon any of the Trustees or Shareholders individually but bind only the estate of the
Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <U>Duration and Termination</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement shall become effective as of the date hereof and, unless sooner terminated
with respect to the Trust as provided herein, shall continue in effect for a period of two years.
Thereafter, if not terminated, this Agreement
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">shall continue in effect with respect to the Trust for successive periods of 12&nbsp;months,
provided such continuance is specifically approved at least annually by both (a)&nbsp;the vote of a
majority of the Trust&#146;s Board of Trustees or a vote of a majority of the outstanding voting
securities of the Trust at the time outstanding and entitled to vote and (b)&nbsp;by the vote of a
majority of the Trustees, who are not parties to this Agreement or interested persons (as such term
is defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose
of voting on such approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, this Agreement may be terminated by the Trust or the
Advisor at any time, without the payment of any penalty, upon giving the Sub-Advisor 60&nbsp;days&#146;
notice (which notice may be waived by the Sub-Advisor), provided that such termination by the Trust
or the Advisor shall be directed or approved by the vote of a majority of the Trustees of the Trust
in office at the time or by the vote of the holders of a majority of the voting securities of the
Trust at the time outstanding and entitled to vote, or by the Sub-Advisor on 60&nbsp;days&#146; written
notice (which notice may be waived by the Trust and the Advisor), and will terminate automatically
upon any termination of the Advisory Agreement between the Trust and the Advisor. This Agreement
will also immediately terminate in the event of its assignment. (As used in this Agreement, the
terms &#147;<U>majority of the outstanding voting securities</U>,&#148; &#147;<U>interested person</U>&#148; and
&#147;<U>assignment</U>&#148; shall have the same meanings of such terms in the 1940 Act.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <U>Notices</U>. Any notice under this Agreement shall be in writing to the other party
at such address as the other party may designate from time to time for the receipt of such notice
and shall be deemed to be received on the earlier of the date actually received or on the fourth
day after the postmark if such notice is mailed first class postage prepaid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <U>Amendment of this Agreement</U>. No provision of this Agreement may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is sought. Any amendment
of this Agreement shall be subject to the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <U>Miscellaneous</U>. The captions in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or otherwise affect
their construction or effect. If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected
thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto
and their respective successors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York for contracts to be performed entirely therein without
reference to choice of law principles thereof and in accordance with the applicable provisions of
the 1940 Act.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;16. <U>Counterparts</U>. This Agreement may be executed in counterparts by the parties
hereto, each of which shall constitute an original counterpart, and all of which, together, shall
constitute one Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page Follows&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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;IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their
duly authorized officers designated below as of the day and year first above written.
</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">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK INVESTMENT MANAGEMENT, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK UTILITY AND INFRASTRUCTURE TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>




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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.1
<SEQUENCE>5
<FILENAME>y93113aexv99whw1.htm
<DESCRIPTION>EX-99.H.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw1</TITLE>
</HEAD>
<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 (h)(1)</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BLACKROCK UTILITY AND INFRASTRUCTURE TRUST</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>COMMON SHARES OF BENEFICIAL INTEREST, PAR VALUE $0.001<BR>
PER SHARE</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</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="right" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November &#091;<B>&#149;</B>&#093;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
Citigroup Global Markets Inc.<BR>
Merrill Lynch, Pierce, Fenner &#038; Smith<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated<BR>
UBS Securities LLC<BR>
Wells Fargo Securities, LLC

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">c/o Morgan Stanley &#038; Co. LLC

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 0pt">1585 Broadway<BR>
New York, New York 10036
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Citigroup Global Markets Inc.<BR>
388 Greenwich Street<BR>
New York, New York 10013
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Merrill Lynch, Pierce, Fenner &#038; Smith<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated<BR>
One Bryant Park<BR>
New York, New York 10036
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">UBS Securities LLC<BR>
299 Park Avenue<BR>
New York, New York 10171
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Wells Fargo Securities, LLC<BR>
375 Park Avenue<BR>
New York, New York 10152
</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;BlackRock Utility and Infrastructure Trust, a Delaware statutory trust (the &#147;<B>Trust</B>&#148;), is a
newly organized, non-diversified closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the &#147;<B>Investment Company Act</B>&#148;). The Trust proposes to
issue and sell to the several Underwriters named in Schedule&nbsp;I hereto (the &#147;<B>Underwriters</B>&#148;) &#091;<B>&#149;</B>&#093;
shares of its common shares of beneficial interest, par value $0.001 per share (the &#147;<B>Firm Shares</B>&#148;).
The Trust also proposes to issue and sell to the several Underwriters not more than an additional
&#091;<B>&#149;</B>&#093; shares of its common shares of beneficial interest, par value $0.001 per share (the &#147;<B>Additional
Shares</B>&#148;) if and to the extent that you, as managers of the offering, shall have determined to
exercise, on behalf of the Underwriters, the right to purchase such shares granted to the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 1 - <!-- /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">Underwriters in Section 3 hereof. The Firm Shares and the Additional Shares are hereinafter
collectively referred to as the &#147;<B>Shares</B>.&#148; The common shares of beneficial interest, par value
$0.001 per share of the Trust to be outstanding after giving effect to the sales contemplated
hereby are hereinafter referred to as the &#147;<B>Common Shares</B>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Advisors, LLC, a Delaware limited liability company (the &#147;<B>Investment Adviser</B>&#148;), acts
as the Trust&#146;s investment adviser pursuant to an Investment Management Agreement between the
Investment Adviser and the Trust (the &#147;<B>Investment Management Agreement</B>&#148;). BlackRock Financial
Management, Inc., a Delaware corporation (&#147;<B>BFM</B>&#148;) acts as the Trust&#146;s sub-adviser pursuant to a
Sub-Investment Advisory Agreement among BFM, the Investment Adviser and the Trust (the &#147;<B>BFM
Sub-Advisory Agreement</B>&#148;). BlackRock Investment Management, LLC, a Delaware limited liability
company (&#147;<B>BIM</B>&#148;) acts as the Trust&#146;s sub-adviser pursuant to a Sub-Investment Advisory Agreement
among BIM, the Investment Adviser and the Trust (the &#147;<B>BIM Sub-Advisory Agreement</B>&#148;). Each of BFM
and BIM is referred to herein as a &#147;<B>Sub-Adviser</B>&#148; and together as the &#147;<B>Sub-Advisers</B>.&#148; The Investment
Adviser, BFM and BIM are referred to together as the &#147;<B>Advisers</B>.&#148; The BFM Sub-Advisory Agreement
and the BIM Sub-Advisory Agreement are referred to herein together as the &#147;<B>Sub-Advisory
Agreements</B>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a
notification on Form N-8A (the &#147;<B>Notification</B>&#148;) of registration of the Trust as an investment
company and a registration statement on Form N-2, including a prospectus and a statement of
additional information incorporated by reference in the prospectus, relating to the Shares. The
registration statement as amended at the time it becomes effective, including the information (if
any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule
430A under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), is hereinafter referred
to as the &#147;<B>Registration Statement</B>&#148;; the prospectus in the form first used to confirm sales of
Shares and filed with the Commission in accordance with Rule&nbsp;497 of the Securities Act, including
the statement of additional information incorporated therein by reference, is hereinafter referred
to as the &#147;<B>Prospectus</B>&#148;; any prospectus delivered to any person by the Trust, the Adviser or any
agent or affiliate thereof before such Registration Statement became effective, and any prospectus
that omitted the information included in any such Prospectus that was omitted from such
Registration Statement at the time it became effective pursuant to paragraph (b)&nbsp;of Rule&nbsp;430A that
was used after such effectiveness and prior to the execution and delivery of this Agreement,
including the statement of additional information contained therein, is herein referred to as a
&#147;<B>preliminary prospectus</B>.&#148; If the Trust has filed an abbreviated registration statement to register
additional Common Shares pursuant to Rule 462(b) under the Securities Act (the &#147;<B>Rule&nbsp;462
Registration Statement</B>&#148;), then any reference herein to the term &#147;<B>Registration Statement</B>&#148; shall be
deemed to include such Rule&nbsp;462 Registration Statement. The Investment Company Act and the
Securities Act are hereinafter referred to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /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">collectively as the &#147;<B>Acts</B>,&#148; the Investment Advisers Act of 1940, as amended, is hereinafter
referred to as the &#147;<B>Advisers Act</B>&#148; and the rules and regulations of the Commission under the Acts,
the Advisers Act and under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;) are
hereinafter referred to collectively as the &#147;<B>Rules and Regulations</B>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, &#147;<B>Omitting Prospectus</B>&#148; means any advertisement used in the
public offering of the Shares pursuant to Rule&nbsp;482 of the Rules and Regulations (&#147;<B>Rule&nbsp;482</B>&#148;) and
&#147;<B>Time of Sale Prospectus</B>&#148; means the preliminary prospectus, dated October&nbsp;26, 2011, including the
statement of additional information incorporated therein by reference, and each Omitting Prospectus
identified on Schedule&nbsp;II hereto as a Retail Omitting Prospectus, all considered together. As used
herein, the terms &#147;Registration Statement,&#148; &#147;preliminary prospectus,&#148; &#147;Time of Sale Prospectus&#148; and
&#147;Prospectus&#148; shall include the documents, if any, incorporated by reference therein, including the
statement of additional information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<I>Representations and Warranties of the Trust and the Advisers</I>. The Trust and the Advisers,
jointly and severally, represent and warrant to and agree with each of the Underwriters as of the
date hereof that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust meets the requirements for the use of Form N-2 under the Acts. The
Registration Statement has become effective under the Securities Act; no stop order
suspending the effectiveness of the Registration Statement has been issued under the
Securities Act, nor has there been any order of suspension or revocation of registration
of the Trust under the Investment Company Act pursuant to the Investment Company Act, and
no proceedings for any such purpose have been instituted or are pending before or to the
knowledge of the Trust or the Advisers threatened by the Commission, and any request on
the part of the Commission for additional information has been complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;The Registration Statement, when it became effective, did not contain and, as
amended or supplemented, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii)&nbsp;the Registration Statement and the
Prospectus comply and, as amended or supplemented, if applicable, will comply in all
material respects with the Acts and the applicable Rules and Regulations thereunder, (iii)
the Time of Sale Prospectus does not, and at the time of each sale of the Shares in
connection with the offering when the Prospectus is not yet available to prospective
purchasers did not, and at the Closing Date (as defined in Section 5), the Time of Sale
Prospectus, as then amended or supplemented, if applicable, will not, contain any untrue
statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not
misleading and (iv)&nbsp;the Prospectus does not contain
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /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; margin-left: 2%">and, as amended or supplemented, if applicable, will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading,
except that the representations and warranties set forth in this paragraph do not apply to
statements in or omissions from the Registration Statement, the Time of Sale Prospectus or
the Prospectus based upon information relating to any Underwriter furnished to the Trust
in writing by such Underwriter through you expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust has been duly formed, has a legal existence as a statutory trust and is
in good standing under the laws of the State of Delaware, has the statutory trust power
and authority to own its property and to conduct its business as described in the Time of
Sale Prospectus and the Prospectus and is duly qualified to transact business and is in
good standing in each jurisdiction in which the conduct of its business or its ownership
or leasing of property requires such qualification, except to the extent that the failure
to be so qualified or be in good standing (i)&nbsp;could reasonably be expected to have a
material adverse effect on the Trust&#146;s performance of this Agreement or the consummation
of any of the transactions herein contemplated or (ii)&nbsp;could reasonably be expected to
have a material adverse effect on the condition (financial or otherwise), business
prospects, earnings, business, operations or properties of the Trust, whether or not
arising from transactions in the ordinary course of business (&#147;Trust Material Adverse
Effect&#148;). The Trust has no subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust is registered with the Commission as a non-diversified, closed-end
management investment company under the Investment Company Act and no order of suspension
or revocation of such registration has been issued or proceedings therefor initiated or to
the knowledge of the Trust or the Advisers threatened by the Commission. No person is
serving or acting as an officer or trustee of, or investment adviser to, the Trust except
in accordance with the provisions of the Investment Company Act and the Advisers Act.
Except as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus
and the Prospectus, no trustee of the Trust is an &#147;interested person&#148; of the Trust or, to
the knowledge of the Trust or the Advisers, an &#147;affiliated person&#148; of any Underwriter
(each as defined in the Investment Company Act). For purposes of this Section&nbsp;1(d), the
Trust and each of the Advisers shall be entitled to rely on representations from such
officers and trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of this Agreement and the Investment Management Agreement, the Sub-Advisory
Agreements, the Administration and Accounting Services Agreement between BNY Mellon
Investment Servicing (US)&nbsp;Inc. and the Trust (the &#147;<B>Administration Agreement</B>&#148;),&#093; the
Custodian Agreement between The Bank of New York Mellon (the &#147;<B>Custodian</B>&#148;) and the Trust
(the &#147;<B>Custodian Agreement</B>&#148;), the Foreign
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /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; margin-left: 2%">Custody Manager Agreement between the Custodian and the Trust (the &#147;<B>Foreign Custody
Agreement</B>&#148;) and the Transfer Agency Agreement between The Bank of New York Mellon (the
&#147;<B>Transfer Agent</B>&#148;) and the Trust (the &#147;<B>Transfer Agency Agreement</B>&#148;) (the Investment
Management Agreement, the Sub-Advisory Agreements, the Administration Agreement, the
Custodian Agreement, the Foreign Custody Agreement and the Transfer Agency Agreement being
referred to herein collectively as the &#147;<B>Fundamental Agreements</B>&#148;) has been duly authorized,
executed and delivered by the Trust. Each Fundamental Agreement complies with all
applicable provisions of the Acts, the Advisers Act and the applicable Rules and
Regulations. Each Fundamental Agreement is a valid and binding agreement of the Trust,
enforceable in accordance with its terms, except as rights to indemnity and contribution
may be limited by federal or state securities laws and subject to the qualification that
the enforceability of the Fund&#146;s obligations thereunder may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and other laws relating to
or affecting creditors&#146; rights generally (whether statutory or decisional) and by general
equitable principles (regardless of whether enforcement is sought in a proceeding in
equity or at law). The Trust has adopted the Dividend Reinvestment Plan (the &#147;<B>Plan</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of (A)&nbsp;the execution and delivery by the Trust of, and the performance by
the Trust of its obligations under, this Agreement and each Fundamental Agreement or the
adoption by the Trust of the Plan, or (B)&nbsp;the issue and sale by the Trust of the Shares as
contemplated by this Agreement contravenes or will contravene (i)&nbsp;any provision of
applicable law, (ii)&nbsp;the Agreement and Declaration of Trust (the &#147;<B>Declaration</B>&#148;) and
By-laws of the Trust, (iii)&nbsp;any agreement or other instrument binding upon the Trust that
is material to the Trust or (iv)&nbsp;any judgment, order or decree of any governmental body,
agency or court having jurisdiction over the Trust, whether foreign or domestic, except in
the case of (i), (iii)&nbsp;or (iv)&nbsp;above, where such contravention does not or would not have
a Trust Material Adverse Effect. No consent, approval, authorization, order or permit of,
or qualification with, any governmental body or agency, self-regulatory organization or
court or other tribunal, whether foreign or domestic, is required for the performance by
the Trust of its obligations under this Agreement, the Fundamental Agreements or the Plan,
except such as have been obtained and as may be required by the Acts, the Advisers Act,
the Exchange Act, or the applicable Rules and Regulations, or by the securities or Blue
Sky laws of the various states and foreign jurisdictions in connection with the offer and
sale of the Shares, or such as which failure to obtain would not have a Trust Material
Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The authorized shares of beneficial interest of the Trust conforms in all
material respects to the description thereof contained in each of the Time of Sale
Prospectus and the Prospectus under the heading &#147;Description of Capital Structure&#148;, and
the Declaration and By-laws of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /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; margin-left: 2%">Trust, the Fundamental Agreements and the Plan conform in all material respects to
the descriptions thereof contained in each of the Time of Sale Prospectus and the
Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Declaration and By-laws of the Trust, the Fundamental Agreements and the Plan
comply with all applicable provisions of the Acts, the Advisers Act and the applicable
Rules and Regulations, and all approvals of such documents required under the Investment
Company Act by the Trust&#146;s shareholders and Board of Trustees have been obtained and are
in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fundamental Agreements and the Plan are in full force and effect and the
Trust is not in default thereunder, and no event has occurred which with the passage of
time or the giving of notice or both would constitute a default by the Trust thereunder,
except to the extent that such default would not, individually or in the aggregate, have a
Trust Material Adverse Effect. The Trust is not currently in breach of, or in default
under, any other written agreement or instrument to which it or its property is bound or
affected, except to the extent that such default would not have a Trust Material Adverse
Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Common Shares outstanding prior to the issuance of the Shares have been duly
authorized and are validly issued, fully paid and non-assessable (except as set forth in
Section&nbsp;3.8 of the Declaration).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Shares have been duly authorized and, when issued and delivered in accordance
with the terms of this Agreement, will be validly issued, fully paid and non-assessable
(except as set forth in Section&nbsp;3.8 of the Declaration), and the issuance of the Shares
will not be subject to any preemptive or similar rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Shares and any Common Shares outstanding prior to the issuance of the Shares
have been approved for listing on the New York Stock Exchange, subject to official notice
of issuance. The Trust&#146;s registration statement on Form 8-A under the Exchange Act is
effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each Omitting Prospectus used with the consent of the Trust (i)&nbsp;complies in all
material respects with the requirements of Rule&nbsp;482, (ii)&nbsp;does not contain any untrue
statement of a material fact or omit to state any material fact necessary to make such
information, in light of the circumstances under which it was made, not misleading, (iii)
complies in all material respects with the Acts, the Rules and Regulations and the rules
and regulations of the Financial Industry Regulatory Authority, Inc. (&#147;<B>FINRA</B>&#148;) and (iv)
was provided to you and your counsel for filing. Except for the Omitting Prospectuses
identified on Schedule&nbsp;II hereto, the Trust has not prepared, used or referred to and will
not, without your prior written consent, which consent shall not be unreasonably
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /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; margin-left: 2%">withheld, conditioned or delayed, prepare, use or refer to any prospectus or other advertising
material in reliance upon Rule&nbsp;482 of the Rules and Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The responses of the Trust to the questionnaire relating to the FINRA conduct
rules provided to the Underwriters or to counsel for the Underwriters in connection with
the letters, filings or other supplemental information provided to FINRA pursuant to
FINRA&#146;s conduct rules are true, complete and correct in all material respects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Trust intends to direct the investment of the proceeds of the offering
described in the Time of Sale Prospectus and the Prospectus in such a manner as to comply
with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#147;<B>Code</B>&#148;), and the Trust is eligible and intends to qualify as a regulated investment
company under Subchapter M of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) There has not occurred any material adverse change, or any development that could
reasonably be expected to result in a material adverse change, in the condition, financial
or otherwise, or in the earnings, business, prospects, properties or operations of the
Trust from that set forth in the Time of Sale Prospectus, and there have been no
transactions entered into by the Trust which are material to the Trust other than those in
the ordinary course of its business or as described in the Time of Sale Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There are no legal or governmental proceedings pending or, to the knowledge of
the Trust, threatened to which the Trust is a party or to which any of the properties of
the Trust is subject (i)&nbsp;other than proceedings accurately described in all material
respects in the Time of Sale Prospectus and the Prospectus and proceedings that would not
have a Trust Material Adverse Effect, or on the power or ability of the Trust to perform
its obligations under this Agreement or to consummate the transactions contemplated by the
Time of Sale Prospectus and the Prospectus or (ii)&nbsp;that are required to be described in
the Registration Statement, the Time of Sale Prospectus or the Prospectus and are not so
described; and there are no statutes, regulations, contracts or other documents that are
required to be described in the Registration Statement, the Time of Sale Prospectus or the
Prospectus or to be filed as exhibits to the Registration Statement that are not described
or filed as required by the Acts and the applicable Rules and Regulations in all material
respects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Trust has all necessary consents, authorizations, approvals, orders
(including exemptive orders), certificates and permits of and from, and has made all
declarations and filings with, all governmental authorities, self-regulatory organizations
and courts and other tribunals, whether foreign or domestic, to own and use its assets and
to conduct its
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 7 - <!-- /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; margin-left: 2%">business in the manner described in the Time of Sale Prospectus and the Prospectus,
except to the extent that the failure to obtain or file the foregoing would not have a
Trust Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Each preliminary prospectus (including the statement of additional information
incorporated therein by reference) filed as part of the Registration Statement as
originally filed or as part of any amendment thereto, or filed pursuant to Rule&nbsp;497 of the
Rules and Regulations, complied when so filed in all material respects with the Acts and
the applicable Rules and Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The statement of assets and liabilities, together with the related notes to such
statements, included in the Registration Statement, the Time of Sale Prospectus and the
Prospectus presents fairly in all material respects the financial position of the Trust as
of the date indicated and said statement has been prepared in conformity with generally
accepted accounting principles. Deloitte &#038; Touche LLP, whose report appears in the Time
of Sale Prospectus and the Prospectus and who have certified the financial statements and
supporting schedules, if any, included in the Registration Statement, is an independent
registered public accounting firm as required by the Acts and the applicable Rules and
Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) There are no material restrictions, limitations or regulations with respect to
the ability of the Trust to invest its assets as described in the Time of Sale Prospectus
and the Prospectus, other than as described therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All advertisements authorized by the Trust for use in the offering of the Shares
complied and will comply in all material respects with the requirements of the Acts, the
applicable Rules and Regulations and the rules and regulations of FINRA and there are no
such advertisements authorized by the Trust or the Advisers other than (i)&nbsp;the Omitting
Prospectuses identified in Schedule&nbsp;II hereto and (ii)&nbsp;any advertisement that complies
with Rule&nbsp;135a of the Rules and Regulations and that you have approved in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) There are no contracts, agreements or understandings between the Trust and any
person granting such person the right to require the Trust to file a registration
statement under the Securities Act with respect to any securities of the Trust or to
require the Trust to include such securities with the Shares registered pursuant to the
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The expense summary information set forth in the Time of Sale Prospectus and the
Prospectus under the caption &#147;Summary of Trust Expenses&#148; has been prepared in accordance
with the requirements of Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 8 - <!-- /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; margin-left: 2%">N-2 and any fee projections or estimates, if applicable, are reasonably based and
believed, at the time such projections or estimates were made, to be attainable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Subsequent to the respective dates as of which information is given in each of
the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i)&nbsp;the Trust
has not incurred any material liability or obligation, direct or contingent, nor entered
into any material transaction; (ii)&nbsp;the Trust has not purchased any of its outstanding
shares of beneficial interest, nor declared, paid or otherwise made any dividend or
distribution of any kind on its shares of beneficial interest (other than, in the event
this representation and warranty is made after the Closing Date, ordinary and customary
dividends declared and payable after the Closing Date); and (iii)&nbsp;there has not been any
material change in the shares of beneficial interst, short-term debt or long-term debt of
the Trust except in each case as described in each of the Registration Statement, the Time
of Sale Prospectus and the Prospectus, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Trust owns or possesses, or can acquire on reasonable terms, all material
patents, patent rights, licenses, inventions, copyrights, know-how (including trade
secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems or procedures), trademarks, service marks and trade names currently employed by it
in connection with the business now operated by it; provided that the Trust&#146;s right to use
the name &#147;BlackRock&#148; is limited as set forth in Section&nbsp;16 of the Investment Management
Agreement. The Trust does not own any intellectual property concerning the name
&#147;BlackRock.&#148; The Trust has not received any notice of infringement of or conflict with
asserted rights of others with respect to any of the foregoing which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would have a
Trust Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Trust maintains a system of internal accounting controls sufficient to
provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with
management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to
assets is permitted only in accordance with management&#146;s general or specific
authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Except as described in the Time of Sale Prospectus and the Prospectus,
since the date of the Trust&#146;s most recent audited financial statements included or
incorporated by reference in the Prospectus, there has been (i)&nbsp;no material weakness in
the Trust&#146;s internal control over financial reporting (whether or not remediated) and (ii)
no change in the Trust&#146;s internal control over
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 9 - <!-- /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; margin-left: 2%">financial reporting that has materially affected, or is reasonably likely to
materially affect, the Trust&#146;s internal control over financial reporting. The Trust
maintains &#147;disclosure controls and procedures&#148; (as such term is defined in Rule&nbsp;30a-3
under the Investment Company Act) and such disclosure controls and procedures are
effective as required by the Investment Company Act and the applicable Rules and
Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Neither the Trust nor, to the knowledge of the Trust or the Advisers, any
employee nor agent of the Trust has made any payment of funds of the Trust or received or
retained any funds on behalf of the Trust, which payment, receipt or retention is of a
character required to be disclosed in the Time of Sale Prospectus, the Prospectus or the
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To the knowledge of the Trust and the Advisers, The Bank of New York Mellon is
duly enrolled as a participant in the Fast Automated Transfer Program (FAST)&nbsp;of The
Depository Trust Company (&#147;<B>DTC</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Trust does not own any real property and the Trust does not hold under lease
any real property or buildings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Neither the Trust nor any of its subsidiaries, trustees, officers, or employees,
nor, to the Trust&#146;s knowledge, any affiliate (within the meaning of Rule&nbsp;405), agent or
representative of the Trust or of any of its subsidiaries, has taken or will take any
action in connection with the Trust in furtherance of an offer, payment, promise to pay,
or authorization or approval of the payment or giving of money, property, gifts or
anything else of value, directly or indirectly, to any &#147;government official&#148; (including
any officer or employee of a government or government-owned or controlled entity or of a
public international organization, or any person acting in an official capacity for or on
behalf of any of the foregoing, or any political party or party official or candidate for
political office) to influence official action or secure an improper advantage; and the
Trust and to the Trust&#146;s knowledge its affiliates (within the meaning of Rule&nbsp;405) have
conducted their businesses in compliance with applicable anti-corruption laws including,
without limitation, the Foreign Corrupt Practices Act of 1977, as amended (the &#147;FCPA&#148;),
and have instituted and maintain and will continue to maintain policies and procedures
designed to promote and achieve compliance with such laws and with the representation and
warranty contained herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) The operations of the Trust are and have been conducted at all times in
compliance with all applicable financial recordkeeping and reporting requirements,
including those of the Bank Secrecy Act, as amended by Title III of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 10 - <!-- /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; margin-left: 2%">Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of
jurisdictions where the Trust conducts business, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the &#147;<B>Anti-Money Laundering Laws</B>&#148;), and no
action, suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving the Trust with respect to the Anti-Money Laundering Laws
is pending or, to the knowledge of the Trust or the Advisers, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) (i)&nbsp;The Trust represents that neither the Trust nor any of its subsidiaries,
trustees, officers, employees, nor, to the Trust&#146;s or Adviser&#146;s knowledge, any affiliate
(within the meaning of Rule&nbsp;405), agent or representative of the Trust or any of its
subsidiaries, is an individual or entity (&#147;<B>Trust Person</B>&#148;) that is, or is owned or
controlled by a Trust Person that is: (A)&nbsp;the subject of any sanctions administered or
enforced by the U.S. Department of Treasury&#146;s Office of Foreign Assets Control, the United
Nations Security Council, the European Union, Her Majesty&#146;s Treasury, or other relevant
sanctions authority (collectively, &#147;<B>Sanctions</B>&#148;), nor (B)&nbsp;located, organized or resident in
a country or territory that is the subject of Sanctions (including, without limitation,
Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trust represents and covenants that it will not, directly or indirectly, use
the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other Trust Person: (A)&nbsp;to fund or
facilitate any activities or business of or with any Trust Person or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions;
or (B)&nbsp;in any other manner that will result in a violation of Sanctions by any Trust
Person (including any Trust Person participating in the offering, whether as underwriter,
advisor, investor or otherwise).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trust represents and covenants that, for the past five (5)&nbsp;years, it has
not knowingly engaged in, is not now knowingly engaged in, and will not knowingly engage
in, any dealings or transactions with any Trust Person, or in any country or territory,
that at the time of the dealing or transaction is or was the subject of Sanctions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<I>&nbsp;Representations and Warranties of the Advisers</I>. Each Adviser, severally and not jointly,
represents and warrants to and agrees with each of the Underwriters as of the date hereof that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Adviser has been duly organized, is validly existing as a limited liability
company, in the case of the Investment Adviser, as a corporation, in the case of BFM, and
as a limited liability company, in the case of BIM, each in good standing under the laws
of the jurisdiction of its
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 11 - <!-- /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; margin-left: 2%">organization, has the power and authority to own its property and to conduct its
business as described in the Time of Sale Prospectus and the Prospectus and is duly
qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good
standing (i)&nbsp;would not reasonably be expected to have a material adverse effect on such
Adviser&#146;s performance of this Agreement or the consummation of any of the transactions
herein contemplated or (ii)&nbsp;would not reasonably be expected to have a material adverse
effect on the condition (financial or otherwise), business prospects, earnings, business,
operations or properties of such Adviser, whether or not arising from transactions in the
ordinary course of business (&#147;Adviser Material Adverse Effect&#148;). Such Adviser has no
subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Adviser is duly registered as an investment adviser under the Advisers Act,
and is not prohibited by the Advisers Act or the Investment Company Act from acting under
the Investment Management Agreement as an investment adviser to the Trust as contemplated
by the Time of Sale Prospectus and the Prospectus, in the case of the Investment Adviser,
or from acting as the sub-adviser under the applicable Sub-Advisory Agreement, in the case
of a Sub-Adviser, and no order of suspension or revocation of such registration has been
issued or proceedings therefor initiated or, to the knowledge of such Adviser, threatened
by the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement and each of the Investment Management Agreement, the Sub-Advisory
Agreements, the Structuring Fee Agreement between the Investment Adviser and Morgan
Stanley &#038; Co. LLC dated November &#091;<B>&#149;</B>&#093;, 2011 and the Syndication Fee Agreement between the
Investment Adviser and Morgan Stanley &#038; Co. LLC dated November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Morgan
Stanley Fee Agreements</B>&#148;), the Structuring Fee Agreement between the Investment Adviser and
Citigroup Global Markets Inc. dated November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Citi Fee Agreement</B>&#148;), the
Structuring Fee Agreement between the Investment Adviser and Merrill Lynch, Pierce, Fenner
&#038; Smith Incorporated dated November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Merrill Lynch Fee Agreement</B>&#148;), the
Structuring Fee Agreement between the Investment Adviser and UBS Securities LLC dated
November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>UBS Fee Agreement</B>&#148;), the Structuring Fee Agreement between the
Investment Adviser and Wells Fargo Securities, LLC dated November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Wells
Fargo Fee Agreement</B>&#148;) and the Structuring Fee Agreement between the Investment Adviser and
Ameriprise Financial Services, Inc. dated November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Ameriprise Fee
Agreement</B>&#148;) (the Morgan Stanley Fee Agreements, the Citi Fee Agreement, the Merrill Lynch
Fee Agreement, the UBS Fee Agreement, the Wells Fargo Fee Agreement and the Ameriprise Fee
Agreement are referred to herein, collectively, as the &#147;<B>Fee Agreements</B>&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 12 - <!-- /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; margin-left: 2%">and the Investment Management Agreement, the Sub-Advisory Agreements and the Fee
Agreements are referred to herein, collectively, as the &#147;<B>Adviser Agreements</B>&#148;) to which
such Adviser is a party has been duly authorized, executed and delivered by such Adviser.
Each of the Adviser Agreements to which such Adviser is a party complies with all
applicable provisions of the Acts, the Advisers Act and the applicable Rules and
Regulations. Each of the Adviser Agreements to which such Adviser is a party is a valid
and binding agreement of such Adviser, enforceable in accordance with its terms, except as
rights to indemnity and contribution may be limited by federal or state securities laws
and subject to the qualification that the enforceability of such Adviser&#146;s obligations
thereunder may be limited by bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other laws relating to or affecting creditors&#146; rights generally
(whether statutory or decisional) and by general equitable principles (regardless of
whether enforcement is sought in a proceeding in equity or at law). The representations
and warranties made by the Investment Adviser in this paragraph in regards to the Fee
Agreements are made only as of the Closing Date and the Investment Adviser makes no
representation or warranty as to the enforceability of the Fee Agreements against, or as
to a conflict or breach of law or the need for any consent, approval or authorization
owing to, or as result of or arising out of the legal or regulatory status of, any
Underwriter party to such an agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery by such Adviser of, and the performance by such
Adviser of its obligations under the Adviser Agreements to which it is a party will not
contravene (i)&nbsp;any provision of applicable law or (ii)&nbsp;the operating agreement or By-laws
of such Adviser or (iii)&nbsp;any agreement or other instrument binding upon the Adviser that
is material to such Adviser or (iv)&nbsp;any judgment, order or decree of any governmental
body, agency or court having jurisdiction over such Adviser, whether foreign or domestic,
except in the case of (i), (iii)&nbsp;or (iv)&nbsp;above where such contravention would not have an
Adviser Material Adverse Effect. No consent, approval, authorization, order or permit of,
or qualification with, any governmental body or agency, self-regulatory organization or
court or other tribunal, whether foreign or domestic, is required for the performance by
such Adviser of its obligations under the Adviser Agreements to which it is a party,
except such as have been obtained and as may be required by the Acts, the Advisers Act,
the Exchange Act or the applicable Rules and Regulations, or by the securities or Blue Sky
laws of the various states and foreign jurisdictions in connection with the offer and sale
of the Shares by the Underwriters pursuant to this Underwriting Agreement, or such as
which the failure to obtain would neither have an Adviser Material Adverse Effect nor a
Trust Material Adverse Effect.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 13 - <!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no legal or governmental proceedings pending or, to the knowledge of
such Adviser, threatened to which such Adviser is a party or to which any of the
properties of such Adviser is subject (i)&nbsp;other than proceedings accurately described in
all material respects in the Time of Sale Prospectus and the Prospectus and proceedings
that would not, individually or in the aggregate, have an Adviser Material Adverse Effect,
or a material adverse effect on the power or ability of such Adviser to perform its
obligations under this Agreement or to consummate the transactions contemplated by the
Time of Sale Prospectus and the Prospectus or (ii)&nbsp;that are required to be described in
the Registration Statement or the Prospectus and are not so described; and there are no
statutes, regulations, contracts or other documents applicable to such Adviser that are
required to be described in the Registration Statement or the Prospectus or to be filed as
exhibits to the Registration Statement that are not described or filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Such Adviser has all necessary consents, authorizations, approvals, orders
(including exemptive orders), certificates and permits of and from, and has made all
declarations and filings with, all governmental authorities, self-regulatory organizations
and courts and other tribunals, whether foreign or domestic, to own and use its assets and
to conduct its business in the manner described in the Time of Sale Prospectus and the
Prospectus, except to the extent described in the Prospectus or that the failure to obtain
or file the foregoing would not have an Adviser Material Adverse Effect or a Trust
Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Such Adviser has the financial resources available to it necessary for the
performance of its services and obligations as contemplated in the Time of Sale Prospectus
and the Prospectus and by the Adviser Agreements to which it is a party .
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Investment Management Agreement and the Sub-Advisory Agreements to which such
Adviser is a party are in full force and effect and such Adviser is not in default
thereunder, and, no event has occurred which with the passage of time or the giving of
notice or both would constitute a default by such Adviser under such document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All information furnished by such Adviser for use in the Registration Statement,
the Time of Sale Prospectus and the Prospectus, including, without limitation, the
description of such Adviser, does not, and on the Closing Date will not, contain any
untrue statement of a material fact or omit to state any material fact necessary to make
such information not misleading (in the case of the Time of Sale Prospectus and
Prospectus, in light of the circumstances under which such statement was made).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 14 - <!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) There has not occurred any material adverse change, or any development involving
a prospective material adverse change, in the condition, financial or otherwise, or in the
earnings, business, business prospects, properties or operations of such Adviser from that
set forth in the Time of Sale Prospectus, and there have been no transactions entered into
by such Adviser which are material to such Adviser other than those in the ordinary course
of its business or as described in the Time of Sale Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither such Adviser nor any director, officer, employee, nor, to such Adviser&#146;s
knowledge, any agent, affiliate (within the meaning of Rule&nbsp;405) or representative of such
Adviser, has taken or will take any action in connection with the Fund in furtherance of
an offer, payment, promise to pay, or authorization or approval of the payment or giving
of money, property, gifts or anything else of value, directly or indirectly, to any
&#147;government official&#148; (including any officer or employee of a government or
government-owned or controlled entity or of a public international organization, or any
person acting in an official capacity for or on behalf of any of the foregoing, or any
political party or party official or candidate for political office) to influence official
action or secure an improper advantage; and such Adviser and its affiliates have conducted
their businesses in compliance with applicable anti-corruption laws including, without
limitation, the FCPA, and have instituted and maintain and will continue to maintain
policies and procedures designed to promote and achieve compliance with such laws and with
the representation and warranty contained herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The operations of such Adviser are and have been conducted at all times in
compliance with the Anti-Money Laundering Laws, and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving
such Adviser with respect to the Anti-Money Laundering Laws is pending or, to the
knowledge of such Adviser, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (i)&nbsp;Such Adviser represents that neither it nor any director, officer, employee,
nor, to such Adviser&#146;s knowledge, any agent, affiliate (within the meaning of Rule&nbsp;405) or
representative of such Adviser, is an individual or entity (&#147;<B>Adviser Person</B>&#148;) that is, or
is owned or controlled by an Adviser Person that is: (A)&nbsp;the subject of any Sanctions, nor
(B)&nbsp;located, organized or resident in a country or territory that is the subject of
Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea,
Sudan and Syria).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such Adviser represents and covenants that it will not, directly or indirectly,
use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other Adviser Person: (A)&nbsp;to fund or
facilitate any activities or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 15 - <!-- /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; margin-left: 2%">business of or with any Adviser Person or in any country or territory that, at the time of
such funding or facilitation, is the subject of Sanctions; or (B)&nbsp;in any other manner that
will result in a violation of Sanctions by any Adviser Person (including any Adviser
Person participating in the offering, whether as underwriter, advisor, investor or
otherwise).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Adviser represents and covenants that, for the past five (5)&nbsp;years, it has
not knowingly engaged in, is not now knowingly engaged in, and will not knowingly engage
in, any dealings or transactions with any Adviser Person, or in any country or territory,
that at the time of the dealing or transaction is or was the subject of Sanctions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<I>&nbsp;Agreements to Sell and Purchase. </I>The Trust hereby agrees to sell to the several
Underwriters, and each Underwriter, upon the basis of the representations and warranties herein
contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to
purchase from the Trust the respective numbers of Firm Shares set forth in Schedule&nbsp;I hereto
opposite its name at $19.10 a share (the &#147;<B>Purchase Price</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the basis of the representations and warranties contained in this Agreement, and subject to
its terms and conditions, the Trust agrees to sell to the Underwriters the Additional Shares, and
the Underwriters shall have the right to purchase, severally and not jointly, up to &#091;NUMBER OF
ADDITIONAL SHARES&#093; Additional Shares at the Purchase Price, less an amount per share equal to any
dividends or distributions declared by the Trust and payable on the Firm Shares but not payable on
the Additional Shares. You may exercise this right on behalf of the Underwriters in whole or from
time to time in part by giving written notice, substantially in the form of Exhibit&nbsp;C hereto, not
later than 45&nbsp;days after the date of this Agreement. Any exercise notice shall specify the number
of Additional Shares to be purchased by the Underwriters and the date on which such shares are to
be purchased. Each purchase date must be at least one business day after the written notice is
given and may not be earlier than the closing date for the Firm Shares nor later than ten business
days after the date of such notice. Additional Shares may be purchased as provided in Section 5
hereof solely for the purpose of covering over-allotments made in connection with the offering of
the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an &#147;<B>Option
Closing Date</B>&#148;), each Underwriter agrees, severally and not jointly, to purchase the number of
Additional Shares (subject to such adjustments to eliminate fractional shares as you may determine)
that bears the same proportion to the total number of Additional Shares to be purchased on such
Option Closing Date as the number of Firm Shares set forth in Schedule&nbsp;I hereto opposite the name
of such Underwriter bears to the total number of Firm Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust hereby agrees that, without the prior written consent of Morgan Stanley &#038; Co. LLC,
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, UBS Securities
LLC and Wells Fargo Securities, LLC on behalf of the Underwriters, it will not, during the period
ending 180&nbsp;days after the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 16 - <!-- /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">date of the Prospectus, (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares or
any securities convertible into or exercisable or exchangeable for Common Shares or (2)&nbsp;enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Common Shares, whether any such transaction described in clause
(1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Common Shares or such other securities, in cash or
otherwise or (3)&nbsp;file any registration statement with the Commission relating to the offering of
any Common Shares or any securities convertible into or exercisable or exchangeable for Common
Shares; provided that nothing in this paragraph shall prevent the Trust from issuing Common Shares
pursuant to the Plan. Notwithstanding the foregoing, if (x)&nbsp;during the last 17&nbsp;days of the 180-day
restricted period the Trust issues an earnings release or material news or a material event
relating to the Trust occurs, or (y)&nbsp;prior to the expiration of the 180-day restricted period, the
Trust announces that it will release earnings results during the 16-day period beginning on the
last day of the 180-day period, the restrictions imposed in this clause shall continue to apply
until the expiration of the 18-day period beginning on the issuance of the earnings release or the
occurrence of the material news or material event. The Trust will provide Morgan Stanley &#038; Co.
LLC, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, UBS
Securities LLC and Wells Fargo Securities, LLC, on behalf of the Underwriters, with prior notice of
any such announcement that gives rise to an extension of the restricted period. The agreements
contained in this paragraph shall not apply to the Shares to be sold hereunder or any Common Shares
issued pursuant to the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<i>&nbsp;Terms of Public Offering</I>. The Trust and the Advisers are advised by you that the
Underwriters propose to make a public offering of their respective portions of the Shares as soon
after the Registration Statement and this Agreement have become effective as in your judgment is
advisable. The Trust and the Advisers are further advised by you that the Shares are to be offered
to the public initially at $20.00 a share (the &#147;<B>Public Offering Price</B>&#148;), and to certain dealers
selected by you at a price that represents a concession not in excess of $&#091;0.60&#093; a share under the
Public Offering Price, and that any Underwriter may allow, and such dealers may reallow, a
concession, not in excess of $&#091;0.10&#093; a share, to any Underwriter or to certain other dealers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<I>&nbsp;Payment and Delivery. </I>Payment for the Firm Shares shall be made to the Trust in Federal or
other funds immediately available in New York City against delivery of such Firm Shares for the
respective accounts of the several Underwriters at 10:00&nbsp;A.M. (New York City time), on November
&#091;<B>&#149;</B>&#093;, 2011, or at such other time on the same or such other date, not later than &#091;10 business days
after Closing Date&#093;, as shall be designated in writing by you. The time and date of such payment
are hereinafter referred to as the &#147;<B>Closing Date</B>.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 17 - <!-- /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;Payment for any Additional Shares shall be made to the Trust in Federal or other funds
immediately available in New York City against delivery of such Additional Shares for the
respective accounts of the several Underwriters at 10:00&nbsp;A.M. (New York City time), on the date
specified in the corresponding notice described in Section 3 or at such other time on the same or
on such other date, in any event not later than &#091;45 DAYS AFTER November &#091;<B>&#149;</B>&#093;, 2011 PLUS 10 BUSINESS
DAYS&#093;, as shall be designated in writing by you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Firm Shares and Additional Shares shall be registered in such names and in such
denominations as you shall request in writing not later than one full business day prior to the
Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and
Additional Shares shall be delivered to you through the facilities of DTC on the Closing Date or an
Option Closing Date, as the case may be, for the respective accounts of the several Underwriters,
with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters
duly paid, against payment of the Purchase Price therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<I>&nbsp;Conditions to the Underwriters&#146; Obligations</I>. The respective obligations of the Trust and
the Advisers and the several obligations of the Underwriters hereunder are subject to the condition
that the Registration Statement shall have become effective not later than &#091;<B>&#149;</B>&#093; P.M. (New York City
time) on the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The several obligations of the Underwriters are subject to the following further conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsequent to the execution and delivery of this Agreement and prior to the
Closing Date or, if earlier, the dates as of which information is given in the
Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive
of any supplement thereto), (1)&nbsp;in the case of the Trust, there shall not have occurred
(A)&nbsp;any change or decrease specified in the letter or letters referred to in paragraph (i)
of this Section&nbsp;6, or (B)&nbsp;any change, or any development involving a prospective change,
in the condition, financial or otherwise, or in the earnings, business, business
prospects, properties or operations of the Trust, whether or not arising from transactions
in the ordinary course of business, from that set forth in the Time of Sale Prospectus
and, (2)&nbsp;in the case of each Adviser, there shall not have occurred any change, or any
development involving a prospective change, in the condition, financial or otherwise, or
in the earnings, business, business prospects, properties, operations, management or
personnel of the Adviser, whether or not arising from transactions in the ordinary course
of business, from that set forth in the Time of Sale Prospectus, the effect of which in
any case referred to in clause (1)&nbsp;or (2)&nbsp;above is, in the sole judgment of the
Representatives, so material and adverse and that makes it, in the Representatives&#146;
judgment, impracticable or inadvisable to market the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 18 - <!-- /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; margin-left: 2%">Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have received on the Closing Date certificates, dated the
Closing Date, of the chief executive officer and chief financial officer (or officers
acting in similar capacities) of the Trust and an executive officer of each Adviser, to
the effect (i)&nbsp;that no stop order suspending the effectiveness of the Registration
Statement is in effect, and no proceedings for such purpose are, as of the Closing Date,
pending before or, to the knowledge of the Trust or such Adviser, threatened by the
Commission, (ii)&nbsp;that the representations and warranties of the Trust or such Adviser
contained in this Agreement are true and correct as of the Closing Date, (iii)&nbsp;that the
Trust or such Adviser has complied with all of the agreements and satisfied all of the
conditions on its part to be performed or satisfied hereunder on or before the Closing
Date, and (iv)&nbsp;as set forth in Section 6(a) above, with respect to the Trust or such
Adviser, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each officer signing and delivering such a certificate may rely upon the best of his or her
knowledge as to proceedings threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Advisers and the Trust shall have performed all of their respective
obligations to be performed hereunder on or prior to the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received on the Closing Date an opinion of Skadden,
Arps, Slate, Meagher &#038; Flom LLP (&#147;<B>Skadden</B>&#148;), special counsel for the Trust, dated the
Closing Date and addressed to the Underwriters, in form and substance reasonably
satisfactory to the representatives of the Underwriters, to the effect set forth in
Exhibit&nbsp;A-1, Exhibit&nbsp;A-2 and Exhibit&nbsp;A-3 hereto,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received on the Closing Date (i)&nbsp;an opinion of
internal, counsel for the Adviser, (ii), an opinion of internal, counsel for BFM, and
(iii)&nbsp;an opinion of internal, counsel for BIM, each dated the Closing Date and addressed
to the Underwriters, in form and substance reasonably satisfactory to the representatives
of the Underwriters, to the effect respectively set forth in Exhibit&nbsp;A-4, Exhibit&nbsp;A-5 and
Exhibit&nbsp;A-6 hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received on the Closing Date the favorable opinion of
Clifford Chance US LLP (&#147;<B>Clifford Chance</B>&#148;), counsel for the Underwriters, dated the
Closing Date, and covering such matters as the Underwriters shall reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions described in Section 6(f) above, as to matters of Delaware law,
Clifford Chance may rely on the opinion of Skadden, so long as a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 19 - <!-- /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">copy of such opinion of Skadden is delivered to you and is in form and substance reasonably
satisfactory to you and your counsel, and such opinion of Skadden expressly permits reliance
thereon by Clifford Chance for purposes of rendering the foregoing opinion.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Underwriters shall have received on the Closing Date a certificate, dated as
of the Closing Date, from a duly authorized officer of each of the Custodian and the
Transfer Agent, certifying that the Custodian Agreement and the Transfer Agency Agreement,
as applicable, is in full force and effect and is a valid and binding agreement of the
Custodian or the Transfer Agent, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Underwriters shall have received on the Closing Date a certificate from a
duly authorized officer of the Adviser certifying that the Administration Agreement is in
full force and effect and is a valid and binding agreement of the Adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received, on each of the date hereof and the Closing
Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and
substance reasonably satisfactory to the Underwriters, from Deloitte &#038; Touche LLP,
independent public accountants, containing statements and information of the type
ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the
financial statements and certain financial information contained in the Registration
Statement and the Time of Sale Prospectus, <I>provided </I>that the letter delivered on the
Closing Date shall use a &#147;cut-off date&#148; not earlier than the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All filings, applications and proceedings taken by the Trust and the Advisers in
connection with the organization and registration of the Trust and the Shares under the
Acts and the applicable Rules and Regulations shall be reasonably satisfactory in form and
substance to you and counsel for the Underwriters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No action, suit, proceeding, inquiry or investigation shall have been instituted
or, to the knowledge of the Trust or the Advisers, threatened by the Commission which
would adversely affect the Trust&#146;s standing as a registered investment company under the
Investment Company Act or the standing of the Adviser or Sub-Adviser as a registered
investment adviser under the Advisers Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Shares shall have been duly authorized for listing on the New York Stock
Exchange, subject only to official notice of issuance thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) On the Closing Date, the Adviser shall deliver to each of the other parties to
the Fee Agreements copies of the Fee Agreements,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /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; margin-left: 2%">executed by such Adviser and dated the Closing Date, together with reproduced copies
of such agreements executed by the Adviser for each of the other parties thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The several obligations of the Underwriters to purchase Additional Shares hereunder are
subject to the delivery to you on the applicable Option Closing Date of such documents as you may
reasonably request with respect to the good standing of the Trust and the Advisers, the due
authorization and issuance of the Additional Shares to be sold on such Option Closing Date and
other matters related to the issuance of such Additional Shares, and officers&#146; certificates and
opinions of Skadden, internal counsel for the Investment Adviser, internal counsel for BFM,
internal counsel for BIM and Clifford Chance to the effect set forth above, except that such
certificates and opinions shall be dated as of the applicable Option Closing Date and statements
and opinions above contemplated to be given as of the Closing Date shall instead be made and given
as of such Option Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<I>&nbsp;Covenants of the Trust and the Advisers</I>. In further consideration of the agreements of the
Underwriters herein contained, the Trust and the Advisers, jointly and severally, covenant and
agree with each Underwriter as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To notify you promptly, and confirm such notice in writing, (i)&nbsp;of the
institution of any proceedings pursuant to Section 8(e) of the Investment Company Act and
(ii)&nbsp;of the happening of any event during the period mentioned in Section 7(h) below
which in the judgment of the Trust makes any statement in the Notification, the
Registration Statement the Time of Sale Prospectus, any Omitting Prospectus or the
Prospectus untrue in any material respect or which requires the making of any change in or
addition to the Notification, the Registration Statement, the Time of Sale Prospectus, any
Omitting Prospectus or the Prospectus in order to make the statements therein not
misleading in any material respect. If at any time the Commission shall issue any order
suspending the effectiveness of the Registration Statement or an order pursuant to Section
8(e) of the Investment Company Act, the Trust will make every reasonable effort to obtain
the withdrawal of such order at the earliest possible moment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To furnish to you, without charge, three signed copies of each of the
Notification and the Registration Statement (including exhibits thereto) and for delivery
to each other Underwriter a conformed copy of each of the Notification and the
Registration Statement (without exhibits thereto) and to furnish to you in New York City,
without charge, prior to 10:00&nbsp;A.M. (New York City time) on the business day next
succeeding the date of this Agreement and during the period mentioned in Section 7(e)
below, as many copies of the Time of Sale Prospectus, Prospectus and any supplements and
amendments thereto or to the Registration Statement as you may reasonably request.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before amending or supplementing the Registration Statement, the Time of Sale
Prospectus or the Prospectus, to furnish to you a copy of each such proposed amendment or
supplement and not to file any such proposed amendment or supplement to which you
reasonably object, and to file with the Commission within the applicable period specified
in Rule&nbsp;497 of the Rules and Regulations any prospectus required to be filed pursuant to
such Rule.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To furnish to you a copy of each proposed Omitting Prospectus to be prepared by
or on behalf of, used by, or referred to by the Trust and not to use or refer to any
proposed Omitting Prospectus to which you reasonably object.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Time of Sale Prospectus is being used to solicit offers to buy the Shares
at a time when the Prospectus is not yet available to prospective purchasers and any event
shall occur or condition exist as a result of which it is necessary to amend or supplement
the Time of Sale Prospectus in order that the Time of Sale Prospectus not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not
misleading, or if any event shall occur or condition exist as a result of which the Time
of Sale Prospectus conflicts with the information contained in the Registration Statement
then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to
amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith
to prepare, file with the Commission and furnish, at its own expense, to the Underwriters
and to any dealer upon request, either amendments or supplements to the Time of Sale
Prospectus so that the statements in the Time of Sale Prospectus as so amended or
supplemented will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances
under which they were made not misleading or so that the Time of Sale Prospectus, as
amended or supplemented, will no longer conflict with the Registration Statement, or so
that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable
law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust will use the net proceeds received by it from the sale of the Shares in
the manner specified in the Time of Sale Prospectus and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust and the Advisers will not take any action designed to cause or result
in the manipulation of the price of any security of the Trust to facilitate the sale of
Shares in violation of the Acts or the Exchange Act and the applicable Rules and
Regulations, or the securities or Blue Sky laws of the various states and foreign
jurisdictions in connection with the offer and sale of Shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 22 - <!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If, during such period after the first date of the public offering of the Shares
as in the opinion of counsel for the Underwriters the Prospectus is required by law to be
delivered in connection with sales by an Underwriter or dealer, any event shall occur or
condition exist as a result of which it is necessary to amend or supplement the Prospectus
in order to make the statements therein, in the light of the circumstances when the
Prospectus is delivered to a purchaser, not misleading, or if, in the opinion of counsel
for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with
applicable law, forthwith to prepare, file with the Commission and furnish, at its own
expense, to the Underwriters and to the dealers (whose names and addresses you will
furnish to the Trust) to which Shares may have been sold by you on behalf of the
Underwriters and to any other dealers upon request, either amendments or supplements to
the Prospectus so that the statements in the Prospectus as so amended or supplemented will
not, in the light of the circumstances when the Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus, as amended or supplemented, will comply with
applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To use its reasonable best efforts to maintain the Trust&#146;s qualification as a
regulated investment company under Subchapter M of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To endeavor to qualify the Shares for offer and sale under the securities or Blue
Sky laws of such jurisdictions as you shall reasonably request; <B><I>provided, however</I></B>, that
the Fund shall not be obligated to file any general consent to service of process or to
qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which
it is not so qualified or to subject itself to taxation in respect of doing business in
any jurisdiction in which it is not otherwise so subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To make generally available to the Trust&#146;s security holders and to you as soon as
practicable an earnings statement covering a period of at least twelve months beginning
with the first fiscal quarter of the Trust occurring after the date of this Agreement
which shall satisfy the provisions of Section 11(a) of the Securities Act and the Rules
and Regulations, including Rule&nbsp;158, of the Commission thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Whether or not the transactions contemplated in this Agreement are consummated or
this Agreement is terminated, to pay or cause to be paid all expenses incident to the
performance of the obligations of the Trust and the Advisers under this Agreement,
including: (i)&nbsp;the fees, disbursements and expenses of the Trust&#146;s counsel and the Trust&#146;s
accountants in connection with the registration and delivery of the Shares under the
Securities Act and all other fees or expenses in connection with the preparation and
filing of the Notification, the Registration Statement, any preliminary prospectus, the
Time of Sale
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 23 - <!-- /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; margin-left: 2%">Prospectus, the Prospectus, and any Omitting Prospectus prepared by or on behalf of,
used by, or referred to by the Trust and amendments and supplements to any of the
foregoing, including all printing costs associated therewith, and the mailing and
delivering of copies thereof to the Underwriters and dealers, in the quantities
hereinabove specified, (ii)&nbsp;all costs and expenses related to the transfer and delivery of
the Shares to the Underwriters, including any transfer or other taxes payable thereon,
(iii)&nbsp;the cost of printing or producing any Blue Sky memorandum in connection with the
offer and sale of the Shares under state securities laws and all expenses in connection
with the qualification, if any, of the Shares for offer and sale under state securities
laws as provided in Section 7(j) hereof, including filing fees and the reasonable fees
and disbursements of counsel for the Underwriters in connection with such qualification
and in connection with the Blue Sky memorandum, (iv)&nbsp;all filing fees and the reasonable
fees and disbursements of counsel to the Underwriters incurred in connection with the
review and qualification of the offering of the Shares by FINRA, (v)&nbsp;all fees and expenses
in connection with the preparation and filing of the registration statement on Form 8-A
relating to the Common Shares and all costs and expenses incident to listing the Shares on
the New York Stock Exchange, (vi)&nbsp;the cost, if any, of printing certificates representing
the Shares, (vii)&nbsp;the costs and charges of any transfer agent, registrar or depositary,
(viii)&nbsp;the costs and expenses of the Trust relating to investor presentations on any &#147;road
show&#148; undertaken in connection with the marketing of the offering of the Shares,
including, without limitation, expenses associated with the preparation or dissemination
of any electronic road show, expenses associated with production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show
presentations with the prior approval of the Trust, travel and lodging expenses of the
representatives and officers of the Trust and any such consultants, and the cost of any
aircraft chartered in connection with the road show, (ix)&nbsp;the document production charges
and expenses associated with printing this Agreement and (x)&nbsp;all other costs and expenses
incident to the performance of the obligations of the Trust hereunder for which provision
is not otherwise made in this Section. The Trust and the Investment Adviser agree that
the Trust will pay the foregoing costs and expenses incident to the performance of the
obligations of the Trust under this Agreement to the extent such costs and expenses,
together with the organizational expenses of the Trust, do not exceed, in the aggregate,
$0.04 per Share sold under this Agreement, and the Investment Adviser agrees to pay (a)
all the foregoing costs and expenses incident to the performance of the obligations of the
Fund under this Agreement that, together with the organizational expenses of the Trust,
exceed, in the aggregate, $0.04 per Share sold under this Agreement and (b)&nbsp;the foregoing
costs and expenses incident to the performance of the obligations of the Investment
Adviser under this Agreement. It is
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 24 - <!-- /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; margin-left: 2%">understood, however, that
 except as provided in this Section, Section 8 entitled
&#147;Indemnity and Contribution&#148; and the last paragraph of Section 10 below, the Underwriters
will pay all of their costs and expenses, including fees and disbursements of their
counsel, stock transfer taxes payable on resale of any of the Shares by them and any
advertising expenses connected with any offers they may make.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Trust will not declare or pay any dividend or other distribution on any of
the Common Shares unless a holder of such Common Shares that was not a holder of record
until the close of business on &#091;45 DAYS AFTER November &#091;<B>&#149;</B>&#093;, 2011 PLUS 10 BUSINESS DAYS&#093;
would be entitled to receive the full amount thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<I>&nbsp;Indemnity and Contribution. </I>(a)&nbsp;Each of the Trust and the Advisers, jointly and severally,
agrees to indemnify and hold harmless each Underwriter, its directors or trustees (as the case may
be), each person, if any, who controls any Underwriter within the meaning of either Section&nbsp;15 of
the Securities Act or Section&nbsp;20 of the Exchange Act, and the affiliates of any Underwriter within
the meaning of Rule&nbsp;405 of the Rules and Regulations that have participated as a broker/dealer or
selling agent in the offering from and against any and all losses, claims, damages and liabilities
(including, without limitation, any legal or other expenses reasonably incurred in connection with
defending or investigating any such action or claim), caused by any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement or any amendment
thereof, any Omitting Prospectus, any preliminary prospectus (including any statement of additional
information incorporated therein by reference), the Time of Sale Prospectus, or the Prospectus or
any amendment or supplement thereto, or caused by any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not
misleading (in the case of any Omitting Prospectus, preliminary prospectus, the Time of Sale
Prospectus or the Prospectus, in light of the circumstances in which they were made), except
insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or
omission or alleged untrue statement or omission based upon information relating to any Underwriter
furnished to the Trust or the Advisers in writing by such Underwriter through you expressly for use
therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold
harmless each of the Trust and the Advisers, its directors or trustees (as the case may
be), and each officer of the Trust who signs the Registration Statement and each person,
if any, who controls the Trust or any Adviser within the meaning of either Section&nbsp;15 of
the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the foregoing
indemnity from the Trust and the Advisers to such Underwriter, but only with reference to
information relating to such Underwriter furnished to the Trust or the Advisers in writing
by such Underwriter through you expressly for use in the Registration Statement,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 25 - <!-- /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; margin-left: 2%">any preliminary prospectus (including any statement of additional information
incorporated therein by reference), the Time of Sale Prospectus, any Omitting Prospectus
or Prospectus or any amendments or supplements thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to
Section 8(a) or Section&nbsp;8(b), such person (the &#147;<B>indemnified party</B>&#148;) shall promptly notify
the person against whom such indemnity may be sought (the &#147;<B>indemnifying party</B>&#148;) in writing
and the indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified party and
any others the indemnifying party may designate in such proceeding and shall pay the
reasonable fees and disbursements of such counsel related to such proceeding. In any such
proceeding, any indemnified party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such indemnified party unless
(i)&nbsp;the indemnifying party and the indemnified party shall have mutually agreed to the
retention of such counsel or (ii)&nbsp;the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and
representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that the indemnifying party
shall not, in respect of the legal expenses of any indemnified party in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for (i)&nbsp;the fees
and expenses of more than one separate firm (in addition to any local counsel) for all
Underwriters and all persons, if any, who control any Underwriter within the meaning of
either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and all persons
who are affiliates of any Underwriters within the meaning of Rule&nbsp;405 of the Rules and
Regulations that have participated as a broker/dealer in the offering, (ii)&nbsp;the fees and
expenses of more than one separate firm (in addition to any local counsel) for the Trust,
its trustees, its officers who sign the Registration Statement and each person, if any,
who controls the Trust within the meaning of either such Section, and (iii)&nbsp;the fees and
expenses of more than one separate firm (in addition to any local counsel) for the
Advisers, their directors or trustees, as the case may be, and each person, if any, who
controls any of the Advisers within the meaning of either such Section, and that all such
fees and expenses shall be reimbursed as they are incurred. In the case of any such
separate firm for the Underwriters and such control persons, agents, directors, officers
and affiliates of any Underwriters, such firm shall be designated in writing by Morgan
Stanley &#038; Co. LLC and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &#038; Smith
Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC. In the case of any such
separate firm for the Trust, and such trustees, officers and control persons of the Trust,
such firm shall be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 26 - <!-- /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; margin-left: 2%">designated in writing by the Trust. In the case of any such separate firm for the
Advisers, and such directors and control persons of the Advisers, such firm shall be
designated in writing by the Adviser. The indemnifying party shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with
such consent or if there be a final judgment for the plaintiff, the indemnifying party
agrees to indemnify the indemnified party from and against any loss or liability by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as contemplated by the second and third sentences
of this paragraph, the indemnifying party agrees that it shall be liable for any
settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement
is entered into more than 30&nbsp;days after receipt by such indemnifying party of the
aforesaid request and (ii)&nbsp;such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such settlement.
No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter
of such proceeding and does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section 8(a) or Section 8(b) is
unavailable to an indemnified party or insufficient in respect of any losses, claims,
damages or liabilities referred to therein, then each indemnifying party under such
paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Trust and the Advisers on the one hand and the Underwriters on
the other hand from the offering of the Shares or (ii)&nbsp;if the allocation provided by
clause 8(d)(i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above
but also the relative fault of the Trust and the Advisers on the one hand and of the
Underwriters on the other hand in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Trust and the Advisers on
the one hand and the Underwriters on the other hand in connection with the offering of the
Shares shall be deemed to be in the same respective proportions as the net proceeds from
the offering of the Shares (before deducting expenses) received by the Trust and the total
underwriting discounts and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 27 - <!-- /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; margin-left: 2%">commissions received by the Underwriters, in each case as set forth in the table on
the cover of the Prospectus, bear to the aggregate Public Offering Price of the Shares.
The relative fault of the Trust and the Advisers on the one hand and the Underwriters on
the other hand shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Trust or any of the Advisers
or by the Underwriters and the parties&#146; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Underwriters&#146;
respective obligations to contribute pursuant to this Section 8 are several in proportion
to the respective number of Shares they have purchased hereunder, and not joint.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust, the Advisers and the Underwriters agree that it would not be just or
equitable if contribution pursuant to this Section 8 were determined by <I>pro rata</I>
allocation (even if the Underwriters were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable considerations
referred to in Section&nbsp;8(d). The amount paid or payable by an indemnified party as a
result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 8, in
no event shall an Underwriter be required to contribute any amount in excess of the amount
by which the total underwriting discounts and commissions received by such Underwriter
with respect to the offering of the Shares exceeds the amount of any damages that such
Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 8 are not exclusive and
shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section 8 and the
representations, warranties and other statements of the Trust and each of the Advisers
contained in this Agreement shall remain operative and in full force and effect regardless
of (i)&nbsp;any termination of this Agreement, (ii)&nbsp;any investigation made by or on behalf of
any Underwriter, any person controlling any Underwriter, or any affiliate that has
participated as a broker/dealer in the offering of any Underwriter or by or on behalf of
any of the Advisers, their officers or directors or any person controlling the Advisers or
by or on behalf of the Trust, its officers
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 28 - <!-- /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; margin-left: 2%">or trustees or any person controlling the Trust and (iii)&nbsp;acceptance of and payment
for any of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Notwithstanding any other provisions in this Section&nbsp;8, no party shall be entitled to
indemnification or contribution under this Agreement in violation of Section 17(j) of the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<I>&nbsp;Termination</I>. The Underwriters may terminate this Agreement by notice given by you to the
Trust, if after the execution and delivery of this Agreement and prior to the Closing Date (i)
trading generally shall have been suspended or materially limited on, or by, as the case may be,
any of the New York Stock Exchange, the NASDAQ Stock Market, the Chicago Board of Options Exchange,
the Chicago Mercantile Exchange or the Chicago Board of Trade, (ii)&nbsp;trading of any securities of
the Trust shall have been suspended on any exchange or in any over-the-counter market, (iii)&nbsp;a
material disruption in securities settlement, payment or clearance services in the United States
shall have occurred, (iv)&nbsp;any moratorium on commercial banking activities shall have been declared
by Federal or New York State authorities, (v)&nbsp;there has been any material adverse change in the
condition, financial or otherwise, or in the earnings, business affairs or business prospects of
the Trust or the Advisers, whether or not arising in the ordinary course of business, or (vi)&nbsp;there
shall have occurred any outbreak or escalation of hostilities, or any change in financial markets
or any calamity or crisis that, in your judgment, is material and adverse and which, singly or
together with any other event specified in this clause (vi), makes it, in your judgment,
impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms
and in the manner contemplated in the Time of Sale Prospectus or the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<I>&nbsp;Effectiveness; Defaulting Underwriters</I>. This Agreement shall become effective upon the
execution and delivery hereof by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the
Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase
hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate
number of the Shares to be purchased on such date, the other Underwriters shall be obligated
severally in the proportions that the number of Firm Shares set forth opposite their respective
names in Schedule&nbsp;I bears to the aggregate number of Firm Shares set forth opposite the names of
all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase
the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to
purchase on such date; <I>provided </I>that in no event shall the number of Shares that any Underwriter
has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 10 by an
amount in excess of one-ninth of such number of Shares without the written consent of such
Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to
purchase Firm Shares and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 29 - <!-- /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">the aggregate number of Firm Shares with respect to which such default occurs is more than
one-tenth of the aggregate number of Firm Shares to be purchased on such date, and arrangements
satisfactory to you and the Trust for the purchase of such Firm Shares are not made within 36 hours
after such default, this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter or the Trust or the Advisers. In any such case either you or the Trust
shall have the right to postpone the Closing Date, but in no event for longer than seven days, in
order that the required changes, if any, in the Registration Statement, in the Time of Sale
Prospectus, in the Prospectus or in any other documents or arrangements may be effected. If, on an
Option Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional
Shares and the aggregate number of Additional Shares with respect to which such default occurs is
more than one-tenth of the aggregate number of Additional Shares to be purchased on such Option
Closing Date, the non-defaulting Underwriters shall have the option to (i)&nbsp;terminate their
obligation hereunder to purchase the Additional Shares to be sold on such Option Closing Date or
(ii)&nbsp;purchase not less than the number of Additional Shares that such non-defaulting Underwriters
would have been obligated to purchase in the absence of such default. Any action taken under this
paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of
such Underwriter under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement shall be terminated by the Underwriters, or any of them, because of any
failure or refusal on the part of the Trust or any of the Advisers to comply with the terms or to
fulfill any of the conditions of this Agreement, or if for any reason the Trust or any of the
Advisers shall be unable to perform its obligations under this Agreement, the Trust and the
Advisers, jointly and severally, will reimburse the Underwriters or such Underwriters as have so
terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses
(including the fees and disbursements of their counsel) reasonably incurred by such Underwriters in
connection with this Agreement or the offering contemplated hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<I>&nbsp;Entire Agreement</I>. (a)&nbsp;This Agreement, together with any contemporaneous written
agreements and any prior written agreements (to the extent not superseded by this Agreement) that
relate to the offering of the Shares, represents the entire agreement between the Trust, the
Advisers and the Underwriters with respect to the preparation of any preliminary prospectus, the
Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of
the Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust and the Advisers acknowledge that in connection with the offering of
the Shares: (i)&nbsp;the Underwriters have acted at arms length, are not agents of, and owe no
fiduciary duties to, the Trust, the Advisers or any other person affiliated with the Trust
or the Advisers, (ii)&nbsp;the Underwriters owe the Trust and the Advisers only those duties
and obligations set forth in this Agreement and prior written agreements (to the extent
not superseded by this Agreement), if any, and (iii)&nbsp;the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 30 - <!-- /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; margin-left: 2%">Underwriters may have interests that differ from those of the Trust and the Advisers.
The Trust and the Advisers waive to the full extent permitted by applicable law any
claims any of them may have against the Underwriters arising from an alleged breach of
fiduciary duty in connection with the offering of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<I>&nbsp;Counterparts</I>. This Agreement may be signed in two or more counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<I>&nbsp;Applicable Law</I>. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<I>&nbsp;Headings</I>. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<I>&nbsp;Waiver of Jury Trial</I>. Each of the Trust, the Adviser, the Subadviser and the Underwriters
hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<I>&nbsp;Notices</I>. All communications hereunder shall be in writing and effective only upon receipt
and if to the Underwriters shall be delivered, mailed or sent to you in care of: Morgan Stanley &#038;
Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to
the Legal Department; Citigroup Global Markets Inc. General Counsel (fax no.: (212)&nbsp;816-7912) and
confirmed to the General Counsel, Citigroup Global Markets Inc., at 388 Greenwich Street, New York,
New York 10013, Attention: General Counsel; Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, One
Bryant Park, New York, New York 10036, Attention: Syndicate Department, with a copy to the ECM
Legal Department; UBS Securities LLC, 299 Park Avenue, New York, New York 10171, Attention &#091;<B>&#149;</B>&#093; and
Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152, Attention &#091;<B>&#149;</B>&#093;; if to the
Trust, the Adviser or a Sub-Adviser, shall be delivered, mailed or sent to &#091;<B>&#149;</B>&#093;, Attention: &#091;<B>&#149;</B>&#093;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Remainder of page intentionally left blank</I>&#093;
</DIV>


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

<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><BR>
BLACKROCK UTILITY AND<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFRASTRUCTURE TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK FINANCIAL<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLACKROCK INVESTMENT<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<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">Accepted as of the date hereof
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
Citigroup Global Markets Inc.<BR>
Merrill Lynch, Pierce, Fenner &#038; Smith<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated<BR>
UBS Securities LLC<BR>
Wells Fargo Securities, LLC

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acting severally on behalf of themselves and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the several Underwriters named in<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule&nbsp;I hereto

</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">By:</TD>
    <TD>&nbsp;</TD>
    <TD>Morgan Stanley &#038; Co. LLC</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<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">By:</TD>
    <TD>&nbsp;</TD>
    <TD>Citigroup Global Markets Inc.</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
   <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>

</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<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">By:</TD>
    <TD>&nbsp;</TD>
    <TD>Merrill Lynch, Pierce, Fenner &#038; Smith<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<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="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">By:</TD>
    <TD>&nbsp;</TD>
    <TD>UBS Securities LLC</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>

</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<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">By:</TD>
    <TD>&nbsp;</TD>
    <TD>Wells Fargo Securities, LLC</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
   <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>

</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jerry Raio&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<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="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE I</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Firm</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares To Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Underwriter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley &#038; Co. LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Global Markets Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Merrill Lynch, Pierce, Fenner &#038; Smith
Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UBS Securities LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wells Fargo Securities, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Ameriprise Financial Services, Inc.<BR>

&#091;Other Underwriters&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Sch. I
</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="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE II</B>
</DIV>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retail Omitting Prospectus:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investor Guide dated October&nbsp;26, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following documents labeled &#147;<I>For Registered Representative Use Only</I>&#148;:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Advisor Guide dated October&nbsp;26, 2011.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Sch. II
</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="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE III</B>
</DIV>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Price per share to the Public: $20.00</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number of Shares Sold: &#091;<B>&#149;</B>&#093;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number of Additional Shares: &#091;<B>&#149;</B>&#093;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Sch. III
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.2
<SEQUENCE>6
<FILENAME>y93113aexv99whw2.htm
<DESCRIPTION>EX-99.H.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw2</TITLE>
</HEAD>
<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 (h)(2)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Morgan Stanley &#038; Co. Incorporated</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF MASTER AGREEMENT AMONG UNDERWRITERS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REGISTERED SEC OFFERINGS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(INCLUDING MULTIPLE SYNDICATE OFFERINGS)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AND</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EXEMPT OFFERINGS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(OTHER THAN OFFERINGS OF MUNICIPAL SECURITIES)</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">April&nbsp;1, 2009
</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;This Master Agreement Among Underwriters (this &#147;<B>Master AAU&#148;), </B>dated as of April&nbsp;1,
2009, is by and between Morgan Stanley &#038; Co. Incorporated (&#147;<B><I>Morgan Stanley,&#148; </I></B>or &#147;<B>we</B>&#148;) and the
party named on the signature page hereof (an &#147;<B>Underwriter</B>,&#148; as defined in Section&nbsp;1.1 hereof,
or &#147;<B>you</B>&#148;). From time to time we or one or more of our affiliates may invite you (and others)
to participate on the terms set forth herein as an underwriter or an initial purchaser, or in
a similar capacity, in connection with certain offerings of securities that are managed solely
by us or with one or more other co-managers. If we invite you to participate in a specific
offering and sale of securities (an &#147;<B>Offering</B>&#148;) to which this Master AAU will apply, we will
send the information set forth in Section&nbsp;1.1 hereof to you by one or more wires, telexes,
telecopy or electronic data transmissions, or other written communications (each, a &#147;<B>Wire</B>,&#148;
and collectively, an &#147;<B>AAU</B>&#148;), unless you are otherwise deemed to have accepted an AAU with
respect to such Offering pursuant to Section&nbsp;1.2 hereof. Each Wire will indicate that it is a
Wire pursuant to this Master AAU. The Wire inviting you to participate in an Offering is
referred to herein as an &#147;<B>Invitation Wire.</B>&#148; You and we hereby agree that by the terms hereof
the provisions of this Master AAU automatically will be incorporated by reference in each AAU,
<B>except that any such AAU may also exclude or revise such provisions of this Master AAU in
respect of the Offering to which such AAU relates, and may contain such additional provisions
as may be specified in any Wire relating to such AAU. You and we further agree as follows:</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>I. GENERAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>1.1. Terms of AAU; Certain Definitions; Construction. </I></B>Each AAU will relate to an
Offering, and will identify: (i)&nbsp;the securities to be offered in the Offering (the
&#147;<B>Securities</B>&#148;), their principal terms, the issuer or issuers (each, an &#147;<B>Issuer</B>&#148;) and any
guarantor (each, a &#147;<B>Guarantor</B>&#148;) thereof, and, if different from the Issuer, the seller or
sellers (each, a &#147;<B>Seller</B>&#148;) of the Securities, (ii)&nbsp;the underwriting agreement, purchase
agreement, standby underwriting agreement, distribution agreement, or similar agreement (as
identified in such AAU and as amended or supplemented, including a terms agreement or pricing
agreement pursuant to any of the foregoing, collectively, the &#147;<B>Underwriting Agreement&#148;)</B>
providing for the purchase, on a several and not joint basis, of the Securities by the several
underwriters, initial purchasers, or others acting in a similar capacity (the &#147;<B>Underwriters</B>&#148;)
on whose behalf the Manager (as defined below) executes the Underwriting Agreement, and
whether such agreement provides for: (x)&nbsp;an option to purchase Additional Securities (as
defined below) to cover over-allotments, or (y)&nbsp;an offering in multiple jurisdictions or
markets involving two or more syndicates (an &#147;<B>International Offering&#148;), </B>each of which will
offer and sell Securities subject to such restrictions as may be specified in any
Intersyndicate Agreement (as defined below) referred to in such AAU, (iii)&nbsp;the price at which
the Securities are to be purchased by the several Underwriters from any Issuer or Seller
thereof (the &#147;<B>Purchase Price&#148;), </B>(iv)&nbsp;the offering terms, including, if applicable, the price
or prices at which the Securities initially will be offered by the Underwriters (the &#147;<B>Offering
Price&#148;), </B>any selling concession to dealers (the &#147;<B>Selling Concession&#148;), </B>reallowance (the
&#147;<B>Reallowance</B>&#148;), management fee, global coordinators&#146; fee, praecipium, or other similar fees,
discounts, or commissions (collectively, the &#147;<B>Fees and Commissions&#148;) </B>with respect to the
Securities, and (v)&nbsp;other principal terms of the Offering, which may include, without
limitation: (A)&nbsp;the proposed or actual pricing date (&#147;<B>Pricing Date&#148;) </B>and settlement date (the
&#147;<B>Settlement Date&#148;), </B>(B)&nbsp;any contractual restrictions on the offer and sale of the Securities
pursuant to the Underwriting Agreement, Intersyndicate Agreement, or otherwise, (C)&nbsp;any
co-managers for such Offering (the &#147;<B>Co-Managers</B>&#148;), (D)&nbsp;your proposed
</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">participation in the Offering, and (E)&nbsp;any trustee, fiscal agent, or similar agent (the &#147;<B>Trustee</B>&#148;)
for the indenture, trust agreement, fiscal agency agreement, or similar agreement (the &#147;<B>Indenture</B>&#148;)
under which such Securities will be issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Manager</B>&#148; means Morgan Stanley, except as set forth in Section&nbsp;9.9 hereof.
&#147;<B>Representative</B>&#148; means the Manager and any Co-Manager that signs the applicable Underwriting
Agreement on behalf of the Underwriters or is identified as a Representative in the applicable
Underwriting Agreement. &#147;<B>Underwriters</B>&#148; includes the Representative(s), the Manager, and the
Co-Managers. &#147;<B>Firm Securities&#148; </B>means the number or amount of Securities that the several
Underwriters are initially committed to purchase under the Underwriting Agreement (which may
be expressed as a percentage of an aggregate number or amount of Securities to be purchased by
the Underwriters, as in the case of a standby Underwriting Agreement). &#147;<B>Additional Securities&#148;</B>
means the Securities, if any, that the several Underwriters have an option to purchase under
the Underwriting Agreement to cover over-allotments. The number, amount, or percentage of Firm
Securities set forth opposite each Underwriter&#146;s name in the Underwriting Agreement plus any
additional Firm Securities which such Underwriter has made a commitment to purchase,
irrespective of whether such Underwriter actually purchases or sells such number, amount, or
percentage of Securities under the Underwriting Agreement or Article&nbsp;XI hereof, is hereinafter
referred to as the &#147;<B>Original Underwriting Obligation&#148; </B>of such Underwriter, and the ratio which
such Original Underwriting Obligation bears to the total of all Firm Securities set forth in
the Underwriting Agreement (or, in the case of a standby Underwriting Agreement, to 100%) is
hereinafter referred to as the &#147;<B>Underwriting Percentage&#148; </B>of such Underwriter. For the
avoidance of doubt, each Underwriter acknowledges and agrees that, for all purposes under this
Agreement and otherwise (including, to the extent applicable, for purposes of Section 11(e)
under the U.S. Securities Act of 1933 (the &#147;<B>1933 Act&#148;)), </B>each Underwriter&#146;s Underwriting
Percentage of the total number, amount, or percentage of Securities offered and sold in the
Offering (including any Additional Securities), and only such number, amount, or percentage,
constitutes the securities underwritten by such Underwriter and distributed to investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References herein to laws, statutory and regulatory sections, rules, regulations, forms,
and interpretive materials will be deemed to include any successor provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>1.2. Acceptance of AAU. </I></B>You will have accepted an AAU for an Offering if: (a)&nbsp;we receive
your acceptance, prior to the time specified in the Invitation Wire for such Offering, by
wire, telex, telecopy or electronic data transmission, or other written communication (any
such communication being deemed &#147;<B>In Writing&#148;) </B>or orally (if promptly confirmed In Writing), in
the manner specified in the Invitation Wire, of our invitation to participate in the Offering,
or (b)&nbsp;notwithstanding that we did not send you an Invitation Wire or you have not otherwise
responded In Writing to any such Wire, you: (i)&nbsp;agree (orally or by a Wire) to be named as an
Underwriter in the relevant Underwriting Agreement executed by us as Manager, or (ii)&nbsp;receive
and retain an economic benefit for participating in the Offering as an Underwriter. Your
acceptance of the invitation to participate will cause such AAU to constitute a valid and
binding contract between us. Your acceptance of the AAU as provided above or an Invitation
Wire will also constitute acceptance by you of the terms of subsequent Wires to you relating
to the Offering unless we receive In Writing, within the time and in the manner specified in
such subsequent Wire, a notice from you to the effect that you do not accept the terms of such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">subsequent Wire, in which case you will be deemed to have elected not to participate in the
Offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>1.3. Underwriters&#146; Questionnaire. </I></B>Your acceptance of the Invitation Wire for an Offering
or your participation in an Offering as an Underwriter will confirm that you have no
exceptions to the Underwriters&#146; Questionnaire attached as Exhibit&nbsp;A hereto (or to any other
questions addressed to you in any Wires relating to the Offering previously sent to you),
other than exceptions noted by you In Writing in connection with the Offering and received
from you by us before the time specified in the Invitation Wire or any subsequent Wire.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>II. OFFERING MATERIALS; OFFERING AGREEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2.1. Registered Offerings. </I></B>In the case of an Offering that will be registered in whole or
in part (a &#147;<B>Registered Offering&#148;) </B>under the 1933 Act, you acknowledge that the Issuer has
filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a registration statement,
including a prospectus relating to the Securities. &#147;<B>Registration Statement&#148; </B>means such
registration statement as amended to the effective date of the Underwriting Agreement and, in
the event that the Issuer files an abbreviated registration statement to register additional
Securities pursuant to Rule 462(b) or 462(e) under the 1933 Act, such abbreviated registration
statement. &#147;<B>Prospectus</B>&#148; means the prospectus, together with the final prospectus supplement,
if any, containing the final terms of the Securities and, in the case of a Registered Offering
that is an International Offering, &#147;<B>Prospectus</B>&#148; means, collectively, each prospectus or
offering circular, together with each final prospectus supplement or final offering circular
supplement, if any, relating to the Offering, in the respective forms containing the final
terms of the Securities. &#147;<B>Preliminary Prospectus&#148; </B>means any preliminary prospectus relating to
the Offering or any preliminary prospectus supplement together with a prospectus relating to
the Offering and, in the case of a Registered Offering that is an International Offering,
&#147;<B>Preliminary Prospectus&#148; </B>means, collectively, each preliminary prospectus or preliminary
offering circular relating to the Offering or each preliminary prospectus supplement or
preliminary offering circular supplement, together with a prospectus or offering circular,
respectively, relating to the Offering. &#147;<B>Free Writing Prospectus&#148; </B>means, in the case of a
Registered Offering, a &#147;<B>free writing prospectus</B>&#148; as defined in Rule&nbsp;405 under the 1933 Act. As
used herein the terms &#147;<B>Registration Statement,&#148; </B>&#147;<B>Prospectus</B>,&#148; &#147;<B>Preliminary Prospectus,&#148; </B>and
&#147;<B>Free Writing Prospectus&#148; </B>will include in each case the material, if any, incorporated by
reference therein, and as used herein, the term &#147;<B>Registration Statement&#148; </B>includes information
deemed to be part thereof pursuant to, and as of the date and time specified in, Rules&nbsp;430A,
430B, or 430C under the 1933 Act, while the terms &#147;<B>Prospectus</B>&#148; and &#147;<B>Preliminary Prospectus&#148;</B>
include information deemed to be a part thereof pursuant to the rules and regulations under
the 1933 Act, but only as of the actual time that information is first used or filed with the
Commission pursuant to Rule 424(b) under the 1933 Act. The Manager will furnish, make
available to you, or make arrangements for you to obtain copies (which may, to the extent
permitted by law, be in electronic form) of each Prospectus and Preliminary Prospectus (as
amended or supplemented, if applicable, but excluding, for this purpose, unless otherwise
required pursuant to rules or regulations under the 1933 Act, documents incorporated therein
by reference) as soon as practicable after sufficient quantities thereof have been made
available by the Issuer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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;As used herein, in the case of an Offering that is an offering of asset-backed
securities, the term &#147;<B>ABS Underwriter Derived Information&#148; </B>means any analytical or
computational materials as described in clause (5)&nbsp;of footnote 271 of Commission Release No.
33-8591, issued July&nbsp;19, 2005 (Securities Offering Reform) (the &#147;<B>Securities Offering Reform
Release&#148;)</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2.2. Non-Registered Offerings. </I></B>In the case of an Offering other than a Registered
Offering, you acknowledge that no registration statement has been filed with the Commission.
&#147;<B>Offering Circular&#148; </B>means the final offering circular or memorandum, if any, or any other
final written materials authorized by the Issuer to be used in connection with an Offering
that is not a Registered Offering. &#147;<B>Preliminary Offering Circular&#148; </B>means any preliminary
offering circular or memorandum, if any, or any other written preliminary materials authorized
by the Issuer to be used in connection with such an Offering. As used herein, the terms
&#147;<B>Offering Circular&#148; </B>and &#147;<B>Preliminary Offering Circular&#148; </B>include the material, if any,
incorporated by reference therein. We will either, as soon as practicable after the later of
the date of the Invitation Wire or the date made available to us by the Issuer, furnish to you
(or make available for your review) a copy of any Preliminary Offering Circular or any proof
or draft of the Offering Circular. In any event, in any Offering involving an Offering
Circular, the Manager will furnish, make available to you, or make arrangements for you to
obtain, as soon as practicable after sufficient quantities thereof are made available by the
Issuer, copies (which may, to the extent permitted by law, be in electronic form) of the
Preliminary Offering Circular and Offering Circular, as amended or supplemented, if applicable
(but excluding, for this purpose, documents incorporated therein by reference).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>2.3. Authority to Execute Underwriting and Intersyndicate Agreements. </I></B>You authorize the
Manager, on your behalf: (a)&nbsp;to determine the form of the Underwriting Agreement and to
execute and deliver to the Issuer, Guarantor, or Seller the Underwriting Agreement to
purchase: (i)&nbsp;up to the number, amount, or percentage of Firm Securities set forth in the
applicable AAU, and (ii)&nbsp;if the Manager elects on behalf of the several Underwriters to
exercise any option to purchase Additional Securities, up to the number, amount, or percentage
of Additional Securities set forth in the applicable AAU, subject, in each case, to reduction
pursuant to Article&nbsp;IV; and (b)&nbsp;to determine the form of any agreement or agreements,
including, but not limited to, underwriting agreements, between or among the syndicates
participating in the Offering or International Offering, respectively (each, an
&#147;<B>Intersyndicate Agreement&#148;), </B>and to execute and deliver any such Intersyndicate Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>III. MANAGER&#146;S AUTHORITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.1. Terms of Offering. </I></B>You authorize the Manager to act as manager of the Offering of the
Securities by the Underwriters (the &#147;<B>Underwriters</B>&#146; <B>Securities&#148;) </B>or by the Issuer or Seller pursuant to delayed delivery contracts (the
&#147;<B>Contract Securities&#148;), </B>if any, contemplated by the Underwriting Agreement. You authorize the
Manager: (i)&nbsp;to purchase any or all of the Additional Securities for the accounts of the several
Underwriters pursuant to the Underwriting Agreement, (ii)&nbsp;to agree, on your behalf and on behalf of
the Co-Managers, to any addition to, change in, or waiver of any provision of, or the termination
of, the Underwriting Agreement or any Intersyndicate Agreement (other than an increase in the
Purchase Price or in your Original Underwriting Obligation to purchase Securities, in either case
from that contemplated by the applicable AAU), (iii)&nbsp;to add prospective or remove existing
Underwriters from the syndicate, (iv)&nbsp;to exercise, in the Manager&#146;s discretion, all of the
authority vested in the Manager in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">Underwriting Agreement, (v)&nbsp;except as described below in this Section&nbsp;3.1, to take any other action
as may seem advisable to the Manager in respect of the Offering (including, in the case of an
Offering of asset-backed securities, the preparation and delivery of ABS Underwriter Derived
Information), including actions and communications with the Commission, the Financial Industry
Regulatory Authority (&#147;<B>FINRA</B>,&#148; formerly known as the National Association of Securities Dealers,
Inc., and NASD, Inc., or &#147;<B>NASD</B>&#148;), state blue sky or securities commissions, stock exchanges, and
other regulatory bodies or organizations. Furthermore, the Manager will have exclusive authority,
on your behalf and on behalf of the Co-Managers, to exercise powers and pursue enforcement of the
terms and conditions of the Underwriting Agreement and any Intersyndicate Agreement, whether or not
actually exercised, except as otherwise specified herein or therein. If, in accordance with the
terms of the applicable AAU, the Offering of the Securities is at varying prices based on
prevailing market prices, or prices related to prevailing market prices, or at negotiated prices,
you authorize the Manager to determine, on your behalf in the Manager&#146;s discretion, any Offering
Price and the Fees and Commissions applicable to the Offering from time to time. You authorize the
Manager on your behalf to arrange for any currency transactions (including forward and hedging
currency transactions) as the Manager may deem necessary to facilitate settlement of the purchase
of the Securities, but you do not authorize the Manager on your behalf to engage in any other
forward or hedging transactions (including interest rate hedging transactions) in connection with
the Offering unless such transactions are specified in an applicable AAU or are otherwise consented
to by you. You further authorize the Manager, subject to the provisions of Section&nbsp;1.2 hereof: (i)
to vary the offering terms of the Securities in effect at any time, including, if applicable, the
Offering Price, Fees, and Commissions set forth in the applicable AAU, (ii)&nbsp;to determine, on your
behalf, the Purchase Price, and (iii)&nbsp;to increase or decrease the number, amount, or percentage of
Securities being offered. Notwithstanding the foregoing provisions of this Section&nbsp;3.1, the Manager
will notify the Underwriters, prior to the signing of the Underwriting Agreement, of any provision
in the Underwriting Agreement that could result in an increase in the number, amount, or percentage
of Firm Securities set forth opposite each Underwriter&#146;s name in the Underwriting Agreement by more
than 25% (or such other percentage as will have been specified in the applicable Invitation Wire or
otherwise consented to by you) as a result of the failure or refusal of another Underwriter or
Underwriters to perform its or their obligations thereunder. The Manager may, at its discretion,
delegate to any Underwriter any and all authority vested in the applicable AAU, including, but not
limited to, the powers set forth in Sections&nbsp;5.1 and 5.2 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.2. Offering Date. </I></B>The Offering is to be made on or about the time the Underwriting
Agreement is entered into by the Issuer, Guarantor, or Seller and the Manager as in the
Manager&#146;s judgment is advisable, on the terms and conditions set forth in the Prospectus or
the Offering Circular, as the case may be, and the applicable AAU. You will not sell any
Securities prior to the time the Manager releases such Securities for sale to purchasers. The
date on which such Securities are released for sale is referred to herein as the &#147;<B>Offering
Date.</B>&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.3. Communications. </I></B>Any public announcement or advertisement of the Offering will be
made by the Manager on behalf of the Underwriters on such date as the Manager may determine.
You will not announce or advertise the Offering prior to the date of the Manager&#146;s
announcement or advertisement thereof without the Manager&#146;s consent. If the Offering is made
in whole or in part in reliance on any applicable exemption from registration under the 1933
Act, you will not engage in any general solicitation, announcement, or advertising in
connection with
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">the Offering, and will abide by any other restrictions in the AAU or the Underwriting Agreement in
connection therewith relating to any announcement, advertising, or publicity. Any announcement or
advertisement you may make of the Offering after such date will be your own responsibility, and at
your own expense and risk. In addition to your compliance with restrictions on the Offering
pursuant to Sections&nbsp;10.9, 10.10, 10.11, and 10.12 hereof, you will not, in connection with the
offer and sale of the Securities in the Offering, without the consent of the Manager, give, send,
or otherwise convey to any prospective purchaser or any purchaser of the Securities or other person
not in your employ any written communication (as defined in Rule&nbsp;405 under the 1933 Act) other
than:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Preliminary Prospectus, Prospectus, Preliminary Offering Circular, or Offering
Circular,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A)&nbsp;written confirmations and notices of allocation delivered to your customers in
accordance with Rules&nbsp;172 or 173 under the 1933 Act, and written communications based on the
exemption provided by Rule&nbsp;134 under the 1933 Act, and (B)&nbsp;in the case of Offerings not registered
under the 1933 Act, such written communications (1)&nbsp;as would be permitted by Section&nbsp;3.3(v)(D)(1)
below were such Offering registered under the 1933 Act, or (2)&nbsp;that the Manager or Underwriting
Agreement may permit; <I>provided, however, </I>that such written communication under this clause (B)
would not have otherwise constituted &#147;<B>Issuer Information&#148; </B>as defined below, or would have qualified
for the exemption provided by Rule&nbsp;134 under the 1933 Act, in each case, if such communication had
been furnished in the context of a Registered Offering (&#147;<B>Supplemental Materials&#148;),</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
&#147;<B>issuer free writing prospectus</B>&#148; (as defined in Rule 433(h) under the 1933 Act, an &#147;<B>Issuer Free
Writing Prospectus&#148;), </B>so long as such issuance or use has been permitted or consented to by the
Issuer and the Manager,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) information contained in any computational materials, or in the case
of an Offering of asset backed securities, the ABS Underwriter Derived Information, or any other offering materials not constituting a Free
Writing Prospectus concerning the Offering, the Issuer, the Guarantor, or the Seller, in
each case, prepared by or with the permission of the Manager for use by the Underwriters
in connection with the Offering, and, in the case of a Registered Offering, filed (if
required) with the Commission or FINRA, as applicable, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a Free Writing Prospectus
prepared by or on behalf of, or used or referred to by, an Underwriter in connection with
the Offering, so long as: (A)&nbsp;such Free Writing Prospectus is not required to be filed
with the Commission, (B)&nbsp;the proposed use of such Free Writing Prospectus is permitted by
the Underwriting Agreement, (C)&nbsp;such Free Writing Prospectus complies with the legending
condition of Rule&nbsp;433 under the 1933 Act, and you comply with the record-keeping
condition of Rule&nbsp;433, and (D) (1)&nbsp;such Free Writing Prospectus contains only information
describing the preliminary terms of the Securities and other pricing data that is not
&#147;<B>Issuer Information&#148; </B>(as defined in Rule&nbsp;433(h)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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; margin-left: 4%">under the 1933 Act, including footnote 271 of the Securities Offering Reform Release), or
(2)&nbsp;the Issuer has agreed in the Underwriting Agreement to file a final term sheet under
Rule&nbsp;433 within the time period necessary to avoid a requirement for any Underwriter to
file the Free Writing Prospectus to be used by such Underwriter, and the Free Writing
Prospectus used by such Underwriter contains only information describing the terms of the
Securities or their offering that is included in such final term sheet of the Issuer and
other pricing data that is not Issuer Information (a Free Writing Prospectus meeting the
requirements of (A)&nbsp;through (D)&nbsp;above used, or referred to by you, is referred to herein
as an &#147;<B>Underwriter Free Writing Prospectus&#148; </B>of yours). Without limiting the foregoing,
any Underwriter Free Writing Prospectus that you use or refer to will not be distributed
by you or on your behalf in a manner reasonably designed to lead to its broad
unrestricted dissemination. You will comply in all material respects with the applicable
requirements of the 1933 Act and the rules and regulations thereunder in connection with
your use of any Underwriter Free Writing Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any advertisement or written information published, given, sent, or otherwise conveyed by
you in violation of this Section&nbsp;3.3 is referred to as &#147;<B>Unauthorized Material.</B>&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.4. Institutional and Retail Sales. </I></B>You authorize the Manager to sell to institutions
and retail purchasers such Securities purchased by you pursuant to the Underwriting Agreement
as the Manager will determine. The Selling Concession on any such sales will be credited to
the accounts of the Underwriters as the Manager will determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.5. Sales to Dealers. </I></B>You authorize the Manager to sell to Dealers (as defined below)
such Securities purchased by you pursuant to the Underwriting Agreement as the Manager will
determine. A &#147;<B>Dealer</B>&#148; will be a person who is: (a)&nbsp;a broker or dealer (as defined by FINRA)
actually engaged in the investment banking or securities business, and (i)&nbsp;a member in good
standing of FINRA, or (ii)&nbsp;a non-U.S. bank, broker, dealer, or other institution not eligible
for membership in FINRA that, in the case of either clause (a)(i) or (a)(ii), makes the
representations and agreements applicable to such institutions contained in Section&nbsp;10.5
hereof, or (b)&nbsp;in the case of Offerings of Securities that are exempt securities under Section
3(a)(12) of the Securities Exchange Act of 1934 (the &#147;<B>1934 Act&#148;), </B>and such other Securities as
from time to time may be sold by a &#147;<B>bank</B>&#148; (as defined in Section&nbsp;3(a)(6) of the 1934 Act (a
&#147;<B>Bank</B>&#148;)), a Bank that is not a member of FINRA and that makes the representations and
agreements applicable to such institutions contained in Section&nbsp;10.5 hereof. If the price for
any such sales by the Manager to Dealers exceeds an amount equal to the Offering Price less
the Selling Concession set forth in the applicable AAU, the amount of such excess, if any,
will be credited to the accounts of the Underwriters as the Manager will determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.6. Direct Sales. </I></B>The Manager will advise you promptly, on the Offering Date, as to the
Securities purchased by you pursuant to the Underwriting Agreement that you will retain for
direct sale. At any time prior to the termination of the applicable AAU, any such Securities
that are held by the Manager for sale but not sold may, on your request and at the Manager&#146;s
discretion, be released to you for direct sale, and Securities so released to you will no
longer be deemed held for sale by the Manager. You may allow, and Dealers may reallow, a
discount on
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">sales to Dealers in an amount not in excess of the Reallowance set forth in the applicable AAU. You
may not purchase Securities from, or sell Securities to, any other Underwriter or Dealer at any
discount or concession other than the Reallowance, except with the prior consent of the Manager.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.7. Release of Unsold Securities. </I></B>From time to time prior to the termination of the
applicable AAU, at the request of the Manager, you will advise the Manager of the number or
amount of Securities remaining unsold which were retained by or released to you for direct
sale, and of the number or amount of Securities and Other Securities (as defined below)
purchased for your account remaining unsold which were delivered to you pursuant to Article&nbsp;V
hereof or pursuant to any Intersyndicate Agreement, and, on the request of the Manager, you
will release to the Manager any such Securities and Other Securities remaining unsold: (a)&nbsp;for
sale by the Manager to institutions, Dealers, or retail purchasers, (b)&nbsp;for sale by the Issuer
or Seller pursuant to delayed delivery contracts, or (c)&nbsp;if, in the Manager&#146;s opinion, such
Securities or Other Securities are needed to make delivery against sales made pursuant to
Article&nbsp;V hereof or any Intersyndicate Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>3.8. International Offerings. </I></B>In the case of an International Offering, you authorize the
Manager: (i)&nbsp;to make representations on your behalf as set forth in any Intersyndicate
Agreement, and (ii)&nbsp;to purchase or sell for your account pursuant to the Intersyndicate
Agreement: (a)&nbsp;Securities, (b)&nbsp;any other securities of the same class and series, or any
securities into which the Securities may be converted or for which the Securities may be
exchanged or exercised, and (c)&nbsp;any other securities designated in the applicable AAU or
applicable Intersyndicate Agreement (the securities referred to in clauses (b)&nbsp;and (c)&nbsp;above
being referred to collectively as the &#147;<B>Other Securities&#148;)</B>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IV. DELAYED DELIVERY CONTRACTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>4.1. Arrangements for Sales. </I></B>Arrangements for sales of Contract Securities will be made
only through the Manager acting either directly or through Dealers (including Underwriters
acting as Dealers), and you authorize the Manager to act on your behalf in making such
arrangements. The aggregate number or amount of Securities to be purchased by the several
Underwriters will be reduced by the respective number or amounts of Contract Securities
attributed to such Underwriters as hereinafter provided. Subject to the provisions of Section
4.2 hereof, the aggregate number or amount of Contract Securities will be attributed to the
Underwriters as nearly as practicable in proportion to their respective Underwriting
Percentages, except that, as determined by the Manager in its discretion: (a)&nbsp;Contract
Securities directed and allocated by a purchaser to specific Underwriters will be attributed
to such Underwriters, and (b)&nbsp;Contract Securities for which arrangements have been made for
sale through Dealers will be attributed to each Underwriter approximately in the proportion
that Securities of such Underwriter held by the Manager for sales to Dealers bear to all
Securities so held. The fee with respect to Contract Securities payable to the Manager for the
accounts of the Underwriters pursuant to the Underwriting Agreement will be credited to the
accounts of the respective Underwriters in proportion to the Contract Securities attributed to
such Underwriters pursuant to the provisions of this Section&nbsp;4.1, less, in the case of each
Underwriter, the concession to Dealers on Contract Securities sold through Dealers and
attributed to such Underwriter.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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;<B><I>4.2. Excess Sales. </I></B>If the number or amount of Contract Securities attributable to an
Underwriter pursuant to Section&nbsp;4.1 hereof would exceed such Underwriter&#146;s Original
Underwriting Obligation reduced by the number or amount of Underwriters&#146; Securities sold by or
on behalf of such Underwriter, such excess will not be attributed to such Underwriter, and
such Underwriter will be regarded as having acted only as a Dealer with respect to, and will
receive only the concession to Dealers on, such excess.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>V. PURCHASE AND SALE OF SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>5.1. Facilitation of Distribution. </I></B>In order to facilitate the distribution and sale of
the Securities, you authorize the Manager to buy and sell Securities and any Other Securities,
in addition to Securities sold pursuant to Article&nbsp;III hereof, in the open market or otherwise
(including, without limitation, pursuant to any Intersyndicate Agreement), for long or short
account, on such terms as it may deem advisable, and to over-allot in arranging sales. Such
purchases and sales and over-allotments will be made for the accounts of the several
Underwriters as nearly as practicable to their respective Underwriting Percentages or, in the
case of an International Offering, such purchases and sales will be for such accounts as set
forth in the applicable Intersyndicate Agreement. Any Securities or Other Securities which may
have been purchased by the Manager for stabilizing purposes in connection with the Offering
prior to the acceptance of the applicable AAU will be treated as having been purchased
pursuant to this Section&nbsp;5.1 for the accounts of the several Underwriters or, in the case of
an International Offering, for such accounts as are set forth in the applicable Intersyndicate
Agreement. Your net commitment pursuant to the foregoing authorization will not exceed at the
close of business on any day an amount equal to 20% of your Underwriting Percentage of the
aggregate initial Offering Price of the Firm Securities, it being understood that, in
calculating such net commitment, the initial Offering Price will be used with respect to the
Securities so purchased or sold and, in the case of all Other Securities, will be the purchase
price thereof. For purposes of determining your net commitment for short account (i.e., &#147;naked
short&#148;), any short position that can be covered with: (a)&nbsp;Securities that may be purchased
upon exercise of any over-allotment option then exercisable, (b)&nbsp;in the case of an
International Offering, any Securities or Other Securities that the Manager has agreed to
purchase for your account pursuant to any applicable Intersyndicate Agreement, and (c)
Securities that may be purchased pursuant to a forward sale contract or similar arrangement
with the Issuer or any selling security holder in the Offering, will be disregarded. On demand
you will take up and pay for any Securities or Other Securities so purchased for your account
and any Securities released to you pursuant to Section&nbsp;3.7 hereof, and will deliver to the
Manager against payment any Securities or Other Securities so sold or over-allotted for your
account or released to you. The Manager will notify you if it engages in any stabilization
transaction in accordance with Rule&nbsp;17a-2 under the 1934 Act, and will notify you of the date
of termination of stabilization. You will not stabilize or engage in any syndicate covering
transaction (as defined in Rule&nbsp;100 of Regulation&nbsp;M under the 1934 Act (&#147;<B>Regulation&nbsp;M&#148;)) </B>in
connection with the Offering without the prior consent of the Manager. You will provide to the
Manager any reports required of you pursuant to Rule&nbsp;17a-2 of the 1934 Act not later than the
date specified therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>5.2. Penalty With Respect to Securities Repurchased by the Manager. </I></B>If pursuant to the
provisions of Section&nbsp;5.1 hereof and prior to the termination of the Manager&#146;s authority to
cover any short position incurred under the applicable AAU or such other date as the Manager
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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">may specify in a Wire, either: (a)&nbsp;the Manager purchases or contracts to purchase for the account
of any Underwriter in the open market or otherwise any Securities which were retained by, or
released to, you for direct sale or any Securities sold pursuant to Section&nbsp;3.4 hereof for which
you received a portion of the Selling Concession set forth in the applicable AAU, or any Securities
which may have been issued on transfer or in exchange for such Securities, and which Securities
were therefore not effectively placed for investment, or (b)&nbsp;if the Manager has advised you by Wire
that trading in the Securities will be reported to the Manager pursuant to the &#147;Initial Public
Offering Tracking System&#148; of The Depository Trust Company (&#147;<B>DTC</B>&#148;) and the Manager determines, based
on notices from DTC, that your customers sold a number or amount of Securities during any day that
exceeds the number or amount previously notified to you by Wire, then you authorize the Manager
either to charge your account with an amount equal to such portion of the Selling Concession set
forth in the applicable AAU received by you with respect to such Securities or, in the case of
clause (b), such Securities as exceed the number or amount specified in such Wire, or to require
you to repurchase such Securities or, in the case of clause (b), such Securities as exceed the
number or amount specified in such Wire, at a price equal to the total cost of such purchase,
including transfer taxes, accrued interest, dividends, and commissions, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>5.3. Compliance with Regulation&nbsp;M. </I></B>You represent that, at all times since you were
invited to participate in the Offering, you have complied with the provisions of Regulation&nbsp;M
applicable to the Offering, in each case as interpreted by the Commission and after giving
effect to any applicable exemptions. If you have been notified in a Wire that the Underwriters
may conduct passive market making in compliance with Rule&nbsp;103 of Regulation&nbsp;M in connection
with the Offering, you represent that, at all times since your receipt of such Wire, you have
complied with the provisions of such Rule applicable to such Offering, as interpreted by the
Commission and after giving effect to any applicable exemptions. You will comply with any
additional provisions of Regulation&nbsp;M if and to the extent set forth in the Invitation Wire or
other Wire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>5.4. Standby Underwritings. </I></B>You authorize the Manager in its discretion, at any time on,
or from time to time prior to, the expiration of the conversion right of convertible
securities identified in the applicable AAU in the case of securities called for redemption,
or the expiration of rights to acquire securities in the case of rights offerings, for which,
in either case, standby underwriting arrangements have been made: (i)&nbsp;to purchase convertible
securities or rights to acquire Securities for your account, in the open market or otherwise,
on such terms as the Manager determines, and to convert convertible securities or exercise
rights so purchased; and (ii)&nbsp;to offer and sell the underlying common stock or depositary
shares for your account, in the open market or otherwise, for long or short account (for
purposes of such commitment, such common stock or depositary shares being considered the
equivalent of convertible securities or rights), on such terms consistent with the terms of
the Offering set forth in the Prospectus or Offering Circular as the Manager determines. On
demand, you will take up and pay for any securities so purchased for your account or you will
deliver to the Manager against payment any securities so sold, as the case may be. During such
period, you may offer and sell the underlying common stock or depositary shares, but only at
prices set by the Manager from time to time, and any such sales will be subject to the
Manager&#146;s right to sell to you the underlying common stock or depositary shares as above
provided and to the Manager&#146;s right to reserve your securities purchased, received, or to be
received upon conversion. You agree not to otherwise bid for, purchase, or attempt to induce
others to purchase or sell, directly or indirectly, any convertible
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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">securities or rights or underlying common stock or depositary shares, <I>provided, however, </I>that no
Underwriter will be prohibited from: (a)&nbsp;selling underlying common stock owned beneficially by such
Underwriter on the day the convertible securities were first called for redemption, (b)&nbsp;converting
convertible securities owned beneficially by such Underwriter on such date or selling underlying
common stock issued upon conversion of convertible securities so owned, (c)&nbsp;exercising rights owned
beneficially by such Underwriter on the record date for a rights offering, or selling the
underlying common stock or depositary shares issued upon exercise of rights so owned, or (d)
purchasing or selling convertible securities or rights or underlying common stock or depositary
shares as a broker pursuant to unsolicited orders.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VI. PAYMENT AND SETTLEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will deliver to the Manager on the date and at the place and time specified in the
applicable AAU (or on such later date and at such place and time as may be specified by the
Manager in a subsequent Wire) the funds specified in the applicable AAU, payable to the order
of Morgan Stanley &#038; Co. Incorporated, for: (a)&nbsp;an amount equal to the Offering Price plus (if
not included in the Offering Price) accrued interest, amortization of original issue discount
or dividends, if any, specified in the Prospectus or Offering Circular, less the applicable
Selling Concession in respect of the Firm Securities to be purchased by you, (b)&nbsp;an amount
equal to the Offering Price plus (if not included in the Offering Price) accrued interest,
amortization of original issue discount or dividends, if any, specified in the Prospectus or
Offering Circular, less the applicable Selling Concession in respect of such of the Firm
Securities to be purchased by you as will have been retained by or released to you for direct
sale as contemplated by Section&nbsp;3.6 hereof, or (c)&nbsp;the amount set forth or indicated in the
applicable AAU, as the Manager will advise. You will make similar payment as the Manager may
direct for Additional Securities, if any, to be purchased by you on the date specified by the
Manager for such payment. The Manager will make payment to the Issuer or Seller against
delivery to the Manager for your account of the Securities to be purchased by you, and the
Manager will deliver to you the Securities paid for by you which will have been retained by or
released to you for direct sale. If the Manager determines that transactions in the Securities
are to be settled through DTC or another clearinghouse facility and payment in the settlement
currency is supported by such facility, payment for and delivery of Securities purchased by
you will be made through such facilities, if you are a participant, or, if you are not a
participant, settlement will be made through your ordinary correspondent who is a participant.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VII. EXPENSES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>7.1. Management Fee. </I></B>You authorize the Manager to charge your account as compensation for
the Manager&#146;s and Co-Managers&#146; services in connection with the Offering, including the
purchase from the Issuer or Seller of the Securities, as the case may be, and the management
of the Offering, the amount, if any, set forth as the management fee, global coordinators&#146;
fee, praecipium, or other similar fee in the applicable AAU. Such amount will be divided among
the Manager and any Co-Managers named in the applicable AAU as they may determine. Each
Underwriter acknowledges that such fees are being paid by the Underwriters, and are not a
benefit received directly or indirectly from the Issuer of the type referred to in Section
11(e) of the 1933 Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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;<B><I>7.2. Offering Expenses. </I></B>You authorize the Manager to charge your account with your
Underwriting Percentage of all expenses agreed to be paid by the Underwriters in the
Underwriting Agreement and all expenses of a general nature incurred by the Manager and
Co-Managers under the applicable AAU in connection with the Offering, including the
negotiation and preparation thereof, or in connection with the purchase, carrying, marketing,
sale and distribution of any securities under the applicable AAU and any Intersyndicate
Agreement, including, without limitation, legal fees and expenses, transfer taxes, costs
associated with approval of the Offering by FINRA, and the costs of currency transactions
(including forward and hedging currency transactions) or, if permitted pursuant to Section&nbsp;3.1
hereof, any other forward or hedging transactions (including interest rate swaps) entered into
to facilitate settlement of the purchase of Securities permitted hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VIII. MANAGEMENT OF SECURITIES AND FUNDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>8.1. Advances; Loans; Pledges. </I></B>You authorize the Manager to advance the Manager&#146;s own
funds for your account, charging current interest rates, and to arrange loans for your account
for the purpose of carrying out the provisions of the applicable AAU and any Intersyndicate
Agreement, and in connection therewith, to hold or pledge as security therefor all or any
securities which the Manager may be holding for your account under the applicable AAU and any
Intersyndicate Agreement, to execute and deliver any notes or other instruments evidencing
such advances or loans, and to give all instructions to the lenders with respect to any such
loans and the proceeds thereof. The obligations of the Underwriters under loans arranged on
their behalf will be several in proportion to their respective Original Underwriting
Obligations, and not joint. Any lender is authorized to accept the Manager&#146;s instructions as
to the disposition of the proceeds of any such loans. In the event of any such advance or
loan, repayment thereof will, in the discretion of the Manager, be effected prior to making
any remittance or delivery pursuant to Section&nbsp;8.2, 8.3, or 9.2 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>8.2. Return of Amount Paid for Securities. </I></B>Out of payment received by the Manager for
Securities sold for your account which have been paid for by you, the Manager will remit to
you promptly an amount equal to the price paid by you for such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>8.3. Delivery and Redelivery of Securities for Carrying Purposes. </I></B>The Manager may deliver
to you from time to time prior to the termination of the applicable AAU pursuant to Section
9.1 hereof against payment, for carrying purposes only, any Securities or Other Securities
purchased by you under the applicable AAU or any Intersyndicate Agreement which the Manager is
holding for sale for your account but which are not sold and paid for. You will redeliver to
the Manager against payment any Securities or Other Securities delivered to you for carrying
purposes at such times as the Manager may demand.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IX. TERMINATION; INDEMNIFICATION; CONTRIBUTION; SETTLEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.1. Termination. </I></B>Each AAU will terminate at the close of business on the later of: (a)
the date on which the Underwriters pay the Issuer or Seller for the Securities, and (b)&nbsp;45
calendar days after the applicable Offering Date, unless sooner terminated by the Manager. The
Manager may at its discretion by notice to you prior to the termination of such AAU alter any
of the terms or conditions of the Offering to the extent permitted by Articles III and IV
hereof, or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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">terminate or suspend the effectiveness of Article&nbsp;V hereof, or any part thereof. No termination or
suspension pursuant to this paragraph will affect the Manager&#146;s authority under Section&nbsp;3.1 hereof
to take actions in respect of the Offering or under Article&nbsp;V hereof to cover any short position
incurred under such AAU or in connection with covering any such short position to require you to
repurchase Securities as specified in Section&nbsp;5.2 hereof. For the avoidance of doubt, unless
otherwise agreed in a Wire or an Intersyndicate Agreement, the Manager&#146;s authority to purchase
Securities or Other Securities, for long account, pursuant to Section&nbsp;5.1 hereof, will terminate or
be suspended upon the termination or suspension, as the case may be, of the applicable AAU (or any
provision and or term thereof in respect of trading, price or offering restrictions as set forth in
a Wire that is sent by the Manager following the time the Securities are released for sale to
purchasers) or Article&nbsp;V or Section&nbsp;5.1 hereof pursuant to this paragraph.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.2. Delivery or Sale of Securities; Settlement of Accounts. </I></B>Upon termination of each
AAU, or prior thereto at the Manager&#146;s discretion, the Manager will deliver to you any
Securities paid for by you pursuant to Article&nbsp;VI hereof and held by the Manager for sale
pursuant to Section&nbsp;3.4 or 3.5 hereof but not sold and paid for and any Securities or Other
Securities that are held by the Manager for your account pursuant to the provisions of Article
V hereof or any Intersyndicate Agreement. Notwithstanding the foregoing, at the termination of
such AAU, if the aggregate initial Offering Price of any such Securities and the aggregate
purchase price of any Other Securities so held and not sold and paid for does not exceed an
amount equal to 20% of the aggregate initial Offering Price of the Securities, the Manager
may, in its discretion, sell such Securities and Other Securities for the accounts of the
several Underwriters, at such prices, on such terms, at such times, and in such manner as it
may determine. Within the period specified by applicable FINRA Rules or, if no period is so
specified, as soon as practicable after termination of such AAU, your account will be settled
and paid. The Manager may reserve from distribution such amount as the Manager deems advisable
to cover possible additional expenses. The determination by the Manager of the amount so to be
paid to or by you will be final and conclusive. Any of your funds under the Manager&#146;s control
may be held with the Manager&#146;s general funds without accountability for interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision of this Master AAU other than Section&nbsp;10.11 hereof, upon
termination of each AAU, or prior thereto at the Manager&#146;s discretion, the Manager may: (i)
allocate to the accounts of the Underwriters the expenses described in Section&nbsp;7.2 hereof and
any losses incurred upon the sale of Securities or Other Securities pursuant to the applicable
AAU or any Intersyndicate Agreement (including any losses incurred upon the sale of securities
referred to in Section&nbsp;5.4(ii) hereof), (ii)&nbsp;deliver to the Underwriters any unsold Securities
or Other Securities purchased pursuant to Section&nbsp;5.1 hereof or any Intersyndicate Agreement,
and (iii)&nbsp;deliver to the Underwriters any unsold Securities purchased pursuant to the
applicable Underwriting Agreement, in each case in the Manager&#146;s discretion. The only
limitations on such discretion will be as follows: (a)&nbsp;no Underwriter that is not the Manager
or a Co-Manager will bear more than its share of such expenses, losses, or Securities (such
share will not exceed such Underwriter&#146;s Underwriting Percentage and will be determined <I>pro
rata </I>among all such Underwriters based on their Underwriting Percentages), (b)&nbsp;no such
Underwriter will receive Securities that, together with any Securities purchased by such
Underwriter pursuant to Article&nbsp;VI (but excluding any Securities that such Underwriter is
required to repurchase pursuant to Section&nbsp;5.2 hereof) exceed such Underwriter&#146;s Original
Underwriting Obligation, and (c)&nbsp;no Co-Manager will bear more than its share of such expenses,
losses, or Securities (such share to be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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">determined <I>pro rata </I>among the Manager and all Co-Managers based on their Underwriting Percentages).
If any Securities or Other Securities returned to you pursuant to clause (ii)&nbsp;or (iii)&nbsp;above were
not paid for by you pursuant to Article&nbsp;VI hereof, you will pay to the Manager an amount per
security equal to the amount set forth in clause (i)&nbsp;of Article&nbsp;VI, in the case of Securities
returned to you pursuant to clause (iii)&nbsp;above, or the purchase price of such securities, in the
case of Securities or Other Securities returned to you pursuant to clause (ii)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.3. Certain Other Expenses. </I></B>You will pay your Underwriting Percentage of: (i)&nbsp;all
expenses incurred by the Manager in investigating, preparing to defend, and defending against
any action, claim, or proceeding which is asserted, threatened, or instituted by any party,
including any governmental or regulatory body (each, an &#147;<B>Action</B>&#148;), relating to: (A)&nbsp;the
Registration Statement, any Preliminary Prospectus or Prospectus (and any amendment or
supplement thereto), any Preliminary Offering Circular or Offering Circular (and any amendment
or supplement thereto), any Supplemental Materials, any Issuer Free Writing Prospectus, and
any ABS Underwriter Derived Information used by any Underwriter other than the Manager, (B)
the violation of any applicable restrictions on the offer, sale, resale, or purchase of
Securities or Other Securities imposed by U.S. Federal or state laws or non-U.S. laws and the
rules and regulations of any regulatory body promulgated thereunder or pursuant to the terms
of the applicable AAU, the Underwriting Agreement, or any Intersyndicate Agreement, and (C)
any claim that the Underwriters constitute a partnership, an association, or an unincorporated
business or other separate entity, and (ii)&nbsp;any Losses (as defined in Section&nbsp;9.4 hereof)
incurred by the Manager in respect of any such Action, whether such Loss will be the result of
a judgment or arbitrator&#146;s determination or as a result of any settlement agreed to by the
Manager. Notwithstanding the foregoing, you will not be required to pay your Underwriting
Percentage of any such expense or liability: (1)&nbsp;to the extent that such expense or liability
was caused by the Manager&#146;s gross negligence or willful misconduct as determined in a final
judgment of a court of competent jurisdiction; (2)&nbsp;as to which, and to the extent, the Manager
actually receives (a)&nbsp;indemnity pursuant to Section&nbsp;9.4 hereof, (b)&nbsp;contribution pursuant to
Section&nbsp;9.5 hereof, (c)&nbsp;indemnity or contribution pursuant to the Underwriting Agreement, or
(d)&nbsp;damages from an Underwriter for breach of its representations, warranties, agreements, or
covenants contained in the applicable AAU; or (3)&nbsp;of the Manager (other than fees of Syndicate
Counsel) that relates to a settlement entered into by the Manager on a basis that results in a
settlement of such Action against it and fewer than all the Underwriters. None of the
foregoing provisions of this Section&nbsp;9.3 will relieve any defaulting or breaching Underwriter
from liability for its defaults or breach. Failure of any party to give notice under Section
9.10 hereof will not relieve any Underwriter of an obligation to pay expenses pursuant to the
provisions of this Section&nbsp;9.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.4. Indemnification. </I></B>Notwithstanding any settlement on the termination of the applicable
AAU, you agree to indemnify and hold harmless each other Underwriter and each person, if any,
who controls any such Underwriter within the meaning of either Section&nbsp;15 of the 1933 Act or
Section&nbsp;20 of the 1934 Act (each, an &#147;<B>Indemnified Party&#148;), </B>to the extent and upon the terms
which you agree to indemnify and hold harmless any of the Issuer, the Guarantor, the Seller,
any person controlling the Issuer, the Guarantor, the Seller, its directors, and, in the case
of a Registered Offering, its officers who signed the Registration Statement and, in the case
of an Offering other than a Registered Offering, its officers, in each case as set forth in
the Underwriting Agreement. You further agree to indemnify and hold harmless each Indemnified
Party from and against any and all losses, claims, damages, liabilities, and expenses not
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">reimbursed pursuant to Section&nbsp;9.3 hereof (collectively, &#147;<B>Losses</B>&#148;) related to, arising out of, or
in connection with the breach or violation by you of the terms of Section&nbsp;3.3 hereof, including any
and all Losses under Section&nbsp;5 of the 1933 Act, and any litigation, investigation, and proceeding
(collectively, &#147;<B>Litigation</B>&#148;) relating to any of the foregoing. You will also reimburse each such
Indemnified Party upon demand for all expenses, including fees and expenses of counsel, as they are
incurred, in connection with investigating, preparing for, or defending any of the foregoing. You
will indemnify and hold harmless each Indemnified Party from and against any and all Losses related
to, arising out of, or in connection with, any untrue statement or alleged untrue statement of a
material fact contained in any Underwriter Free Writing Prospectus or Supplemental Material of
yours or Unauthorized Material used by you, or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not
misleading, and any Litigation relating to any of the foregoing, and to reimburse each such
Indemnified Party upon demand for all expenses, including fees and expenses of counsel, as they are
incurred, in connection with investigating, preparing for, or defending any of the foregoing. In
addition, you will indemnify and hold harmless each Indemnified Party from and against any and all
Losses related to, arising out of, or in connection with any untrue statement or alleged untrue
statement of a material fact contained in any ABS Underwriter Derived Information used by you, or
any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and any Litigation relating to any of the
foregoing, and to reimburse each such Indemnified Party upon demand for all expenses, including
fees and expenses of counsel, as they are incurred, in connection with investigating, preparing
for, or defending any of the foregoing; <I>provided, however, </I>that any Losses, joint or several, paid
or incurred by any Underwriter, arising out of or based upon any ABS Underwriter Derived
Information which was used only by such Underwriter, or in connection with the preparation of which
an Underwriter is found to have acted with gross negligence or willful misconduct in a final
judgment of a court of competent jurisdiction, will be paid solely by such Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Underwriter will further indemnify and hold harmless any investment banking firm
identified in a Wire as the qualified independent underwriter as defined in NASD Conduct Rule
2720 or any FINRA successor rule thereto (in such capacity, a &#147;<B>QIU</B>&#148;) for an Offering and each
person, if any, who controls such QIU within the meaning of either Section&nbsp;15 of the 1933 Act
or Section&nbsp;20 of the 1934 Act, from and against any and all Losses related to, arising out of,
or in connection with such investment banking firm&#146;s activities as QIU for the Offering. Each
Underwriter will reimburse such QIU for all expenses, including fees and expenses of counsel,
as they are incurred, in connection with investigating, preparing for, and defending any
Action related to, arising out of, or in connection with such QIU&#146;s activities as a QIU for
the Offering. Each Underwriter will be responsible for its Underwriting Percentage of any
amount due to such QIU on account of the foregoing indemnity and reimbursement. Such QIU will
have no additional liability to any Underwriter or otherwise as a result of its serving as QIU
in connection with the Offering. To the extent the indemnification provided to a QIU under
this Section&nbsp;9.4 is unavailable to such QIU or is insufficient in respect of any Losses
related thereto, whether as a matter of law or public policy or as a result of the default of
any Underwriter in performing its obligations under this Section&nbsp;9.4, each other Underwriter
will contribute to the amount paid or payable by such QIU as a result of such Losses related
thereto in proportion to its Underwriting Percentage.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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;<B><I>9.5. Contribution. </I></B>Notwithstanding any settlement on the termination of the
applicable AAU, you will pay upon request of the Manager, as contribution, your Underwriting
Percentage of any Losses, joint or several, paid or incurred by any Underwriter to any person
other than an Underwriter, arising out of or in connection with the breach or violation of the
terms of Section&nbsp;3.3 hereof, including any and all Losses under Section&nbsp;5 of the 1933 Act, and
any Litigation relating to the foregoing. Further, you will pay upon request of the Manager,
your Underwriting Percentage of any Losses, joint or several, paid or incurred by any
Underwriter to any person other than an Underwriter, arising out of or in connection with any
untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, any Preliminary Prospectus or Prospectus (and any amendment or supplement thereto),
any Preliminary Offering Circular or Offering Circular (and any amendment or supplement
thereto), any Issuer Free Writing Prospectus, any Supplemental Materials, any other materials
prepared or used by an Underwriter in accordance with Section&nbsp;3.3 hereof, or any Underwriter
Free Writing Prospectus of yours or Unauthorized Material used by you, or the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading (other than an untrue statement or alleged untrue
statement or omission or alleged omission made in reliance upon and in conformity with
information furnished to the Company In Writing by the Underwriter on whose behalf the request
for contribution is being made expressly for use therein), or any act or omission to act or any
alleged act or omission to act by the Manager or, if applicable, a Representative, as the
Manager or a Representative, in connection with any transaction contemplated by this Agreement
or undertaken in preparing for the purchase, sale, and delivery of the Securities (provided,
that you will not be required to pay in any such case to the extent that any such Loss resulted
from the Manager&#146;s or such Representative&#146;s gross negligence or willful misconduct as
determined in a final judgment of a court of competent jurisdiction), and your Underwriting
Percentage of any legal or other expenses, including fees and expenses of counsel, as they are
incurred, reasonably incurred by the Underwriter (with the approval of the Manager) on whose
behalf the request for contribution is being made in connection with investigating or defending
any such Loss or any action in respect thereof; <I>provided, however, </I>that no request will be made
on behalf of any Underwriter guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) from any Underwriter who was not guilty of such fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act); <I>provided, further,</I>
that any Losses, joint or several, paid or incurred by any Underwriter, arising out of or based
upon such Underwriter&#146;s Underwriter Free Writing Prospectus that does not breach Section&nbsp;3.3
hereof, will be paid by only the Underwriters that used such Underwriter Free Writing
Prospectus (the &#147;<B>Contributing Underwriters</B>&#148;), and the amount to be paid by each Contributing
Underwriter will be determined <I>pro rata </I>among the Contributing Underwriters based on their
Underwriting Percentages. None of the foregoing provisions of this Section&nbsp;9.5 will relieve any
defaulting or breaching Underwriter from liability for its defaults or breach.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, you will pay your Underwriting Percentage of any Losses, joint or
several, paid or incurred by any Underwriter to any person other than an Underwriter, arising
out of or in connection with any untrue statement or alleged untrue statement of a material
fact contained in any ABS Underwriter Derived Information, or the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading (other than an untrue statement or alleged untrue statement
or omission or alleged omission made in reliance upon and in conformity with information
furnished to the Company In
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">Writing by the Underwriter on whose behalf the request for contribution is being made
expressly for use therein) and your Underwriting Percentage of any expenses, including fees and
expenses of counsel, as they are incurred, reasonably incurred by the Underwriter (with the
approval of the Manager) on whose behalf the request for contribution is being made in connection
with investigating, preparing for, or defending any such Loss or any action in respect thereof;
<I>provided, however, </I>that any Losses, joint or several, paid or incurred by any Underwriter, arising
out of or based upon any ABS Underwriter Derived Information which was used only by such
Underwriter, or in connection with the preparation of which the Underwriter is found to have acted
with gross negligence or willful misconduct in a final judgment of a court of competent
jurisdiction, will be paid solely by the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.6. Separate Counsel. </I></B>If any Action is asserted or commenced pursuant to which the
indemnity provided in Section&nbsp;9.4 hereof or the right of contribution provided in Section&nbsp;9.5
hereof may apply, the Manager may take such action in connection therewith as it deems
necessary or desirable, including retention of counsel for the Underwriters (&#147;<B>Syndicate
Counsel</B>&#148;), and in its discretion separate counsel for any particular Underwriter or group of
Underwriters, and the fees and disbursements of any counsel so retained will be allocated among
the several Underwriters as determined by the Manager. Any such Syndicate Counsel retained by
the Manager will be counsel to the Underwriters as a group and, in the event that: (a)&nbsp;the
Manager settles any Action on a basis that results in the settlement of such Action against it
and fewer than all the Underwriters, or (b)(i) a conflict develops between the Manager and the
other Underwriters, or (ii)&nbsp;differing defenses are available to the other Underwriters and not
available to the Manager, and as a result of either (b)(i) or (b)(ii) such Syndicate Counsel
concludes that it is unable to continue to represent the Manager and the other Underwriters,
then in each such case, after notification to the Manager and the other Underwriters, Syndicate
Counsel will remain counsel to the other Underwriters and will withdraw as counsel to the
Manager. The Manager hereby consents to such arrangement and undertakes to take steps to: (i)
ensure that any engagement letters with Syndicate Counsel are consistent with such arrangement;
(ii)&nbsp;issue a notice to all other Underwriters promptly following receipt of any advice (whether
oral or written) from Syndicate Counsel regarding its inability to represent the Manager and
the other Underwriters jointly; and (iii)&nbsp;facilitate Syndicate Counsel&#146;s continued
representation of the other Underwriters. Any Underwriter may elect to retain at its own
expense its own counsel and, on advice of such counsel, may settle or consent to the settlement
of any such Action, but only in compliance with Section&nbsp;9.7 hereof, and in each case, only
after notification to every other Underwriter. The Manager may settle or consent to the
settlement of any such Action, but only in compliance with Section&nbsp;9.7 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.7. Settlement of Actions. </I></B>Neither the Manager nor any other Underwriter party to
this Master AAU may settle or agree to settle any Action related to or arising out of the
Offering, nor may any other Underwriter settle or agree to settle any such Action without the
consent of the Manager, nor may any other Underwriter seek the Manager&#146;s consent to any such
settlement agreement, nor may the Manager consent to any such settlement agreement, unless: (A)
the Manager, together with such other Underwriters as constitute a majority in aggregate
interest based on the Underwriting Percentage of the Underwriters as a whole (including the
Manager&#146;s interest), approve the settlement of such Action, in which case the Manager is
authorized to settle for all Underwriters, <I>provided, however, </I>that the settlement agreement
results in the settlement of the Action against all Underwriters raised by the plaintiffs party
thereto; or (B) (i)&nbsp;such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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">settlement agreement expressly provides that the non-settling Underwriters will be given a
judgment credit (or credit in settlement) with respect to all such Actions for which the
non-settling Underwriters may be found liable (or will pay in subsequent settlement), in an amount
that is the greatest of: (x)&nbsp;the dollar amount paid in such initial settlement to settle such
Actions, (y)&nbsp;the proportionate share of the settling Underwriter&#146;s fault in respect of common
damages arising in connection with such Actions as proven at trial, if applicable, or (z)&nbsp;the
amount by which the settling Underwriter would have been required to make contribution had it not
settled, under Sections&nbsp;9.5 and 11.2 hereof in respect of the final non-appealable judgment (or
settlement) subsequently entered into by the non-settling Underwriters (such greatest amount of
either (x), (y), or (z), the &#147;<B>Judgment Credit</B>&#148;); (ii)&nbsp;such settlement agreement expressly provides
that in the event that the applicable court does not approve the Judgment Credit as part of the
settlement, the settlement agreement will automatically terminate; and (iii)&nbsp;the final judgment
entered with respect to the settlement agreement contains the Judgment Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.8. Survival. </I></B>Except as set forth in the last sentence of Section&nbsp;9.1, your
agreements contained in Article&nbsp;V and Sections&nbsp;3.1, 9.3, 9.4, 9.5, 9.6, 9.7, 9.8, 9.9, 9.10,
and 11.2 hereof will remain operative and in full force and effect regardless of any
termination of an AAU and: (a)&nbsp;any termination of the Underwriting Agreement, (b)&nbsp;any
investigation made by or on behalf of any Underwriter or any person controlling any Underwriter
or by or on behalf of the Issuer, the Guarantor, the Seller, its directors or officers, or any
person controlling the Issuer, the Guarantor or the Seller, and (c)&nbsp;acceptance of any payment
for any Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.9. Replacement of Manager. </I></B>If at any time after any Action is brought the Manager
settles the Action on a basis that results in the settlement of such Action against it and
fewer than all the Underwriters (whether or not such settlement complies with Section&nbsp;9.7
hereof), the Manager will, at such time, for purposes of Sections&nbsp;9.3, 9.4, 9.5, 9.6, and 9.7
hereof, cease to be the Manager. The non-settling Underwriters will, by vote of holders of a
majority of the Underwriting Percentage of such non-settling Underwriters, select a new
Manager, which will become the new &#147;<B>Manager</B>&#148; for all purposes of Sections&nbsp;9.3, 9.4., 9.5, 9.6,
and 9.7 hereof as well as this section; <I>provided </I>that the non-settling Underwriter (s)&nbsp;with the
largest Underwriting Percentage will act as Manager until such vote occurs and a new Manager is
selected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding such a settlement, the Manager and the other settling Underwriters
will remain obligated to the non-settling Underwriters to assist and cooperate fully, in good
faith, and at their own expense, in the defense of any Actions, including, without limitation,
by providing, upon reasonable request of any non-settling Underwriter, and without the
necessity of court process, access to or copies of all relevant records, and reasonable access
to all witnesses under control of the Manager or the other settling Underwriters, for the
purpose of interviews, depositions, and testimony at trial, subject in each case to the
applicable legal and procedural obligations of such Manager and such other settling
Underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if at any time, the Manager is unwilling or unable for any reason to assume
or discharge its duties as Manager under the applicable AAU, whether resulting from its
insolvency (voluntary or involuntary), resignation or otherwise, to the extent permitted by
applicable law, the remaining Underwriters will, by vote of holders of a majority of the
Underwriting Percentage of such Underwriters, be entitled to select a new Manager, which will
become the new Manager for all purposes under this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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;Notwithstanding the foregoing, a Manager replaced pursuant to this Section&nbsp;9.9 shall
continue to benefit from and be subject to all other terms and conditions of this Agreement
applicable to an Underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>9.10. Notice. </I></B>When the Manager receives notice of the assertion of any Action to
which the provisions of Sections&nbsp;9.4, 9.5, 9.6, or 9.7 hereof would apply, it will give prompt
notice thereof to each Underwriter, and whenever an Underwriter receives notice of the
assertion of any claim or commencement of any Action to which the provisions of Sections&nbsp;9.4,
9.5, 9.6, or 9.7 hereof would apply, such Underwriter will give prompt notice thereof to the
Manager. The Manager also will furnish each Underwriter with periodic reports, at such times as
it deems appropriate, as to the status of such Action, and the actions taken by it in
connection therewith. If the Manager or any other Underwriter engages in any settlement
discussion that involves or contemplates settlement on any basis other than settlement of all
Actions against all Underwriters on a <I>pro rata </I>basis according to their Underwriting
Percentages, the Manager (or other Underwriter engaging in such discussions) will notify all
other Underwriters promptly and provide reasonable details about such discussions.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>X. REPRESENTATIONS AND COVENANTS OF UNDERWRITERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.1. Knowledge of Offering. </I></B>You acknowledge that it is your responsibility to examine the
Registration Statement, the Prospectus, or the Offering Circular, as the case may be, any
amendment or supplement thereto relating to the Offering, any Preliminary Prospectus or
Preliminary Offering Circular, and the material, if any, incorporated by reference therein, any
Issuer Free Writing Prospectus, any Supplemental Materials, and any ABS Underwriter Derived
Information, and you will familiarize yourself with the terms of the Securities, any applicable
Indenture, and the other terms of the Offering thereof which are to be reflected in the
Prospectus or the Offering Circular, as the case may be, and the applicable AAU and
Underwriting Agreement. The Manager is authorized, with the advice of counsel for the
Underwriters, to approve on your behalf any amendments or supplements to the documents
described in the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.2. Accuracy of Underwriters&#146; Information. </I></B>You confirm that the information that
you have given and are deemed to have given in response to the Underwriters&#146; Questionnaire
attached as Exhibit&nbsp;A hereto (and to any other questions addressed to you in the Invitation
Wire or other Wires), which information has been furnished to the Issuer for use in the
Registration Statement, Prospectus, or Offering Circular, as the case may be, or has otherwise
been relied upon in connection with the Offering, is complete and accurate. You will notify the
Manager immediately of any development before the termination of the applicable AAU which makes
untrue or incomplete any information that you have given or are deemed to have given in
response to the Underwriters&#146; Questionnaire (or such other questions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.3. Name; Address. </I></B>Unless you have promptly notified the Manager In Writing
otherwise, your name as it should appear in the Registration Statement, Prospectus or Offering
Circular and any advertisement, if different, and your address, are as set forth on the
signature pages hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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;<B><I>10.4. Compliance with Capital Requirements. </I></B>You represent that your commitment to
purchase the Securities will not result in a violation of the financial responsibility
requirements of Rule&nbsp;15c3-1 under the 1934 Act or of any similar provision of any applicable
rules of any securities exchange to which you are subject or, if you are a financial
institution subject to regulation by the Board of Governors of the U.S. Federal Reserve System,
the U.S. Comptroller of the Currency, or the U.S. Federal Deposit Insurance Corporation, will
not place you in violation of any applicable capital requirements or restrictions of such
regulator or any other regulator to which you are subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.5. FINRA Requirements. </I></B>You represent that you are a member in good standing of
FINRA, or a non-U.S. bank, broker, dealer, or institution not eligible for membership in FINRA
or a Bank. If you are a member of FINRA, you will comply with all applicable rules of FINRA,
including, without limitation: (a)&nbsp;the requirements of FINRA Rule&nbsp;5130, and (b)&nbsp;the
requirements of NASD Conduct Rule&nbsp;2740 or any FINRA successor rule thereto, and you will not
grant any concessions, discounts, or other allowances which are not permitted by that Rule. If
you are a non-U.S. bank, broker, dealer, or institution not eligible for membership in FINRA,
you will not make any sales of the Securities in, or to nationals or residents of, the United
States, its territories, or its possessions, except to the extent permitted by Rule&nbsp;15a-6 or
any successor rule thereto, and that in making any sales of the Securities you will comply, as
though you are a member of FINRA, with the requirements of the following rules (including any
FINRA successor rules thereto): (a)&nbsp;FINRA Rule&nbsp;5130, (b)&nbsp;NASD Conduct Rules&nbsp;2730, 2740, and
2750, and (c)&nbsp;NASD Conduct Rule&nbsp;2420, as that Rule applies to a non-member broker/dealer in a
non-U.S. country. If you are a Bank, you will not accept any portion of the management fee paid
by the Underwriters with respect to any Offering or, in connection with any Offering of
Securities that do not constitute &#147;exempted securities&#148; within the meaning of Section&nbsp;3(a)(12)
of the 1934 Act, purchase any Securities at a discount from the offering price from any
Underwriter or Dealer or otherwise accept any Fees and Commissions from any Underwriter or
Dealer, which in any such case is not permitted under NASD&#146;s Rules of Fair Practice (or any
FINRA successor rules thereto), and you will comply with NASD Conduct Rule&nbsp;2420 (or any FINRA
successor rule thereto) as though you were a member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.6. Further State Notice. </I></B>The Manager will file a Further State Notice with the
Department of State of New York, if required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.7. Compliance with Rule&nbsp;15c2-8. </I></B>In the case of a Registered Offering and any
other Offering to which the provisions of Rule&nbsp;15c2-8 under the 1934 Act are made applicable
pursuant to the AAU or otherwise, you will comply with such Rule in connection with the
Offering. In the case of an Offering other than a Registered Offering, you will comply with
applicable Federal and state laws and the applicable rules and regulations of any regulatory
body promulgated thereunder governing the use and distribution of offering circulars by
underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.8. Discretionary Accounts. </I></B>In the case of a Registered Offering of Securities
issued by an Issuer that was not, immediately prior to the filing of the Registration
Statement, subject to the requirements of Section 13(d) or 15(d) of the 1934 Act, you will not
make sales to any account over which you exercise discretionary authority in connection with
such sale, except as otherwise permitted by the applicable AAU for such Offering.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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;<B><I>10.9. Offering Restrictions. </I></B>You will not make any offers or sales of Securities or
any Other Securities in jurisdictions outside the United States except under circumstances that
will result in compliance with (i)&nbsp;applicable laws, including private placement requirements,
in each such jurisdiction and (ii)&nbsp;the restrictions on offers or sales set forth in any AAU or
the Prospectus, Preliminary Prospectus, Offering Circular, or Preliminary Offering Circular, as
the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is understood that, except as specified in the Prospectus or Offering Circular or
applicable AAU, no action has been taken by the Manager, the Issuer, the Guarantor, or the
Seller to permit you to offer Securities in any jurisdiction other than the United States, in
the case of a Registered Offering, where action would be required for such purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.10. Representations, Warranties, and Agreements. </I></B>You will make to each other
Underwriter participating in an Offering the same representations, warranties, and agreements,
if any, made by the Underwriters to the Issuer, the Guarantor, or the Seller in the applicable
Underwriting Agreement or any Intersyndicate Agreement, and you authorize the Manager to make
such representations, warranties, and agreements to the Issuer, the Guarantor, or the Seller on
your behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.11. Limitation on the Authority of the Manager to Purchase and Sell Securities for the
Account of Certain Underwriters. </I></B>Notwithstanding any provision of this AAU authorizing the Manager to purchase or sell
any Securities or Other Securities (including arranging for the sale of Contract Securities) or
over-allot in arranging sales of Securities for the accounts of the several Underwriters, the
Manager may not, in connection with the Offering of any Securities, make any such purchases, sales,
and/or over-allotments for the account of any Underwriter that, not later than its acceptance of
the Invitation Wire relating to such Offering, has advised the Manager that, due to its status as,
or relationship to, a bank or bank holding company such purchases, sales, and/or over-allotments
are prohibited by applicable law. If any Underwriter so advises the Manager, the Manager may
allocate any such purchases, sales, and over-allotments (and the related expenses) which otherwise
would have been allocated to your account based on your respective Underwriting Percentage to your
account based on the ratio of your Original Underwriting Obligation to the Original Underwriting
Obligations of all Underwriters other than the advising Underwriter or Underwriters, or in such
other manner as the Manager will determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.12. Electronic Distribution. </I></B>By participating in the Offering or accepting the
Invitation Wire, you will be deemed to be representing that either: (a)&nbsp;you are not making an
on-line distribution; or (b)&nbsp;if you are making an on-line distribution, you are following
procedures for on-line distributions previously reviewed by members of the Staff of the
Division of Corporation Finance of the Commission, such members raised no objections to the
procedures reviewed, and there have been no material changes to your procedures since that
review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>10.13. Agreement Regarding Oral Due Diligence. </I></B>By participating in an Offering, each
Underwriter agrees that it, each of its affiliates participating in an Offering as Underwriter
or financial intermediary and each controlling person of it and each such participating
affiliate are bound by the Agreement Regarding Oral Due Diligence currently in effect between
Morgan Stanley and the accounting firm or firms that participate in oral due diligence in such
offering.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>XI. DEFAULTING UNDERWRITERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>11.1. Effect of Termination. </I></B>If the Underwriting Agreement is terminated as
permitted by the terms thereof, your obligations hereunder with respect to the Offering of the
Securities will immediately terminate except: (a)&nbsp;as set forth in Section&nbsp;9.8 hereof, (b)&nbsp;that
you will remain liable for your Underwriting Percentage (or such other percentage as may be
specified pursuant to Section&nbsp;9.2 hereof) of all expenses, and for any purchases or sales which
may have been made for your account pursuant to the provisions of Article&nbsp;V hereof or any
Intersyndicate Agreement, and (c)&nbsp;that such termination will not affect any obligations of any
defaulting or breaching Underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>11.2. Sharing of Liability. </I></B>If any Underwriter defaults in its obligations: (a)
pursuant to Section&nbsp;5.1, 5.2 or 5.4 hereof, (b)&nbsp;to pay amounts charged to its account pursuant
to Section&nbsp;7.1, 7.2, or 8.1 hereof, or (c)&nbsp;pursuant to Section&nbsp;9.2, 9.3, 9.4, 9.5, 9.6, or 11.1
hereof, you will assume your proportionate share (determined on the basis of the respective
Underwriting Percentages of the non-defaulting Underwriters) of such obligations, but no such
assumption will relieve any defaulting Underwriter from liability to the non-defaulting
Underwriters, the Issuer, the Guarantor, or the Seller for its default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>11.3. Arrangements for Purchases. </I></B>The Manager is authorized to arrange for the
purchase by others (including the Manager or any other Underwriter) of any Securities not
purchased by any defaulting Underwriter in accordance with the terms of the applicable
Underwriting Agreement or, if the applicable Underwriting Agreement does not provide
arrangements for defaulting Underwriters, in the discretion of the Manager. If such
arrangements are made, the respective amounts of Securities to be purchased by the remaining
Underwriters and such other person or persons, if any, will be taken as the basis for all
rights and obligations hereunder, but this will not relieve any defaulting Underwriter from
liability for its default.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>XII. MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.1. Obligations Several. </I></B>Nothing contained in this Master AAU or any AAU
constitutes you partners with the Manager or with the other Underwriters, and the obligations
of you and each of the other Underwriters are several and not joint. Each Underwriter elects to
be excluded from the application of Subchapter K, Chapter&nbsp;1, Subtitle A, of the U.S. Internal
Revenue Code of 1986. Each Underwriter authorizes the Manager, on behalf of such Underwriter,
to execute such evidence of such election as may be required by the U.S. Internal Revenue
Service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.2. Liability of Manager. </I></B>The Manager will not be liable to you for any act or
omission, except for obligations expressly assumed by the Manager in the applicable AAU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.3. Termination of Master AAU. </I></B>This Master AAU may be terminated by either party
hereto upon five business days&#146; written notice to the other party; <I>provided, however, </I>that with
respect to any Offering for which an AAU was sent prior to such notice, this Master AAU as it
applies to such Offering will remain in full force and effect and will terminate with respect
to such Offering in accordance with Section&nbsp;9.1 hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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;<B><I>12.4. Governing Law. </I></B>This Master AAU and each AAU will be governed by and construed
in accordance with the laws of the State of New York applicable to contracts made and to be
performed in the State, without giving effect to principles of conflicts of law. You hereby
irrevocably: (a)&nbsp;submit to the jurisdiction of any court of the State of New York located in
the City of New York or the U.S. District Court for the Southern District of the State of New
York for the purpose of any suit, action, or other proceeding arising out of this Master AAU,
or any of the agreements or transactions contemplated hereby (each, a &#147;<B>Proceeding</B>&#148;), (b)&nbsp;agree
that all claims in respect of any Proceeding may be heard and determined in any such court, (c)
waive, to the fullest extent permitted by law, any immunity from jurisdiction of any such court
or from any legal process therein, (d)&nbsp;agree not to commence any Proceeding other than in such
courts, and (e)&nbsp;waive, to the fullest extent permitted by law, any claim that such Proceeding
is brought in an inconvenient forum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.5. Amendments. </I></B>This Master AAU may be amended from time to time by consent of the
parties hereto. Your consent will be deemed to have been given to an amendment to this Master
AAU, and such amendment will be effective, five business days following written notice to you
of such amendment if you do not notify us In Writing prior to the close of business on such
fifth business day that you do not consent to such amendment. Upon effectiveness, the
provisions of this Master AAU as so amended will apply to each AAU thereafter entered into,
except as otherwise specifically provided in any such AAU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.6. Notices. </I></B>Any notice to any Underwriter will be deemed to have been duly given
if mailed, sent by wire, telecopy or electronic transmission or other written communication, or
delivered in person to such Underwriter at the address set forth in its Underwriters&#146;
Questionnaire, or if no address is provided in an Underwriters&#146; Questionnaire, then at the
address set forth in reports filed by such Underwriter with FINRA. Any such notice will take
effect upon receipt thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.7. Severability. </I></B>In case any provision in this Master AAU is deemed invalid,
illegal, or unenforceable, the validity, legality, and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>12.8. Counterparts. </I></B>This Master AAU may be executed in any number of counterparts,
each of which will be deemed to be an original, and all of which taken together constitute one
and the same instrument. Transmission by telecopy of an executed counterpart of this Master AAU
will constitute due and sufficient delivery of such counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm your acceptance of this Master AAU by signing and returning to us the
enclosed duplicate copy hereof.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Morgan Stanley &#038; Co. Incorporated
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Authorized Officer)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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">Confirmed and accepted as
of<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">(Legal Name of Underwriter)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">(Address)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Authorized Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(If person signing is not an officer or a partner,
please attach instrument of authorization)</I>
</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>GUIDE TO DEFINED TERMS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Section Reference</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1933 Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1934 Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AAU</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">Foreword</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ABS Underwriter Derived Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Co-Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commission</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contract Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contributing Underwriters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dealer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DTC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fees and Commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FINRA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Firm Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Free Writing Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guarantor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">In Writing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indemnified Party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">International Offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intersyndicate Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invitation Wire</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">Foreword</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuer Free Writing Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuer Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3, 3.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Judgment Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.9, 1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Master AAU</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">Foreward</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NASD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">Foreword</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Circular</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2, 2.2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Original Underwriting Obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preliminary Offering Circular</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preliminary Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pricing Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">QIU</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Section Reference</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reallowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registered Offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Regulation&nbsp;M</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Representative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities Offering Reform Release</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Seller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling Concession</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Settlement Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Supplemental Materials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Syndicate Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9.6</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unauthorized Material</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriter Free Writing Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1, 1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriters&#146; Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting Percentage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wire</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="right">Foreword</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERWRITERS&#146; QUESTIONNAIRE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with each Offering governed by the Morgan Stanley &#038; Co. Incorporated
Master Agreement Among Underwriters dated April&nbsp;1, 2009, except as indicated in a timely
acceptance of the Invitation Wire pursuant to Section&nbsp;1.2 of the Master Agreement Among
Underwriters (&#147;<B>Master AAU</B>&#148;), each Underwriter participating in such Offering severally advises
the Issuer that, other than as disclosed in the Preliminary Prospectus or Preliminary Offering
Circular, as the case may be (Capitalized terms used herein and not otherwise defined herein
will have the meanings given to them in the Master AAU):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither such
Underwriter nor any of its directors, officers, or partners have a material relationship, as
&#147;material&#148; is defined in Regulation&nbsp;C under the 1933 Act, with the Issuer, the Guarantor, or
the Seller;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Registration Statement is on Form S-1, neither such
Underwriter nor any &#147;group&#148; (as that term is used in Section&nbsp;13(d)(3) of the Securities
Exchange Act of 1934) of which such Underwriter is aware is the beneficial (as that term is
used in Section&nbsp;13(d)(3) of the Securities Exchange Act of 1934) owner of more than 5% of any
class of voting securities of the Issuer or Guarantor, nor does such Underwriter have any
knowledge that more than 5% of any class of voting securities of the Issuer or the Guarantor is
held or to be held subject to any voting trust or other similar agreement, nor does such
Underwriter have any knowledge that more than 5% of any class of voting securities of the
Issuer or the Guarantor is held or to be held subject to any voting trust or other similar
agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than as may be stated in the Morgan Stanley &#038; Co.
Incorporated Master Agreement Among Underwriters dated April&nbsp;1, 2009, the applicable AAU, the
Intersyndicate Agreement or dealer agreement, if any, the Prospectus, the Registration
Statement, or the Offering Circular, such Underwriter does not know and has no reason to
believe that there is an intention to over-allot or that the price of any security may be
stabilized to facilitate the offering of the Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than as may be
stated in the Prospectus or the Offering Circular, as the case may be, or the Invitation Wire,
such Underwriter does not know of any other discounts or commissions to be allowed or paid to
the Underwriters or of any other items that would be deemed by the Financial Industry
Regulatory Authority (&#147;<B>FINRA</B>&#148;) to constitute underwriting compensation for purposes of FINRA
Rule&nbsp;5110, and such Underwriter does not know of any discounts or commissions to be allowed or
paid to dealers, including all cash, securities, contracts, or other consideration to be
received by any dealer in connection with the sale of the Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such
Underwriter has not prepared any report or memorandum for external use in connection with the
Offering;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the offer and sale of the Securities are to be registered under
the 1933 Act pursuant to a Registration Statement on Form S-1 or Form F-1, such Underwriter has
</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; margin-left: 2%">not within the past 12&nbsp;months prepared or had prepared for such Underwriter any engineering,
management, or similar report or memorandum relating to broad aspects of the business, operations,
or products of the Issuer or the Guarantor. The immediately preceding sentence does not apply to
reports solely comprised of recommendations to buy, sell, or hold the Issuer&#146;s or the Guarantor&#146;s
securities, unless such recommendations have changed within the past six months, or to information
already contained in documents filed with the Commission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such Underwriter is not
an &#147;affiliate&#148; of the Issuer or the Guarantor for purposes of the NASD Conduct Rule&nbsp;2720 (or any
FINRA successor rule thereto). Such Underwriter understands that under Rule&nbsp;2720 (except as
provided in Rule&nbsp;2720(b)(1)(C) thereof) two entities are &#147;affiliates&#148; of each other if one entity
controls, is controlled by, or is under common control with, the second entity and that &#147;control&#148;
is presumed to exist if one entity (or, in the case of a FINRA member, the entity and all &#147;persons
associated with&#148; it (as defined by FINRA)) beneficially owns 10% or more of the second entity&#146;s
outstanding voting securities or, if the second entity is a partnership, if the first entity has a
partnership interest in 10% or more of the second entity&#146;s distributable profits or losses;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the case of Registered Offerings and Offerings of Securities exempt under Section&nbsp;3 of
the 1933 Act, and if the Securities are not investment grade debt securities or preferred stock, or
equity securities for which there exists a &#147;bona fide independent market&#148; (as defined in NASD
Conduct Rule&nbsp;2720(b)(3) or any FINRA successor rule thereto) or otherwise exempted under NASD
Conduct Rule&nbsp;2720(b)(7)(D) (or any FINRA successor rule thereto), such Underwriter does not have a
&#147;conflict of interest&#148; with the Issuer or the Guarantor under NASD Conduct Rule&nbsp;2720 (or any FINRA
successor rule thereto). In that regard, such Underwriter specifically confirms that such
Underwriter, the &#147;parent&#148; of (as defined in Rule&nbsp;2720), affiliates, and &#147;persons associated with&#148;
such Underwriter (as defined by FINRA), in the aggregate do not: (a)&nbsp;beneficially own 10% or more
of the Issuer&#146;s or the Guarantor&#146;s &#147;common equity,&#148; &#147;preferred equity,&#148; or &#147;subordinated debt&#148; (as
each such term is defined in Rule&nbsp;2720), or (b)&nbsp;in the case of an Issuer or Guarantor which is a
partnership, beneficially own a general, limited, or special partnership interest in 10% or more of
the Issuer&#146;s or Guarantor&#146;s distributable profits or losses;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than as may be
stated in the Prospectus or the Offering Circular, as the case may be, in the case of Registered
Offerings and Offerings of Securities exempt under Section&nbsp;3 of the 1933 Act, neither such
Underwriter nor any of its directors, officers, partners, or &#147;persons associated with&#148; such
Underwriter (as defined by FINRA) nor, to such Underwriter&#146;s knowledge, any &#147;related person&#148;
(defined by FINRA to include counsel, financial consultants and advisors, finders, members of the
selling or distribution group, any FINRA member participating in the offering, and any other
persons associated with or related to and members of the immediate family of any of the foregoing)
or any other broker-dealer: (A)&nbsp;within the last six months have purchased in private transactions,
or intend before, at, or within six months after the commencement of the public offering of the
Securities to purchase in private transactions, any securities of the Issuer, the Guarantor, or any
Issuer Related Party (as hereinafter defined), (B)&nbsp;within
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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; margin-left: 2%">the last 6&nbsp;months have had any dealings with the Issuer, the Guarantor, any Seller, or
any subsidiary or controlling person thereof (other than relating to the proposed Underwriting
Agreement) as to which documents or information are required to be filed with FINRA, or (C)
during the 6&nbsp;months immediately preceding the filing of the Registration Statement (or, if
there is none, the Offering Circular), have entered into any arrangement which provided or
provides for the receipt of any item of value (including, but not limited to, cash payments and
expense reimbursements) and/or the transfer of any warrants, options, or other securities from
the Issuer, the Guarantor, or any Issuer Related Party to you or any related person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in the case of Registered Offerings and Offerings of Securities exempt under Section
3 of the 1933 Act, there is no association or affiliation between such Underwriter and; (A)&nbsp;any
officer or director of the Issuer, the Guarantor or, any Issuer Related Party, or (B)&nbsp;any
securityholder of 5% or more (or, in the case of an initial public offering of equity
securities, any securityholder) of any class of securities of the Issuer, the Guarantor, or an
Issuer Related Party; it being understood that for purposes of paragraph (i)&nbsp;above and this
paragraph (j), the term &#147;Issuer Related Party&#148; includes any Seller, any affiliate of the
Issuer, the Guarantor, or a Seller, and the officers or general partners, directors, employees,
and securityholders thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the case of Registered Offerings and
Offerings of Securities exempt under Section&nbsp;3 of the 1933 Act, and if the Securities are not
issued by a real estate investment trust, no portion of the net offering proceeds from the sale
of the Securities will be paid to such Underwriter or any of its affiliates or &#147;persons
associated with&#148; such Underwriter (as defined by FINRA) or members of the immediate family of
any such person; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in the case of Securities which are debt securities
whose offer and sale is to be registered under the 1933 Act, such Underwriter is not an
affiliate (as defined in Rule&nbsp;0-2 under the Trust Indenture Act of 1939) of the Trustee for the
Securities or of its parent, if any. Neither the Trustee nor its parent, if any, nor any of
their directors or executive officers is a &#147;director, officer, partner, employee, appointee, or
representative&#148; of such Underwriter (as those terms are defined in the Trust Indenture Act of
1939 or in the relevant instructions to Form&nbsp;T- 1). Such Underwriter and its directors, partners,
and executive officers, taken as a group, did
not on the date specified in the Invitation, and do not, own
beneficially 1% or more of the shares of any class of voting securities of the Trustee or of its parent, if any. If such
Underwriter is a corporation, it does not have outstanding and has not assumed or guaranteed
any securities issued otherwise than in its present corporate name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Underwriter notes an exception with respect to material of the type referred
to in clauses (e)&nbsp;and (f), such underwriter will send three copies of each item of such
material, together with a statement as to distribution, identifying classes of recipients and
the number of copies distributed to each such class, and, if relevant, the number of equity
securities or the face value of debt securities owned by such person, the date such securities
were acquired, and the price paid for such securities to Morgan Stanley &#038; Co. Incorporated,
Attention: Syndicate Department, 1585 Broadway, New York, New York 10036.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.3
<SEQUENCE>7
<FILENAME>y93113aexv99whw3.htm
<DESCRIPTION>EX-99.H.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw3</TITLE>
</HEAD>
<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 (h)(3)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Morgan Stanley &#038; Co. Incorporated</B></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF MASTER SELECTED DEALERS AGREEMENT</B></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REGISTERED SEC OFFERINGS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AND</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EXEMPT OFFERINGS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(OTHER THAN OFFERINGS OF MUNICIPAL SECURITIES)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>December&nbsp;1, 2009</B>
</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;This Master Selected Dealers Agreement (this &#147;<B>Master SDA</B>&#148;), dated as of December&nbsp;1, 2009, is
by and between Morgan Stanley &#038; Co. Incorporated (including its successors and assigns) (&#147;<B>we</B>,&#148;
&#147;<B>our</B>,&#148; &#147;<B>us</B>&#148; or the &#147;<B>Manager</B>&#148;) and the party named on the signature page hereof (a &#147;<B>Dealer</B>,&#148; &#147;<B>you</B>&#148;
or &#147;<B>your</B>&#148;). From time to time, in connection with an offering and sale (an &#147;<B>Offering</B>&#148;) of
securities (the &#147;<B>Securities</B>&#148;), managed solely by us or with one or more other managers or
co-managers, we or one or more of our affiliates may offer you (and others) the opportunity to
purchase as principal a portion of such securities on the terms set forth herein as a Selected
Dealer (as defined below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References herein to laws, statutory and regulatory sections, rules, regulations, forms and
interpretive materials are deemed to include successor provisions. The following provisions of this
Master SDA shall apply separately to each individual Offering of Securities. You and we further
agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;</B><u><B>Applicability of this Master SDA</B></u><B>. </B>The terms and conditions of this Master SDA will be
applicable to any Offering in which you accept an offer to participate as a Selected Dealer
(including through the receipt by you of Securities), whether pursuant to a registration statement
filed under the Securities Act of 1933, as amended (the &#147;<B>1933 Act</B>&#148;), or exempt from registration
thereunder, in respect of which we (acting for our own account or for the account of any
underwriting or similar group or syndicate) are responsible for managing or otherwise implementing
the sale of Securities to Selected Dealers. A Dealer is a person who meets the requirements of
Section&nbsp;10 hereof. The parties who agree to participate (including by the receipt by such parties
of Securities) or are designated a selling concession to Dealers (the &#147;<B>Selling Concession</B>&#148;), and
reallowance, if any (the &#147;<B>Reallowance</B>&#148;), in such Offering as selected Dealers are hereinafter
referred to as &#147;<B>Selected Dealers</B>&#148;. In the case of any Offering where we are acting for the account
of the several underwriters, initial purchasers or others acting in a similar capacity (the
&#147;<B>Underwriters</B>&#148;), the terms and conditions of this Master SDA will be for the benefit of such
Underwriters, including, in the case of any Offering where we are acting with others as
representatives of Underwriters, such other representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;</B><u><B>Terms of the Offering</B></u><B>. </B>We may advise you orally or by one or more wires, telexes, telecopy
or electronic data transmissions, or other written communications (each, a &#147;<B>Wire</B>&#148;) of the
particular method and supplementary terms and conditions of any Offering (including the price or
prices at which the Securities initially will be offered by the several Underwriters, or if the
price is to be determined by a formula based on market price, the terms of the formula, (the
&#147;<B>Offering Price</B>&#148;) and any Selling Concession or, if applicable, Reallowance) in which you are
invited to participate. Any such Wire may also amend or modify such provisions of this Master SDA
in respect of the Offering to which such Wire relates, and may contain such supplementary
provisions as may be specified in any Wire relating to an Offering. To the extent such
supplementary terms and conditions are inconsistent with any provision herein, such supplementary
terms and conditions shall supersede any provision of this Master SDA. Unless otherwise indicated
in any such Wire, acceptances and other communications by you with respect to an Offering should be
sent pursuant to the terms of Section&nbsp;19 hereof. Notwithstanding that we may not have sent you a
Wire or other form of invitation to participate in such Offering or that you may not otherwise have
responded by wire or other written
</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">communication (any such communication being deemed &#147;<B>In Writing</B>&#148;) to any such Wire or other form of
invitation, you will be deemed to have accepted the terms of our offer to participate as a Selected
Dealer and of this Master SDA (as amended, modified or supplemented by any Wire) by your purchase
of Securities or otherwise receiving and retaining an economic benefit for participating in the
Offering as a Selected Dealer. We reserve the right to reject any acceptance in whole or in part.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Offering will be subject to delivery of the Securities and their acceptance by us and any
other Underwriters may be subject to the approval of all legal matters by counsel and may be
subject to the satisfaction of other conditions. Any application for additional Securities will be
subject to rejection in whole or in part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<u><B>Offering Documents</B></u><B>. </B>Upon your request, we will furnish, make available to you or make
arrangements for you to obtain copies (which may, to the extent permitted by law, be in electronic
form) of each prospectus, prospectus supplement, offering memorandum, offering circular or similar
offering document, and any preliminary version thereof, as soon as reasonably practicable after
sufficient quantities thereof have been made available by the issuer of the Securities (each, an
&#147;<B>Issuer</B>&#148;) and any guarantor (each, a &#147;<B>Guarantor</B>&#148;) thereof, and, if different from the Issuer, the
seller or sellers (each, a &#147;<B>Seller</B>&#148;) of the Securities. You agree that you will comply with the
applicable United States federal and state laws, and the applicable rules and regulations of any
regulatory body promulgated thereunder, and the applicable laws, rules and regulations of any non-
United States jurisdiction, governing the use and distribution of offering materials by brokers and
dealers. You represent and warrant that you are familiar with Rule&nbsp;15c2-8 under the Securities
Exchange Act of 1934, as amended (the &#147;<B>1934 Act</B>&#148;), relating to the distribution of preliminary and
final prospectuses and agree that your purchase of Securities shall constitute your confirmation
that you have delivered and will deliver all preliminary prospectuses and final prospectuses
required for compliance therewith. You agree to make a record of your distribution of each
preliminary prospectus and, when furnished with copies of any revised preliminary prospectus or
final prospectus, you will, upon our request, promptly forward copies thereof to each person to
whom you have theretofore distributed a preliminary prospectus. You agree that, in purchasing
Securities, you will rely upon no statement whatsoever, written or oral, other than the statements
in the final prospectus, offering memorandum, offering circular or similar offering document
delivered to you by us. You are not authorized by the Issuer or other Seller of Securities offered
pursuant to a final prospectus, offering memorandum, offering circular or similar offering document
or by any Underwriters to give any information or to make any representation not contained therein
in connection with the sale of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<u><B>Offering of Securities</B></u><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>In respect of any Offering, we will inform you of any Selling Concession and Reallowance,
if any. The Offering of Securities is made subject to the conditions referred to in the prospectus,
offering memorandum, or offering circular or similar offering document related to the Offering and
to the terms and conditions set forth in any Wire. After the initial Offering has commenced, we may
change the Offering Price, the Selling Concession and the Reallowance (if any) to Selected Dealers.
If a Reallowance is in effect, a reallowance from the Offering Price
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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">not in excess of such Reallowance may be allowed (i)&nbsp;in the case of Offerings of Securities that
are not exempted securities (as defined in Section&nbsp;3 (a)(12) of the 1934 Act), as consideration for
services rendered in distribution to Dealers who are actually engaged in the investment banking or
securities business and who are either members in good standing of the Financial Industry
Regulatory Authority (&#147;<B>FINRA</B>&#148;) who agree to abide by the applicable rules of FINRA or non-U.S.
banks, brokers, dealers or institutions not eligible for membership in FINRA who represent to you
that they will promptly reoffer such Securities at the Offering Price and will abide by the
conditions with respect to non-U.S. banks, dealers and institutions set forth in Section&nbsp;10 hereof,
or (ii)&nbsp;in the case of Offerings of Securities that are exempted securities (as defined in Section
3(a)(12) of the 1934 Act), as consideration for services rendered in distribution not only to
Dealers identified in the immediately preceding clause but also to Dealers who are domestic banks
which are not members of FINRA who represent to you that they will promptly reoffer such Securities
at the Offering Price and will abide by the conditions with respect to domestic banks set forth in
Section&nbsp;10 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>No expenses will be charged to Selected Dealers. A single transfer tax upon the sale of
the Securities by the respective Underwriters to you will be paid by such Underwriters when such
Securities are delivered to you. However, you shall pay any transfer tax on sales of Securities by
you and you shall pay your proportionate share of any transfer tax or other tax (other than the
single transfer tax described above) in the event that any such tax shall from time to time be
assessed against you and other Selected Dealers as a group or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;</B><u><B>Payment and Delivery</B></u><B>. </B>You will deliver to us, on the date and at the place and time
specified by us orally or In Writing, payment in the manner and type of currency specified by us
orally or In Writing, payable to the order of Morgan Stanley &#038; Co. Incorporated (or as we may
subsequently inform you), for an amount equal to the Offering Price plus (if not included in the
Offering Price) accrued interest, amortization of original issue discount or dividends, if any,
specified in the prospectus or offering circular or other similar offering document furnished in
connection with the Offering of the Securities. We may, in our sole discretion, retain the
applicable Selling Concession in respect of the Securities to be purchased by you for release at a
date specified by us. We will make payment to the Issuer or Seller against delivery to us for your
account of the Securities to be purchased by you, and we will deliver to you the Securities paid
for by you which will have been retained by or released to you for direct sale. If we determine
that transactions in the Securities are to be settled through The Depository Trust Company (&#147;<B>DTC</B>&#148;)
or another clearinghouse facility and payment in the settlement currency is supported by such
facility, payment for and delivery of Securities purchased by you will be made through such
facility, if you are a participant, or, if you are not a participant, settlement will be made
through your ordinary correspondent who is a participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;</B><u><B>Over-allotment; Stabilization; Unsold Allotments; Penalty Bids</B></u><B>. </B>We may, with respect to any
Offering, be authorized to over-allot in arranging sales to Selected Dealers, to purchase and sell
Securities for long or short account and to stabilize or maintain the market price of the
Securities. You agree that upon our request at any time and from time to time prior to the
termination of the provisions of Section&nbsp;4 hereof with respect to any Offering, you will report to
us the amount of Securities purchased by you pursuant to such Offering which then remain unsold by
you and will, upon our request at any such time, sell to us for our account or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">the account of one or more Underwriters such amount of such unsold Securities as we may designate
at the Offering Price less an amount to be determined by us not in excess of the Selling
Concession. Prior to the termination of the Manager&#146;s authority to cover any short position in
connection with the Offering or such other date as the Manager may specify by Wire, if the Manager
determines pursuant to the &#147;Initial Public Offering Tracking System&#148; of DTC that the Manager has
purchased, or any of your customers have sold, a number or amount of Securities retained by, or
released to, you for direct sale or any Securities sold pursuant to Section&nbsp;4 hereof for which you
received a portion of the Selling Concession, or any Securities which may have been issued on
transfer or in exchange for such Securities, which Securities were therefore not effectively placed
for investment, then you authorize the Manager to charge your account with an amount equal to such
portion of the Selling Concession received by you with respect to such Securities at a price equal
to the total cost of such purchase, including transfer taxes, accrued interest, dividends, and
commissions, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<u><B>Termination</B></u><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The terms and conditions set forth in (i)&nbsp;Section&nbsp;4, (ii)&nbsp;the second sentence of Section
6, (iii)&nbsp;Section&nbsp;15 and (iv)&nbsp;Section&nbsp;16 of this Master SDA (collectively, the &#147;<B>offering
provisions</B>&#148;) will terminate with respect to each Offering pursuant to this Master SDA at the close
of business on the later of (a)&nbsp;the date on which the Underwriters pay the Issuer or Seller for the
Securities, and (b)&nbsp;45 calendar days after the applicable Offering date, unless in either such case
the effectiveness of such offering provisions is extended or sooner terminated as hereinafter
provided. We may terminate such offering provisions other than Section&nbsp;6 at any time by notice to
you to the effect that the offering provisions are terminated and we may terminate the provisions
of Section&nbsp;6 at any time at or subsequent to the termination of the other offering provisions by
notice to you to the effect that the penalty bid provisions are terminated. All other provisions of
the Master SDA shall remain operative and in full force and effect with respect to such Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This Master SDA may be terminated by either party hereto upon five business days&#146; written
notice to the other party; provided, however, that with respect to any particular Offering, if we
receive any such notice from you after we have advised you of the amount of Securities allotted to
you, this Master SDA shall remain in full force and effect as to such Offering and shall terminate
with respect to such Offering and all previous Offerings only in accordance with and to the extent
provided in subsection (a)&nbsp;of this Section&nbsp;7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<u><B>Amendments</B></u><B>. </B>This Master SDA may be amended from time to time by consent of the parties
hereto. Your consent will be deemed to have been given to an amendment to this Master SDA, and such
amendment will be effective, five business days following written notice to you of such amendment
if you do not notify us In Writing prior to the close of business on such fifth business day that
you do not consent to such amendment. Notwithstanding the foregoing, you agree that any amendment,
supplement or modification of the terms of this Master SDA by Wire or otherwise In Writing will be
effective immediately and your consent will be deemed to have been given to any such amendment,
supplement or modification by your purchase of Securities or otherwise receiving and retaining an
economic benefit for participating
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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 style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD>in the Offering as a Selected Dealer; provided that such amendment, supplement or modification
of the terms of this Master SDA shall only be effective with respect to the related Offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<u><B>Relationship Among Underwriters and Selected Dealers</B></u><B>. </B>We shall have full authority to take
such actions as we deem advisable in all matters pertaining to any Offering under this Master SDA.
You are not authorized to act as an agent for us, any Underwriter or the Issuer or other Seller of
any Securities in offering Securities to the public or otherwise. Neither we nor any Underwriter
will be under any obligation to you except for obligations assumed hereby or in any Wire from us in
connection with any Offering, and no obligations on our part as the Manager will be implied hereby
or inferred herefrom. Nothing contained in this Master SDA or any Wire shall constitute the
Selected Dealers an association or partners with us or any Underwriter or with one another, and the
obligations of you and each of the other Selected Dealers or any of the Underwriters are several
and not joint. If the Selected Dealers, among themselves, with us or with the Underwriters, should
be deemed to constitute a partnership for federal income tax purposes, then you elect to be
excluded from the application of Subchapter K, Chapter&nbsp;1, Subtitle A of the Internal Revenue Code
of 1986 and agree not to take any position inconsistent with such election. You authorize the
Manager, in its discretion, to execute on your behalf such evidence of such election as may be
required by the U.S. Internal Revenue Service. In connection with any Offering, you will be liable
for your proportionate share of the amount of any tax, claim, demand or liability that may be
asserted against you alone or against one or more Selected Dealers participating in such Offering,
or against us or the Underwriters, based upon the claim that the Selected Dealers, or any of them,
constitute an association, an unincorporated business or other entity, including, in each case,
your proportionate share of the amount of any expense (including attorneys&#146; fees and expenses)
incurred in defending against any such tax, claim, demand or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<u><B>FINRA Compliance</B></u><B>. </B>You represent and warrant (a)&nbsp;that you are a broker or dealer (as
defined by FINRA actually engaged in the investment banking or securities business and that you are
either (i)&nbsp;a member in good standing of FINRA or (ii)&nbsp;a non-U.S. bank, broker, dealer or other
institution not eligible for membership in FINRA and not registered under the 1934 Act (a
&#147;<B>non-member non-U.S. dealer</B>&#148;), or (b)&nbsp;only in the case of Offerings of Securities that are exempted
securities (as defined in Section&nbsp;3(a)(12) of the 1934 Act), and such other Securities as from time
to time may be sold by a &#147;bank&#148; (as defined in Section&nbsp;3(a)(6) of the 1934 Act (a &#147;<B>Bank</B>&#148;)), that
you are a domestic Bank which is not a member of FINRA that makes the representations and
agreements applicable to such institutions contained in this Section&nbsp;10 hereof as if you were a
member of FINRA. You agree that, in connection with any purchase or sale of the Securities wherein
a selling concession, discount or other allowance is received or granted, you (aa)&nbsp;will comply, if
you are a member of FINRA, with all applicable rules of FINRA, including, without limitation, (i)
the requirements of FINRA Rule&nbsp;5130, and (ii)&nbsp;the requirements of NASD Conduct Rule&nbsp;2740 (relating
to Selling Concessions, Discounts and Other Allowances) or any FINRA successor rules thereto or
(bb)&nbsp;if you are a non-member non-U.S. dealer, (i)&nbsp;will comply, as though you were a member of
FINRA, with the requirements of the following rules (including any FINRA successor rules thereto):
NASD Conduct Rules&nbsp;2730 (relating to Securities Taken in Trade), 2740 (relating to Selling
Concessions), 2750 (relating to Transactions with Related Persons) and FINRA Rule&nbsp;5130 (relating to
Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and NASD Conduct Rule
2420 (relating to Dealing with
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">Non-Members) as that Rule applies to a non-member broker/dealer in a non-U.S. country, and (ii)
are, and will remain at all relevant times, an appropriately registered or licensed broker-dealer
(to the extent required) in a non-U.S. jurisdiction and will not engage in any activities in the
United States or with United States persons as would require you to register as a broker-dealer
under Section&nbsp;15 of the 1934 Act or obtain FINRA membership as set forth in NASD Conduct Rule
2420(c). In addition, if you are a domestic bank or a non-member non-U.S. dealer, you agree to
comply, as though you were a member of FINRA, and make the representations and agreements
applicable to such institutions contained in this Section&nbsp;10. You represent and warrant that you
are fully familiar with the above provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You further represent, by your participation in an Offering, that you have provided to us all
documents and other information required to be filed with respect to you, any related person or any
person associated with you or any such related person pursuant to the supplementary requirements of
FINRA&#146;s interpretation with respect to review of corporate financing as such requirements relate to
such Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<u><B>Blue Sky Matters</B></u><B>. </B>Upon application to us, we shall inform you as to any advice we have
received from counsel concerning the jurisdictions in which Securities have been qualified for sale
or are exempt under the securities or &#147;Blue Sky&#148; laws of such jurisdictions, but we do not assume
any obligation or responsibility as to your right to sell Securities in any such jurisdiction,
notwithstanding any information we may furnish to you in that connection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<B>Governing Law; Submission to Jurisdiction. </B>This Master SDA (as it may be modified or
supplemented by any Wire) will be governed by and construed in accordance with the laws of the
State of New York applicable to contracts made and to be performed in the State. You hereby
irrevocably: (a)&nbsp;submit to the jurisdiction of any court of the State of New York located in the
City of New York or the U.S. District Court for the Southern District of the State of New York for
the purpose of any suit, action, or other proceeding arising out of this Master SDA, or any of the
agreements or transactions contemplated hereby (each, a &#147;<B>Proceeding</B>&#148;), (b)&nbsp;agree that all claims in
respect of any Proceeding may be heard and determined in any such court, (c)&nbsp;waive, to the fullest
extent permitted by law, any immunity from jurisdiction of any such court or from any legal process
therein, (d)&nbsp;agree not to commence any Proceeding other than in such courts, and (e)&nbsp;waive, to the
fullest extent permitted by law, any claim that such Proceeding is brought in an inconvenient
forum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<u><B>Successors and Assigns</B></u><B>. </B>This Master SDA will be binding on, and inure to the benefit of,
the parties hereto and other persons specified in Section&nbsp;1 hereof, and the respective successors
and assigns of each of them; provided, however, that you may not assign your rights or delegate any
of your duties under this Master SDA without our prior written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<u><B>Compliance with Law</B></u><B>. </B>You agree that in selling Securities pursuant to any Offering (which
agreement shall also be for the benefit of the Issuer or other Seller of such Securities) you will
comply with all applicable rules and regulations, including the applicable provisions of the 1933
Act and the 1934 Act, the applicable rules and regulations of the Securities and Exchange
Commission thereunder, the applicable rules and regulations of FINRA, the applicable rules and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">regulations of any securities exchange having jurisdiction over the Offering and the applicable
laws, rules and regulations specified in Section&nbsp;3 (a)&nbsp;and 3(b) hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<u><B>Discretionary Accounts</B></u><B>. </B>In the case of an Offering of Securities registered under the 1933
Act by an Issuer that was not, immediately prior to the filing of the related registration
statement, subject to the requirements of Section 13(d) or 15(d) of the 1934 Act, you will not make
sales to any account over which you exercise discretionary authority in connection with such sale,
except as otherwise permitted by us for such Offering In Writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<u><B>Offering Restrictions</B></u><B>. </B>You will not make any offers or sales of Securities or any other
securities in jurisdictions outside the United States except under circumstances that will result
in compliance with (a)&nbsp;applicable laws, including private placement requirements, in each such
jurisdiction and (b)&nbsp;the restrictions on offers or sales set forth in this Master SDA, any Wire or
the prospectus, preliminary prospectus, offering memorandum, offering circular, or preliminary
offering memorandum or preliminary offering circular or other similar offering document, as the
case may be. It is understood that, except as specified in this Master SDA, the prospectus,
offering memorandum or offering circular or other similar offering document, or applicable Wire, no
action has been taken by us, the Issuer, the Guarantor, the Seller or any other party to permit you
to offer Securities in any jurisdiction other than the United States, in the case of a Registered
Offering, where action would be required for such purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<u><B>Prohibition on Money Laundering</B></u><B>. </B>The operations of your business and your subsidiaries are
and, to your knowledge, have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the &#147;<B>Money Laundering Laws</B>&#148;) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving you or any of your subsidiaries with respect to the Money Laundering Laws is pending or,
to your knowledge, threatened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<u><B>Liability of Manager</B></u><B>. </B>The Manager will not be liable to you for any act or omission,
except for obligations expressly assumed by the Manager In Writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<u><B>Notices</B></u><B>. </B>Any notice to you will be deemed to have been duly given if mailed, sent by Wire,
or delivered in person to you at the address set forth on the signature page hereto (or to such
other address, telephone, telecopy or telex as you will be notified by us), or if such address is
no longer valid, then at the address set forth in reports filed by you with FINRA. Any such notice
will take effect upon receipt
thereof. Communications by Wire will be deemed to be &#147;written&#148; communications and made In Writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;<u><B>Severability</B></u><B>. </B>In case any provision in this Master SDA or any Wire is deemed invalid,
illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions
will not in any way be affected or impaired thereby.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;21.&nbsp;<u><B>Counterparts</B></u><B>. </B>This Master SDA may be executed in any number of counterparts, each of which
will be deemed to be an original, and all of which taken together constitute one and the same
instrument. Transmission by telecopy of an executed counterpart of this Master SDA will constitute
due and sufficient delivery of such counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please confirm by signing and returning to us the enclosed copy of this Master SDA that your
subscription to, or your acceptance of any reservation of, any Securities pursuant to an Offering
shall constitute (a)&nbsp;acceptance of and agreement to the terms and conditions of this Master SDA (as
supplemented and amended pursuant to Section&nbsp;8 hereof) together with and subject to any
supplementary terms and conditions contained in any Wire from us in connection with such Offering,
all of which shall constitute a binding agreement between you and us individually or as
representative of any Underwriters, (b)&nbsp;confirmation that your representations and warranties set
forth herein are true and correct at that time, (c)&nbsp;confirmation that your agreements herein have
been and will be fully performed by you to the extent and at the times required thereby and (d)&nbsp;in
the case of any Offering described in Section&nbsp;3 hereof, acknowledgment that you have requested and
received from us sufficient copies of the final prospectus, offering memorandum or offering
circular, as the case may be, with respect to such Offering in order to comply with your
undertakings in Section 3(a) or 3(b) hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>(Remainder of page intentionally left blank)</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>(Signature page follows)</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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;This Master SDA is dated as of December&nbsp;1, 2009, and executed by and between Morgan Stanley &#038;
Co. Incorporated and other party named below.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
MORGAN STANLEY &#038; CO. INCORPORATED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Confirmed as of (date):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONFIRMED: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2009
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="4" align="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>

(Legal Name of Selected Dealer)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top" colspan="2">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Address:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Telephone:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Email:

</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="Center" style="font-size: 10pt; margin-top: 6pt"><B>Master Selected Dealers Agreement</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GUIDE TO DEFINED TERMS</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Section Reference</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1933 Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1934 Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dealer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Foreward</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DTC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FINRA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guarantor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">In Writing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manager</DIV></TD>
    <TD>&nbsp;</TD>
        <TD colspan="2" align="right">Foreword</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Master SDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Foreword</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money Laundering Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">non-member non-U.S. dealer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">Foreword</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">offering provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reallowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selected Dealers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Seller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling Concession</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wire</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.4
<SEQUENCE>8
<FILENAME>y93113aexv99whw4.htm
<DESCRIPTION>EX-99.H.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw4</TITLE>
</HEAD>
<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 (h)(4)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STRUCTURING FEE AGREEMENT</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036

</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;This agreement is between BlackRock Advisors, LLC (the &#147;<U>Company</U>&#148;) and Morgan Stanley &#038;
Co. LLC (&#147;<U>Morgan Stanley</U>&#148;) with respect to the BlackRock Utility and Infrastructure Trust
(the &#147;<U>Trust</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Fee</U>. (a)&nbsp;In consideration of services to the Company relating to, but not limited
to, the design and structuring of, and marketing assistance with respect to, the Trust and the
distribution of its common shares of beneficial interest, par value $0.001 (the &#147;<U>Shares</U>&#148;),
including without limitation, views from an investor market and distribution perspective on (i)
marketing issues with respect to the Trust&#146;s investment policies and proposed investments and (ii)
the overall marketing and positioning thesis for the Trust&#146;s initial public offering, the Company
shall pay a fee to Morgan Stanley calculated at &#091;<B>&#149;</B>&#093;% of the aggregate price to the public of the
Shares sold by Morgan Stanley in the Trust&#146;s initial public offering (the &#147;<U>Offering</U>&#148;)
(including any Shares over-allotted by Morgan Stanley in the Offering regardless of whether the
over-allotment option in the Offering is exercised), equal to $&#091;<B>&#149;</B>&#093; (the &#147;<U>Fee</U>&#148;). The Fee
paid to Morgan Stanley shall not exceed &#091;<B>&#149;</B>&#093;% of the total price to the public of the Shares sold by
the Trust in the Offering. For purposes of this paragraph (a), the number of Shares sold by Morgan
Stanley shall be deemed to include one half of the number of Shares sold by Morgan Stanley Smith
Barney LLC, and Citigroup Global Markets Inc. shall be deemed to have sold the other half.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company shall pay the Fee to Morgan Stanley after the closing of the purchase and sale
of the Shares pursuant to the principal underwriting agreement (the &#147;<U>Underwriting
Agreement</U>&#148;) and on or before December &#091;<B>&#149;</B>&#093;, 2011 by wire transfer to the order of Morgan
Stanley. The Company acknowledges that the Fee is in addition to any compensation Morgan Stanley
earns in connection with its role as an underwriter to the Trust in its initial offering, which
underwriting services are distinct from and in addition to the marketing and structuring services
described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. This Agreement shall terminate upon payment of the entire amount of the Fee,
as specified in Section&nbsp;1 hereof (except as provided in Section&nbsp;4) or upon the termination of the
Underwriting Agreement without the Shares having been delivered and paid for. If this Agreement is
terminated, the
</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">Company shall reimburse Morgan Stanley only for its accountable out-of-pocket expenses
actually incurred in connection with this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Indemnification</U>. The Company agrees to the indemnification and other agreements
set forth in the Indemnification Agreement attached hereto, the provisions of which are
incorporated herein by reference and shall survive the termination, expiration or supersession of
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Confidential Advice</U>. None of any advice rendered by Morgan Stanley to the Company
or any communication from Morgan Stanley in connection with the services performed by Morgan
Stanley pursuant to this Agreement will be quoted or referred to orally or in writing, or
reproduced or disseminated, by the Company or any of its affiliates or any of their agents to any
third-party, without Morgan Stanley&#146;s prior written consent (which consent shall not be
unreasonably withheld, conditioned or delayed), except (i)&nbsp;the Company may disclose the foregoing
to any regulatory authority in response to a regulatory proceeding, process, inquiry or request, so
long as the Company gives Morgan Stanley prompt notice, as reasonably practicable under the
circumstances, thereof unless in the opinion of the Company&#146;s counsel it is not legally able to do
so, (ii)&nbsp;to the extent otherwise required by law, judicial process or applicable regulation (after
consultation with, and approval (not to be unreasonably withheld, conditioned or delayed) as to
form and substance by, Morgan Stanley and its counsel, unless in the opinion of the Company&#146;s
counsel it is not legally able to so consult) and (iii)&nbsp;to the Trust and its officers and trustees
and their legal counsel, auditors and other advisors. This confidentiality provision will
terminate eighteen months from the date first written above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Not an Investment Adviser</U>. The Company acknowledges that Morgan Stanley is not
providing any advice hereunder as to the value of securities or regarding the advisability of
purchasing or selling any securities for the Trust&#146;s portfolio. No provision of this Agreement
shall be considered as creating, nor shall any provision create, any obligation on the part of
Morgan Stanley, and Morgan Stanley is not agreeing hereby, to: (i)&nbsp;furnish any advice or make any
recommendations regarding the purchase or sale of portfolio securities; or (ii)&nbsp;render any
opinions, valuations or recommendations of any kind or to perform any such similar services. The
Company&#146;s engagement of Morgan Stanley is not intended to confer rights upon any person (including
the Trust or any shareholders, employees or creditors of the Company or the Trust) not a party
hereto as against Morgan Stanley or its affiliates, or their respective directors, officers,
employees or agents, successors, or assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Not Exclusive</U>. Nothing herein shall be construed as prohibiting Morgan Stanley or
its affiliates from acting as an underwriter or financial advisor or in any other capacity for any
other persons (including other registered
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 2 - <!-- /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">investment companies or other investment managers). Neither this Agreement nor the
performance of the services contemplated hereunder shall be considered to constitute a partnership,
association or joint venture between Morgan Stanley and the Company. In addition, nothing in this
Agreement shall be construed to constitute Morgan Stanley as the agent or employee of the Company
or the Company as the agent or employee of Morgan Stanley, and neither party shall make any
representation to the contrary. It is understood that Morgan Stanley is engaged hereunder solely
to provide the services described above to the Company and that Morgan Stanley is not acting as an
agent or fiduciary of, and Morgan Stanley shall not have any duties or liability to, the current or
future partners, members or equity owners of the Company or any other third party in connection
with its engagement hereunder, all of which are hereby expressly waived to the extent the Company
has the authority to waive such duties and liabilities. For the avoidance of doubt, it is
acknowledged and agreed that the Company may pay compensation of any kind to any other person for
services the same as, or similar to, the services provided by Morgan Stanley hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Assignment</U>. This Agreement may not be assigned by either party without prior
written consent of the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Amendment; Waiver</U>. No provision of this Agreement may be amended or waived except
by an instrument in writing signed by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Governing Law; Consent to Jurisdiction; WAIVER OF JURY TRIAL</U>. This Agreement and
any claim, counterclaim, dispute or proceeding of any kind or nature whatsoever arising out of or
in any way relating to this Agreement (&#147;<U>Claim</U>&#148;), directly or indirectly, shall be governed
by and construed in accordance with the internal laws of the State of New York. No Claim may be
commenced, prosecuted or continued in any court other than the courts of the State of New York
located in the City and County of New York or in the United States District Court for the Southern
District of New York (and of the appropriate appellate courts therefrom), which courts shall have
exclusive jurisdiction over the adjudication of such matters except as provided below. Each of the
parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such Claim and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any
such Claim in any such court or that any such Claim brought in any such court has been brought in
an inconvenient forum. Process in any such Claim may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each
party agrees that service of process on such party as provided in Section&nbsp;11 shall be deemed
effective service of process on such party to the extent consistent with applicable laws. EACH OF
MORGAN
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 3 - <!-- /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">STANLEY AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER
BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT.
EACH OF MORGAN STANLEY AND THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM
ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE
CONCLUSIVE AND BINDING UPON MORGAN STANLEY AND THE COMPANY, AS THE CASE MAY BE, AND MAY BE ENFORCED
IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH MORGAN STANLEY OR THE COMPANY ARE OR MAY BE
SUBJECT, BY SUIT UPON SUCH JUDGMENT.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Entire Agreement</U>. This Agreement (including the attached Indemnification
Agreement) embodies the entire agreement and understanding between the parties hereto and
supersedes all prior agreements and understandings relating to the subject matter hereof. If any
provision of this Agreement is determined to be invalid or unenforceable in any respect, such
determination will not affect such provision in any other respect or any other provision of this
Agreement, which will remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Notices</U>. All notices required or permitted to be sent under this Agreement shall
be sent, if to the Company:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">BlackRock Advisors, LLC<BR>
40 East 52<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street<BR>
New York, New York 10022<BR>
Attention: &#091;<B>&#149;</B>&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or if to Morgan Stanley:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036<BR>
Attention: General Counsel
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or such other name or address as may be given in writing to the other parties. Any notice shall be
deemed to be given or received on the third day after deposit by certified U.S. mail, postage
prepaid, or when actually received, whether by hand, express delivery service or facsimile
transmission, whichever is earlier.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which shall be an original, and all of which, when taken together, shall constitute one
agreement. Delivery of an executed signature page of this Agreement by facsimile or other
electronic transmission that accurately
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 4 - <!-- /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">depicts a manual signature shall be effective as delivery of a manually executed counterpart
hereof.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 5 - <!-- /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;This Agreement shall be effective as of the date first written above.
</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><BR>
BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to as of <BR>the
date first above written:

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MORGAN STANLEY &#038; CO. LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 6 - <!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEMNIFICATION AGREEMENT</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036

</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;In connection with the engagement of Morgan Stanley &#038; Co. LLC (&#147;<U>Morgan Stanley</U>&#148;) to
advise and assist the undersigned (together with its affiliates and subsidiaries, referred to as
the &#147;<U>Company</U>&#148;) with the matters set forth in the Structuring Fee Agreement dated November
&#091;<B>&#149;</B>&#093;, 2011 between the Company and Morgan Stanley (the &#147;<U>Structuring Fee Agreement</U>&#148;), in the
event that Morgan Stanley becomes involved in any capacity in any claim, suit, action, proceeding,
investigation or inquiry (including, without limitation, any shareholder or derivative action or
arbitration proceeding) with respect to the services performed pursuant to and in accordance with
the Structuring Fee Agreement, including, without limitation, related services and activities prior
to the date of the Structuring Fee Agreement, the Company has agreed to indemnify and hold harmless
Morgan Stanley and Morgan Stanley&#146;s affiliates and their respective officers, directors, employees
and agents and each other person, if any, controlling Morgan Stanley or any of Morgan Stanley&#146;s
affiliates (Morgan Stanley and each such other person being an &#147;<U>Indemnified Person</U>&#148;) from
and against any losses, claims, damages or liabilities related to, arising out of or in connection
with the activities (the &#147;<U>Activities</U>&#148;) performed by any Indemnified Person in connection
with, or arising out of, or based upon, the Structuring Fee Agreement and/or any action taken by
any Indemnified Person in connection therewith (including, without limitation, any presentation
given by the Company and an Indemnified Person relating to the common shares of beneficial
interest, par value $0.001 per share (the &#147;<U>Shares</U>&#148;) of BlackRock Utility and Infrastructure
Trust (the &#147;<U>Trust</U>&#148;)), and will reimburse each Indemnified Person for all expenses
(including fees and expenses of counsel) as they are incurred in connection with investigating,
preparing, pursuing or defending any claim, suit, action, proceeding, investigation or inquiry
related to, arising out of or in connection with the Activities, whether or not pending or
threatened and whether or not any Indemnified Person is a party. The Company will not, however, be
responsible for any losses, claims, damages, liabilities (or expenses relating thereto) that are
finally judicially determined to have resulted from the bad faith or gross negligence of any
Indemnified Person. The Company also agrees that no Indemnified Person shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection
with the Activities, except for any such liability for losses, claims, damages or liabilities
incurred by the Company that are finally judicially determined to have resulted from the bad faith
or gross negligence of such Indemnified person.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /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;Notwithstanding the foregoing, in no event shall the Company be responsible for any losses,
claims, damages or liabilities to any Indemnified Person arising from any such claim, suit, action,
proceeding, investigation or inquiry in excess of the gross proceeds received by the Trust from the
initial public offering of the Shares of the Trust (the &#147;<U>Offering</U>&#148;); provided, however,
that the Company shall, as set forth above, indemnify and be responsible for, regardless of the
gross proceeds received by the Trust from the Offering, all expenses (including fees and expenses
of counsel) incurred in connection with investigating, preparing, pursuing or defending any claim,
suit, action, proceeding, investigation or inquiry related to, arising out of or in connection with
the Activities, whether or not pending or threatened and whether or not any Indemnified Person is a
party, as set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not, without Morgan Stanley&#146;s prior written consent, settle, compromise,
consent to the entry of any judgment in or otherwise seek to terminate any claim, suit, action,
proceeding, investigation or inquiry in respect of which indemnification may be sought hereunder
(whether or not any Indemnified Person is a party thereto) unless such settlement, compromise,
consent or termination includes a release of each Indemnified Person from any liabilities arising
out of such claim, suit, action, proceeding, investigation or inquiry. No Indemnified Person
seeking indemnification, reimbursement or contribution under this agreement (the
&#147;<U>Indemnification Agreement</U>&#148;) will, without our prior written consent, settle, compromise,
consent to the entry of any judgment in or otherwise seek to terminate any claim, suit, action,
proceeding, investigation or inquiry referred to in the preceding paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in the proportion
appropriate to reflect the relative benefits received or sought to be received by the Company
(including the net proceeds from the Shares sold by Morgan Stanley in the Offering before deducting
expenses) and its partners and affiliates and other constituencies, on the one hand, and Morgan
Stanley, on the other hand, in the matters contemplated by the Structuring Fee Agreement or (ii)&nbsp;if
(but only if and to the extent) the allocation provided for in clause (i)&nbsp;is for any reason held
unenforceable, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Company and its partners and
affiliates and other constituencies, on the one hand, and the party entitled to contribution, on
the other hand, as well as any other relevant equitable considerations. The Company agrees that
for the purposes of this paragraph the relative benefits received, or sought to be received, by the
Company and its partners and affiliates, on the one hand, and the party entitled to contribution,
on the other hand, of a transaction as contemplated shall be deemed to be in the same proportion
that the total value received or paid or contemplated to be received or paid by the Company or its
partners or affiliates and other constituencies, as the case may be, as a result of or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /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">in connection with the transaction (whether or not consummated) for which Morgan Stanley has
been retained to perform financial services bears to the fees paid to Morgan Stanley under the
Structuring Fee Agreement; provided that in no event shall the Company contribute less than the
amount necessary to assure that Morgan Stanley is not liable for losses, claims, damages,
liabilities and expenses in excess of the amount of fees actually received by Morgan Stanley
pursuant to the Structuring Fee Agreement. Relative fault shall be determined by reference to,
among other things, whether any alleged untrue statement or omission or any other alleged conduct
relates to information provided by the Company or other conduct by the Company (or its employees or
other agents), on the one hand, or by Morgan Stanley, on the other hand.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indemnification Agreement, together with the Structuring Fee Agreement, any
contemporaneous written agreements and any prior written agreements (to the extent not superseded
by this agreement) that relate to the Offering of the Shares, represents the entire agreement
between the Company and the Indemnified Parties with respect to the structuring fee paid to Morgan
Stanley under the Structuring Fee Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that in connection with the Offering of the Shares: (i)&nbsp;Morgan
Stanley has acted at arms length, is not an agent of, and owes no fiduciary duties to, the Company,
the Trust or any person affiliated with the Trust or the Company, (ii)&nbsp;Morgan Stanley owes the
Company only those duties and obligations set forth in this Indemnification Agreement and (iii)
Morgan Stanley may have interests that differ from those of the Company. The Company waives to the
full extent permitted by applicable law any claims any of the Company, the Trust or any person
affiliated with the Trust or the Company may have against Morgan Stanley arising from an alleged
breach of fiduciary duty in connection with the offering of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Indemnification Agreement shall apply to the Activities and any
modification thereof and shall remain in full force and effect regardless of any termination or the
completion of Morgan Stanley&#146;s services under the Structuring Fee Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indemnification Agreement may not be assigned by either party without prior written
consent of the other party. No provision of this Indemnification Agreement may be amended or
waived except by an instrument in writing signed by the parties hereto. This Indemnification
Agreement and any claim, counterclaim, dispute or proceeding of any kind or nature whatsoever
arising out of or in any way relating to this Indemnification Agreement (&#147;<U>Claim</U>&#148;), directly
or indirectly, shall be governed by and construed in accordance with the internal laws of the State
of New York. No Claim may be commenced, prosecuted or continued in any court other than the courts
of the State of New York located in the City and County of New York or in the United States
District
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /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">Court for the Southern District of New York (and of the appropriate appellate courts
therefrom), which courts shall have exclusive jurisdiction over the adjudication of such matters
except as provided below. Each of the parties hereby irrevocably consents to the jurisdiction of
such courts (and of the appropriate appellate courts therefrom) in any such Claim and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to
the laying of the venue of any such Claim in any such court or that any such Claim brought in any
such court has been brought in an inconvenient forum. Process in any such Claim may be served on
any party anywhere in the world, whether within or without the jurisdiction of any such court.
Without limiting the foregoing, each party agrees that service of process on such party as provided
in Section&nbsp;11 of the Structuring Fee Agreement shall be deemed effective service of process on such
party to the extent consistent with applicable laws. EACH OF MORGAN STANLEY AND THE COMPANY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT. EACH OF MORGAN
STANLEY AND THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR
IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE
AND BINDING UPON MORGAN STANLEY AND THE COMPANY, AS THE CASE MAY BE, AND MAY BE ENFORCED IN ANY
OTHER COURTS TO THE JURISDICTION OF WHICH MORGAN STANLEY OR THE COMPANY ARE OR MAY BE SUBJECT, BY
SUIT UPON SUCH JUDGMENT.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /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;This Indemnification Agreement may be executed in any number of counterparts, each of which
shall be an original, and all of which, when taken together, shall constitute one agreement.
Delivery of an executed signature page of this Indemnification Agreement by facsimile transmission
shall be effective as delivery of a manually executed counterpart hereof.
</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>
<BR>
BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Accepted and agreed to as of the
date first above written:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">MORGAN STANLEY &#038; CO. LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.5
<SEQUENCE>9
<FILENAME>y93113aexv99whw5.htm
<DESCRIPTION>EX-99.H.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw5</TITLE>
</HEAD>
<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 (h)(5)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>STRUCTURING FEE AGREEMENT</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Citigroup Global Markets Inc.<BR>
388 Greenwich Street<BR>
New York, New York 10013

</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;Reference is made to the Underwriting Agreement dated November &#091;<B>&#149;</B>&#093;, 2011 (the
&#147;<U>Underwriting Agreement</U>&#148;), by and among BlackRock Utility and Infrastructure Trust (the
&#147;<U>Trust</U>&#148;), BlackRock Advisors, LLC (the &#147;<U>Adviser</U>&#148;), BlackRock Financial Management,
Inc. and BlackRock Investment Management, LLC and each of the Underwriters named in Schedule&nbsp;I
thereto, with respect to the issue and sale of the Trust&#146;s Common Shares (the &#147;<U>Offering</U>&#148;),
as described therein. Capitalized terms used herein and not otherwise defined shall have the
meanings given to them in the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Fee</U>. In consideration of your services relating to the structure and design of the
Trust and the distribution of its shares of common stock, par value $0.001 per share (the
&#147;<U>Common Shares</U>&#148;), which may but need not necessarily include views from an investor market
and distribution perspective on (i)&nbsp;diversification, proportion and concentration approaches for
the Trust&#146;s investments in light of current market conditions, (ii)&nbsp;marketing issues with respect
to the Trust&#146;s investment policies and proposed investments and (iii)&nbsp;the overall marketing and
positioning thesis for the Trust&#146;s initial public offering, which services may be completed by your
affiliate in your sole discretion, the Adviser shall pay a fee to you in the aggregate amount of
$&#091;<B>&#149;</B>&#093; (the &#147;<U>Fee</U>&#148;). The Fee shall be paid after the closing of the purchase and
sale of the Common Shares pursuant to the Underwriting Agreement and on or before December
&#091;<B>&#149;</B>&#093;, 2011. The payment shall be made by wire transfer to the order of Citigroup Global
Markets Inc. The Adviser acknowledges that the Fee is in addition to any compensation you earn in
connection with your role as an underwriter to the Trust in the Offering, which services are
distinct from and in addition to the marketing and structuring services described above. In the
event the Offering does not proceed, you will not receive any fees under this Agreement; however,
for the avoidance of doubt, accountable expenses actually incurred may be payable to you pursuant
to the terms of the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. This Agreement shall terminate upon the payment of the entire amount of the
Fee, as specified in Section&nbsp;1 hereof or upon the termination of the Underwriting Agreement without
the Trust&#146;s common shares having been delivered and paid for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Indemnification</U>. The Adviser agrees to the indemnification and other agreements
set forth in the Indemnification Agreement attached hereto, the provisions of which are
incorporated herein by reference and shall survive the termination, expiration or supersession of
this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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;4.&nbsp;<U>Not an Investment Adviser; No Fiduciary Duty.</U> The Adviser acknowledges that you
are not providing any advice hereunder as to the value of securities or regarding the advisability
of purchasing or selling any securities for the Trust&#146;s portfolio. No provision of this Agreement
shall be considered as creating, nor shall any provision create, any obligation on the part of you,
and you are not agreeing hereby, to: (i)&nbsp;furnish any advice or make any recommendations regarding
the purchase or sale of portfolio securities; or (ii)&nbsp;render any opinions, valuations or
recommendations of any kind or to perform any such similar services. Neither this Agreement nor
the performance of the services contemplated hereunder shall be considered to constitute a
partnership, association or joint venture between you and the Adviser. In addition, nothing in
this Agreement shall be construed to constitute you as the agent or employee of the Adviser or the
Adviser as your agent or employee, and neither party shall make any representation to the contrary.
It is understood that you are engaged hereunder as an independent contractor solely to provide the
services described above to the Adviser and that you are not acting as an agent or fiduciary of,
and you shall not have any duties or liability to, the current or future partners, members or
equity owners of the Adviser or any other third party in connection with its engagement hereunder,
all of which are hereby expressly waived to the extent the Adviser has the authority to waive such
duties and liabilities. Furthermore, the Adviser agrees that it is solely responsible for making
its own judgments in connection with the matters covered by this Agreement (irrespective of whether
you have advised or are currently advising the Adviser on related or other matters).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Not Exclusive.</U> Nothing herein shall be construed as prohibiting you or your
affiliates from acting as an underwriter or financial adviser or in any other capacity for any
other persons (including other registered investment companies or other investment managers). For
the avoidance of doubt, it is acknowledged and agreed that the Adviser may pay compensation of any
kind to any other person for services the same as, or similar to, the services provided by
Citigroup Global Markets Inc. hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Assignment.</U> This Agreement may not be assigned by either party without prior
written consent of the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Amendment; Waiver.</U> No provision of this Agreement may be amended or waived except
by an instrument in writing signed by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Governing Law.</U> This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Counterparts.</U> This Agreement may be executed in any number of counterparts, each
of which shall be an original, and all of which, when taken together, shall constitute one
agreement. Delivery of an executed signature page of this Agreement by facsimile or other
electronic transmission that accurately depicts a manual signature shall be effective as delivery
of a manually executed counterpart hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;END OF TEXT&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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">This Agreement shall be effective as of the date first written above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BLACKROCK ADVISORS, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Agreed and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">CITIGROUP GLOBAL MARKETS INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Structuring Fee Agreement</I>&#093;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">








</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Indemnification Agreement</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Citigroup Global Markets Inc.<BR>
388 Greenwich Street<BR>
New York, New York 100

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the engagement of Citigroup Global Markets Inc. (the &#147;<U>Bank</U>&#148;) to
advise and assist the undersigned, BlackRock Advisors, LLC (the &#147;<U>Company</U>&#148;), with respect to
the matters set forth in the Structuring Fee Agreement dated November &#091;<B>&#149;</B>&#093;, 2011 between
the Company and the Bank (the &#147;<U>Agreement</U>&#148;), in the event that the Bank, any of its
affiliates, each other person, if any, controlling the Bank or any of its affiliates, their
respective officers, current and former directors, employees and agents or the successors or
assigns of any of the foregoing persons (the Bank and each such other person or entity being
referred to as an &#147;<U>Indemnified</U> <U>Party</U>&#148;) becomes involved in any capacity in any
claim, suit, action, proceeding, investigation or inquiry (including, without limitation, any
shareholder or derivative action or arbitration proceeding) (collectively, a &#147;<U>Proceeding</U>&#148;)
with respect to the services performed pursuant to and in accordance with the Agreement, the
Company agrees to indemnify, defend and hold each Indemnified Party harmless to the fullest extent
permitted by law, from and against any losses, claims, damages, liabilities and expenses, including
fees and expenses of counsel to the Indemnified Parties, with respect to the services performed
pursuant to and in accordance with the Agreement, except to the extent that it shall be determined
by a court of competent jurisdiction in a judgment that has become final in that it is no longer
subject to appeal or other review, that such losses, claims, damages, liabilities and expenses
resulted primarily from the gross negligence or willful misconduct of such Indemnified Party. In
addition, in the event that an Indemnified Party becomes involved in any capacity in any Proceeding
with respect to the services performed pursuant to and in accordance with the Agreement, the
Company will reimburse such Indemnified Party for the legal and other expenses (including the cost
of any investigation and preparation) as such expenses are incurred by such Indemnified Party in
connection therewith. Promptly as reasonably practicable after receipt by an Indemnified Party of
notice of the commencement of any Proceeding, such Indemnified Party will, if a claim in respect
thereof is to be made under this paragraph, notify the Company in writing of the commencement
thereof; but the failure so to notify the Company (i)&nbsp;will not relieve the Company from liability
under this paragraph to the extent it is not materially prejudiced as a result thereof and (ii)&nbsp;in
any event shall not relieve the Company from any liability which it may have otherwise than on
account of this Indemnification Agreement. Counsel to the Indemnified Parties shall be selected by
the Bank. The Company may participate at its own expense in the defense of any such action;
provided, however, that counsel to the Company shall not (except with the consent of the
Indemnified Parties) also be counsel to the Indemnified Parties. The Company shall not, without
the prior written consent of the Indemnified Parties, settle or compromise or consent to the entry
of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or
</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">any claim whatsoever in respect of which indemnification or contribution could be sought
hereunder (whether or not the Indemnified Parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each Indemnified
Party from all liability arising out of such litigation, investigation, proceeding or claim and
(ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act
by or on behalf of any Indemnified Party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in the proportion
appropriate to reflect the relative benefits received or sought to be received by the Company and
its stockholders and affiliates, on the one hand, and the Indemnified Parties, on the other hand,
in the matters contemplated by the Agreement or (ii)&nbsp;if (but only if and to the extent) the
allocation provided for in clause (i)&nbsp;is for any reason held unenforceable, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the
relative fault of the Company and its stockholders and affiliates, on the one hand, and the
Indemnified Parties, on the other hand, as well as any other relevant equitable considerations.
The Company agrees that for the purposes of this paragraph the relative benefits received, or
sought to be received, by the Company and its stockholders and affiliates, on the one hand, and the
Indemnified Parties, on the other hand, of a transaction as contemplated shall be deemed to be in
the same proportion that the total value received by or paid to or contemplated to be received by
or paid to the Company or its stockholders or affiliates, as the case may be, as a result of or in
connection with the transaction (whether or not consummated) for which the Bank has been retained
to perform services bears to the fees paid to the Bank under the Agreement; provided, that in no
event shall the Company contribute less than the amount necessary to assure that the Indemnified
Parties are not liable for losses, claims, damages, liabilities and expenses in excess of the
amount of fees actually received by the Bank pursuant to the Agreement. Relative fault shall be
determined by reference to, among other things, whether any alleged untrue statement or omission or
any other alleged conduct relates to information provided by the Company or other conduct by the
Company (or its employees or other agents), on the one hand, or by the Bank, on the other hand.
Notwithstanding the provisions of this paragraph, an Indemnified Party shall not be entitled to
contribution from the Company if it is determined that such Indemnified Party was guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933, as
amended) and the Company was not guilty of such fraudulent misrepresentation. The Company will not
settle any Proceeding in respect of which indemnity may be sought hereunder, whether or not an
Indemnified Party is an actual or potential party to such Proceeding, without the Bank&#146;s prior
written consent (which consent shall not be unreasonably withheld). The foregoing indemnity and
contribution agreement shall be in addition to any rights that any Indemnified Party may have at
common law or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that no Indemnified Party shall have any liability to the Company or any
person asserting claims on behalf of or in right of the Company with respect to the services
performed pursuant to and in accordance with the Agreement, except to the extent that it shall be
determined by a court of competent jurisdiction in a judgment that has become final in that it is
no longer subject to appeal or other review that any losses, claims, damages, liabilities or
expenses incurred by the Company resulted primarily from the gross negligence or willful misconduct
of the Bank in performing the services that are the subject of the Agreement.
</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;THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR NATURE
WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO AND IN ACCORDANCE WITH THE AGREEMENT
(&#147;CLAIM&#148;), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR
CONTINUED IN ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND
COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS, AND THE
COMPANY AND THE INDEMNIFIED PARTIES CONSENT TO THE JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE
WITH RESPECT THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN
ANY COURT IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION
AGREEMENT IS BROUGHT BY ANY THIRD PARTY AGAINST THE BANK OR ANY INDEMNIFIED PARTY. EACH
INDEMNIFIED PARTY AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS
INDEMNIFICATION AGREEMENT. THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM
ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT BROUGHT IN ANY SUCH COURT
SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE
JURISDICTION OF WHICH THE INDEMNIFIED PARTY AND THE COMPANY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH
JUDGMENT.
</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;The foregoing Indemnification Agreement shall remain in full force and effect notwithstanding
any termination of the Bank&#146;s engagement under the Agreement. This Indemnification Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of
which shall constitute one and the same agreement.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BLACKROCK ADVISORS, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Agreed and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">CITIGROUP GLOBAL MARKETS INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Indemnification Agreement</I>&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.6
<SEQUENCE>10
<FILENAME>y93113aexv99whw6.htm
<DESCRIPTION>EX-99.H.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit (h)(6)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STRUCTURING FEE AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STRUCTURING FEE AGREEMENT (the &#147;Agreement&#148;), dated as of November &#091;<B>&#149;</B>&#093;, 2011, by and between
Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated (&#147;Merrill Lynch&#148;), and BlackRock Advisors, LLC
(&#147;BlackRock&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, BlackRock Utility and Infrastructure Trust (including any successor by merger or
otherwise, the &#147;Trust&#148;) is a newly organized, non-diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and its
common shares are registered under the Securities Act of 1933, as amended;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust and BlackRock have entered into an underwriting agreement (the
&#147;Underwriting Agreement&#148;), dated November &#091;<B>&#149;</B>&#093; with BlackRock Financial Management, Inc., BlackRock
Investment Management, LLC, Merrill Lynch and the other underwriters named therein (the
&#147;Underwriters&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, BlackRock Advisors, LLC is the investment adviser of the Trust;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Merrill Lynch is acting as the lead underwriter in an offering of the Trust&#146;s common
shares, made under the terms of the Trust&#146;s prospectus dated November &#091;<B>&#149;</B>&#093;, 2011 (the &#147;Prospectus&#148;);
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, BlackRock desires to provide a structuring fee to Merrill Lynch for providing the
advice and services described below;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual terms and conditions set forth below, the
parties hereto agree as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In consideration of Merrill Lynch&#146;s providing advice relating to the structure and design and
the organization of the Trust as well as services related to the sale and distribution of the
Trust&#146;s common shares, BlackRock shall pay Merrill Lynch a fee equal to 1.25% of the aggregate
price to the public of the Trust&#146;s common shares sold by Merrill Lynch in the Trust&#146;s initial
public offering (the &#147;Offering&#148;) pursuant to the Prospectus (including any Shares
over-allotted by Merrill in the Offering regardless of whether the over-allotment option in
the Offering is exercised) (the &#147;Fee&#148;). The Fee shall be paid within 10 calendar days of the
Closing Date (as defined in the Underwriting Agreement), or as otherwise agreed to by the
parties. The sum total of all compensation to or reimbursement of underwriters in connection
with the offering, including sales load and all forms of additional compensation, shall not
exceed &#091;<B>&#149;</B>&#093;% of the total price of the Trust&#146;s common shares sold in the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BlackRock acknowledges that Merrill Lynch did not provide and is not providing any advice
hereunder as to the value of securities or regarding the advisability of purchasing or selling
any securities for the Trust&#146;s portfolio. No provision of this Agreement shall be considered
as creating, nor shall any provision create, any obligation on the part of Merrill Lynch, and
Merrill Lynch is not hereby agreeing, to: (i)&nbsp;furnish any advice or make any recommendations
regarding the purchase or sale of portfolio securities or (ii)&nbsp;render any opinions, valuations
or recommendations of any kind or to perform any such similar services in connection with
acting as lead underwriter in an offering of the Trust&#146;s common shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein shall be construed as prohibiting Merrill Lynch or its affiliates from
providing similar or other services to any other clients (including other registered
investment companies or</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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 style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other investment advisers), so long as Merrill Lynch&#146;s services to BlackRock are not
impaired thereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall terminate upon the payment of the entire amount of the Fee, as specified
in Paragraph&nbsp;1 hereof or upon the termination of the Underwriting Agreement without the common
shares having been delivered and paid for. If this Agreement is terminated BlackRock shall
reimburse Merrill Lynch only for its accountable out-of-pocket expenses actually incurred in
connection with this Agreement. Notwithstanding the foregoing, Sections&nbsp;8 and 9 of this
Agreement and the Indemnification Agreement attached hereto shall survive the termination of
this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BlackRock has furnished Merrill Lynch with such information as Merrill Lynch believed
appropriate to its assignment hereunder (all such information so furnished being the
&#147;Information&#148;). BlackRock recognizes and confirms that Merrill Lynch (a)&nbsp;has used and relied
primarily on the Information and on information available from generally recognized public
sources in performing the services contemplated by this Agreement without having independently
verified the same and (b)&nbsp;does not assume responsibility for the accuracy or completeness of
the Information and such other information. To the best of BlackRock&#146;s knowledge, the
Information furnished by BlackRock, when delivered, was true and correct in all material
respects and did not contain any material misstatement of fact or omit to state any material
fact necessary to make the statements contained therein not misleading. BlackRock will
promptly notify Merrill Lynch if it learns of any material inaccuracy or misstatement in, or
material omission from, any Information delivered to Merrill Lynch pursuant to this Section&nbsp;5.
Merrill Lynch agrees to keep such Information confidential to the extent permitted by law.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is understood that Merrill Lynch is being engaged hereunder solely to provide the services
described above to BlackRock and that Merrill Lynch is not acting as an agent or fiduciary of,
and shall have no duties or liability to the current or future shareholders of the Trust or
any other third party in connection with its engagement hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BlackRock agrees that Merrill Lynch shall have no liability to BlackRock for any act or
omission to act by Merrill Lynch in the course of its performance under this Agreement, in the
absence of gross negligence or willful misconduct on the part of Merrill Lynch. BlackRock
agrees to the terms set forth in the Indemnification Agreement attached hereto, the provisions
of which are incorporated herein by reference and shall survive the termination, expiration or
supersession of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever
arising out of or in any way relating to this Agreement (&#147;Claim&#148;) shall be governed by and
construed in accordance with the laws of the State of New York.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Claim may be commenced, prosecuted or continued in any court other than the courts of the
State of New York located in the City and County of New York or in the United States District
Court for the Southern District of New York, which courts shall have exclusive jurisdiction
over the adjudication of such matters, and BlackRock and Merrill Lynch consent to the
jurisdiction of such courts and personal service with respect thereto. Each of Merrill Lynch
and BlackRock waives all right to trial by jury in any proceeding (whether based upon
contract, tort or otherwise) in any way arising out of or relating to this Agreement. Each of
Merrill Lynch and BlackRock agrees that a final judgment in any proceeding or counterclaim
brought in any such court shall be conclusive and binding upon Merrill Lynch and BlackRock, as
the case may be, and may be</TD>
</TR>

</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enforced in any other courts to the jurisdiction of which Merrill Lynch and BlackRock, as
the case may be, are or may be subject, by suit upon such judgment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may not be assigned by either party without the prior written consent of the
other party.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement (including the attached Indemnification Agreement) embodies the entire
agreement and understanding between the parties hereto and supersedes all prior agreements and
understandings relating to the subject matter hereof. If any provision of this Agreement is
determined to be invalid or unenforceable in any respect, such determination will not affect
such provision in any other respect or any other provision of this Agreement, which will
remain in full force and effect. This Agreement may not be amended or otherwise modified or
waived except by an instrument in writing signed by both Merrill Lynch and BlackRock.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All notices required or permitted to be sent under this Agreement shall be sent, if to
BlackRock:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">BlackRock Advisors, LLC<BR>
40 East 52<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street<BR>
New York, New York 10022<BR>
Attention: Robert P. Connolly, Esq
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">or if to Merrill Lynch:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Merrill Lynch, Pierce, Fenner &#038; Smith<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated<BR>
One Bryant Park<BR>
New York, New York 10036<BR>
Attention: &#091;<B>&#149;</B>&#093;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or such other name or address as may be given in writing to the other parties. Any notice
shall be deemed to be given or received on the third day after deposit in the U.S. mail with
certified postage prepaid or when actually received, whether by hand, express delivery
service or facsimile electronic transmission, whichever is earlier.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be executed in separate counterparts, each of which is deemed to be an
original and all of which taken together constitute one and the same agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>signatures on following page</I>&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</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;IN WITNESS WHEREOF, the parties hereto have duly executed this Structuring Fee Agreement as of
the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">BLACKROCK ADVISORS, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>MERRILL LYNCH, PIERCE, FENNER &#038; SMITH <BR>
INCORPORATED</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</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="center" style="font-size: 10pt; margin-top: 18pt">Merrill Lynch Indemnification Agreement
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Merrill Lynch, Pierce, Fenner &#038; Smith<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated<BR>
One Bryant Park<BR>
New York, New York 10036

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the engagement of Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated
(&#147;Merrill Lynch&#148;) to advise and assist BlackRock Advisors, LLC (together with its affiliates and
subsidiaries, referred to as the &#147;Company&#148;) with the matters set forth in the Structuring Fee
Agreement dated March&nbsp;31, 2011, between the Company and Merrill Lynch (the &#147;Agreement&#148;), in the
event that Merrill Lynch becomes involved in any capacity in any claim, suit, action, proceeding,
investigation or inquiry (including, without limitation, any shareholder or derivative action or
arbitration proceeding) (collectively, a &#147;Proceeding&#148;) in connection with any matter in any way
relating to or referred to in the Agreement or arising out of the matters contemplated by the
Agreement, the Company agrees to indemnify, defend and hold Merrill Lynch harmless to the fullest
extent permitted by law, from and against any losses, claims, damages, liabilities and expenses in
connection with any matter in any way relating to or referred to in the Agreement or arising out of
the matters contemplated by the Agreement, except to the extent that it shall be determined by a
court of competent jurisdiction in a judgment that has become final in that it is no longer subject
to appeal or other review, that such losses, claims, damages, liabilities and expenses resulted
solely from the gross negligence or willful misconduct of Merrill Lynch. The indemnification
provided hereunder shall not extend to these matters indemnified under the Underwriting Agreement,
dated March&nbsp;28, 2011, by and among BlackRock Resources &#038; Commodities Strategy Trust, BlackRock
Advisors, LLC, BlackRock Capital Management, Inc. and each of the underwriters named therein. In
addition, in the event that Merrill Lynch becomes involved in any capacity in any Proceeding in
connection with any matter in any way relating to or referred to in the Agreement or arising out of
the matters contemplated by the Agreement, the Company shall jointly and severally reimburse
Merrill Lynch for its legal and other expenses (including the cost of any investigation and
preparation) as such expenses are incurred by Merrill Lynch in connection therewith, except to the
extent that it shall be determined by a court of competent jurisdiction in a judgment that has
become final in that it is no longer subject to appeal or other review, that such legal and other
expenses resulted solely from the gross negligence or willful misconduct of Merrill Lynch.
Promptly as reasonably practicable after receipt by Merrill Lynch of notice of the commencement of
any Proceeding, Merrill Lynch will, if a claim in respect thereof is to be made under this
paragraph, notify the Company in writing of the commencement thereof; but the failure to so notify
the Company (i)&nbsp;will not relieve the Company from liability under this paragraph to the extent it
is not materially prejudiced as a result thereof and (ii)&nbsp;in any event shall not relieve the
Company from any liability which it may have otherwise than on account of this Indemnification
Agreement. Counsel to Merrill Lynch shall be selected by Merrill Lynch. An indemnifying party may
participate at its own expense in the defense of any such action; <I>provided, however</I>, that counsel
to the indemnifying party shall not (except with the consent of Merrill Lynch) also be counsel to
Merrill Lynch. No indemnifying party shall, without the prior written consent of Merrill Lynch,
settle or compromise or consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought hereunder
(whether or not Merrill Lynch is an actual or potential party thereto), unless such settlement,
compromise or consent (i)&nbsp;includes an unconditional release of Merrill Lynch from all liability
arising out of such litigation,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</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">investigation or Proceeding and (ii)&nbsp;does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of Merrill Lynch.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such indemnification were not to be available for any reason, the Company agrees to jointly
and severally, contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in
the proportion appropriate to reflect the relative benefits received or sought to be received by
the Company and its shareholders and affiliates and other constituencies, on the one hand, and
Merrill Lynch, on the other hand, in the matters contemplated by the Agreement or (ii)&nbsp;if (but only
if and to the extent) the allocation provided for in clause (i)&nbsp;is for any reason held
unenforceable, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Company and its shareholders and
affiliates, on the one hand, and Merrill Lynch, on the other hand, as well as any other relevant
equitable considerations. The Company agrees that for the purposes of this paragraph the relative
benefits received, or sought to be received, by the Company and its shareholders and affiliates, on
the one hand, and Merrill Lynch, on the other hand, of a transaction as contemplated shall be
deemed to be in the same proportion that the total value received or paid or contemplated to be
received or paid by the Company or its shareholders or affiliates, as the case may be, as a result
of or in connection with the transaction (whether or not consummated) for which Merrill Lynch has
been retained to perform services bears to the fees paid to Merrill Lynch under the Agreement;
<I>provided</I>, that in no event shall the Company contribute less than the amount necessary to assure
that Merrill Lynch is not liable for losses, claims, damages, liabilities and expenses in excess of
the amount of fees actually received by Merrill Lynch pursuant to the Agreement. Relative fault
shall be determined by reference to, among other things, whether any alleged untrue statement or
omission or any other alleged conduct relates to information provided by the Company or other
conduct by the Company (or its employees or other agents), on the one hand, or by Merrill Lynch, on
the other hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not settle any Proceeding in respect of which indemnity may be sought
hereunder, whether or not Merrill Lynch is an actual or potential party to such Proceeding, without
Merrill Lynch&#146;s prior written consent. For purposes of this Indemnification Agreement, Merrill
Lynch shall include Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, any of its affiliates, each
other person, if any, controlling Merrill Lynch Pierce, Fenner &#038; Smith Incorporated or any of its
affiliates, their respective officers, current and former officers, directors, employees and
agents, and the successors and assigns of all of the foregoing persons. The foregoing indemnity
and contribution agreement shall be in addition to any rights that any indemnified party may have
at common law or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that neither Merrill Lynch nor any of its affiliates, officers, directors,
agents, employees or controlling persons shall have any liability to the Company or any person
asserting claims on behalf of or in right of the Company in connection with or as a result of
either Merrill Lynch&#146;s engagement under the Agreement or any matter referred to in the Agreement,
including, without limitation, related services and activities prior to the date of the Agreement,
except to the extent that it shall be determined by a court of competent jurisdiction in a judgment
that has become final in that it is no longer subject to appeal or other review that any losses,
claims, damages, liabilities or expenses incurred by the Company resulted solely from the gross
negligence or willful misconduct of Merrill Lynch in performing the services that are the subject
of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For clarification, the parties to this Indemnification Agreement agree that the term
&#147;affiliate&#148; as used in the definition of the &#147;Company&#148; herein does not include any registered
investment company, except for the Trust, for which the Company or any of its affiliates serves as
investment adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR NATURE
WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT (&#147;CLAIM&#148;), DIRECTLY OR
INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</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">PROSECUTED OR CONTINUED IN ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE
CITY AND COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS, AND THE
COMPANY AND MERRILL LYNCH CONSENT TO THE JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH
RESPECT THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY
COURT IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT IS BROUGHT BY ANY
THIRD PARTY AGAINST MERRILL LYNCH OR ANY INDEMNIFIED PARTY. EACH OF MERRILL LYNCH AND THE COMPANY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. EACH OF MERRILL LYNCH AND THE
COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY
RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON MERRILL
LYNCH AND THE COMPANY, AS THE CASE MAY BE, AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE
JURISDICTION OF WHICH MERRILL LYNCH AND THE COMPANY, AS THE CASE MAY BE, IS OR MAY BE SUBJECT, BY
SUIT UPON SUCH JUDGMENT.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</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;The foregoing Indemnification Agreement shall remain in full force and effect notwithstanding
any termination of Merrill Lynch&#146;s engagement. This Indemnification Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same agreement.
</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>
<BR>
BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to as of<BR>
the date first above written:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MERRILL LYNCH, PIERCE, FENNER &#038; SMITH<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
INCORPORATED
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="1" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Merrill Lynch Structuring Fee Agreement&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.7
<SEQUENCE>11
<FILENAME>y93113aexv99whw7.htm
<DESCRIPTION>EX-99.H.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw7</TITLE>
</HEAD>
<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 (h)(7)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>STRUCTURING FEE AGREEMENT</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UBS Securities LLC<BR>
299 Park Avenue<BR>
New York, New York 10171

</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;This agreement is between BlackRock Advisors, LLC (the &#147;Company&#148;) and UBS Securities LLC
(&#147;UBS&#148;) with respect to the BlackRock Utility and Infrastructure Trust (the &#147;Trust&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Fee. In consideration of certain financial advisory services that UBS has provided to the
Company in assisting the Company in structuring and organizing the Trust, the Company shall pay a
fee to UBS in the aggregate amount of $&#091;<B>&#149;</B>&#093; (the &#147;Fee&#148;); provided that the sum total of
the fee hereunder shall not exceed &#091;<B>&#149;</B>&#093;% of the total price to the public of the Trust&#146;s
common shares sold by the Trust pursuant to the Prospectus dated &#091;<B>&#149;</B>&#093;, 2011. The Fee
shall be paid on or before December &#091;<B>&#149;</B>&#093;, 2011 or as otherwise agreed to by the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Term. This Agreement shall terminate upon the payment of the entire amount of the Fee, as
specified in Section&nbsp;1 hereof or upon the termination of the Underwriting Agreement dated November
&#091;<B>&#149;</B>&#093;, 2011, by and among the Trust, the Company, BlackRock Financial Management, Inc. and
BlackRock Investment Management, LLC and each of the Underwriters named therein without the common
shares of the Trust having been delivered and paid for. Notwithstanding the foregoing, Sections&nbsp;4,
5, 8, 9 and 10 of this Agreement and the Indemnification Agreement attached hereto shall survive
the termination of this Agreement. UBS confirms that should the offering be terminated, UBS will
only be reimbursed for reasonable and actual out-of-pocket expenses in accordance with FINRA Rule
5110(f)(2)(D).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Indemnification. The Company agrees to the indemnification and other agreements set forth
in the Indemnification Agreement attached hereto, the provisions of which are incorporated herein
by reference and shall survive the termination, expiration or supersession of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Confidential Advice. Except to the extent legally required (after consultation with, and
approval as to form and substance by, UBS and its counsel), none of (i)&nbsp;the name of UBS, (ii)&nbsp;any
advice rendered by UBS to the Company, or (iii)&nbsp;the terms of this Agreement or any communication
from UBS in connection with the services performed by UBS pursuant to this Agreement will be quoted
or referred to orally or in writing, or in the case of (ii)&nbsp;and (iii), reproduced or disseminated,
by the Company or any of its affiliates or any of their agents, without UBS&#146; prior written consent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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;5.&nbsp;Information. The Company recognizes and confirms that UBS (a)&nbsp;has used and relied
primarily on the information provided by the Company and on information available from generally
recognized public sources in performing the services contemplated by this Agreement without having
assumed responsibility for independently verifying the same, (b)&nbsp;has not assumed responsibility for
the accuracy, completeness or reasonableness of such information and (c)&nbsp;has not made an appraisal
of any assets or liabilities (contingent or otherwise) of the Trust. The information provided by
the Company, when delivered, was true and correct in all material respects and did not contain any
material misstatement of fact or omit to state any material fact necessary to make the statements
contained therein not misleading. The Company will promptly notify UBS if it learns of any material
inaccuracy or misstatement in, or material omission from, any information provided by the Company
to UBS pursuant to this Section&nbsp;5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Not an Investment Adviser. The Company acknowledges that UBS has not provided any advice
hereunder as to the value of securities or regarding the advisability of purchasing or selling any
securities for the Trust&#146;s portfolio. The Company acknowledges and agrees that UBS has been
retained to act solely as an adviser to the Company, and the Company&#146;s engagement of UBS is not
intended to confer rights upon any person (including the Trust or any shareholders, employees or
creditors of the Company or the Trust) not a party hereto as against UBS or its affiliates, or
their respective directors, officers, employees or agents, successors, or assigns. UBS has acted as
an independent contractor under this Agreement, and not in any other capacity including as a
fiduciary, and any duties arising out of its engagement shall be owed solely to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Not Exclusive. Nothing herein shall be construed as prohibiting you or your affiliates
from acting as an underwriter or financial adviser or in any other capacity for any other persons
(including other registered investment companies or other investment managers).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Amendment; Waiver. No provision of this Agreement may be amended or waived except by an
instrument in writing signed by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Governing Law. This Agreement and any claim, counterclaim or dispute of any kind or nature
whatsoever arising out of or in any way relating to this Agreement (&#147;Claim&#148;), directly or
indirectly, shall be governed by and construed in accordance with the laws of the State of New
York. No Claim may be commenced, prosecuted or continued in any court other than the courts of the
State of New York located in the City and County of New York or in the United States District Court
for the Southern District of New York, which courts shall have exclusive jurisdiction over the
adjudication of such matters, and the Company and UBS consent to the jurisdiction of such courts
and personal service with respect thereto. EACH OF UBS AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
IN ANY WAY RELATING TO THIS AGREEMENT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Successors and Assigns. This Agreement shall be binding upon the Company and UBS and their
respective successors and assigns and any successor or assign of any substantial portion of the
Company&#146;s or UBS&#146; respective businesses and/or assets.
</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;11.&nbsp;Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original, and all of which, when taken together, shall constitute one agreement.
Delivery of an executed signature page of this Agreement by facsimile transmission shall be
effective as delivery of a manually executed counterpart hereof.
</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;This Agreement shall be effective as of the date first written above.
</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">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Agreed and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">UBS SECURITIES LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Structuring Fee Agreement&#093;</I>
</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="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Indemnification Agreement</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UBS Securities LLC<BR>
299 Park Avenue<BR>
New York, New York 10171

</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;In connection with the engagement of UBS Securities LLC (&#147;UBS&#148;) to advise and assist the
undersigned, (together with its affiliates and subsidiaries, the &#147;Company&#148;) with the matters set
forth in the Structuring Fee Agreement dated November &#091;<B>&#149;</B>&#093;, 2011 between the Company and
UBS (the &#147;Agreement&#148;), in the event that UBS becomes involved in any capacity in any claim, suit,
action, proceeding, investigation or inquiry (including, without limitation, any shareholder or
derivative action or arbitration proceeding) (collectively, a &#147;Proceeding&#148;) in connection with any
matter relating to or arising out of the Agreement, including, without limitation, related services
and activities prior to the date of the Agreement, the Company agrees to indemnify, defend and hold
UBS harmless to the fullest extent permitted by law, from and against any losses, claims, damages,
liabilities and expenses in connection with any such Proceeding, except to the extent that it shall
be determined by a court of competent jurisdiction in a judgment that has become final in that it
is no longer subject to appeal or other review, that such losses, claims, damages, liabilities and
expenses resulted primarily from the gross negligence or willful misconduct of UBS. In addition,
in the event that UBS becomes involved in any capacity in any such Proceeding, the Company will
reimburse UBS for its legal and other expenses (including the cost of any investigation and
preparation) as such expenses are incurred by UBS in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in the proportion
appropriate to reflect the relative benefits received or sought to be received by the Company and
its stockholders and affiliates and other constituencies, on the one hand, and UBS, on the other
hand, in the matters contemplated by the Agreement or (ii)&nbsp;if (but only if and to the extent) the
allocation provided for in clause (i)&nbsp;is for any reason held unenforceable, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the
relative fault of the Company and its stockholders and affiliates and other constituencies, on the
one hand, and the party entitled to contribution, on the other hand, as well as any other relevant
equitable considerations. The Company agrees that for the purposes of this paragraph the relative
benefits received, or sought to be received, by the Company and its stockholders and affiliates, on
the one hand, and the party entitled to contribution, on the other hand, of a transaction as
contemplated shall be deemed to be in the same proportion that the total value received or paid or
contemplated to be received or paid by the Company or its stockholders or affiliates and other
constituencies, as the case may be, as a result of or in connection with the transaction (whether
or not consummated) for which UBS has been retained to perform services bears to the fees paid to
UBS under the Agreement; provided, that in no event shall the Company contribute less than the
amount necessary to assure that UBS is not liable for losses, claims, damages, liabilities and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /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">expenses in excess of the amount of fees actually received by UBS pursuant to the Agreement.
Relative fault shall be determined by reference to, among other things, whether any alleged untrue
statement or omission or any other alleged conduct relates to information provided by the Company
or other conduct by the Company (or its employees or other agents), on the one hand, or by UBS, on
the other hand. The Company will not settle any Proceeding in respect of which indemnity may be
sought hereunder, whether or not UBS is an actual or potential party to such Proceeding, without
UBS&#146; prior written consent. For purposes of this Indemnification Agreement, UBS shall include UBS
Securities LLC, any of its affiliates, each other person, if any, controlling UBS Securities LLC or
any of its affiliates, their respective officers, current and former directors, employees and
agents, and the successors and assigns of all of the foregoing persons. The foregoing indemnity
and contribution agreement shall be in addition to any rights that any indemnified party may have
at common law or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that neither UBS nor any of its affiliates, directors, agents, employees or
controlling persons shall have any liability to the Company or any person asserting claims on
behalf of or in right of the Company in connection with or as a result of either UBS&#146; engagement
under the Agreement or any matter referred to in the Agreement, including, without limitation,
related services and activities prior to the date of the Agreement, except to the extent that it
shall be determined by a court of competent jurisdiction in a judgment that has become final in
that it is no longer subject to appeal or other review that any losses, claims, damages,
liabilities or expenses incurred by the Company resulted primarily from the gross negligence or
willful misconduct of UBS in performing the services that are the subject of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR NATURE
WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO AND IN ACCORDANCE WITH THE AGREEMENT
(&#147;CLAIM&#148;), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR
CONTINUED IN ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND
COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS, AND THE
COMPANY AND UBS CONSENT TO THE JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT
THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION, SERVICE AND VENUE IN ANY COURT IN
WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT IS BROUGHT BY ANY THIRD
PARTY AGAINST UBS OR ANY INDEMNIFIED PARTY. THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY
RELATING TO THIS AGREEMENT. EACH OF UBS AND THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY
PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH
COURT SHALL BE CONCLUSIVE AND BINDING UPON THE COMPANY AND MAY BE ENFORCED IN
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /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">ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS OR MAY BE SUBJECT, BY SUIT UPON
SUCH JUDGMENT.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /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;The foregoing Indemnification Agreement shall remain in full force and effect notwithstanding
any termination of UBS&#146; engagement. This Indemnification Agreement shall be binding upon the
Company and UBS and their respective successors and assigns and any successor or assign of any
substantial portion of the Company&#146;s or UBS&#146; respective businesses and/or assets. This
Indemnification Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same agreement.
</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>
<BR>
BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Agreed and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">UBS SECURITIES LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Indemnification Agreement&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.8
<SEQUENCE>12
<FILENAME>y93113aexv99whw8.htm
<DESCRIPTION>EX-99.H.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw8</TITLE>
</HEAD>
<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 (h)(8)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STRUCTURING FEE AGREEMENT</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wells Fargo Securities, LLC<BR>
375 Park Avenue<BR>
New York, NY 10152

</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;Reference is made to the Underwriting Agreement dated November &#091;<B>&#149;</B>&#093;, 2011 (the
&#147;<U>Underwriting Agreement</U>&#148;), by and among BlackRock Utility and Infrastructure Trust (the
&#147;<U>Trust</U>&#148;), BlackRock Advisors, LLC (the &#147;<U>Adviser</U>&#148;), BlackRock Financial Management,
Inc. and BlackRock Investment Management, LLC and each of the Underwriters named in Schedule&nbsp;A
therein, severally, with respect to the issue and sale of the Trust&#146;s Common Shares (the
&#147;<U>Offering</U>&#148;), as described therein. Capitalized terms used herein and not otherwise defined
shall have the meanings given to them in the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Fee</U>. In consideration of your services assisting the Adviser with respect to the
structure and design of the Trust, including without limitation, services related to the sale and
distribution of the Trust&#146;s Shares, the Adviser shall pay a fee to you in the aggregate amount of
$&#091;<B>&#149;</B>&#093; (the &#147;<U>Fee</U>&#148;). The Fee shall be paid on or before December &#091;<B>&#149;</B>&#093;, 2011. The Fee shall be
paid by wire transfer to the order of Wells Fargo Securities, LLC. The Fee paid to you shall not
exceed &#091;<B>&#149;</B>&#093;% of the total price to the public of the Firm Shares sold by the Trust in the Offering.
In the event the Offering does not proceed, you will not receive any fees other than accountable
expenses actually incurred; however, for the avoidance of doubt, accountable expenses actually
incurred may be payable to Wells Fargo Securities, LLC solely pursuant to Section 7(l) of the
Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. This Agreement shall terminate upon the payment of the entire amount of the
Fee, as specified in Section&nbsp;1 hereof or upon the termination of the Underwriting Agreement without
the Shares having been delivered and paid for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Indemnification</U>. The Adviser agrees to the indemnification and other agreements
set forth in the Indemnification Agreement attached hereto, the provisions of which are
incorporated herein by reference and shall survive the termination, expiration or supersession of
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Not an Investment Adviser; No Fiduciary Duty</U>. The Adviser acknowledges that you
are not providing any advice hereunder as to the value of securities or regarding the advisability
of purchasing or selling any securities for the Trust&#146;s portfolio. No provision of this Agreement
shall be considered as creating, nor shall any provision create, any obligation on the part of you,
and you are not agreeing hereby, to: (i)&nbsp;furnish any advice or make any recommendations regarding
the purchase or sale of portfolio securities; or (ii)&nbsp;render any opinions, valuations or
recommendations of any kind or to perform any such similar services. The Adviser hereby
acknowledges that your engagement under this Agreement is as an independent contractor and not in
any other capacity, including as a fiduciary. Furthermore, the Adviser agrees that it is solely
responsible for making its own judgments in connection with the matters covered by this Agreement
(irrespective of whether you have advised or are currently advising the Adviser on related or other
matters).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Not Exclusive</U>. Nothing herein shall be construed as prohibiting you or your
affiliates from acting as an underwriter or financial adviser or in any other capacity for any
other persons (including other registered investment companies or other investment advisers).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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;6.&nbsp;<U>Assignment</U>. This Agreement may not be assigned by any party without prior written
consent of the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Amendment; Waiver</U>. No provision of this Agreement may be amended or waived except
by an instrument in writing signed by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Governing Law</U>. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which shall be an original, and all of which, when taken together, shall constitute one
agreement. Delivery of an executed signature page of this Agreement by facsimile or other
electronic transmission that accurately depicts a manual signature shall be effective as delivery
of a manually executed counterpart hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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;This Agreement shall be effective as of the date first written above.
</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">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Agreed and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">WELLS FARGO SECURITIES, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Structuring Fee Agreement</I>&#093;
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>Indemnification Agreement</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wells Fargo Securities, LLC<BR>
375 Park Avenue<BR>
New York, NY 10152

</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;In connection with the engagement of Wells Fargo Securities, LLC (the &#147;<U>Bank</U>&#148;) to
assist the undersigned, BlackRock Advisors, LLC (the &#147;<U>Company</U>&#148;), with respect to the
matters set forth in the Structuring Fee Agreement dated November &#091;<B>&#149;</B>&#093;, 2011 among the Company and
the Bank (the &#147;<U>Agreement</U>&#148;), in the event that the Bank, any of its affiliates, each other
person, if any, controlling the Bank or any of its affiliates, their respective officers, current
and former directors, employees and agents, or the successors or assigns of any of the foregoing
persons (the Bank and each such other person or entity being referred to as an &#147;<U>Indemnified
Party</U>&#148;) becomes involved in any capacity in any claim, suit, action, proceeding, investigation
or inquiry (including, without limitation, any shareholder or derivative action or arbitration
proceeding) (collectively, a &#147;<U>Proceeding</U>&#148;) with respect to the services performed pursuant
to and in accordance with the Agreement, the Company agrees to indemnify, defend and hold each
Indemnified Party harmless to the fullest extent permitted by law, from and against any losses,
claims, damages, liabilities and expenses, including the fees and expenses of counsel to the
Indemnified Parties, with respect to the services performed pursuant to and in accordance with the
Agreement, except to the extent that it shall be determined by a court of competent jurisdiction in
a judgment that has become final in that it is no longer subject to appeal or other review, that
such losses, claims, damages, liabilities and expenses resulted primarily from the gross negligence
or willful misconduct of such Indemnified party. In addition, in the event that an Indemnified
Party becomes involved in any capacity in any Proceeding with respect to the services performed
pursuant to and in accordance with the Agreement, the Company will reimburse such Indemnified Party
for its legal and other expenses (including the cost of any investigation and preparation) as such
expenses are incurred by such Indemnified Party in connection therewith. Promptly as reasonably
practicable after receipt by an Indemnified Party of notice of the commencement of any Proceeding,
such Indemnified Party will, if a claim in respect thereof is to be made under this paragraph,
notify the Company in writing of the commencement thereof; but the failure to so notify the Company
(i)&nbsp;will not relieve the Company from liability under this paragraph to the extent it is not
materially prejudiced as a result thereof and (ii)&nbsp;in any event shall not relieve the Company from
any liability which it may have otherwise than on account of this Indemnification Agreement.
Counsel to the Indemnified Parties shall be selected by the Bank. An indemnifying party may
participate at its own expense in the defense of any such action; <I>provided</I>, <I>however</I>, that counsel
to the indemnifying party shall not (except with the consent of the Indemnified Parties) also be
counsel to the Indemnified Party. No indemnifying party shall, without the prior written consent
of the Indemnified Parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought hereunder (whether or not the Indemnified Parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an
unconditional release of each Indemnified Party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any Indemnified Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in the proportion
appropriate to reflect
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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">the relative benefits received or sought to be received by the Company and its stockholders
and the BlackRock Utiliy and Infrastructure Trust (the &#147;<U><B>Trust</B></U>&#148;), on the one hand, and the
Indemnified Parties, on the other hand, in the matters contemplated by the Agreement or (ii)&nbsp;if
(but only if and to the extent) the allocation provided for in clause (i)&nbsp;is for any reason held
unenforceable, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Company and its stockholders and the
Trust on the one hand, and the party entitled to contribution, on the other hand, as well as any
other relevant equitable considerations. The Company agrees that for the purposes of this
paragraph the relative benefits received, or sought to be received, by the Company and its
stockholders and the Trust, on the one hand, and the party entitled to contribution, on the other
hand, of a transaction as contemplated shall be deemed to be in the same proportion that the total
value received by or paid to or contemplated to be received by or paid to the Company or its
stockholders or the Trust, as the case may be, as a result of or in connection with the transaction
(whether or not consummated) for which the Bank has been retained to perform services bears to the
fees paid to the Bank under the Agreement; <I>provided</I>, that in no event shall the Company contribute
less than the amount necessary to assure that the Indemnified Parties are not liable for losses,
claims, damages, liabilities and expenses in excess of the amount of fees actually received by the
Bank pursuant to the Agreement. Relative fault shall be determined by reference to, among other
things, whether any alleged untrue statement or omission or any other alleged conduct relates to
information provided by the Company or other conduct by the Company (or its employees or other
agents), on the one hand, or by the Bank, on the other hand. Notwithstanding the provisions of
this paragraph, an Indemnified Party shall not be entitled to contribution from the Company if it
is determined that such Indemnified Party was guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act of 1933, as amended) and the Company was not guilty
of such fraudulent misrepresentation. The Company will not settle any Proceeding in respect of
which indemnity may be sought hereunder, whether or not an Indemnified Party is an actual or
potential party to such Proceeding, without the Bank&#146;s prior written consent (which consent shall
not be unreasonably withheld). The foregoing indemnity and contribution agreement shall be in
addition to any rights that any Indemnified Party may have at common law or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that no Indemnified Party shall have any liability to the Company or any
person asserting claims on behalf of or in right of the Company with respect to the services
performed pursuant to and in accordance with the Agreement, except to the extent that it shall be
determined by a court of competent jurisdiction in a judgment that has become final in that it is
no longer subject to appeal or other review that any losses, claims, damages, liabilities or
expenses incurred by the Company resulted primarily from the gross negligence, bad faith or willful
misconduct of the Bank in performing the services that are the subject of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR NATURE
WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO AND IN ACCORDANCE WITH THE AGREEMENT
(&#147;<U>CLAIM</U>&#148;), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE COMMENCED,
PROSECUTED OR CONTINUED IN ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE
CITY AND COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS, AND THE
COMPANY AND THE INDEMNIFIED PARTIES CONSENT TO THE JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE
WITH RESPECT THERETO. THE COMPANY HEREBY CONSENT TO PERSONAL JURISDICTION, SERVICE AND VENUE IN
ANY COURT IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT IS BROUGHT BY
ANY THIRD PARTY AGAINST THE BANK OR ANY INDEMNIFIED PARTY. EACH INDEMNIFIED
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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">PARTY AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER
BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT.
THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY
RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE
COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS OR MAY
BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /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;The foregoing Indemnification Agreement shall remain in full force and effect notwithstanding
any termination of the Bank&#146;s engagement under the Agreement. This Indemnification Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of
which shall constitute one and the same agreement.
</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>
<BR>
BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Agreed and Accepted:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">WELLS FARGO SECURITIES, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Indemnification Agreement</I>&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.9
<SEQUENCE>13
<FILENAME>y93113aexv99whw9.htm
<DESCRIPTION>EX-99.H.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw9</TITLE>
</HEAD>
<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 (h)(9)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STRUCTURING FEE AGREEMENT</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ameriprise Financial Services, Inc.<BR>
707 2nd Avenue South<BR>
Minneapolis, Minnesota 55402

</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;Reference is made to the Underwriting Agreement dated November &#091;<B>&#149;</B>&#093;, 2011 (the
&#147;<U>Underwriting Agreement</U>&#148;), by and among BlackRock Utility and Infrastructure Trust (the
&#147;<U>Trust</U>&#148;), BlackRock Advisors, LLC (the &#147;<U>Adviser</U>&#148;), BlackRock Financial Management,
Inc. and BlackRock Investment Management, LLC and each of the Underwriters named therein,
severally, with respect to the issue and sale of the Trust&#146;s common shares of beneficial interest
(the &#147;<U>Common Shares</U>&#148;) (the &#147;<U>Offering</U>&#148;), as described therein. Capitalized terms
used herein and not otherwise defined shall have the meanings given to them in the Underwriting
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Fee</U>. In consideration of your services assisting the Adviser with respect to the
structure and design of the Trust and the organization of the Trust as well as services related to
the sale and distribution of the Trust&#146;s Common Shares, the Adviser shall pay a fee to you in the
aggregate amount of $&#091;<B>&#149;</B>&#093; (the &#147;<U>Fee</U>&#148;). The sum total of this Fee, plus the structuring
and/or incentive fees paid to certain other underwriters in connection with this offering, plus the
amount of the expense reimbursement of $&#091;<B>&#149;</B>&#093; per common share payable by the Trust to the
underwriters pursuant to the Underwriting Agreement, plus underwriters&#146; counsel fees paid by the
Trust shall not exceed 9.0% of the total price of the Trust&#146;s Common Shares issued by the Trust
pursuant to the prospectus dated November &#091;<B>&#149;</B>&#093;, 2011. The Fee shall be paid on or before December
&#091;<B>&#149;</B>&#093;, 2011. The Fee shall be paid by wire transfer to the order of Ameriprise Financial Services,
Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. This Agreement shall terminate upon the payment of the entire amount of the
Fee, as specified in Section&nbsp;1 hereof or upon the termination of the Underwriting Agreement without
the Trust&#146;s common shares having been delivered and paid for. If this Agreement is terminated, the
Adviser shall reimburse Ameriprise only for its accountable out-of-pocket expenses in accordance
with FINRA Rule&nbsp;5110(f)(2)(D).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Indemnification</U>. The Adviser agrees to the indemnification and other agreements
set forth in the Indemnification Agreement attached hereto, the provisions of which are
incorporated herein by reference and shall survive the termination, expiration or supersession of
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Not an Investment Adviser; No Fiduciary Duty</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser acknowledges that you are not providing any advice hereunder as to the value of
securities or regarding the advisability of purchasing or selling any securities for the Trust&#146;s
portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision
create, any obligation on the part of you, and you are not agreeing hereby, to: (i)&nbsp;furnish any
advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii)
render any opinions, valuations or recommendations of any kind or to perform any such similar
services. The Adviser hereby acknowledges that your engagement under this Agreement is as an
independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the
Adviser agrees that it is solely responsible for
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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">making its own judgments in connection with the
matters covered by this Agreement (irrespective of whether you have advised or are currently
advising the Adviser on related or other matters).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Not Exclusive</U>. Nothing herein shall be construed as prohibiting you or your
affiliates from acting as an underwriter or financial adviser or in any other capacity for any
other persons (including other registered investment companies or other investment advisers).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Assignment</U>. This Agreement may not be assigned by any party without prior written
consent of the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Amendment; Waiver</U>. No provision of this Agreement may be amended or waived except
by an instrument in writing signed by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Governing Law</U>. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which shall be an original, and all of which, when taken together, shall constitute one
agreement. Delivery of an executed signature page of this Agreement by facsimile or electronic
transmission shall be effective as delivery of a manually executed counterpart hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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;This Agreement shall be effective as of the date first written above.
</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">BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Agreed and Accepted:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">AMERIPRISE FINANCIAL SERVICES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Structuring Fee Agreement&#093;</I>
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>Indemnification Agreement</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ameriprise Financial Services, Inc.<BR>
707 2nd Avenue South<BR>
Minneapolis, Minnesota 55402

</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;In connection with the engagement of Ameriprise Financial Services, Inc. (&#147;<U>AFSI</U>&#148;) to
assist the undersigned, BlackRock Advisors, LLC (together with its affiliates and subsidiaries, the
&#147;<U>Company</U>&#148;) with respect to the matters set forth in the Structuring Fee Agreement dated
November &#091;<B>&#149;</B>&#093;, 2011 between the Company and the AFSI (the &#147;<U>Agreement</U>&#148;), in the event that
AFSI, any of its affiliates, each other person, if any, controlling AFSI or any of its affiliates,
their respective officers, current and former directors, employees and agents, or the successors or
assigns of any of the foregoing persons (AFSI and each such other person or entity being referred
to as an &#147;<U>Indemnified Party</U>&#148;) becomes involved in any capacity in any claim, suit, action,
proceeding, investigation or inquiry (including, without limitation, any shareholder or derivative
action or arbitration proceeding) (collectively, a &#147;<U>Proceeding</U>&#148;) with respect to the
services performed pursuant to and in accordance with the Agreement, the Company agrees to
indemnify, defend and hold each Indemnified Party harmless to the fullest extent permitted by law,
from and against any losses, claims, damages, liabilities and expenses, including the fees and
expenses of counsel to the Indemnified Parties, with respect to the services performed pursuant to
and in accordance with the Agreement, except to the extent that it shall be determined by a court
of competent jurisdiction in a judgment that has become final in that it is no longer subject to
appeal or other review, that such losses, claims, damages, liabilities and expenses resulted
primarily from the gross negligence or willful misconduct of such Indemnified Party. In addition,
in the event that an Indemnified Party becomes involved in any capacity in any Proceeding with
respect to the services performed pursuant to and in accordance with the Agreement, the Company
will reimburse such Indemnified Party for its legal and other expenses (including the cost of any
investigation and preparation) as such expenses are incurred by such Indemnified Party in
connection therewith. Promptly as reasonably practicable after receipt by an Indemnified Party of
notice of the commencement of any Proceeding, such Indemnified Party will, if a claim in respect
thereof is to be made under this paragraph, notify the Company in writing of the commencement
thereof; but the failure so to notify the Company (i)&nbsp;will not relieve the Company from liability
under this paragraph to the extent it is not materially prejudiced as a result thereof and (ii)&nbsp;in
any event shall not relieve the Company from any liability which it may have otherwise than on
account of this Indemnification Agreement. Counsel to the Indemnified Parties shall be selected by
the Company. An indemnifying party may participate at its own expense in the defense of any such
action; <I>provided</I>, however, that counsel to the indemnifying party shall not (except with the
consent of the Indemnified Parties, which shall not be unreasonably withheld) also be counsel to
the Indemnified Party. No indemnifying party shall, without the prior written consent of the
Indemnified Parties, which shall not be unreasonably withheld, settle or compromise or consent to
the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought hereunder (whether or not the Indemnified Parties
are actual or potential parties thereto), unless such settlement, compromise or consent (i)
includes an unconditional release of each Indemnified Party from all liability arising out of such
litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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;If such indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in the proportion
appropriate to reflect the relative benefits received or sought to be received by the Company and
its stockholders and affiliates, on the one hand, and the Indemnified Parties, on the other hand,
in the matters contemplated by the Agreement or (ii)&nbsp;if (but only if and to the extent) the
allocation provided for in clause (i)&nbsp;is for any reason held unenforceable, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the
relative fault of the Company and its stockholders and affiliates, on the one hand, and the party
entitled to contribution, on the other hand, as well as any other relevant equitable
considerations. The Company agrees that for the purposes of this paragraph the relative benefits
received, or sought to be received, by the Company and its stockholders and affiliates, on the one
hand, and the party entitled to contribution, on the other hand, of a transaction as contemplated
shall be deemed to be in the same proportion that the total value received or paid or contemplated
to be received or paid by the Company or its stockholders or affiliates, as the case may be, as a
result of or in connection with the transaction (whether or not consummated) for which AFSI has
been retained to perform services bears to the fees paid to AFSI under the Agreement; <I>provided</I>,
that in no event shall the Company contribute less than the amount necessary to assure that the
Indemnified Parties are not liable for losses, claims, damages, liabilities and expenses in excess
of the amount of fees actually received by AFSI pursuant to the Agreement. Relative fault shall be
determined by reference to, among other things, whether any alleged untrue statement or omission or
any other alleged conduct relates to information provided by the Company or other conduct by the
Company (or its employees or other agents), on the one hand, or by AFSI, on the other hand.
Notwithstanding the provisions of this paragraph, an Indemnified Party shall not be entitled to
contribution from the Company if it is determined that such Indemnified Party was guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act of 1933, as
amended) and the Company was not guilty of such fraudulent misrepresentation. The foregoing
indemnity and contribution agreement shall be in addition to any rights that any Indemnified Party
may have at common law or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that no Indemnified Party shall have any liability to the Company or any
person asserting claims on behalf of or in right of the Company with respect to the services
performed pursuant to and in accordance with the Agreement, except to the extent that it shall be
determined by a court of competent jurisdiction in a judgment that has become final in that it is
no longer subject to appeal or other review that any losses, claims, damages, liabilities or
expenses incurred by the Company resulted primarily from the gross negligence or willful misconduct
of AFSI in performing the services that are the subject of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indemnification Agreement shall be read or construed to limit any liability or
obligation of any party arising under or in connection with the Underwriting Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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;THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND OR
NATURE WHATSOEVER WITH RESPECT TO THE SERVICES PERFORMED PURSUANT TO AND IN ACCORDANCE WITH THE
AGREEMENT (&#147;<U>CLAIM</U>&#148;), DIRECTLY OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY BE
COMMENCED, PROSECUTED OR CONTINUED IN ANY COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK
LOCATED IN THE CITY AND COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH
MATTERS, AND THE COMPANY AND THE INDEMNIFIED PARTIES CONSENT TO THE JURISDICTION OF SUCH COURTS AND
PERSONAL SERVICE WITH RESPECT THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION,
SERVICE AND VENUE IN ANY COURT IN WHICH ANY CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS
AGREEMENT IS BROUGHT BY ANY THIRD PARTY AGAINST AFSI OR ANY INDEMNIFIED PARTY. EACH INDEMNIFIED
PARTY AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED
UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. THE
COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY
RELATING TO THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE
COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH THE COMPANY IS OR MAY
BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /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;The foregoing Indemnification Agreement shall remain in full force and effect
notwithstanding any termination of AFSI&#146;s engagement under the Agreement. This Indemnification
Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which shall constitute one and the same agreement.
</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>
<BR>
BLACKROCK ADVISORS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">Agreed and Accepted:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">AMERIPRISE FINANCIAL SERVICES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Indemnification Agreement&#093;</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.10
<SEQUENCE>14
<FILENAME>y93113aexv99whw10.htm
<DESCRIPTION>EX-99.H.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit (h)(10)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SYNDICATION FEE AGREEMENT</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036

</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;This agreement is between BlackRock Advisors, LLC (the &#147;<U>Company</U>&#148;) and Morgan Stanley &#038;
Co. LLC (&#147;<U>Morgan Stanley</U>&#148;) with respect to the BlackRock Utility and Infrastructure Trust
(the &#147;<U>Trust</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Syndication Fee</U>. (a)&nbsp;In consideration of advice to the Company relating to, but not
limited to, syndication assistance with respect to the Trust and the distribution of the Trust&#146;s
common shares of beneficial interest, par value $0.001 (the &#147;<U>Shares</U>&#148;), including without
limitation, securing syndicate participants for the Trust&#146;s initial public offering (the
&#147;<U>Offering</U>&#148;), preparation of marketing and diligence materials for underwriters, conveying
information and market updates to syndicate members and coordinating syndicate orders during the
Offering, the Company shall pay a fee to Morgan Stanley equal to &#091;$&#95;&#95;&#95;&#95;&#95;&#093; (the &#147;<U>Syndication
Fee</U>&#148;). The Syndication Fee paid to Morgan Stanley shall not exceed &#091;0.&#95;&#95;%&#093;<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP>of the
total price to the public of the Shares sold by the Trust in the Offering. In the event the
Offering does not proceed, Morgan Stanley will not receive any fees under this Agreement; however,
for the avoidance of doubt, accountable expenses actually incurred may be payable to Morgan Stanley
pursuant to the terms of the principal underwriting agreement relating to the Offering (the
&#147;<U>Underwriting Agreement</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company shall pay the Syndication Fee to Morgan Stanley on the closing of the purchase
and sale of the Shares pursuant to the Underwriting Agreement on November &#091;<B>&#149;</B>&#093;, 2011 by wire
transfer to the order of Morgan Stanley. The Company acknowledges that the Syndication Fee is in
addition to any compensation Morgan Stanley earns in connection with its role as an underwriter to
the Trust in the Offering, which services are distinct from and in addition to the marketing and
structuring services described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. This Agreement shall terminate upon payment of the entire amount of the
Syndication Fee, as specified in Section&nbsp;1 hereof, except as provided in Sections&nbsp;3 and 4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Indemnification</U>. The Company agrees to the indemnification and other agreements set
forth in the Indemnification Agreement attached hereto, the provisions of which are incorporated
herein by reference and shall survive the termination, expiration or supersession of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Confidential Advice</U>. None of any advice rendered by Morgan Stanley to the Company
or any communication from Morgan Stanley in connection with the services performed by Morgan
Stanley pursuant to this Agreement will be quoted or referred to orally or
</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">in writing, or reproduced or disseminated, by the Company or any of its affiliates or any of
their agents, without Morgan Stanley&#146;s prior written consent, except (i)&nbsp;the Company may disclose
the foregoing to any regulatory authority in response to a regulatory proceeding, process, inquiry
or request, so long as the Company gives Morgan Stanley prompt notice thereof unless in the opinion
of the Company&#146;s counsel it is not legally able to do so, (ii)&nbsp;to the extent otherwise required by
law, judicial process or applicable regulation (after consultation with, and approval (not to be
unreasonably withheld) as to form and substance by, Morgan Stanley and its counsel, unless in the
opinion of the Company&#146;s counsel it is not legally able so to consult) and (iii)&nbsp;on a confidential
need-to-know basis, to the Trust and its officers and directors and their legal counsel, auditors
and other advisors. This confidentiality provision will terminate eighteen months from the date
first written above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Not an Investment Advisor</U>. The Company acknowledges that Morgan Stanley is not
providing any advice hereunder as to the value of securities or regarding the advisability of
purchasing or selling any securities for the Trust&#146;s portfolio. No provision of this Agreement
shall be considered as creating, nor shall any provision create, any obligation on the part of
Morgan Stanley, and Morgan Stanley is not agreeing hereby, to: (i)&nbsp;furnish any advice or make any
recommendations regarding the purchase or sale of portfolio securities; or (ii)&nbsp;render any
opinions, valuations or recommendations of any kind or to perform any such similar services. The
Company&#146;s engagement of Morgan Stanley is not intended to confer rights upon any person (including
the Trust or any shareholders, employees or creditors of the Company or the Trust) not a party
hereto as against Morgan Stanley or its affiliates, or their respective directors, officers,
employees or agents, successors, or assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Not Exclusive</U>. Nothing herein shall be construed as prohibiting Morgan Stanley or
its affiliates from acting as an underwriter or financial advisor or in any other capacity for any
other persons (including other registered investment companies or other investment managers).
Neither this Agreement nor the performance of the services contemplated hereunder shall be
considered to constitute a partnership, association or joint venture between Morgan Stanley and the
Company. In addition, nothing in this Agreement shall be construed to constitute Morgan Stanley as
the agent or employee of the Company or the Company as the agent or employee of Morgan Stanley, and
neither party shall make any representation to the contrary. It is understood that Morgan Stanley
is engaged hereunder solely to provide the services described above to the Company and that Morgan
Stanley is not acting as an agent or fiduciary of, and Morgan Stanley shall not have any duties or
liability to, the current or future partners, members or equity owners of the Company or any other
third party in connection with its engagement hereunder, all of which are hereby expressly waived
to the extent the Company has the authority to waive such duties and liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Assignment</U>. This Agreement may not be assigned by either party without prior
written consent of the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Amendment; Waiver</U>. No provision of this Agreement may be amended or waived except
by an instrument in writing signed by the parties hereto.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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;9.&nbsp;<U>Governing Law; Consent to Jurisdiction; WAIVER OF JURY TRIAL</U>. This Agreement and
any claim, counterclaim, dispute or proceeding of any kind or nature whatsoever arising out of or
in any way relating to this Agreement (&#147;<U>Claim</U>&#148;), directly or indirectly, shall be governed
by and construed in accordance with the internal laws of the State of New York. No Claim may be
commenced, prosecuted or continued in any court other than the courts of the State of New York
located in the City and County of New York or in the United States District Court for the Southern
District of New York (and of the appropriate appellate courts therefrom), which courts shall have
exclusive jurisdiction over the adjudication of such matters except as provided below. Each of the
parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such Claim and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any
such Claim in any such court or that any such Claim brought in any such court has been brought in
an inconvenient forum. Process in any such Claim may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each
party agrees that service of process on such party as provided in Section&nbsp;11 shall be deemed
effective service of process on such party. EACH OF MORGAN STANLEY AND THE COMPANY WAIVES ALL RIGHT
TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. EACH OF MORGAN STANLEY AND THE COMPANY
AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO
THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON MORGAN STANLEY AND
THE COMPANY, AS THE CASE MAY BE, AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF
WHICH MORGAN STANLEY OR THE COMPANY ARE OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Entire Agreement</U>. This Agreement (including the attached Indemnification
Agreement) embodies the entire agreement and understanding between the parties hereto and
supersedes all prior agreements and understandings relating to the subject matter hereof. If any
provision of this Agreement is determined to be invalid or unenforceable in any respect, such
determination will not affect such provision in any other respect or any other provision of this
Agreement, which will remain in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Notices</U>. All notices required or permitted to be sent under this Agreement shall
be sent, if to the Company:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">BlackRock Advisors, LLC<br>
100 Bellevue Parkway<br>
Wilmington, Delaware 19809<br>
Attention: &#091;<B>&#149;</B>&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">or if to Morgan Stanley:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /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; margin-left: 2%">Morgan Stanley &#038; Co. LLC<br>
1585 Broadway<br>
New York, New York 10036<br>
Attention: General Counsel
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or such other name or address as may be given in writing to the other parties. Any notice shall be
deemed to be given or received on the third day after deposit by certified U.S. mail, postage
prepaid, or when actually received, whether by hand, express delivery service or facsimile
transmission, whichever is earlier.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each
of which shall be an original, and all of which, when taken together, shall constitute one
agreement. Delivery of an executed signature page of this Agreement by facsimile transmission shall
be effective as delivery of a manually executed counterpart hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;Remainder of this page intentionally left blank&#093;</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /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">This Agreement shall be effective as of the date first written above.
</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>
<BR>
<B>BLACKROCK ADVISORS, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to as of the date first
above written:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>MORGAN STANLEY &#038; CO. LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEMNIFICATION AGREEMENT</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">November &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036

</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;In connection with the engagement of Morgan Stanley &#038; Co. LLC (&#147;<U>Morgan Stanley</U>&#148;) to
advise and assist the undersigned (together with its affiliates and subsidiaries, referred to as
the &#147;<U>Company</U>&#148;) with the matters set forth in the Syndication Fee Agreement dated November
&#091;<B>&#149;</B>&#093;, 2011, between the Company and Morgan Stanley (the &#147;<U>Syndication Fee Agreement</U>&#148;), in the
event that Morgan Stanley becomes involved in any capacity in any claim, suit, action, proceeding,
investigation or inquiry (including, without limitation, any shareholder or derivative action or
arbitration proceeding) with respect to the services performed pursuant to and in accordance with
the Syndication Fee Agreement, including, without limitation, related services and activities prior
to the date of the Syndication Fee Agreement, the Company has agreed to indemnify and hold harmless
Morgan Stanley and Morgan Stanley&#146;s affiliates and their respective officers, directors, employees
and agents and each other person, if any, controlling Morgan Stanley or any of Morgan Stanley&#146;s
affiliates (Morgan Stanley and each such other person being an &#147;<U>Indemnified Person</U>&#148;) from
and against any losses, claims, damages or liabilities related to, arising out of or in connection
with the activities (the &#147;<U>Activities</U>&#148;) performed by any Indemnified Person in connection
with, or arising out of, or based upon, the Syndication Fee Agreement and/or any action taken by
any Indemnified Person in connection therewith (including, without limitation, any presentation
given by the Company and an Indemnified Person relating to the common shares of beneficial
interest, par value $0.001 per share (the &#147;<U>Shares</U>&#148;) of BlackRock Utility and Infrastructure
Trust (the &#147;<U>Trust</U>&#148;)), and will reimburse each Indemnified Person for all expenses
(including fees and expenses of counsel) as they are incurred in connection with investigating,
preparing, pursuing or defending any claim, suit, action, proceeding, investigation or inquiry
related to, arising out of or in connection with the Activities, whether or not pending or
threatened and whether or not any Indemnified Person is a party. The Company will not, however, be
responsible for any losses, claims, damages, liabilities (or expenses relating thereto) that are
finally judicially determined to have resulted from the bad faith or gross negligence of any
Indemnified Person. The Company also agrees that no Indemnified Person shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection
with the Activities, except for any such liability for losses, claims, damages or liabilities
incurred by the Company that are finally judicially determined to have resulted from the bad faith
or gross negligence of such Indemnified Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in no event shall the Company be responsible for any losses,
claims, damages or liabilities to any Indemnified Person arising from any such claim, suit, action,
proceeding, investigation or inquiry in excess of the gross proceeds received by the Trust from the
initial public offering of the Shares of the Trust (the &#147;<U>Offering</U>&#148;); provided, however,
that the Company shall, as set forth above, indemnify and be responsible for, regardless of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /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">gross proceeds received by the Trust from the Offering, all expenses (including fees and
expenses of counsel) incurred in connection with investigating, preparing, pursuing or defending
any claim, suit, action, proceeding, investigation or inquiry related to, arising out of or in
connection with the Activities, whether or not pending or threatened and whether or not any
Indemnified Person is a party, as set forth above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not, without Morgan Stanley&#146;s prior written consent, settle, compromise,
consent to the entry of any judgment in or otherwise seek to terminate any claim, suit, action,
proceeding, investigation or inquiry in respect of which indemnification may be sought hereunder
(whether or not any Indemnified Person is a party thereto) unless such settlement, compromise,
consent or termination includes a release of each Indemnified Person from any liabilities arising
out of such claim, suit, action, proceeding, investigation or inquiry. No Indemnified Person
seeking indemnification, reimbursement or contribution under this agreement (the
&#147;<U>Indemnification Agreement</U>&#148;) will, without our prior written consent, settle, compromise,
consent to the entry of any judgment in or otherwise seek to terminate any claim, suit, action,
proceeding, investigation or inquiry referred to in the preceding paragraphs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such indemnification were not to be available for any reason, the Company agrees to
contribute to the losses, claims, damages, liabilities and expenses involved (i)&nbsp;in the proportion
appropriate to reflect the relative benefits received or sought to be received by the Company
(including the net proceeds from the Shares sold by Morgan Stanley in the Offering before deducting
expenses) and its partners and affiliates and other constituencies, on the one hand, and Morgan
Stanley, on the other hand, in the matters contemplated by the Syndication Fee Agreement or (ii)&nbsp;if
(but only if and to the extent) the allocation provided for in clause (i)&nbsp;is for any reason held
unenforceable, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i)&nbsp;but also the relative fault of the Company and its partners and
affiliates and other constituencies, on the one hand, and the party entitled to contribution, on
the other hand, as well as any other relevant equitable considerations. The Company agrees that for
the purposes of this paragraph the relative benefits received, or sought to be received, by the
Company and its partners and affiliates, on the one hand, and the party entitled to contribution,
on the other hand, of a transaction as contemplated shall be deemed to be in the same proportion
that the total value received by or paid to or contemplated to be received by or paid to the
Company or its partners or affiliates and other constituencies, as the case may be, as a result of
or in connection with the transaction (whether or not consummated) for which Morgan Stanley has
been retained to perform financial services bears to the fees paid to Morgan Stanley under the
Syndication Fee Agreement; provided that in no event shall the Company contribute less than the
amount necessary to assure that Morgan Stanley is not liable for losses, claims, damages,
liabilities and expenses in excess of the amount of fees actually received by Morgan Stanley
pursuant to the Syndication Fee Agreement. Relative fault shall be determined by reference to,
among other things, whether any alleged untrue statement or omission or any other alleged conduct
relates to information provided by the Company or other conduct by the Company (or its employees or
other agents), on the one hand, or by Morgan Stanley, on the other hand.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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;This Indemnification Agreement, together with the Syndication Fee Agreement, any
contemporaneous written agreements and any prior written agreements (to the extent not
superseded by this agreement) that relate to the Offering of the Shares, represents the entire
agreement between the Company and the Indemnified Parties with respect to the marketing and
structuring fee paid to Morgan Stanley under the Syndication Fee Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company acknowledges that in connection with the Offering of the Shares: (i)&nbsp;Morgan
Stanley has acted at arms length, is not an agent of, and owes no fiduciary duties to, the Company,
the Trust or any person affiliated with the Trust or the Company, (ii)&nbsp;Morgan Stanley owes the
Company only those duties and obligations set forth in this Indemnification Agreement and (iii)
Morgan Stanley may have interests that differ from those of the Company. The Company waives to the
full extent permitted by applicable law any claims any of the Company, the Trust or any person
affiliated with the Trust or the Company may have against Morgan Stanley arising from an alleged
breach of fiduciary duty in connection with the offering of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Indemnification Agreement shall apply to the Activities and any
modification thereof and shall remain in full force and effect regardless of any termination or the
completion of Morgan Stanley&#146;s services under the Syndication Fee Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indemnification Agreement may not be assigned by either party without prior written
consent of the other party. No provision of this Indemnification Agreement may be amended or waived
except by an instrument in writing signed by the parties hereto. This Indemnification Agreement and
any claim, counterclaim, dispute or proceeding of any kind or nature whatsoever arising out of or
in any way relating to this Indemnification Agreement (&#147;<U>Claim</U>&#148;), directly or indirectly,
shall be governed by and construed in accordance with the internal laws of the State of New York.
No Claim may be commenced, prosecuted or continued in any court other than the courts of the State
of New York located in the City and County of New York or in the United States District Court for
the Southern District of New York (and of the appropriate appellate courts therefrom), which courts
shall have exclusive jurisdiction over the adjudication of such matters except as provided below.
Each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such Claim and irrevocably waives, to the fullest
extent permitted by law, any objection that it may now or hereafter have to the laying of the venue
of any such Claim in any such court or that any such Claim brought in any such court has been
brought in an inconvenient forum. Process in any such Claim may be served on any party anywhere in
the world, whether within or without the jurisdiction of any such court. Without limiting the
foregoing, each party agrees that service of process on such party as provided in Section&nbsp;11 of the
Syndication Fee Agreement shall be deemed effective service of process on such party. EACH OF
MORGAN STANLEY AND THE COMPANY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /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">RELATING TO THIS
INDEMNIFICATION AGREEMENT. EACH OF MORGAN STANLEY AND THE COMPANY AGREES THAT A FINAL JUDGMENT IN
ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT
BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON MORGAN STANLEY AND THE COMPANY, AS
THE CASE MAY BE, AND MAY BE ENFORCED IN ANY OTHER
COURTS TO THE JURISDICTION OF WHICH MORGAN STANLEY OR THE COMPANY ARE OR MAY BE SUBJECT, BY
SUIT UPON SUCH JUDGMENT. This Indemnification Agreement may be executed in any number of
counterparts, each of which shall be an original, and all of which, when taken together, shall
constitute one agreement. Delivery of an executed signature page of this Indemnification Agreement
by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /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">

<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>
<BR>
<B>BLACKROCK ADVISORS, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted and agreed to as of the date first
above written:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>MORGAN STANLEY &#038; CO. LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J.1
<SEQUENCE>15
<FILENAME>y93113aexv99wjw1.htm
<DESCRIPTION>EX-99.J.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wjw1</TITLE>
</HEAD>
<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
(j)(1)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CUSTODY AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT, dated as of October&nbsp;12, 2011 between BlackRock Utility and Infrastructure Trust, a
statutory trust formed and existing under the laws of the State of Delaware having its principal
office and place of business at 100 Bellevue Parkway, Wilmington, Delaware 19809 (the &#147;Fund&#148;) and
The Bank of New York Mellon, a New York corporation authorized to do a banking business having its
principal office and place of business at One Wall Street, New York, New York 10286 (&#147;Custodian&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>W I T N E S S E T H:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that for and in consideration of the mutual promises hereinafter set forth the Fund and Custodian
agree as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I<BR>
DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in this Agreement, the following words shall have the meanings set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<B>&#147;Authorized Person&#148; </B>shall be any person, whether or not an officer or employee of the Fund,
duly authorized by the Fund&#146;s board to execute any Certificate or to give any Oral Instruction with
respect to one or more Accounts, such persons to be designated in a Certificate annexed hereto as
Schedule&nbsp;I hereto or such other Certificate as may be received by Custodian from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<B>&#147;BNY Mellon Affiliate&#148; </B>shall mean any office, branch or subsidiary of The Bank of New York
Mellon Company, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<B>&#147;Book-Entry System&#148; </B>shall mean the Federal Reserve/Treasury book-entry system for receiving
and delivering securities, its successors and nominees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<B>&#147;Business Day&#148; </B>shall mean any day on which Custodian and relevant Depositories are open for
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<B>&#147;Certificate&#148; </B>shall mean any notice, instruction, or other instrument in writing,
authorized or required by this Agreement to be given to Custodian, which is actually received by
Custodian by letter or facsimile transmission and signed on behalf of the Fund by an Authorized
Person or a person reasonably believed by Custodian to be an Authorized Person.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /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;6.&nbsp;<B>&#147;Composite Currency Unit&#148; </B>shall mean any composite currency unit consisting of the
aggregate of specified amounts of specified currencies, as such unit may be constituted from time
to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<B>&#147;Depository&#148; </B>shall include (a)&nbsp;the Book-Entry System, (b)&nbsp;the Depository Trust Company, (c)
any other clearing agency or securities depository registered with the Securities and Exchange
Commission identified to the Fund from time to time, and (d)&nbsp;the respective successors and nominees
of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<B>&#147;Foreign Depository&#148; </B>shall mean (a)&nbsp;Euroclear, (b)&nbsp;Clearstream Banking, societe anonyme,
(c)&nbsp;each Eligible Securities Depository as defined in Rule&nbsp;17f-7 under the Investment Company Act
of 1940, as amended, identified to the Fund from time to time, and (d)&nbsp;the respective successors
and nominees of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<B>&#147;Instructions&#148; </B>shall mean communications transmitted by electronic or telecommunications
media, including S.W.I.F.T., computer-to-computer interface, or dedicated transmission lines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<B>&#147;Oral Instructions&#148; </B>shall mean verbal instructions received by Custodian from an
Authorized Person or from a person reasonably believed by Custodian to be an Authorized Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<B>&#147;Securities&#148; </B>shall include, without limitation, any common stock and other equity
securities, bonds, debentures and other debt securities, notes, mortgages or other obligations, and
any instruments representing rights to receive, purchase, or subscribe for the same, or
representing any other rights or interests therein (whether represented by a certificate or held in
a Depository or by a Subcustodian).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<B>&#147;Subcustodian&#148; </B>shall mean a bank (including any branch thereof) or other financial
institution (other than a Foreign Depository) located outside the U.S. which is utilized by
Custodian in connection with the purchase, sale or custody of cash Securities or other property
hereunder and identified to the Fund from time to time, and their respective successors and
nominees.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
APPOINTMENT OF CUSTODIAN; ACCOUNTS;<BR>
REPRESENTATIONS, WARRANTIES, AND COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;(a)&nbsp;The Fund hereby appoints Custodian as custodian of all Securities, cash or other
property at any time delivered to Custodian during the term of this Agreement, and authorizes
Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian
hereby accepts such appointment and agrees to establish and maintain one or more securities
accounts and cash accounts for the Fund in which Custodian will hold Securities, cash or other
property as provided herein. Such accounts (each, an &#147;Account&#148;; collectively, the &#147;Accounts&#148;)
shall be in the name of the Fund.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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;(b)&nbsp;Custodian may from time to time establish on its books and records such sub-accounts
within each Account as the Fund and Custodian may agree upon (each a &#147;Special Account&#148;), and
Custodian shall reflect therein such assets as the Fund may specify in a Certificate or
Instructions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Custodian may from time to time establish pursuant to a written agreement with and for the
benefit of a broker, dealer, future commission merchant or other third party identified in a
Certificate or Instructions such accounts on such terms and conditions as the Fund and Custodian
shall agree, and Custodian shall transfer to such account such Securities, cash or other property
and money as the Fund may specify in a Certificate or Instructions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Fund hereby represents and warrants, which representations and warranties shall be
continuing and shall be deemed to be reaffirmed upon each delivery of a Certificate or each giving
of Oral Instructions or Instructions by the Fund, that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;It is duly formed and existing under the laws of the jurisdiction of its formation, with
full power to carry on its business as now conducted, to enter into this Agreement, and to perform
its obligations hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This Agreement has been duly authorized, executed and delivered by the Fund, approved by a
resolution of its board, constitutes a valid and legally binding obligation of the Fund,
enforceable in accordance with its terms, and there is no statute, regulation, rule, order or
judgment binding on it, and no provision of its charter or by-laws, nor of any mortgage, indenture,
credit agreement or other contract binding on it or affecting its property, which would prohibit
its execution or performance of this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;It is conducting its business in substantial compliance with all applicable laws and
requirements, both state and federal, and has obtained all regulatory licenses, approvals and
consents necessary to carry on its business as now conducted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;It will not use the services provided by Custodian hereunder in any manner that is, or
will result in, a violation of any law, rule or regulation applicable to the Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Except to the extent that the Custodian acts as the Fund&#146;s foreign custody manager, its
board or its foreign custody manager, as defined in Rule&nbsp;17f-5 under the Investment Company Act of
1940, as amended (the &#147;&#145;40 Act&#148;), has determined that use of each Subcustodian (including any
Replacement Custodian as that term is defined herein) which Custodian is authorized to utilize in
accordance with Section 1(a) of Article&nbsp;III hereof satisfies the applicable requirements of the &#145;40
Act and Rule&nbsp;17f-5 thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Fund or its investment adviser has determined that the custody arrangements of each
Foreign Depository provide reasonable safeguards against the custody risks associated with
maintaining assets with such Foreign Depository within the meaning of Rule&nbsp;17f-7 under the &#145;40 Act;
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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;(g)&nbsp;It is fully informed of the protections and risks associated with various methods of
transmitting Instructions and Oral Instructions and delivering Certificates to Custodian, shall,
and shall cause each Authorized Person, to safeguard and treat with extreme care any user and
authorization codes, passwords and/or authentication keys, understands that there may be more
secure methods of transmitting or delivering the same than the methods selected by it, agrees that
the security procedures (if any) to be utilized provide a commercially reasonable degree of
protection in light of its particular needs and circumstances, and acknowledges and agrees that
Instructions need not be reviewed by Custodian, may conclusively be presumed by Custodian to have
been given by person(s) duly authorized, and may be acted upon as given;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;It shall manage its borrowings, including, without limitation, any advance or overdraft
(including any day-light overdraft) in the Accounts, so that the aggregate of its total borrowings
does not exceed the amount the Fund is permitted to borrow under the &#145;40 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Its transmission or giving of, and Custodian acting upon and in reliance on, Certificates,
Instructions, or Oral Instructions pursuant to this Agreement shall at all times comply with the
&#145;40 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;It shall impose and maintain restrictions on the destinations to which cash may be
disbursed by Instructions to ensure that each disbursement is for a proper purpose; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;It has the right to make the pledge and grant the security interest and security
entitlement to Custodian contained in Section&nbsp;1 of Article&nbsp;V hereof, free of any right of
redemption or prior claim of any other person or entity, such pledge and such grants shall have a
first priority subject to no setoffs, counterclaims, or other liens or grants prior to or on a
parity therewith, and it shall take such additional steps as Custodian may require to assure such
priority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Fund hereby covenants that it shall from time to time complete and execute and deliver
to Custodian upon Custodian&#146;s request a Form&nbsp;FR U-1 (or successor form) whenever the Fund borrows
from Custodian any money to be used for the purchase or carrying of margin stock as defined in
Federal Reserve Regulation&nbsp;U.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
CUSTODY AND RELATED SERVICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;(a)&nbsp;Subject to the terms hereof, the Fund hereby authorizes Custodian to hold any cash,
Securities or other property received by it from time to time for the Fund&#146;s account. Custodian
shall be entitled to utilize, subject to subsection (c)&nbsp;of this Section&nbsp;1, Depositories,
Subcustodians, and, subject to subsection (d)&nbsp;of this Section&nbsp;1, Foreign Depositories, to the
extent possible in connection with its performance hereunder. Cash, Securities or other property
held in a Depository or Foreign Depository will be held subject to the rules, terms and conditions
of such entity. Cash, Securities or other property held through Subcustodians shall be held
subject to the terms and conditions of Custodian&#146;s agreements with such Subcustodians.
Subcustodians may be authorized to hold Cash, Securities or other property in Foreign
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">Depositories in which such Subcustodians participate. Unless otherwise required by local law
or practice or a particular subcustodian agreement, cash, Securities or other property deposited
with a Subcustodian, a Depositary or a Foreign Depository will be held in a commingled account, in
the name of Custodian, holding only cash, Securities or other property held by Custodian as
custodian for its customers. Custodian shall identify on its books and records the cash,
Securities or other property belonging to the Fund, whether held directly or indirectly through
Depositories, Foreign Depositories, or Subcustodians. Custodian shall, directly or indirectly
through Subcustodians, Depositories, or Foreign Depositories, endeavor, to the extent feasible, to
hold Cash, Securities or other property in the country or other jurisdiction in which the principal
trading market for such Cash, Securities or other property is located, where such Cash, Securities
or other property are to be presented for cancellation and/or payment and/or registration, or where
such Cash, Securities or other property are acquired. Custodian at any time may cease utilizing
any Subcustodian and/or may replace a Subcustodian with a different Subcustodian (the &#147;Replacement
Subcustodian&#148;). In the event Custodian selects a Replacement Subcustodian, Custodian shall not
utilize such Replacement Subcustodian until after the Fund&#146;s board or foreign custody manager has
determined that utilization of such Replacement Subcustodian satisfies the requirements of the &#145;40
Act and Rule&nbsp;17f-5 thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless Custodian has received a Certificate or Instructions to the contrary, Custodian
shall hold cash, Securities or other property indirectly through a Subcustodian only if (i)&nbsp;the
cash, Securities or other property are not subject to any right, charge, security interest, lien or
claim of any kind in favor of such Subcustodian or its creditors or operators, including a receiver
or trustee in bankruptcy or similar authority, except for a claim of payment for the safe custody
or administration of cash, Securities or other property on behalf of the Fund by such Subcustodian,
and (ii)&nbsp;beneficial ownership of the cash, Securities or other property is freely transferable
without the payment of money or value other than for safe custody or administration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;With respect to each Depository, Custodian (i)&nbsp;shall exercise due care in accordance with
reasonable commercial standards in discharging its duties as a securities intermediary to obtain
and thereafter maintain cash, Securities or other property deposited or held in such Depository,
and (ii)&nbsp;will provide, promptly upon request by the Fund, such reports as are available concerning
the internal accounting controls and financial strength of Custodian.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;With respect to each Foreign Depository, Custodian shall exercise reasonable care,
prudence, and diligence (i)&nbsp;to provide the Fund with an analysis of the custody risks associated
with maintaining assets with the Foreign Depository, and (ii)&nbsp;to monitor such custody risks on a
continuing basis and promptly notify the Fund of any material change in such risks. The Fund
acknowledges and agrees that such analysis and monitoring shall be made on the basis of, and
limited by, information gathered from Subcustodians or through publicly available information
otherwise obtained by Custodian, and shall not include any evaluation of Country Risks. As used
herein the term &#147;Country Risks&#148; shall mean with respect to any Foreign Depository: (a)&nbsp;the
financial infrastructure of the country in which it is organized, (b)&nbsp;such country&#146;s prevailing
custody and settlement practices, (c)&nbsp;nationalization, expropriation or other governmental actions,
(d)&nbsp;such country&#146;s regulation of the banking or securities industry, (e)
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">currency controls, restrictions, devaluations or fluctuations, and (f)&nbsp;market conditions which
affect the order execution of securities transactions or affect the value of securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Custodian shall furnish the Fund with an advice of daily transactions (including a
confirmation of each transfer of cash, Securities or other property) and a monthly summary of all
transfers to or from the Accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;With respect to all cash, Securities or other property held hereunder, Custodian shall,
unless otherwise instructed to the contrary:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Receive all income and other payments and advise the Fund as promptly as practicable of
any such amounts due but not paid;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Present for payment and receive the amount paid upon all Securities or other property
which may mature and advise the Fund as promptly as practicable of any such amounts due but not
paid;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Forward to the Fund copies of all information or documents that it may actually receive
from an issuer of Securities or other property which, in the opinion of Custodian, are intended for
the beneficial owner of Securities or other property;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Execute, as custodian, any certificates of ownership, affidavits, declarations or other
certificates under any tax laws now or hereafter in effect in connection with the collection of
bond and note coupons;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Hold directly or through a Depository, a Foreign Depository, or a Subcustodian all rights
and similar Securities or other property issued with respect to any Securities or other property
credited to an Account hereunder; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Endorse for collection checks, drafts or other negotiable instruments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;(a)&nbsp;Custodian shall notify the Fund of rights or discretionary actions with respect to
Securities or other property held hereunder, and of the date or dates by when such rights must be
exercised or such action must be taken, provided that Custodian has actually received, from the
issuer or the relevant Depository (with respect to Securities or other property issued in the
United States) or from the relevant Subcustodian, Foreign Depository, or a nationally or
internationally recognized bond or corporate action service to which Custodian subscribes, timely
notice of such rights or discretionary corporate action or of the date or dates such rights must be
exercised or such action must be taken. Absent actual receipt of such notice, Custodian shall have
no liability for failing to so notify the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Whenever Securities (including, but not limited to, warrants, options, tenders, options to
tender or non-mandatory puts or calls) or other property confer discretionary rights on the Fund or
provide for discretionary action or alternative courses of action by the Fund, the Fund shall be
responsible for making any decisions relating thereto and for directing Custodian to act. In order
for Custodian to act, it must receive the Fund&#146;s Certificate or Instructions at Custodian&#146;s
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">offices, addressed as Custodian may from time to time request, not later than noon (New York
time) at least two (2)&nbsp;Business Days prior to the last scheduled date to act with respect to such
Securities or other property (or such earlier date or time as Custodian may specify to the Fund).
Absent Custodian&#146;s timely receipt of such Certificate or Instructions, Custodian shall not be
liable for failure to take any action relating to or to exercise any rights conferred by such
Securities or other property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;All voting rights with respect to Securities or other property, however registered, shall
be exercised by the Fund or its designee. For Securities or other property issued in the United
States, Custodian&#146;s only duty shall be to mail to the Fund any documents (including proxy
statements, annual reports and signed proxies) actually received by Custodian relating to the
exercise of such voting rights. With respect to Securities or other property issued outside of the
United States, Custodian&#146;s only duty shall be to provide the Fund with access to a provider of
global proxy services at the Fund&#146;s request. The Fund shall be responsible for all costs
associated with its use of such services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Custodian shall promptly advise the Fund upon Custodian&#146;s actual receipt of notification of
the partial redemption, partial payment or other action affecting less than all Securities of the
relevant class. If Custodian, any Subcustodian, any Depository, or any Foreign Depository holds
any Securities in which the Fund has an interest as part of a fungible mass, Custodian, such
Subcustodian, Depository, or Foreign Depository may select the Securities to participate in such
partial redemption, partial payment or other action in any non-discriminatory manner that it
customarily uses to make such selection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Custodian shall not under any circumstances accept bearer interest coupons which have been
stripped from United States federal, state or local government or agency securities unless
explicitly agreed to by Custodian in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The Fund shall be liable for all taxes, assessments, duties and other governmental charges,
including any interest or penalty with respect thereto (&#147;Taxes&#148;), with respect to any cash or
Securities held on behalf of the Fund or any transaction related thereto. The Fund shall indemnify
Custodian and each Subcustodian for the amount of any Tax that Custodian, any such Subcustodian or
any other withholding agent is required under applicable laws (whether by assessment or otherwise)
to pay on behalf of, or in respect of income earned by or payments or distributions made to or for
the account of the Fund (including any payment of Tax required by reason of an earlier failure to
withhold). Custodian shall, or shall instruct the applicable Subcustodian or other withholding
agent to, withhold the amount of any Tax which is required to be withheld under applicable law upon
collection of any dividend, interest or other distribution made with respect to any Security and
any proceeds or income from the sale, loan or other transfer of any Security. In the event that
Custodian or any Subcustodian is required under applicable law to pay any Tax on behalf of the
Fund, Custodian is hereby authorized to withdraw cash from any cash account in the amount required
to pay such Tax and to use such cash, or to remit such cash to the appropriate Subcustodian or
other withholding agent, for the timely payment of such Tax in the manner required by applicable
law. If the aggregate amount of cash in all cash accounts is not sufficient to pay such Tax,
Custodian shall promptly notify the Fund of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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">the additional amount of cash (in the appropriate currency) required, and the Fund shall
directly deposit such additional amount in the appropriate cash account promptly after receipt of
such notice, for use by Custodian as specified herein. In the event that Custodian reasonably
believes that Fund is eligible, pursuant to applicable law or to the provisions of any tax treaty,
for a reduced rate of, or exemption from, any Tax which is otherwise required to be withheld or
paid on behalf of the Fund under any applicable law, Custodian shall, or shall instruct the
applicable Subcustodian or withholding agent to, either withhold or pay such Tax at such reduced
rate or refrain from withholding or paying such Tax, as appropriate; <U>provided</U> that
Custodian shall have received from the Fund all documentary evidence of residence or other
qualification for such reduced rate or exemption required to be received under such applicable law
or treaty. In the event that Custodian reasonably believes that a reduced rate of, or exemption
from, any Tax is obtainable only by means of an application for refund, Custodian and the
applicable Subcustodian shall have no responsibility for the accuracy or validity of any forms or
documentation provided by the Fund to Custodian hereunder. The Fund hereby agrees to indemnify and
hold harmless Custodian and each Subcustodian in respect of any liability arising from any
underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any
such forms or other documentation, and such obligation to indemnify shall be a continuing
obligation of the Fund, its successors and assigns notwithstanding the termination of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;(a)&nbsp;For the purpose of settling Securities and foreign exchange transactions, the Fund
shall provide Custodian with sufficient immediately available funds for all transactions by such
time and date as conditions in the relevant market dictate. As used herein, &#147;sufficient immediately
available funds&#148; shall mean either (i)&nbsp;sufficient cash denominated in U.S. dollars to purchase the
necessary foreign currency, or (ii)&nbsp;sufficient applicable foreign currency, to settle the
transaction. Custodian shall provide the Fund with immediately available funds each day which
result from the actual settlement of all sale transactions, based upon advices received by
Custodian from Subcustodians, Depositories, and Foreign Depositories. Such funds shall be in U.S.
dollars or such other currency as the Fund may specify to Custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any foreign exchange transaction effected by Custodian in connection with this Agreement
may be entered with Custodian or a BNY Mellon Affiliate acting as principal or otherwise through
customary banking channels. The Fund may issue a standing Certificate or Instructions with respect
to foreign exchange transactions, but Custodian may establish rules or limitations concerning any
foreign exchange facility made available to the Fund. The Fund shall bear all risks of investing
in Securities or holding cash denominated in a foreign currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Until such time as Custodian receives a certificate to the contrary with respect to a
particular Security, Custodian may release the identity of the Fund to an issuer which requests
such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of
direct communications between such issuer and shareholder.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
PURCHASE AND SALE OF SECURITIES;<BR>
CREDITS TO ACCOUNT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Promptly after each purchase or sale of Securities or other property by the Fund, the Fund
shall deliver to Custodian a Certificate or Instructions, or with respect to a purchase or sale of
a Security or other property generally required to be settled on the same day the purchase or sale
is made, Oral Instructions specifying all information Custodian may reasonably request to settle
such purchase or sale. Custodian shall account for all purchases and sales of Securities on the
actual settlement date unless otherwise agreed by Custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Fund understands that when Custodian is instructed to deliver Securities against
payment, delivery of such Securities and receipt of payment therefor may not be completed
simultaneously. Notwithstanding any provision in this Agreement to the contrary, settlements,
payments and deliveries of Securities may be effected by Custodian or any Subcustodian in
accordance with the customary or established securities trading or securities processing practices
and procedures in the jurisdiction in which the transaction occurs, including, without limitation,
delivery to a purchaser or dealer therefor (or agent) against receipt with the expectation of
receiving later payment for such Securities. The Fund assumes full responsibility for all risks,
including, without limitation, credit risks, involved in connection with such deliveries of
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Custodian may, as a matter of bookkeeping convenience or by separate agreement with the
Fund, credit the Account with the proceeds from the sale, redemption or other disposition of
Securities or other property or interest, dividends or other distributions payable on Securities or
other property prior to its actual receipt of final payment therefor. All such credits shall be
conditional until Custodian&#146;s actual receipt of final payment and may be reversed by Custodian to
the extent that final payment is not received. Payment with respect to a transaction will not be
&#147;final&#148; until Custodian shall have received immediately available funds which under applicable
local law, rule and/or practice are irreversible and not subject to any security interest, levy or
other encumbrance, and which are specifically applicable to such transaction.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
OVERDRAFTS OR INDEBTEDNESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;If Custodian should in its sole discretion advance funds on behalf of the Fund which
results in an overdraft (including, without limitation, any day-light overdraft) because the money
held by Custodian in an Account for the Fund shall be insufficient to pay the total amount payable
upon a purchase of Securities, as set forth in a Certificate, Instructions or Oral Instructions, or
if an overdraft arises in the separate account of a Series for some other reason, including,
without limitation, because of a reversal of a conditional credit or the purchase of any currency,
or if the Fund is for any other reason indebted to Custodian (except a borrowing for investment or
for temporary or emergency purposes using Securities as collateral pursuant to a separate agreement
and subject to the provisions of Section&nbsp;2 of this Article), such overdraft or indebtedness shall
be deemed to be a loan made by Custodian to the Fund payable on demand
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">and shall bear interest from the date incurred at a rate per annum ordinarily charged by
Custodian to its institutional customers, as such rate may be adjusted from time to time. In
addition, the Fund hereby agrees that Custodian shall to the maximum extent permitted by law have a
continuing lien, security interest, and security entitlement in and to any property, including,
without limitation, any investment property or any financial asset, of the Fund at any time held by
Custodian for the benefit of the Fund or in which the Fund may have an interest which is then in
Custodian&#146;s possession or control or in possession or control of any third party acting in
Custodian&#146;s behalf. The Fund authorizes Custodian, in its sole discretion, at any time to charge
any such overdraft or indebtedness together with interest due thereon against any balance of
account standing to the Fund&#146;s credit on Custodian&#146;s books.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;If the Fund borrows money from any bank (including Custodian if the borrowing is pursuant
to a separate agreement) for investment or for temporary or emergency purposes using Securities
held by Custodian hereunder as collateral for such borrowings, the Fund shall deliver to Custodian
a Certificate specifying with respect to each such borrowing: (a)&nbsp;the name of the bank, (b)&nbsp;the
amount of the borrowing, (c)&nbsp;the time and date, if known, on which the loan is to be entered into,
(d)&nbsp;the total amount payable to the Fund on the borrowing date, (e)&nbsp;the Securities to be delivered
as collateral for such loan, including the name of the issuer, the title and the number of shares
or the principal amount of any particular Securities, and (f)&nbsp;a statement specifying whether such
loan is for investment purposes or for temporary or emergency purposes and that such loan is in
conformance with the &#145;40 Act and the Fund&#146;s prospectus. Custodian shall deliver on the borrowing
date specified in a Certificate the specified collateral against payment by the lending bank of the
total amount of the loan payable, provided that the same conforms to the total amount payable as
set forth in the Certificate. Custodian may, at the option of the lending bank, keep such
collateral in its possession, but such collateral shall be subject to all rights therein given the
lending bank by virtue of any promissory note or loan agreement. Custodian shall deliver such
Securities as additional collateral as may be specified in a Certificate to collateralize further
any transaction described in this Section. The Fund shall cause all Securities released from
collateral status to be returned directly to Custodian, and Custodian shall receive from time to
time such return of collateral as may be tendered to it. In the event that the Fund fails to
specify in a Certificate the name of the issuer, the title and number of shares or the principal
amount of any particular Securities to be delivered as collateral by Custodian, Custodian shall not
be under any obligation to deliver any Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
SALE, REPURCHASE OR REDEMPTION OF SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Whenever the Fund shall sell any shares issued by the Fund (&#147;Shares&#148;) it shall deliver to
Custodian a Certificate or Instructions specifying the amount of money and/or Securities to be
received by Custodian for the sale of such Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Upon receipt of such money, Custodian shall credit such money to an Account
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Except as provided hereinafter, whenever the Fund desires Custodian to make payment out of
the money held by Custodian hereunder in connection with a redemption or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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">repurchase of any Shares, it shall furnish to Custodian a Certificate or Instructions
specifying the total amount to be paid for such Shares. Custodian shall make payment of such total
amount to the transfer agent specified in such Certificate or Instructions out of the money held in
an Account.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
PAYMENT OF DIVIDENDS OR DISTRIBUTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Whenever the Fund shall determine to pay a dividend or distribution on Shares it shall
furnish to Custodian Instructions or a Certificate setting forth the date of the declaration of
such dividend or distribution, the total amount payable, and the payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Upon the payment date specified in such Instructions or Certificate, Custodian shall pay
the total amount payable to the dividend agent of the Fund specified therein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
CONCERNING CUSTODIAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;(a)&nbsp;Except as otherwise expressly provided herein, Custodian shall not be liable for any
costs, expenses, damages, liabilities or claims, including attorneys&#146; and accountants&#146; fees
(collectively, &#147;Losses&#148;), incurred by or asserted against the Fund, except those Losses arising out
of Custodian&#146;s own negligence or willful misconduct. Custodian shall have no liability whatsoever
for the action or inaction of any Depositories or of any Foreign Depositories, except in each case
to the extent such action or inaction is a direct result of the Custodian&#146;s failure to fulfill its
duties hereunder. With respect to any Losses incurred by the Fund as a result of the acts or any
failures to act by any Subcustodian (other than a BNY Mellon Affiliate) located in a country not
listed on Schedule&nbsp;A hereto, Custodian shall take appropriate action to recover such Losses from
such Subcustodian, and Custodian&#146;s sole responsibility and liability to the Fund shall be limited
to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by
Custodian). With respect to any Losses incurred by the Fund as a result of the acts or any
failures to act by any Subcustodian (other than a BNY Mellon Affiliate) located in a country listed
on Schedule&nbsp;A hereto, Custodian shall be liable to the Fund to the same extent such Subcustodian is
liable to Custodian under the terms, conditions and governing law of Custodian&#146;s agreement with
such Subcustodian. In no event shall Custodian be liable to the Fund or any third party for
special, indirect or consequential damages, or lost profits or loss of business, arising in
connection with this Agreement, nor shall BNY Mellon or any Subcustodian be liable: (<U>i</U>)
for acting in accordance with any Certificate or Oral Instructions actually received by Custodian
and reasonably believed by Custodian to be given by an Authorized Person; (<U>ii</U>) for acting
in accordance with Instructions without reviewing the same; (<U>iii</U>) for conclusively
presuming that all Instructions are given only by person(s) duly authorized; (<U>iv</U>) for
conclusively presuming that all disbursements of cash directed by the Fund, whether by a
Certificate, an Oral Instruction, or an Instruction, are in accordance with Section 2(i) of Article
II hereof; (<U>v</U>) for holding property in any particular country, including, but not limited
to, Losses resulting from nationalization, expropriation or other governmental actions; regulation
of the banking or securities industry; exchange or currency controls or restrictions, devaluations
or fluctuations; availability of cash or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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">Securities or market conditions which prevent the transfer of property or execution of
Securities transactions or affect the value of property; (<U>vi</U>) for any Losses due to forces
beyond the control of Custodian, including without limitation strikes, work stoppages, acts of war
or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or
interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; (vii)&nbsp;for the insolvency of any Subcustodian (other than a BNY Mellon
Affiliate), any Depository, or, except to the extent such action or inaction is a direct result of
the Custodian&#146;s failure to fulfill its duties hereunder, any Foreign Depository; or (<U>viii</U>)
for any Losses arising from the applicability of any law or regulation now or hereafter in effect,
or from the occurrence of any event, including, without limitation, implementation or adoption of
any rules or procedures of a Foreign Depository, which may affect, limit, prevent or impose costs
or burdens on, the transferability, convertibility, or availability of any currency or Composite
Currency Unit in any country or on the transfer of any Securities, and in no event shall Custodian
be obligated to substitute another currency for a currency (including a currency that is a
component of a Composite Currency Unit) whose transferability, convertibility or availability has
been affected, limited, or prevented by such law, regulation or event, and to the extent that any
such law, regulation or event imposes a cost or charge upon Custodian in relation to the
transferability, convertibility, or availability of any cash currency or Composite Currency Unit,
such cost or charge shall be for the account of the Fund, and Custodian may treat any account
denominated in an affected currency as a group of separate accounts denominated in the relevant
component currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Custodian may enter into subcontracts, agreements and understandings with any BNY Mellon
Affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to
perform its services hereunder. No such subcontract, agreement or understanding shall discharge
Custodian from its obligations hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Fund agrees to indemnify Custodian and hold Custodian harmless from and against any
and all Losses sustained or incurred by or asserted against Custodian by reason of or as a result
of any action or inaction, or arising out of Custodian&#146;s performance hereunder, including
reasonable fees and expenses of counsel incurred by Custodian in a successful defense of claims by
the Fund; provided however, that the Fund shall not indemnify Custodian for those Losses arising
out of Custodian&#146;s own negligence or willful misconduct. This indemnity shall be a continuing
obligation of the Fund, its successors and assigns, notwithstanding the termination of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Without limiting the generality of the foregoing, Custodian shall be under no obligation to
inquire into, and shall not be liable for:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any Losses incurred by the Fund or any other person as a result of the receipt or
acceptance of fraudulent, forged or invalid Securities, or Securities which are otherwise not
freely transferable or deliverable without encumbrance in any relevant market;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The validity of the issue of any Securities purchased, sold, or written by or for the
Fund, the legality of the purchase, sale or writing thereof, or the propriety of the amount paid or
received therefor;
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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;(c)&nbsp;The legality of the sale or repurchase of any Shares, or the propriety of the amount to be
received or paid therefor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The legality of the declaration or payment of any dividend or distribution by the Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The legality of any borrowing by the Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The legality of any loan of portfolio Securities, nor shall Custodian be under any duty or
obligation to see to it that any cash or collateral delivered to it by a broker, dealer or
financial institution or held by it at any time as a result of such loan of portfolio Securities is
adequate security for the Fund against any loss it might sustain as a result of such loan, which
duty or obligation shall be the sole responsibility of the Fund. In addition, Custodian shall be
under no duty or obligation to see that any broker, dealer or financial institution to which
portfolio Securities of the Fund are lent makes payment to it of any dividends or interest which
are payable to or for the account of the Fund during the period of such loan or at the termination
of such loan, provided, however that Custodian shall promptly notify the Fund in the event that
such dividends or interest are not paid and received when due;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The sufficiency or value of any amounts of money and/or Securities held in any Special
Account in connection with transactions by the Fund; whether any broker, dealer, futures commission
merchant or clearing member makes payment to the Fund of any variation margin payment or similar
payment which the Fund may be entitled to receive from such broker, dealer, futures commission
merchant or clearing member, or whether any payment received by Custodian from any broker, dealer,
futures commission merchant or clearing member is the amount the Fund is entitled to receive, or to
notify the Fund of Custodian&#146;s receipt or non-receipt of any such payment; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Whether any Securities at any time delivered to, or held by it or by any Subcustodian, for
the account of the Fund are such as properly may be held by the Fund, or to ascertain whether any
transactions by the Fund, whether or not involving Custodian, are such transactions as may properly
be engaged in by the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Custodian may, with respect to questions of law specifically regarding an Account, obtain
the advice of counsel and shall be fully protected with respect to anything done or omitted by it
in good faith in conformity with such advice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Custodian shall have no duty or responsibility to inquire into, make recommendations,
supervise, or determine the suitability of any transactions affecting any Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Fund shall pay to Custodian the fees and charges as may be specifically agreed upon
from time to time and such other fees and charges at Custodian&#146;s standard rates for such services
as may be applicable. The Fund shall reimburse Custodian for all costs associated with the
conversion of the Fund&#146;s Securities hereunder and the transfer of Securities and records kept
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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">in connection with this Agreement. The Fund shall also reimburse Custodian for out-of-pocket
expenses which are a normal incident of the services provided hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Custodian has the right to debit any cash account for any amount payable by the Fund in
connection with any and all obligations of the Fund to Custodian. In addition to the rights of
Custodian under applicable law and other agreements, at any time when the Fund shall not have
honored any of its obligations to Custodian, Custodian shall have the right if the Fund has not
satisfied its obligations to the Custodian within five business days after receiving notice of any
failure to do so to retain or set-off, against such obligations of the Fund, any Securities or cash
Custodian or a BNY Mellon Affiliate may directly or indirectly hold for the account of the Fund,
and any obligations (whether matured or unmatured) that Custodian or a BNY Mellon Affiliate may
have to the Fund in any currency or Composite Currency Unit. Any such asset of, or obligation to,
the Fund may be transferred to Custodian and any BNY Mellon Affiliate in order to effect the above
rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The Fund agrees to forward to Custodian a Certificate or Instructions confirming Oral
Instructions by the close of business of the same day that such Oral Instructions are given to
Custodian. The Fund agrees that the fact that such confirming Certificate or Instructions are not
received or that a contrary Certificate or contrary Instructions are received by Custodian shall in
no way affect the validity or enforceability of transactions authorized by such Oral Instructions
and effected by Custodian. If the Fund elects to transmit Instructions through an on-line
communications system offered by Custodian, the Fund&#146;s use thereof shall be subject to the Terms
and Conditions attached as Appendix&nbsp;I hereto, and Custodian shall provide user and authorization
codes, passwords and authentication keys only to an Authorized Person or a person reasonably
believed by Custodian to be an Authorized Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The books and records pertaining to the Fund which are in possession of Custodian shall be
the property of the Fund. Such books and records shall be prepared and maintained as required by
the &#145;40 Act and the rules thereunder. The Fund, or its authorized representatives, shall have
access to such books and records during Custodian&#146;s normal business hours. Upon the reasonable
request of the Fund, copies of any such books and records shall be provided by Custodian to the
Fund or its authorized representative. Upon the reasonable request of the Fund, Custodian shall
provide in hard copy or on computer disc any records included in any such delivery which are
maintained by Custodian on a computer disc, or are similarly maintained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;It is understood that Custodian is authorized to supply any information regarding the
Accounts which is required by any law, regulation or rule now or hereafter in effect. The
Custodian shall provide the Fund with any report obtained by the Custodian on the system of
internal accounting control of a Depository, and with such reports on its own system of internal
accounting control as the Fund may reasonably request from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Custodian shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement, and no covenant or obligation
shall be implied against Custodian in connection with this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
TERMINATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Either of the parties hereto may terminate this Agreement by giving to the other party a
notice in writing specifying the date of such termination, which shall be not less than thirty (30)
days after the date of giving of such notice. In the event such notice is given by the Fund, it
shall be accompanied by a copy of a resolution of the board of the Fund, certified by the Secretary
or any Assistant Secretary, electing to terminate this Agreement and designating a successor
custodian or custodians, each of which shall be a bank or trust company having not less than
$2,000,000 aggregate capital, surplus and undivided profits. In the event such notice is given by
Custodian, the Fund shall, on or before the termination date, deliver to Custodian a copy of a
resolution of the board of the Fund, certified by the Secretary or any Assistant Secretary,
designating a successor custodian or custodians. In the absence of such designation by the Fund,
Custodian may designate a successor custodian which shall be a bank or trust company having not
less than $2,000,000 aggregate capital, surplus and undivided profits. Upon the date set forth in
such notice this Agreement shall terminate, and Custodian shall upon receipt of a notice of
acceptance by the successor custodian on that date deliver directly to the successor custodian all
Securities and money then owned by the Fund and held by it as Custodian, after deducting all fees,
expenses and other amounts for the payment or reimbursement of which it shall then be entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;If a successor custodian is not designated by the Fund or Custodian in accordance with the
preceding Section, the Fund shall upon the date specified in the notice of termination of this
Agreement and upon the delivery by Custodian of all cash, Securities or other property (other than
cash, Securities or other property which cannot be delivered to the Fund) and money then owned by
the Fund be deemed to be its own custodian and Custodian shall thereby be relieved of all duties
and responsibilities pursuant to this Agreement, other than the duty with respect to cash,
Securities or other property which cannot be delivered to the Fund to hold such cash, Securities or
other property hereunder in accordance with this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Fund agrees to furnish to Custodian a new Certificate of Authorized Persons in the
event of any change in the then present Authorized Persons. Until such new Certificate is
received, Custodian shall be fully protected in acting upon Certificates or Oral Instructions of
such present Authorized Persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Any notice or other instrument in writing, authorized or required by this Agreement to be
given to Custodian, shall be sufficiently given if addressed to Custodian and received by it at its
offices at One Wall Street, New York, New York 10286, or at such other place as Custodian may from
time to time designate in writing.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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;3.&nbsp;Any notice or other instrument in writing, authorized or required by this Agreement to be
given to the Fund shall be sufficiently given if addressed to the Fund and received by it at its
offices at 100 Bellevue Parkway, Wilmington, Delaware 19809, or at such other place as the Fund may
from time to time designate in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Each and every right granted to either party hereunder or under any other document
delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative
and may be exercised from time to time. No failure on the part of either party to exercise, and no
delay in exercising, any right will operate as a waiver thereof, nor will any single or partial
exercise by either party of any right preclude any other or future exercise thereof or the exercise
of any other right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any exclusive jurisdiction, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected thereby. This Agreement may not be amended
or modified in any manner except by a written agreement executed by both parties, except that any
amendment to the Schedule&nbsp;I hereto need be signed only by the Fund and any amendment to Appendix&nbsp;I
hereto need be signed only by Custodian. This Agreement shall extend to and shall be binding upon
the parties hereto, and their respective successors and assigns; provided, however, that this
Agreement shall not be assignable by either party without the written consent of the other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;This Agreement shall be construed in accordance with the substantive laws of the State of
New York, without regard to conflicts of laws principles thereof. The Fund and Custodian hereby
consent to the jurisdiction of a state or federal court situated in New York City, New York in
connection with any dispute arising hereunder. The Fund hereby irrevocably waives, to the fullest
extent permitted by applicable law, any objection which it may now or hereafter have to the laying
of venue of any such proceeding brought in such a court and any claim that such proceeding brought
in such a court has been brought in an inconvenient forum. The Fund and Custodian each hereby
irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or
relating to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original, but such counterparts shall, together, constitute only one instrument.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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;<B>IN WITNESS WHEREOF</B>, the Fund and Custodian have caused this Agreement to be executed by their
respective officers, thereunto duly authorized, as of the day and year first above written.
</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">BlackRock Utility and Infrastructure Trust<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Neal J. Andrews</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Neal J. Andrews</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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"><B>THE BANK OF NEW YORK MELLON</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Christopher Healy</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Christopher Healy</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I<BR>
CERTIFICATE OF AUTHORIZED PERSONS<BR>
(The Fund &#151; Oral and Written Instructions)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby certifies that she is the duly elected and acting Vice President of
BlackRock Utility and Infrastructure Trust (the &#147;Fund&#148;), and further certifies that the following
officers or employees of the Fund have been duly authorized in conformity with the Fund&#146;s Agreement
and Declaration of Trust and By-Laws to deliver Certificates and Oral Instructions to The Bank of
New York Mellon (&#147;Custodian&#148;) pursuant to the Custody Agreement between the Fund and Custodian
dated October&nbsp;12, 2011 and that the signatures appearing opposite their names are true and correct:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Perlowski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anne Ackerley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brendan Kyne
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ira Shapiro
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Howard Surloff
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Janey Ahn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward Baer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benjamin Archibald
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian Kindelan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Compliance Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neal Andrews
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jay Fife
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Scott Hilton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Artemis Brannigan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beth Moore
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linda Novak
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald Fisher
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward Quigley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spencer Fleming
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certificate supersedes any certificate of Authorized Persons you may currently have on
file.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: October&nbsp;12, 2011
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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="Center" style="font-size: 10pt; margin-top: 6pt"><B>APPENDIX I</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE BANK OF NEW YORK MELLON</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ON-LINE COMMUNICATIONS SYSTEM (THE &#147;SYSTEM&#148;)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TERMS AND CONDITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>License; Use</U>. Upon delivery to an Authorized Person or a person reasonably
believed by Custodian to be an Authorized Person the Fund of software enabling the Fund to obtain
access to the System (the &#147;Software&#148;), Custodian grants to the Fund a personal, nontransferable and
nonexclusive license to use the Software solely for the purpose of transmitting Instructions,
receiving reports, making inquiries or otherwise communicating with Custodian in connection with
the Account(s). The Fund shall use the Software solely for its own internal and proper business
purposes and not in the operation of a service bureau. Except as set forth herein, no license or
right of any kind is granted to the Fund with respect to the Software. The Fund acknowledges that
Custodian and its suppliers retain and have title and exclusive proprietary rights to the Software,
including any trade secrets or other ideas, concepts, know-how, methodologies, or information
incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including
registrations and applications for registration of either), or other statutory or legal protections
available in respect thereof. The Fund further acknowledges that all or a part of the Software may
be copyrighted or trademarked (or a registration or claim made therefor) by Custodian or its
suppliers. The Fund shall not take any action with respect to the Software inconsistent with the
foregoing acknowledgments, nor shall you attempt to decompile, reverse engineer or modify the
Software. The Fund may not copy, sell, lease or provide, directly or indirectly, any of the
Software or any portion thereof to any other person or entity without Custodian&#146;s prior written
consent. The Fund may not remove any statutory copyright notice or other notice included in the
Software or on any media containing the Software. The Fund shall reproduce any such notice on any
reproduction of the Software and shall add any statutory copyright notice or other notice to the
Software or media upon Custodian&#146;s request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Equipment</U>. The Fund shall obtain and maintain at its own cost and expense all
equipment and services, including but not limited to communications services, necessary for it to
utilize the Software and obtain access to the System, and Custodian shall not be responsible for
the reliability or availability of any such equipment or services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Proprietary Information</U>. The Software, any data base and any proprietary data,
processes, information and documentation made available to the Fund (other than which are or become
part of the public domain or are legally required to be made available to the public)
(collectively, the &#147;Information&#148;), are the exclusive and confidential property of Custodian or its
suppliers. The Fund shall keep the Information
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /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">confidential by using the same care and discretion that the Fund uses with respect to its own
confidential property and trade secrets, but not less than reasonable care. Upon termination of
the Agreement or the Software license granted herein for any reason, the Fund shall return to
Custodian any and all copies of the Information which are in its possession or under its control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Modifications</U>. Custodian reserves the right to modify the Software from time to
time and the Fund shall install new releases of the Software as Custodian may direct. The Fund
agrees not to modify or attempt to modify the Software without Custodian&#146;s prior written consent.
The Fund acknowledges that any modifications to the Software, whether by the Fund or Custodian and
whether with or without Custodian&#146;s consent, shall become the property of Custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>NO REPRESENTATIONS OR WARRANTIES</U>. CUSTODIAN AND ITS MANUFACTURERS AND SUPPLIERS
MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE, SERVICES OR ANY DATABASE,
EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE. THE FUND ACKNOWLEDGES THAT THE SOFTWARE, SERVICES AND ANY
DATABASE ARE PROVIDED &#147;AS IS.&#148; IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ANY
DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY INCUR IN CONNECTION
WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF CUSTODIAN OR SUCH SUPPLIER HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ACTS OF
GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION
FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE
CONTROL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Security; Reliance; Unauthorized Use</U>. The Fund will cause all persons utilizing
the Software and System to treat all applicable user and authorization codes, passwords and
authentication keys with extreme care, and it will establish internal control and safekeeping
procedures to restrict the availability of the same to persons duly authorized to give
Instructions. Custodian is hereby irrevocably authorized to act in accordance with and rely on
Instructions received by it through the System. The Fund acknowledges that it is its sole
responsibility to assure that only persons duly authorized use the System and that Custodian shall
not be responsible nor liable for any unauthorized use thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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;7.&nbsp;<U>System Acknowledgments</U>. Custodian shall acknowledge through the System its receipt
of each transmission communicated through the System, and in the absence of such acknowledgment
Custodian shall not be liable for any failure to act in accordance with such transmission and the
Fund may not claim that such transmission was received by Custodian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>EXPORT RESTRICTIONS</U>. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW.
THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT, TRANSFER, TRANSSHIP OR OTHERWISE DISPOSE
OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF CUSTODIAN DELIVERED THE SOFTWARE TO
THE FUND OUTSIDE OF THE UNITED STATES, THE SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN
ACCORDANCE WITH THE EXPORTER ADMINISTRATION REGULATIONS. DIVERSION CONTRARY TO U.S. LAW IS
PROHIBITED. The Fund hereby authorizes Custodian to report its name and address to government
agencies to which Custodian is required to provide such information by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>ENCRYPTION</U>. The Fund acknowledges and agrees that encryption may not be available
for every communication through the System, or for all data. The Fund agrees that Custodian may
deactivate any encryption features at any time, without notice or liability to the Fund, for the
purpose of maintaining, repairing or troubleshooting the System or the Software.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J.2
<SEQUENCE>16
<FILENAME>y93113aexv99wjw2.htm
<DESCRIPTION>EX-99.J.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wjw2</TITLE>
</HEAD>
<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 (j)(2)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FOREIGN CUSTODY MANAGER AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AGREEMENT </B>made as of October&nbsp;12, 2011 by and between each entity listed on Annex I attached
hereto (the &#147;Fund&#148;) and The Bank of New York Mellon (&#147;BNY&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>W I T N E S S E T H:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and
conditions contained herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth
herein on the terms and conditions contained herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE</B>, in consideration of the mutual promises hereinafter contained in this
Agreement, the Fund and BNY hereby agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I.<BR>
<B>DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in this Agreement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<B>&#147;Board&#148; </B>shall mean the board of directors or board of trustees, as the case may be, of the
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<B>&#147;Eligible Foreign Custodian&#148; </B>shall have the meaning provided in the Rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<B>&#147;Monitoring System&#148; </B>shall mean a system established by BNY to fulfill the Responsibilities
specified in clauses (d)&nbsp;and (e)&nbsp;of Section&nbsp;1 of Article&nbsp;III of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<B>&#147;Responsibilities&#148; </B>shall mean the responsibilities delegated to BNY under the Rule as a
Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian
selected by BNY, as such responsibilities are more fully described in Article&nbsp;III of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<B>&#147;Rule&#148; </B>shall mean Rule&nbsp;17f-5 under the Investment Company Act of 1940, as amended on June
12, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<B>&#147;Specified Country&#148; </B>shall mean each country listed on Schedule&nbsp;I attached hereto and each
country, other than the United States, constituting the primary market for a security with respect
to which the Fund has given settlement instructions to The Bank of New York Mellon as custodian
(the &#147;Custodian&#148;) under its Custody Agreement with the Fund.
</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="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II.<BR>
<B>BNY AS A FOREIGN CUSTODY MANAGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified
Country the Responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;BNY accepts the Board&#146;s delegation of Responsibilities with respect to each Specified
Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping
of the Fund&#146;s assets would exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;BNY shall provide to the Board at such times as the Board deems reasonable and appropriate
based on the circumstances of the Fund&#146;s foreign custody arrangements written reports notifying the
Board of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a
Specified Country and of any material change in the arrangements (including the contract governing
such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III.<BR>
<B>RESPONSIBILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Subject to the provisions of this Agreement, BNY shall with respect to each Specified
Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a)&nbsp;determine
that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care,
based on the standards applicable to custodians in the relevant market in which such Eligible
Foreign Custodian operates, after considering all factors relevant to the safekeeping of such
assets, including, without limitation, those contained in paragraph (c)(1) of the Rule; (b)
determine that the Fund&#146;s foreign custody arrangements with each Eligible Foreign Custodian are
governed by a written contract with the Custodian which will provide reasonable care for the Fund&#146;s
assets based on the standards specified in paragraph (c)(1) of the Rule; (c)&nbsp;determine that each
contract with an Eligible Foreign Custodian shall include the provisions specified in paragraph
(c)(2)(i)(A) through (F)&nbsp;of the Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A)
through (F)&nbsp;provisions, such other provisions as BNY determines will provide, in their entirety,
the same or a greater level of care and protection for the assets of the Fund as such specified
provisions; (d)&nbsp;monitor pursuant to the Monitoring System the appropriateness of maintaining the
assets of the Fund with a particular Eligible Foreign Custodian pursuant to paragraph (c)(1) of the
Rule and the performance of the contract governing such arrangement; and (e)&nbsp;advise the Fund
whenever BNY determines under the Monitoring System that an arrangement (including, any material
change in the contract governing such arrangement) described in preceding clause (d)&nbsp;no longer
meets the requirements of the Rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;For purposes of preceding Section&nbsp;1 of this Article, BNY&#146;s determination of appropriateness
shall not include, nor be deemed to include, any evaluation of Country Risks associated with
investment in a particular country. For purposes hereof, &#147;Country Risks&#148; shall mean systemic risks
of holding assets in a particular country including but not limited to (a)&nbsp;an Eligible Foreign
Custodian&#146;s use of any depositories that act as or operate a system or a transnational system for
the central handling of securities or any equivalent book-entries; (b)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /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">such country&#146;s financial infrastructure; (c)&nbsp;such country&#146;s prevailing custody and settlement
practices; (d)&nbsp;nationalization, expropriation or other governmental actions; (e)&nbsp;regulation of the
banking or securities industry; (f)&nbsp;currency controls, restrictions, devaluations or fluctuations;
and (g)&nbsp;market conditions which affect the orderly execution of securities transactions or affect
the value of securities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV.<BR>
<B>REPRESENTATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Fund hereby represents that: (a)&nbsp;this Agreement has been duly authorized, executed and
delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable
in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding
on the Fund prohibits the Fund&#146;s execution or performance of this Agreement; (b)&nbsp;this Agreement has
been approved and ratified by the Board at a meeting duly called and at which a quorum was at all
times present, and (c)&nbsp;the Board or the Fund&#146;s investment advisor has considered the Country Risks
associated with investment in each Specified Country and will have considered such risks prior to
any settlement instructions being given to the Custodian with respect to any other country.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;BNY hereby represents that: (a)&nbsp;BNY is duly organized and existing under the laws of the
State of New York, with full power to carry on its businesses as now conducted, and to enter into
this Agreement and to perform its obligations hereunder; (b)&nbsp;this Agreement has been duly
authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of
BNY enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or
contract binding on BNY prohibits BNY&#146;s execution or performance of this Agreement; and (c)&nbsp;BNY has
established the Monitoring System.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V.<BR>
<B>CONCERNING BNY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including
attorneys&#146; and accountants&#146; fees, sustained or incurred by, or asserted against, the Fund except to
the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence
required by Section&nbsp;2 of Article&nbsp;II hereof. In no event shall BNY be liable to the Fund, the
Board, or any third party for special, indirect or consequential damages, or for lost profits or
loss of business, arising in connection with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Fund shall indemnify BNY and hold it harmless from and against any and all costs,
expenses, damages, liabilities or claims, including attorneys&#146; and accountants&#146; fees, sustained or
incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or
arising out of BNY&#146;s performance hereunder, provided that the Fund shall not indemnify BNY to the
extent any such costs, expenses, damages, liabilities or claims arises out of BNY&#146;s failure to
exercise the reasonable care, prudence and diligence required by Section&nbsp;2 of Article&nbsp;II hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;For its services hereunder, the Fund agrees to pay to BNY such compensation and
out-of-pocket expenses as shall be mutually agreed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /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;4.&nbsp;BNY shall have only such duties as are expressly set forth herein. In no event shall BNY
be liable for any Country Risks associated with investments in a particular country.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI.<BR>
<B>MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This Agreement constitutes the entire agreement between the Fund and BNY as a foreign
custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall
affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement
affect the duties or obligations of the Custodian under the Custody Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Any notice or other instrument in writing, authorized or required by this Agreement to be
given to BNY Mellon, shall be sufficiently given if received by it at its offices at 2 Hanson Place
7<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor Brooklyn, New York 10217, or at such other place as BNY may from time to time
designate in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Any notice or other instrument in writing, authorized or required by this Agreement to be
given to the Fund shall be sufficiently given if received by it at its offices at 100Bellevue
Parkway 4<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, Wilmington, Delaware 19809 or at such other place as the Fund may
from time to time designate in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;In case any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected thereby. This Agreement may not be amended or modified
in any manner except by a written agreement executed by both parties. This Agreement shall extend
to and shall be binding upon the parties hereto, and their respective successors and assigns;
provided however, that this Agreement shall not be assignable by either party without the written
consent of the other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;This Agreement shall be construed in accordance with the substantive laws of the State of
New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent
to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder. The Fund hereby irrevocably waives, to the fullest extent
permitted by applicable law, any objection which it may now or hereafter have to the laying of
venue of any such proceeding brought in such a court and any claim that such proceeding brought in
such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably
waives any and all rights to trial by jury in any legal proceeding arising out of or relating to
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of
the Fund and no contractual or service relationship shall be deemed to be established hereby
between BNY and any other person by reason of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original, but such counterparts shall, together, constitute only one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;This Agreement shall terminate simultaneously with the termination of the Custody Agreement
between the Fund and the Custodian, and may otherwise be terminated by either
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /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">party giving to the other party a notice in writing specifying the date of such termination,
which shall be not less than thirty (30)&nbsp;days after the date of such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the Fund and BNY have caused this Agreement to be executed by their
respective officers, thereunto duly authorized, as of the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BlackRock Utility and Infrastructure Trust</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Neal J. Andrews</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THE BANK OF NEW YORK MELLON</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Christopher Healy</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNEX I</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Fund Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tax Identification</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>BlackRock Utility and Infrastructure Trust</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>45-3417652</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Specified Countries</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country/Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subcustodian(s)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Argentina</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Australia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Australia Bank Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Austria</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UniCredit Bank Austria AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bahrain</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bangladesh</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Belgium</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank International Plc</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Benin</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bermuda</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Bermuda Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Botswana</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic Bank Botswana Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Brazil</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bulgaria</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Burkina Faso</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Canada</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CIBC Mellon Trust Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Cayman Islands</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Channel Islands</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Chile</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco de Chile</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>China Shanghai</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank (China) Company Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>China Shenzhen</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank (China) Company Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Colombia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cititrust Colombia S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Costa Rica</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Nacional de Costa Rica</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Croatia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Privredna Banka Zagreb d.d.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Cyprus</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Services, Athens</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Czech Republic</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Denmark</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Danske Bank A/S</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Ecuador</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco de la Produccion S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Egypt</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Egypt S.A.E.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Estonia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEB Pank AS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Euromarket</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clearstream Banking Luxembourg S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Euromarket</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Euroclear Bank</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Finland</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEB Helsinki</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>France</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Services</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank International plc</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Germany</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon SA/NV</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Ghana</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic Bank Ghana Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Greece</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Services, Athens</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Guinea Bissau</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Hong Kong</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Hungary</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country/Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subcustodian(s)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Iceland</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Landsbankinn hf</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>India</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Indonesia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Ireland</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Israel</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank Hapoalim B.M.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Italy</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intesa Sanpaolo S.p.A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Ivory Coast</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Japan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mizuho Corporate Bank Ltd. (MHCB)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Japan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of Tokyo &#151; Mitsubishi UFJ Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Jordan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Kazakhstan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Kazakhstan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Kenya</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CFC Stanbic Bank Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Kuwait</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd<B>.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Latvia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AS SEB banka</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Lebanon</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Lithuania</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEB Bankas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Luxembourg</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banque et Caisse d&#146;Epargne de l&#146;Etat (BCEEL)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Malaysia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Malaysia Berhad</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mali</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Malta</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Malta plc</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mauritius</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mexico</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Nacional de M&#233;xico S.A. (BANAMEX S.A.)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Morocco</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank Maghreb</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Namibia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Bank Namibia Ltd</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Netherlands</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon SA/NV</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New Zealand</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Australia Bank</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Niger</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nigeria</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic IBTC Bank Plc</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Norway</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DnB NOR Bank ASA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Oman</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Pakistan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Palestinian Autonomous Area</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Peru</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank del Per&#250; S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Philippines</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Poland</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank Slaski</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Portugal</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank International Plc, Sucursal em Portugal</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Qatar</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Romania</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Russia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank (Eurasia)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Saudi Arabia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Saudi Arabia Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Senegal</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Country/Market</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subcustodian(s)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Serbia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><B>UniCredit Bank Austria AG</B></U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Singapore</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DBS Bank Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Singapore</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Overseas Bank Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Slovak Republic</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank N.V.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Slovenia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UniCredit Banka Slovenia d.d.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>South Africa</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Bank of South Africa</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>South Korea</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Spain</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Bilbao Vizcaya Argentaria S.A. (BBVA)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Spain</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santander Investment S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sri Lanka</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Swaziland</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Bank Swaziland Ltd</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sweden</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Skandinaviska Enskilda Banken</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Switzerland</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Suisse AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Taiwan</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Standard Chartered Bank (Taiwan) Ltd. / HSBC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thailand</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bangkok Bank Public Company Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Thailand</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Ltd</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Togo</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soci&#233;t&#233; G&#233;n&#233;rale de Banques en C&#244;te d&#146;Ivoire</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Trinidad &#038; Tobago</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic Bank Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Tunisia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banque Internationale Arabe de Tunisie</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Turkey</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Uganda</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic Bank Uganda Limited</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Ukraine</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Bank Ukraine</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>United Arab Emirates</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Middle East Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>United Kingdom</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank AG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>United Kingdom</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>United States</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of New York Mellon</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Uruguay</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Banco Ita&#250; Uruguay S.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Venezuela</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank N.A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Vietnam</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank (Vietnam) Ltd</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Zambia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic Bank Zambia Ltd</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Zimbabwe</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stanbic Bank Zimbabwe Ltd</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K.1
<SEQUENCE>17
<FILENAME>y93113aexv99wkw1.htm
<DESCRIPTION>EX-99.K.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wkw1</TITLE>
</HEAD>
<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
(k)(1)</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STOCK TRANSFER AGENCY AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT,
made as of October 6, 2011, by and between BlackRock Utility and Infrastructure Trust, a
Delaware statutory trust organized and existing under the laws of the State of Delaware
(hereinafter referred to as the &#147;Customer&#148;), and THE BANK OF NEW YORK MELLON, a New York trust
company (hereinafter referred to as the &#147;Bank&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">W I T N E S S E T H:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That for and in consideration of the mutual promises hereinafter set forth, the parties hereto
covenant and agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B><BR>
<U><B>DEFINITIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in this Agreement, the following words and phrases shall have the following
meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&#147;Business Day&#148; shall be deemed to be each day on which the Bank is open for business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&#147;Certificate&#148; shall mean any notice, instruction, or other instrument in writing,
authorized or required by this Agreement to be given to the Bank by the Customer which is signed by
any Officer, as hereinafter defined, and actually received by the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&#147;Officer&#148; shall be deemed to be the Customer&#146;s Chief Executive Officer, President, any Vice
President, the Secretary, the Treasurer, the Controller, any Assistant Treasurer, and any Assistant
Secretary duly authorized by the Board of Trustees of the Customer to execute any Certificate,
instruction, notice or other instrument on behalf of the Customer and named in a Certificate, as
such Certificate may be amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&#147;Shares&#148; shall mean all or any part of each class of the shares of beneficial interest of
the Customer which from time to time are authorized and/or issued by the Customer and identified in
a Certificate of the Secretary of the Customer under corporate seal, as such Certificate may be
amended from time to time, with respect to which the Bank is to act hereunder.
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B><BR>
<U><B>APPOINTMENT OF BANK</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Customer hereby constitutes and appoints the Bank as its agent to perform the services
described herein and as more particularly described in Schedule&nbsp;I attached hereto (the &#147;Services&#148;),
and the Bank hereby accepts appointment as such agent and agrees to perform the Services in
accordance with the terms hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;In connection with such appointment, the Customer shall deliver the following documents to
the Bank:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of the Certificate of Trust, Agreement and Declaration of
Trust, or other document evidencing the Customer&#146;s form of organization (the &#147;Charter&#148;)
and all amendments thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of the By-Laws of the Customer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of a resolution of the Board of Trustees of the Customer
appointing the Bank to perform the Services and authorizing the execution and delivery
of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Certificate signed by the Secretary of the Customer specifying: the number of
authorized Shares, the number of such authorized Shares issued and currently
outstanding, and the names and specimen signatures of all persons duly authorized by
the Board of Trustees of the Customer to execute any Certificate on behalf of the
Customer, as such Certificate may be amended from time to time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Specimen Share certificate for each class of Shares in the form approved by
the Board of Trustees of the Customer, together with a Certificate signed by the
Secretary of the Customer as to such approval and covenanting to supply a new such
Certificate and specimen whenever such form shall change;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An executed copy of the opinion of counsel for the Customer, delivered to
Customer&#146;s underwriter with respect to the offering of Shares, it being agreed that the
opinion need not be addressed to the Bank nor subject to any reliance letter addressed
to the Bank,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A list of the name, address, social security or taxpayer identification number
of each Shareholder, number of Shares owned, certificate numbers, and whether any
&#147;stops&#148; have been placed;</TD>
</TR>


</TABLE>
</DIV></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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An opinion of counsel for the Customer, in a form satisfactory to the Bank,
with respect to the due authorization by the Customer and the validity and
effectiveness of the use of facsimile signatures by the Bank in connection with the
countersigning and registering of Share certificates of the Customer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A completed Internal Revenue Service Form&nbsp;2678 for the Customer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A completed Form W-9 for the Customer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Customer shall furnish the Bank with a sufficient supply of blank Share certificates
and from time to time will renew such supply upon request of the Bank. Such blank Share
certificates shall be properly signed, by facsimile or otherwise, by Officers of the Customer
authorized by law or by the By-Laws to sign Share certificates, and, if required, shall bear the
corporate seal or a facsimile thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Customer acknowledges that the Bank is subject to the customer identification program
(&#147;Customer Identification Program&#148;) requirements under the USA PATRIOT Act and its implementing
regulations, and that the Bank must obtain, verify and record information that allows the Bank to
identify Customer. Accordingly, prior to opening an account hereunder the Bank may request
information (including but not limited to the Customer&#146;s name, physical address, tax identification
number and other information) that will help the Bank to identify the organization such as
organizational documents, certificate of good standing, license to do business, or any other
information that will allow the Bank to identify Customer. Customer agrees that the Bank cannot
open an account hereunder unless and until the Bank verifies Customer&#146;s identity in accordance with
its Customer Identification Program.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B><BR>
<U><B>AUTHORIZATION AND ISSUANCE OF SHARES</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Customer shall deliver to the Bank the following documents on or before the effective
date of any increase, decrease or other change in the total number of Shares authorized to be
issued:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of the resolutions of the Board of Trustees of the Customer
giving effect to such increase, decrease or change;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An executed copy of the opinion of counsel for the Customer, delivered to
Customer&#146;s underwriter with respect to the offering of Shares, it being agreed that
the opinion need not be addressed to the Bank nor
subject to any reliance letter
addressed to the Bank, and</TD>
</TR>

</TABLE>
</DIV></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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of an increase, if the appointment of the Bank was theretofore
expressly limited, a certified copy of a resolution of the Board of Trustees of the
Customer increasing the authority of the Bank.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or
otherwise, and prior to any reduction in the number of Shares outstanding, the Customer shall
deliver the following documents to the Bank:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of the resolutions adopted by the Board of Trustees and/or the
shareholders of the Customer authorizing such issuance of additional Shares of the
Customer or such reduction, as the case may be; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of the order or consent of each governmental or regulatory
authority required by law as a prerequisite to the issuance or reduction of such
Shares, as the case may be.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B><BR>
<U><B>RECAPITALIZATION OR CAPITAL ADJUSTMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;In the case of any negative stock split, recapitalization or other capital adjustment
requiring a change in the form of Share certificates, the Bank will issue Share certificates in the
new form in exchange for, or upon transfer of, outstanding Share certificates in the old form, upon
receiving:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Certificate authorizing the issuance of Share certificates in the new form;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of any amendment to the Charter with respect to the change;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specimen Share certificates for each class of Shares in the new form approved
by the Board of Trustees of
the Customer, with a Certificate signed by the Secretary of the Customer as to such
approval; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certified copy of the order or consent of each governmental or regulatory
authority required by law as a prerequisite to the issuance of the Shares in the new
form.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Customer shall furnish the Bank with a sufficient supply of blank Share certificates in
the new form, and from time
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to time
will replenish such supply upon the request of the Bank. Such
blank Share certificates shall be properly signed, by facsimile or otherwise, by Officers of the
Customer authorized by law or by the Customer&#146;s Declaration of Trust or By-Laws to sign Share
certificates and, if required, shall bear the corporate seal or a facsimile thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B><BR>
<U><B>ISSUANCE AND TRANSFER OF SHARES</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Bank will issue and transfer Shares in certificated form as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Bank will issue Share certificates upon receipt of a Certificate from an Officer, but
shall not be required to issue Share certificates after it has received from an appropriate federal
or state authority written notification that the sale of Shares has been suspended or discontinued,
and the Bank shall be entitled to rely upon such written notification. The Bank shall not be
responsible for the payment of any original issue or other taxes required to be paid by the
Customer in connection with the issuance of any Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Shares will be transferred upon presentation to the Bank of Share certificates in form
deemed by the Bank properly endorsed for transfer, accompanied by such documents as the Bank deems
necessary to evidence the authority of the person making such transfer, and bearing satisfactory
evidence of the payment of applicable stock transfer taxes. In the case of small estates where no
administration is contemplated, the Bank may, when furnished with an appropriate surety bond, and
without further approval of the Customer, transfer Shares registered in the name of the decedent
where the current market value of the Shares being transferred does not exceed such amount as may
from time to time be prescribed by the various states. The Bank reserves the right to refuse to
transfer Shares until it is satisfied that the endorsements on Share certificates are valid and
genuine, and for that purpose it may require, unless otherwise instructed by an Officer of the
Customer, a guaranty of signature by an &#147;eligible guarantor institution&#148; meeting the requirements
of the Bank,
which requirements include membership or participation in STAMP or such other &#147;signature
guarantee program&#148; as may be determined by the Bank in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. The Bank also reserves the
right to refuse to transfer Shares until it is satisfied that the requested transfer is legally
authorized, and it shall incur no liability for the refusal in good faith to make transfers which
the Bank, in its judgment, deems improper or unauthorized, or until it is satisfied that there is
no basis to any claims adverse to such transfer. The Bank may, in effecting transfers of Shares,
rely upon those provisions of the Uniform Act for the Simplification of Fiduciary Security
Transfers or the Uniform Commercial Code, as the same may be amended from time to time, applicable
to the transfer of
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities, and the Customer shall indemnify the Bank for any act done or
omitted by it in good faith in reliance upon such laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All certificates representing Shares that are subject to restrictions on transfer
(<U>e.g.</U>, securities acquired pursuant to an investment representation, securities held by
controlling persons, securities subject to stockholders&#146; agreement, etc.), shall be stamped with a
legend describing the extent and conditions of the restrictions or referring to the source of such
restrictions. The Bank assumes no responsibility with respect to the transfer of restricted
securities where counsel for the Customer advises that such transfer may be properly effected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Bank will issue and transfer Shares in book-entry form as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Shares may be maintained by the Bank in book-entry form known as the &#147;Direct Registration
System&#148; (&#147;DRS&#148;) through the Profile Modification System (&#147;Profile&#148;). DRS is the system
administered by DTC pursuant to which the Bank may register the ownership of uncertificated Shares,
which ownership shall be evidenced by periodic statements issued by the Bank to the Registered
Owners entitled thereto. Upon issuance of Shares, the Shares of each Registered Owner will be
credited to the account of each such Registered Owner. The Registered Owner of Shares is referred
to herein as, or, if there are more than one Registered Owner of the same Shares, such Registered
Owners are collectively referred to herein as, the &#147;Registered Owner&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Customer understands that Profile is a required feature of DRS. Profile allows a DTC
participant claiming to act on behalf of the Registered Owner of Shares, to direct the Bank to
register a transfer of such Shares to such DTC participant or its nominee without receipt by the
Bank of such prior written authorization from the Registered Owner to register such transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Customer understands the Bank will not verify, determine or otherwise ascertain that the
DTC participant which is claiming to be acting on behalf of a Registered Owner in requesting
registration of transfer and delivery described in subsection (b)&nbsp;has the actual authority to act
on behalf of the Registered Owner (notwithstanding any requirements under the Uniform Commercial
Code). For the avoidance of doubt, the provisions of Article&nbsp;VIII, Sections&nbsp;5 and 6 shall apply to
the matters arising from the use of DRS/Profile System. The parties agree that the Bank&#146;s reliance
on and compliance with instructions received by the Bank through the DRS/Profile System in
accordance with this Agreement, shall not constitute negligence or willful misconduct on the part
of the Bank.
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B><BR>
<U><B>DIVIDENDS AND DISTRIBUTIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Customer shall furnish to the Bank a copy of a resolution of its Board of Trustees or
committee thereof, certified by the Secretary or any Assistant Secretary, either (i)&nbsp;setting forth
the date of the declaration of a dividend or distribution, the date of accrual or payment, as the
case may be, the record date as of which shareholders entitled to payment, or accrual, as the case
may be, shall be determined, the amount per Share of such dividend or distribution, the payment
date on which all previously accrued and unpaid dividends are to be paid, and the total amount, if
any, payable to the Bank on such payment date, or (ii)&nbsp;authorizing the declaration of dividends and
distributions on a periodic basis and authorizing the Bank to rely on a Certificate setting forth
the information described in subsection (i)&nbsp;of this paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Prior to the payment date specified in such Certificate or resolution, as the case may be,
the Customer shall, in the case of a cash dividend or distribution, deposit with the Bank an amount
of cash, sufficient for the Bank to make the payment, specified in such Certificate or resolution,
to the shareholders of record as of such payment date. The Bank will, upon receipt of any such
cash, (i)&nbsp;in the case of shareholders who are participants in a dividend reinvestment and/or cash
purchase plan of the Customer, reinvest such cash dividends or distributions in accordance with the
terms of such plan, and (ii)&nbsp;in the case of shareholders who are not participants in any such plan,
make payment of such cash dividends or distributions to the shareholders of record as of the record
date by mailing a check, payable to the registered shareholder, to the address of record or
dividend mailing address. The Bank shall not be liable for any improper payment made in accordance
with a Certificate or resolution described in the preceding paragraph. If the Bank shall not
receive sufficient cash prior to the payment date to make payments of any cash dividend or
distribution pursuant to subsections (i)&nbsp;and (ii)&nbsp;above to all shareholders of the Customer as of
the record date, the Bank shall, upon notifying the Customer, withhold payment to all shareholders
of the Customer as of the record date until sufficient cash is provided to the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;It is understood that the Bank shall in no way be responsible for the determination of the
rate or form of dividends or distributions due to the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;It is understood that the Bank shall file such appropriate information returns concerning
the payment of dividends and distributions with the proper federal, state and local authorities as
are required by law to be filed by the
Customer but shall in no way be responsible for the collection or withholding of taxes due on
such dividends or distributions due
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to shareholders, except and only to the extent required of it
by applicable law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B><BR>
<U><B>CONCERNING THE CUSTOMER</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Customer shall promptly deliver to the Bank written notice of any change in the
Officers authorized to sign Share certificates, Certificates, notifications or requests, together
with a specimen signature of each new Officer. In the event any Officer who shall have signed
manually or whose facsimile signature shall have been affixed to blank Share certificates shall
die, resign or be removed prior to issuance of such Share certificates, the Bank may issue such
Share certificates as the Share certificates of the Customer notwithstanding such death,
resignation or removal, and the Customer shall promptly deliver to the Bank such approvals,
adoptions or ratifications as may be required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Each copy of the Certificate of Trust of the Customer and copies of all amendments thereto
shall be certified by the Secretary of State (or other appropriate official) of the state of
formation, and if such Certificate of Trust and/or amendments are required by law also to be filed
with a county or other officer or official body, a certificate of such filing shall be filed with a
certified copy submitted to the Bank. Each copy of the Declaration of Trust and By-Laws and copies
of all amendments thereto, and copies of resolutions of the Board of Trustees of the Customer,
shall be certified by the Secretary or an Assistant Secretary of the Customer under the corporate
seal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Customer hereby represents and warrants:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is a statutory trust duly formed and validly existing under the laws of
Delaware.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement has been duly authorized, executed and delivered on its behalf
and constitutes the legal, valid and binding obligation of Customer. The execution,
delivery and performance of this Agreement by Customer do not and will not violate any
applicable law or regulation and do not require the consent of any governmental or
other regulatory body except for such consents and approvals as have been obtained and
are in full force and effect.</TD>
</TR>



</TABLE>
</DIV></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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-9-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B><BR>
<U><B>CONCERNING THE BANK</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Bank shall not be liable and shall be fully protected in acting upon any oral
instruction, writing or document reasonably believed by it to be genuine and to have been given,
signed or made by the proper person or persons and shall not be held to have any notice of any
change of authority of any person until receipt of a Certificate from an Officer of the Customer.
It shall also be protected in processing Share certificates which it reasonably believes to bear
the proper manual or facsimile signatures of the duly authorized Officer or Officers of the
Customer and contain the proper countersignature of the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Bank may establish such additional procedures, rules and regulations governing the
transfer or registration of Share certificates as it may deem advisable and consistent with such
rules and regulations generally adopted by bank transfer agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Bank may keep such records as it deems advisable but not inconsistent with resolutions
adopted by the Board of Trustees of the Customer. The Bank may deliver to the Customer from time
to time at its discretion, for safekeeping or disposition by the Customer in accordance with law,
such records, papers, Share certificates which have been cancelled in transfer or exchange and
other documents accumulated in the execution of its duties hereunder as the Bank may deem
expedient, other than those which the Bank is itself required to maintain pursuant to applicable
laws and regulations, and the Customer shall assume all responsibility for any failure thereafter
to produce any record, paper, cancelled Share certificate or other document so returned, if and
when required. The records maintained by the Bank pursuant to this paragraph which have not been
previously delivered to the Customer pursuant to the foregoing provisions of this paragraph shall
be considered to be the property of the Customer, shall be made available upon request for
inspection by the Officers, employees and auditors of the Customer, and shall be delivered to the
Customer upon request and in any event upon the date of termination of this Agreement, as specified
in Article&nbsp;IX of this Agreement, in the form and manner kept by the Bank on such date of
termination or such earlier date as may be requested by the Customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The Bank may employ agents or attorneys-in-fact at the expense of the Customer, and shall
not be liable for any loss or expense arising out of, or in connection with, the actions or
omissions to act of its agents or attorneys-in-fact, so long as the Bank acts in good faith and
without negligence or willful
misconduct in connection with the selection of such agents or attorney&#146;s-in-fact.
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-10-<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Bank shall only be liable to the Customer for any and all claims (whether with or
without basis in fact or law), costs, demands, expenses and liabilities, including reasonable
attorney&#146;s fees, arising out of its own negligence, bad faith, or willful misconduct; provided
however that the Bank&#146;s aggregate liability during any annual term of this Agreement with respect
to, arising from or in connection with this Agreement or as a result of any services provided or
omitted to be provided under this Agreement whether in contract or tort or otherwise, is limited
to, and shall not exceed, the following amounts: (i)&nbsp;amounts paid hereunder by the Customer to the
Bank as fees and charges, but not including reimbursable expenses, during the thirty-six (36)
months immediately preceding the event for which the recovery from the Bank is being sought which
arises out of the Bank&#146;s negligence; and (ii)&nbsp;amounts paid hereunder by the Customer to the Bank as
fees and charges, but not including reimbursable expenses, during the sixty (60)&nbsp;calendar months
immediately preceding the event for which the recovery from the Bank is being sought which arises
out of the Bank&#146;s bad faith, gross negligence or willful misconduct. For avoidance of doubt, an
&#147;annual term&#148; for the purposes of this paragraph shall be the date of the execution of this
Agreement to the first anniversary thereof and then from each anniversary of the execution of this
Agreement to the next anniversary thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The Customer shall indemnify and hold harmless the Bank from and against any and all claims
(whether with or without basis in fact or law), costs, demands, expenses and liabilities, including
reasonable attorney&#146;s fees, which the Bank may sustain or incur or which may be asserted against
the Bank except for any liability which the Bank has assumed pursuant to the immediately preceding
section. The Bank shall be deemed not to have acted with negligence and not to have engaged in
willful misconduct by reason of or as a result of any action taken or omitted to be taken by the
Bank without its own negligence or willful misconduct in reliance upon (i)&nbsp;any provision of this
Agreement, (ii)&nbsp;any instrument, order or Share certificate reasonably believed by it to be genuine
and to be signed, countersigned or executed by any duly authorized Officer of the Customer, (iii)
any Certificate or other written or oral instructions of an Officer of the Customer reasonably
believed by it to be genuine, (iv)&nbsp;any opinion of legal counsel for the Customer addressed to the
Bank or the Bank, or (v)&nbsp;any law, act, regulation or any interpretation of the same even though
such law, act, or regulation may thereafter have been altered, changed, amended or repealed.
Nothing contained herein shall limit or in any way impair the right of the Bank to indemnification
under any provision of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Specifically, but not by way of limitation, the Customer shall indemnify and hold harmless
the Bank from and against any and all claims (whether with or without basis in fact or law), costs,
demands, expenses and liabilities, including reasonable attorney&#146;s fees, of any and every nature
which the
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bank may sustain or incur or which may be asserted against the Bank in connection with
the genuineness of a Share certificate, the Bank&#146;s due authorization by the Customer to issue
Shares and the form and amount of authorized Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The Bank shall not incur any liability hereunder if by reason of any act of God or war or
other circumstances beyond its control, it, or its employees, officers or directors shall be
prevented, delayed or forbidden from, or be subject to any civil or criminal penalty on account of,
doing or performing any act or thing which by the terms of this Agreement it is provided shall be
done or performed or by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of this Agreement it is provided shall or may be
done or performed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;At any time the Bank may apply to an Officer of the Customer for written instructions with
respect to any matter arising in connection with the Bank&#146;s duties and obligations under this
Agreement, and the Bank shall not be liable for any action taken or omitted to be taken by the Bank
in good faith in accordance with such instructions. Such application by the Bank for instructions
from an Officer of the Customer may, at the option of the Bank, set forth in writing any action
proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations
under this Agreement and the date on and/or after which such action shall be taken, and the Bank
shall not be liable for any action taken or omitted to be taken in accordance with a proposal
included in any such application on or after the date specified therein unless, prior to taking or
omitting to take any such action, the Bank has received written instructions in response to such
application specifying the action to be taken or omitted. The Bank may consult counsel to the
Customer or its own counsel, and shall be fully protected with respect to anything done or omitted
by it in good faith in accordance with the advice or opinion of such counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;When mail is used for delivery of non-negotiable Share certificates, the value of which
does not exceed the limits of the Bank&#146;s Blanket Bond, the Bank shall send such non-negotiable
Share certificates by first class mail, and such deliveries will be covered while in transit by the
Bank&#146;s Blanket Bond. Non-negotiable Share certificates, the value of which exceed the limits of the
Bank&#146;s Blanket Bond, will be sent by insured registered mail. Negotiable Share certificates will be
sent by
insured registered mail. The Bank shall advise the Customer of any Share certificates
returned as undeliverable after being mailed as herein provided for.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;The Bank may issue new Share certificates in place of Share certificates represented to
have been lost, stolen or destroyed upon receiving instructions in writing from an Officer and
indemnity satisfactory to the Bank. Such instructions from the Customer shall be in such form as
approved by the Board of
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustees of the Customer in accordance with applicable law or the By-Laws
of the Customer governing such matters. If the Bank receives written notification from the owner
of the lost, stolen or destroyed Share certificate within a reasonable time after he has notice of
it, the Bank shall promptly notify the Customer and shall act pursuant to written instructions
signed by an Officer. If the Customer receives such written notification from the owner of the
lost, stolen or destroyed Share certificate within a reasonable time after he has notice of it, the
Customer shall promptly notify the Bank and the Bank shall act pursuant to written instructions
signed by an Officer. The Bank shall not be liable for any act done or omitted by it pursuant to
the written instructions described herein. The Bank may issue new Share certificates in exchange
for, and upon surrender of, mutilated Share certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;The Bank will issue and mail subscription warrants for Shares, Shares representing stock
dividends, exchanges or splits, or act as conversion agent upon receiving written instructions from
an Officer and such other documents as the Bank may deem necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;The Bank will supply shareholder lists to the Customer from time to time upon receiving a
request therefore from an Officer of the Customer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Bank shall promptly send to Customer annually the Bank&#146;s most recent SAS 70 Report,
addressing the stock transfer area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;The Bank agrees that it will not disclose or use any &#147;non-public personal information&#148;
about the Customer&#146;s shareholders (a &#147;Shareholder&#148;) other than such uses or disclosures which are
necessary to permit the Bank to carry out its duties under this Agreement, or are otherwise
required by the Bank in compliance with any law or regulation, an investigation or in response to
judicial process, including as set forth in Section&nbsp;16 below. &#147;Non-public personal information&#146;
about a shareholder shall mean (i)&nbsp;personally identifiable financial information; (ii)&nbsp;any list,
description, or other grouping of consumers that is derived from using any personally identifiable
information that is not publicly available; and (iii)&nbsp;any other information that the Bank is
prohibited from using or disclosing
pursuant to Regulation&nbsp;S-P under the Section&nbsp;504 of the Gramm Leach Bliley Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;In the event that any requests or demands are made for the inspection of the Shareholder
records, other than request for records of Shareholders pursuant to standard subpoenas from state
or federal government authorities (e.g. in divorce and criminal actions), the Bank will endeavor to
notify the Customer and to secure instructions from an authorized officer of the Customer as to
such inspection. The Bank expressly reserves the right, however, to exhibit the Shareholder records
to any person whenever it is advised by counsel that it may be held liable for
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the failure to
exhibit the Shareholder records to such person or if required by law or court order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;The Bank and the Customer agree that they will not, at any time during the term of this
Agreement or after its termination, reveal, divulge, or make known to any person, firm, corporation
or other business organization, any customers&#146; list, trade secrets, or any other secret or
confidential information whatsoever identified as confidential, whether of the Bank or of the
Customer, used or gained by the Bank or the Customer during performance under this Agreement. The
Customer and the Bank further covenant and agree to retain all such knowledge and information
acquired during and after the term of this Agreement respecting such lists, trade secrets, or any
secret or confidential information whatsoever in trust for the sole benefit of the Bank or the
Customer and their successors and assigns. The above prohibition of disclosure shall not apply to
the extent that the Bank must disclose such data to its sub-contractor or agents for purposes of
providing services under this Agreement. The foregoing provisions of this Section shall not limit
any revelation, divulging or making known by the Bank of any information which becomes public
information or which the Bank possessed prior to the execution of this Agreement, developed
independently, or obtained from a third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;All records maintained and preserved by the Bank pursuant to this Agreement which the
Customer is required to maintain and preserve in accordance with the Investment Company Act of
1940, as amended, and the rules and regulations thereunder shall be and remain the property of the
Customer and shall be surrendered to the Customer promptly upon request in the form in which such
records have been maintained and preserved. Upon reasonable request of the Customer, the Bank shall
provide in hard copy or on computer disc, whichever the Bank shall elect, any records included in
any such delivery which are maintained by the Bank on a computer disc, or are similarly maintained,
and the Customer shall reimburse the Bank for its expenses of providing such hard copy or micro
film.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;At the request of an Officer, the Bank will address and mail such appropriate notices to
shareholders as the Customer may direct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under
no duty or obligation to inquire into, and shall not be liable for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The legality of the issue, sale or transfer of any Shares, the sufficiency of
the amount to be received in connection therewith, or the authority of the Customer to
request such issuance, sale or transfer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The legality of the purchase of any Shares, the sufficiency of the amount to be
paid in connection therewith, or the authority of the Customer to request such
purchase;</TD>
</TR>

</TABLE>
</DIV></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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The legality of the declaration of any dividend by the Customer, or the
legality of the issue of any Shares in payment of any dividend; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The legality of any recapitalization or readjustment of the Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The Bank shall be entitled to receive and the Customer hereby agrees to pay to the Bank
for its performance hereunder (i)&nbsp;out-of-pocket expenses incurred in connection with this Agreement
and its performance hereunder, and (ii)&nbsp;the compensation for services as set forth in Schedule&nbsp;I.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;The Bank shall not be responsible for any money, whether or not represented by any check,
draft or other instrument for the payment of money, received by it on behalf of the Customer, until
the Bank actually receives and collects such funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;The Bank shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement, and no covenant or obligation
shall be implied against the Bank in connection with this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B><BR>
<U><B>TERMINATION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either of the parties hereto may terminate this Agreement by giving to the other party a
notice in writing specifying the date of such termination, which shall be not less than 30&nbsp;days
after the date of receipt of such notice. In the event such notice is given by the Customer, it
shall be accompanied by a copy of a
resolution of the Board of Trustees of the Customer, certified by its Secretary, electing to
terminate this Agreement and designating a successor transfer agent or transfer agents. In the
event such notice is given by the Bank, the Customer shall, on or before the termination date,
deliver to the Bank a copy of a resolution of its Board of Trustees certified by its Secretary
designating a successor transfer agent or transfer agents. In the absence of such designation by
the Customer, the Bank may designate a successor transfer agent. If the Customer fails to
designate a successor transfer agent and if the Bank is unable to find a successor transfer agent,
the Customer shall, upon the date specified in the notice of termination of this Agreement and
delivery of the records maintained hereunder, be deemed to be its own transfer agent and the Bank
shall thereafter be relieved of all duties and responsibilities hereunder. Upon termination
hereof, the Customer shall pay to the Bank such compensation as may be due to the Bank as of the
date of such termination, and
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall reimburse the Bank for any disbursements and expenses made or
incurred by the Bank and payable or reimbursable hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X</B><BR>
<U><B>MISCELLANEOUS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The indemnities contained herein shall be continuing obligations of the Customer, its
successors and assigns, notwithstanding the termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Any notice or other instrument in writing, authorized or required by this Agreement to be
given to the Customer shall be sufficiently given if addressed to the Customer and mailed or
delivered to it at 100 Bellevue Parkway, Wilmington, DE 19809, or at such other place as the
Customer may from time to time designate in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Any notice or other instrument in writing, authorized or required by this Agreement to be
given to the Bank shall be sufficiently given if addressed to the Bank and mailed or delivered to
it at its office at 480 Washington Blvd, Jersey City, NJ 07310 or at such other place as the Bank
may from time to time designate in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;This Agreement may not be amended or modified in any manner except by a written agreement
duly authorized and executed by both parties. Any duly authorized Officer may amend any
Certificate naming Officers authorized to execute and deliver Certificates, instructions, notices
or other instruments, and the Secretary or any Assistant Secretary may amend any Certificate
listing the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;This Agreement shall extend to and shall be binding upon the parties hereto and their
respective successors and assigns; provided, however, that this Agreement shall not be assignable
by either party without the prior written consent of the other party; and provided, further, that
any reorganization, merger, consolidation, sale of assets, by the Bank shall not be deemed to
constitute an assignment of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the
State of New York. The parties agree that, all actions and proceedings arising out of this
Agreement or any of the transactions contemplated hereby, shall be brought in the United States
District Court for the Southern District of New York or in a New York State Court in the County of
New York and that, in connection with any such action or proceeding, submit to the jurisdiction of,
and venue in, such court. Each of the parties hereto also irrevocably waives all right to trial by
jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions
contemplated hereby.
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;This Agreement may be executed in any number of counterparts each of which shall be deemed
to be an original; but such counterparts, together, shall constitute only one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The provisions of this Agreement are intended to benefit only the Bank and the Customer,
and no rights shall be granted to any other person by virtue of this Agreement.
</DIV>
</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective corporate officers, thereunto duly authorized and their respective corporate seals to be
hereunto affixed, as of the day and year first above written.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Attest:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BlackRock Utility and Infrastructure Trust</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Brendan Kyne
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Neal Andrews</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Brendan Kyne
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="font-size: 10pt; border-top: 1px solid #000000">Neal
Andrews</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
Vice President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Attest:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE BANK OF NEW YORK MELLON</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Authorized Signatory
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 10pt; border-top: 1px solid #000000">Authorized Signatory</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SCHEDULE I</U>
</DIV>





</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">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y93113ay9311302.gif" alt="(LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">STOCK TRANSFER AGENCY AGREEMENT
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">between
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BlackRock Utility and Infrastructure Trust
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK MELLON
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as
of October 6, 2011
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K.2
<SEQUENCE>18
<FILENAME>y93113aexv99wkw2.htm
<DESCRIPTION>EX-99.K.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wkw2</TITLE>
</HEAD>
<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 (k)(2)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT is made as of October&nbsp;12, 2011 by and between BNY MELLON INVESTMENT SERVICING
(US)&nbsp;INC., a Massachusetts corporation (&#147;BNY MELLON&#148;), and BlackRock Utility and Infrastructure
Trust, a Delaware statutory trust (the &#147;Fund&#148;). All capitalized terms not otherwise defined shall
have the meanings set forth in Appendix&nbsp;A.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BACKGROUND
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The Fund is registered as a closed-end management investment company under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Fund wishes to retain BNY Mellon to provide administration and accounting services
to the Fund and BNY Mellon wishes to furnish such services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, and intending to be legally bound hereby the parties hereto agree as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. </B><U><B>Appointment</B></U>. The Fund hereby appoints BNY Mellon to provide administration and
accounting services in accordance with the terms set forth in this Agreement. BNY Mellon
accepts such appointment and agrees to furnish such services. BNY Mellon shall be under no duty
to take any action hereunder on behalf of the Fund except as specifically set forth herein or
as may be specifically agreed to by BNY Mellon and the Fund in a written amendment hereto. BNY
Mellon shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by
any third party service providers engaged by the Fund or by any other third party service
provider to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. </B><U><B>Compliance with Laws</B>.</U> In performing its duties as described herein, BNY Mellon
will (i)&nbsp;act in a manner not inconsistent with the Fund&#146;s most recent Prospectus and Statement
of Additional Information and all amendments and supplements thereto (as presently in effect
and as from time to time amended and supplemented) and resolutions of the Fund&#146;s Board of
Trustees of which BNY Mellon is informed by the Fund and (ii)&nbsp;comply with all applicable
requirements of the Securities Laws and of any other laws, rules and regulations of
governmental authorities having jurisdiction with respect to the duties to be performed by BNY
Mellon hereunder. Except as specifically set forth herein, BNY Mellon assumes no responsibility
for compliance by the Fund or any other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. </B><U><B>Instructions</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless otherwise provided in this Agreement, BNY Mellon shall act only upon Oral
Instructions or Written Instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;BNY Mellon shall be entitled to rely upon any Oral Instruction or Written Instruction it
receives from an Authorized Person (or from a person reasonably believed by BNY Mellon to be an
Authorized Person) pursuant to this Agreement. BNY Mellon may assume that any Oral Instruction or
Written Instruction received hereunder is not in any way
</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">inconsistent with the provisions of organizational documents or this Agreement or of any
vote, resolution or proceeding of the Fund&#146;s Board of Directors or Trustees or of the Fund&#146;s
shareholders, unless and until BNY Mellon receives Written Instructions to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Fund agrees to forward to BNY Mellon Written Instructions confirming Oral
Instructions (except where such Oral Instructions are given by BNY Mellon or its affiliates) so
that BNY Mellon receives the Written Instructions by the close of business on the same day that
such Oral Instructions are received. The fact that such confirming Written Instructions are not
received by BNY Mellon or differ from the Oral Instructions shall in no way invalidate the
transactions or enforceability of the transactions authorized by the Oral Instructions or BNY
Mellon&#146;s ability to rely upon such Oral Instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. </B><U><B>Right to Receive Advice</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Advice of the Fund</U>. If BNY Mellon is in doubt as to any action it should or
should not take, BNY Mellon may request directions or advice, including Oral Instructions or
Written Instructions, from the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Advice of Counsel</U>. If BNY Mellon shall be in doubt as to any question of law
pertaining to any action it should or should not take, BNY Mellon may request advice from
counsel of its own choosing (who may be counsel for the Fund, the Fund&#146;s investment adviser or
BNY Mellon, at the option of BNY Mellon).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Conflicting&#95;Advice</U>. In the event of a conflict between directions or advice
or Oral Instructions or Written Instructions BNY Mellon receives from the Fund and the
advice BNY Mellon receives from counsel, BNY Mellon may rely upon and follow the advice of
counsel; provided that BNY Mellon shall promptly notify the Fund in writing of its decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Obligation to Seek Advice</U>. Nothing in this section shall be construed so as
to impose an obligation upon BNY Mellon (i)&nbsp;to seek such directions or advice or Oral
Instructions or Written Instructions, or (ii)&nbsp;to act in accordance with such directions or
advice or Oral Instructions or Written Instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. </B><U><B>Records; Visits</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The books and records pertaining to the Fund which are in the possession or under the
control of BNY Mellon shall be the property of the Fund. The Fund and Authorized Persons shall
have access to such books and records at all times during BNY Mellon&#146;s normal business hours.
Upon the reasonable request of the Fund, copies of any such books and records shall be provided
by BNY Mellon to the Fund or to an Authorized Person, at the Fund&#146;s expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;BNY Mellon shall keep the following records:
</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 style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all books and records with respect to the Fund&#146;s books of account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>records of the Fund&#146;s securities transactions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all other books and records as BNY
Mellon is required to maintain pursuant to Rule&nbsp;31a-1 of
the 1940 Act in connection with the services provided
hereunder.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6. </B><U><B>Confidentiality</B></U>. Each party shall keep confidential any information relating to
the other party&#146;s business (&#147;Confidential Information&#148;). Confidential Information shall include
(a)&nbsp;any data or information that is competitively sensitive material, and not generally known to
the public, including, but not limited to, information about portfolio composition, product plans,
marketing strategies, finances, operations, customer relationships, customer profiles, customer
lists, sales estimates, business plans, and internal performance results relating to the past,
present or future business activities of the Fund or BNY Mellon, their respective subsidiaries and
affiliated companies; (b)&nbsp;any scientific or technical information, design, process, procedure,
formula, or improvement that is commercially valuable and secret in the sense that its
confidentiality affords the Fund or BNY Mellon a competitive advantage over its competitors; all
confidential or proprietary concepts, documentation, reports, data, specifications, computer
software, source code, object code, flow charts, databases, inventions, know-how, and trade
secrets, whether or not patentable or copyrightable; and (d)&nbsp;anything designated as confidential.
Notwithstanding the foregoing, information shall not be Confidential Information and shall not be
subject to such confidentiality obligations if it: (a)&nbsp;is already known to the receiving party at
the time it is obtained; (b)&nbsp;is or becomes publicly known or available through no wrongful act of
the receiving party; (c)&nbsp;is rightfully received from a third party who, to the best of the
receiving party&#146;s knowledge, is not under a duty of confidentiality; (d)&nbsp;is released by the
protected party to a third party without restriction; (e)&nbsp;is requested or required to be disclosed
by the receiving party pursuant to a court order, subpoena, governmental or regulatory agency
request or law; (f)&nbsp;is relevant to the defense of any claim or cause of action asserted against
the receiving party; (g)&nbsp;it is Fund information provided by BNY Mellon in connection with an
independent third party compliance or other review; h) is necessary or desirable for BNY Mellon to
release such information in connection with the provision of services under this Agreement; or (i)
has been or is independently developed or obtained by the receiving party. The provisions of this
Section&nbsp;6 shall survive termination of this Agreement for a period of three years after such
termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>7. </B><U><B>Liaison with Accountants</B></U>. BNY Mellon shall act as liaison with the Fund&#146;s
independent public accountants and shall provide account analyses, fiscal year summaries, and
other audit-related schedules with respect to the Fund. BNY Mellon shall take all reasonable
action in the performance of its duties under this Agreement to assure that the necessary
information is made available to such accountants for the expression of their opinion, as required
by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>8. </B><U><B>BNY Mellon System</B></U>. BNY Mellon shall retain title to and ownership of any and all
data bases, computer programs, screen formats, report formats, interactive design techniques,
derivative works, inventions, discoveries, patentable or copyrightable matters, concepts,
expertise, patents,
</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">copyrights, trade secrets, and other related legal rights utilized by BNY Mellon in
connection with the services provided by BNY Mellon to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>9. </B><U><B>Disaster Recovery</B></U>. BNY Mellon shall enter into and shall maintain in effect with
appropriate parties one or more agreements making reasonable provisions for emergency use of
electronic data processing equipment to the extent appropriate equipment is available. In the
event of equipment failures, BNY Mellon shall, at no additional expense to the Fund, take
reasonable steps to minimize service interruptions. BNY Mellon shall have no liability with
respect to the loss of data or service interruptions caused by equipment failure, provided such
loss or interruption is not caused by BNY Mellon&#146;s own willful misfeasance, bad faith or
negligence with respect to its duties under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>10. </B><U><B>Compensation</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As compensation for services rendered by BNY Mellon during the term of this Agreement,
the Fund will pay to BNY Mellon a fee or fees as may be agreed to in writing by the Fund and BNY
Mellon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned hereby represents and warrants to BNY Mellon that (i)&nbsp;the terms of this
Agreement, (ii)&nbsp;the fees and expenses associated with this Agreement, and (iii)&nbsp;any benefits
accruing to BNY Mellon or to the adviser or sponsor to the Fund in connection with this
Agreement, including but not limited to any fee waivers, conversion cost reimbursements, up front
payments, signing payments or periodic payments made or to be made by BNY Mellon to such adviser
or sponsor or any affiliate of the Fund relating to this Agreement have been fully disclosed to
the Board of Directors or Trustees of the Fund and that, if required by applicable law, such
Board of Directors or Trustees has approved or will approve the terms of this Agreement, any such
fees and expenses, and any such benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. </B><U><B>Standard of Care/Limitation of Liability</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;BNY Mellon shall be obligated to exercise reasonable care and diligence in the
performance of its duties hereunder and to act in good faith in performing services provided for
under this Agreement. Subject to the terms of this Section&nbsp;11, BNY Mellon shall be liable to the
Fund (or any person or entity claiming through the Fund) for damages only to the extent caused
by BNY Mellon&#146;s breach of this Agreement or its own willful misfeasance, bad faith, or
negligence with respect to its duties under this Agreement (&#147;Standard of Care&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;BNY Mellon shall not be liable for damages (including without limitation damages caused
by delays, failure, errors, interruption or loss of data) occurring directly or indirectly by
reason of circumstances beyond its reasonable control, including without limitation acts of God;
action or inaction of civil or military authority; national emergencies; public enemy; war;
terrorism; riot; fire; flood; catastrophe; sabotage; epidemics; labor disputes; civil commotion;
interruption, loss or malfunction of utilities, transportation, computer or communications
capabilities; insurrection; elements of nature;
</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">non-performance by a third party; failure of the mails; or functions or malfunctions of the
internet, firewalls, encryption systems or security devices caused by any of the above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;BNY Mellon shall not be under any duty or obligation to inquire into and shall not be
liable for the validity or invalidity, authority or lack thereof, or truthfulness or accuracy or
lack thereof, of any instruction, direction, notice, instrument or other information which BNY
Mellon reasonably believes to be genuine. BNY Mellon shall not be liable for any damages that are
caused by actions or omissions taken by BNY Mellon in accordance with Written Instructions or
advice of counsel. BNY Mellon shall not be liable for any damages arising out of any action or
omission to act by any prior service provider of the Fund or for any failure to discover any such
error or omission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Neither BNY Mellon nor its affiliates shall be liable for any consequential, incidental,
exemplary, punitive, special or indirect damages, whether or not the likelihood of such damages
was known by BNY Mellon or its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each party shall have a duty to mitigate damages for which the other party may become
responsible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;This Section&nbsp;11 shall survive termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. </B><U><B>Indemnification</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Absent BNY Mellon&#146;s failure to meet its Standard of Care (defined in Section
11(a) above) or BNY Mellon&#146;s breach of this Agreement, the Fund agrees to indemnify, defend
and hold harmless BNY Mellon and its affiliates and their respective directors, trustees,
officers, agents and employees from all claims, suits, actions, damages, losses, liabilities,
obligations, costs and reasonable expenses (including attorneys&#146; fees and court costs, travel
costs and other reasonable out-of-pocket costs related to dispute resolution) arising directly or
indirectly from: (a)&nbsp;any action or omission to act by any prior service provider of the Fund; and
(b)&nbsp;any action taken or omitted to be taken by BNY Mellon in connection with the provision of
services to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;BNY Mellon agrees to indemnify, defend and hold harmless the Fund and its affiliates,
including their respective officers, directors and employees, from all taxes, charges, expenses,
assessments, claims and liabilities (including, without limitation, reasonable attorney&#146;s fees and
disbursements and liabilities arising under the Securities Laws and any state and foreign
securities and blue sky laws) arising directly or indirectly out of BNY Mellon&#146;s breach of this
Agreement or of its Standard of Care (defined in Section 11(a) above) in the performance of its
duties under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Section&nbsp;12 shall survive termination of this Agreement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13. </B><U><B>Description of Accounting Services on a Continuous Basis</B></U>. BNY Mellon will perform
the following accounting services with respect to the Fund:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Journalize investment, capital share and income and expense activities;</TD>
</TR>




</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Verify investment buy/sell trade tickets when received from the investment
adviser for the Fund (the &#147;Adviser&#148;) and transmit trades to the Fund&#146;s custodian
(the &#147;Custodian&#148;) for proper settlement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain individual ledgers for investment securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain historical tax lots for each security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reconcile cash and investment balances of the Fund with the
Custodian, and provide the Adviser with the beginning cash balance available
for investment purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Post to and prepare the Statement of Assets and Liabilities and the Statement
of Operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculate various contractual expenses (e.g., advisory and custody fees);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor the expense accruals and notify an officer of the Fund of any proposed
adjustments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Control all disbursements and authorize such disbursements upon Written
Instructions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculate capital gains and losses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Determine net income;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain security market quotes and currency exchange rates from
independent pricing sources approved by the Adviser, of if such quotes or rates
are unavailable, then obtain the same from the Adviser, and in either case
calculate the market value of the Fund&#146;s investments in accordance with the Fund&#146;s
valuation policies or guidelines; provided, however, that BNY Mellon shall not
under any circumstances be under a duty to independently price or value any of the
Fund&#146;s investments itself or to confirm or validate any information or valuation
provided by the Adviser or any other pricing source, nor shall BNY Mellon have any
liability relating to inaccuracies or otherwise with respect to such information
or valuations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compute net asset value.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>14.&nbsp;</B><U><B>Description of Administration Services on a Continuous Basis</B></U>. BNY Mellon will
perform the following administration services with respect to the Fund:
</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 style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare quarterly broker security transactions summaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare monthly security transaction listings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Supply various normal and customary Fund statistical data as requested on an ongoing basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>-Prepare and file the Fund&#146;s Semi-Annual Reports with the SEC on Form N-SAR;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare and file with the SEC the Fund&#146;s annual, semi-annual, and quarterly
shareholder reports;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assist in the preparation of registration statements and other filings
relating to the registration of Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor the Fund&#146;s status as a regulated investment company under Sub-chapter M of the
Internal Revenue Code of 1986, as amended; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate contractual relationships and communications between the Fund and its BNY
Mellon affiliated contractual service providers.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All documents filed with the SEC are subject to the review and approval of Fund counsel.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. </B><U><B>Duration and Termination</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall continue in effect as between BNY Mellon and the Fund for a term of
three years commencing as of the date hereof, and at the end of such three-year period shall
automatically continue as between the Fund and BNY Mellon for successive one-year terms,<U>
provided</U>, that the Fund&#146;s Board of Trustees (&#147;Board&#148;) shall review this Agreement from time to
time in reference to the terms and conditions specifically set forth below in clause (i)(A)-(C) of
this Section&nbsp;15. Notwithstanding the above, this Agreement may be terminated as between the Fund
and BNY Mellon:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during the first three years, without the payment of any penalty for such
termination:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by the Fund, on ninety (90)&nbsp;days prior written notice to BNY Mellon, as may be
required by and consistent with the Board&#146;s fiduciary obligations under the 1940 Act in
connection with any annual review; however, in connection with such review of this
Agreement by the Board, the Board acknowledges the fees to be received by BNY Mellon are
fair and reasonable for a three-year term; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by the Fund, on sixty (60)&nbsp;days prior written notice to BNY Mellon, if BNY Mellon
is in material breach of this Agreement and BNY Mellon has
</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; margin-left: 2%">not remedied such breach within such sixty (60)&nbsp;day period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) by the Fund, on sixty (60)&nbsp;days prior written notice to BNY Mellon, if BNY Mellon:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enters into a transaction that
would result in a change of control of greater than 50% of the
beneficial ownership of the shares of beneficial interest of
BNY Mellon, other than any such change of control where the
Board determines the successor entity has similar financial
standing and ability to provide services hereunder as BNY
Mellon; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>files a petition for
bankruptcy, or another comparable filing by BNY Mellon has
occurred; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has a materially impaired financial condition; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has a significant regulatory
problem or is the subject of a
significant regulatory investigation; and</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case of subsections (1)&nbsp;through (4)&nbsp;above, the Board
determines in the exercise of its fiduciary obligations under the
1940 Act that such event materially impairs BNY Mellon&#146;s ability
to perform its duties under this Agreement; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) by BNY Mellon, on one hundred fifty (150)&nbsp;days prior written notice to the Fund,
if the Fund is in material breach of the Agreement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time after the first three years, without the payment of any penalty,
on ninety (90)&nbsp;days prior written notice by the Fund to BNY Mellon or on one hundred
fifty (150)&nbsp;days prior written notice by BNY Mellon to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of termination of this Agreement as between the Fund and BNY Mellon by the Fund
pursuant to subsections (i)(A) or (ii)&nbsp;of this Section&nbsp;15, or by BNY Mellon after a material
breach of this Agreement by the Fund, all expenses (which shall not be deemed a penalty)
associated with the movement (or duplication) of records and materials, deconversion or conversion
to a successor administrator or other service provider incurred by BNY Mellon, will be borne by
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first three years commencing as of the date hereof, BlackRock Advisors, LLC will
not recommend termination of this Agreement as between the Fund and BNY Mellon, provided such
action or inaction by BlackRock Advisors, LLC is not contrary to its fiduciary obligations to the
Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>16. </B><U><B>Notices</B></U><B>. </B>Notices shall be addressed (a)&nbsp;if to BNY Mellon, at 301 Bellevue
Parkway, Wilmington, Delaware 19809, Attention: President (or such other address as BNY Mellon may
inform the Fund in writing); (b)&nbsp;if to the Fund, at 100 Bellevue Parkway, Wilmington, Delaware
19809, Attention: Neal Andrews, Chief Financial Officer (or such
</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">other address as the Fund may
inform BNY Mellon in writing) or (c)&nbsp;if to neither of the
foregoing, at such other address as shall have been given by like notice to the sender of any
such notice or other communication by the other party. If notice is sent by confirming telegram,
cable, telex or facsimile sending device, it shall be deemed to have been given immediately. If
notice is sent by first-class mail, it shall be deemed to have been given three days after it has
been mailed. If notice is sent by messenger, it shall be deemed to have been given on the day it
is delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>17. </B><U><B>Amendments</B></U>. This Agreement, or any term thereof, may be changed or waived only
by written amendment, signed by the party against whom enforcement of such change or waiver is
sought.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>18. </B><U><B>Assignment</B></U>. BNY Mellon may assign this Agreement and/or its rights hereunder to
any majority owned direct or indirect subsidiary affiliate of BNY Mellon, provided that BNY
Mellon provides the Fund with sixty (60)&nbsp;days prior written notice of any such assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>19. </B><U><B>Counterparts</B></U>. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>20. </B><U><B>Further Actions</B></U>. Each party agrees to perform such further acts and execute
such further documents as are necessary to effectuate the purposes hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>21. </B><U><B>Miscellaneous</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notwithstanding anything in this Agreement to the contrary, the Fund agrees not to make
any modifications to its registration statement or adopt any policies which would affect
materially the obligations or responsibilities of BNY Mellon hereunder without the prior written
approval of BNY Mellon, which approval shall not be unreasonably withheld or delayed. The scope of
services to be provided by BNY Mellon under this Agreement shall not be increased as a result of
new or revised regulatory or other requirements that may become applicable with respect to the
Fund, unless the parties hereto expressly agree in writing to any such increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except as expressly provided in this Agreement, BNY Mellon hereby disclaims all
representations and warranties, express or implied, made to the Fund or any other person,
including, without limitation, any warranties regarding quality, suitability, merchantability,
fitness for a particular purpose or otherwise (irrespective of any course of dealing, custom or
usage of trade), of any services or any goods provided incidental to services provided under this
Agreement. BNY Mellon disclaims any warranty of title or non-infringement except as otherwise set
forth in this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Agreement embodies the entire agreement and understanding between the parties and
supersedes all prior agreements and understandings relating to the subject
</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">matter hereof, provided
that the parties may embody in one or more separate documents
their agreement, if any, with respect to delegated duties. The captions in this Agreement are
included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect. Notwithstanding any provision hereof, the
services of BNY Mellon are not, nor shall they be, construed as constituting legal advice or the
provision of legal services for or on behalf of the Fund or any other person. Neither this
Agreement nor the provision of services under this Agreement establishes or is intended to
establish an attorney- client relationship between the Fund and BNY Mellon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Fund will provide such information and documentation as BNY Mellon may
reasonably request in connection with services provided by BNY Mellon to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;This Agreement shall be deemed to be a contract made in New York and governed by New York
law, without regard to principles of conflicts of laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If any provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Except as <I>may </I>be explicitly stated in this Agreement,
(i)&nbsp;this Agreement is not for the benefit of any other person or entity and (ii)&nbsp;there shall be no
third party beneficiaries hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The facsimile signature of any party to this Agreement shall constitute the valid and
binding execution hereof by such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;To help the U.S. government fight the funding of terrorism and money laundering
activities, U.S. Federal law requires each financial institution to obtain, verify, and record
certain information that identifies each person who initially opens an account with that financial
institution on or after October&nbsp;1, 2003. Certain of BNY Mellon&#146;s affiliates are financial
institutions, and BNY Mellon may, as a matter of policy, request (or may have already requested)
the Fund&#146;s name, address and taxpayer identification number or other government issued
identification number, and, if such party is a natural person, that party&#146;s date of birth. BNY
Mellon may also ask (and may have already asked) for additional identifying information, and BNY
Mellon may take steps (and may have already taken steps) to verify the authenticity and accuracy
of these data elements.
</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;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day
and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BNY MELLON INVESTMENT SERVICING (US)&nbsp;INC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Christopher Healy</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Christopher Healy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BLACKROCK UTILITY AND INFRASTRUCTURE TRUST</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Neal J. Andrews</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Neal J. Andrews</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="center" style="font-size: 10pt; margin-top: 18pt">APPENDIX A
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Definitions.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">As used in this Agreement:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>1933 Act</U>&#148; means the Securities Act of 1933, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>1934 Act</U>&#148; means the Securities Exchange Act of 1934, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Authorized Person</U>&#148; means any officer of the Fund and any other
person duly authorized by the Funds Board of Trustees to give Oral Instructions or
Written Instructions on behalf of the Fund. An Authorized Person&#146;s scope of
authority may be limited by setting forth such limitation in a written document
signed by both parties hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Oral Instructions</U>&#148; mean oral instructions received by BNY Mellon
from an Authorized Person or from a person reasonably believed by BNY Mellon to be an
Authorized Person. BNY Mellon may, in its sole discretion in each separate instance,
consider and rely upon instructions it receives from an Authorized Person via
electronic mail as Oral Instructions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>SEC</U>&#148; means the Securities and Exchange Commission.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Securities Laws</U>&#148; means the 1933 Act, the 1934 Act and the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Shares</U>&#148; means the shares of beneficial interest of any series or
class of the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Written Instructions</U>&#148; mean (i)&nbsp;written instructions signed by an
Authorized
Person (or a person reasonably believed by BNY Mellon to be an Authorized
Person) and received by BNY Mellon or (ii)&nbsp;trade instructions transmitted
(and received by BNY Mellon by means of an electronic transaction reporting system
access to which requires use of a password or other authorized identifier. The
instructions may be delivered electronically (with respect to sub-item (ii)&nbsp;above
or by hand, mail, tested telegram, cable, telex or facsimile sending device.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>19
<FILENAME>y93113aexv99wl.htm
<DESCRIPTION>EX-99.L
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wl</TITLE>
</HEAD>
<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
(l)</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Skadden, Arps, Slate, Meagher &#038; Flom LLP&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">November 21, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BlackRock Utility and Infrastructure Trust<BR>
100 Bellevue Parkway<BR>
Wilmington, Delaware 19809

</DIV>

<DIV align="right" style="margin-top: 12pt">
<TABLE width="98%" 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">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>BlackRock Utility and Infrastructure Trust &#151; <BR><U>Registration Statement on Form&nbsp;N-2</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;We have acted as special counsel to BlackRock Utility and Infrastructure Trust, a statutory
trust (the &#147;Trust&#148;) created under the Delaware Statutory Trust Act, in connection with the
issuance and sale by the Trust of up to 18,750,000 shares (including shares subject to an
over-allotment option) of the Trust&#146;s common shares of beneficial interest, par value $0.001 per
share (the &#147;Common Shares&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is being furnished in accordance with the requirements of Item&nbsp;25 of the Form N-2
Registration Statement under the Securities Act of 1933 (the &#147;Securities Act&#148;) and the Investment
Company Act of 1940 (the &#147;1940 Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have examined the originals or copies, certified or
otherwise identified to our satisfaction, of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the notification of registration on Form N-8A (File No.&nbsp;811-22606) of the Trust (the &#147;1940
Act Notification&#148;) filed with the Securities and Exchange Commission (the &#147;Commission&#148;) under the
1940 Act on September&nbsp;2, 2011;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Registration Statement on Form N-2 (File Nos. 333-176661 and 811-22606) of the Trust
relating to the Common Shares filed with the Commission on September&nbsp;2, 2011 under the Securities
Act and the 1940 Act, and as amended by Pre-Effective Amendment No.&nbsp;1 on October&nbsp;11, 2011,
Pre-Effective Amendment No.&nbsp;2 on October&nbsp;26, 2011 and as proposed to be amended by Pre-Effective
Amendment No.&nbsp;3 on the date hereof (such Registration Statement, as so amended and proposed to be
amended, being hereinafter referred to as the &#147;Registration Statement&#148;);
</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">BlackRock Utility and Infrastructure Trust<BR>
November 21, 2011<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the form of Underwriting Agreement (the &#147;Underwriting Agreement&#148;) proposed to be
entered into between the Trust, as issuer, BlackRock Advisors, LLC, as investment advisor to the
Trust, BlackRock Financial Management, Inc., as investment sub-advisor to the Trust, BlackRock
Investment Management, LLC, as investment sub-advisor to the Trust, and the representatives of the
several Underwriters named therein (the &#147;Underwriters&#148;), filed as an exhibit to the Registration
Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;a copy of the Trust&#146;s Certificate of Trust, as certified by the Secretary of State of the
State of Delaware;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;a copy of the Trust&#146;s Agreement and Declaration of Trust, dated as of August&nbsp;25, 2011 (the
&#147;Declaration&#148;), as certified by the Assistant Secretary of the Trust;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;a copy of the Trust&#146;s By-Laws, as currently in effect (the &#147;By-Laws&#148;), as certified by
the Assistant Secretary of the Trust; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;certain resolutions adopted by the Board of Trustees of the Trust relating to the
creation, issuance and sale of the Common Shares and related matters, as certified by the Assistant
Secretary of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also examined originals or copies, certified or otherwise identified to our
satisfaction, of such records of the Trust and such agreements, certificates and receipts of public
officials, certificates of officers or other representatives of the Trust and others, and such
other documents as we have deemed necessary or appropriate as a basis for the opinions stated
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination, we have assumed the genuineness of all signatures including endorsements,
the legal capacity and competency of all natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us
as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of
such copies. As to any facts relevant to the opinions stated herein that we did not independently
establish or verify, we have relied upon statements and representations of officers and other
representatives of the Trust and others and of public officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making our examination of documents, we have assumed that the parties thereto, other than
the Trust, had or will have the power, corporate or other, to enter into and perform all
obligations thereunder and have also assumed the due authorization by all requisite action,
corporate or other, and execution and delivery by such parties of such documents and the validity
and binding effect thereof on such parties. We have also assumed that the Underwriting Agreement
will be executed and delivered in substantially the form reviewed by us and that if a holder of
Common Shares requests a certificate representing such holder&#146;s Common Shares, such certificate
will have been signed manually or by facsimile by an authorized officer of the transfer agent and
registrar for the Common Shares and registered by such transfer agent and registrar.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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">BlackRock Utility and Infrastructure Trust<BR>
November 21, 2011<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members of our firm are admitted to the practice of law in the State of Delaware and we do not
express any opinion as to any laws other than the Delaware Statutory Trust Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, we are of the opinion that when (i)&nbsp;the Registration
Statement becomes effective; (ii)&nbsp;the Underwriting Agreement has been duly executed and delivered;
and (iii)&nbsp;the Common Shares have been delivered to and paid for by the Underwriters as contemplated
by the Underwriting Agreement, the issuance and sale of the Common Shares will have been duly
authorized, and the Common Shares will be validly issued, fully paid and nonassessable (except as
provided in the last sentence of Section&nbsp;3.8 of the Declaration).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion with the Commission as an exhibit to the
Registration Statement. We also consent to the reference to our firm under the caption &#147;Legal
Opinions&#148; in the Registration Statement. In giving this consent, we do not thereby admit that we
are included in the category of persons whose consent is required under Section&nbsp;7 of the Securities
Act or the rules and regulations of the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%">/s/ Skadden, Arps, Slate, Meagher &#038; Flom LLP

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>20
<FILENAME>y93113aexv99wn.htm
<DESCRIPTION>EX-99.N
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wn</TITLE>
</HEAD>
<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 (n)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the use in this Pre-Effective Amendment No.&nbsp;3 to Registration Statement No.
333-176661 on Form N-2 of our report dated October&nbsp;24, 2011 relating to the financial statements of
BlackRock Utility and Infrastructure Trust as of October&nbsp;12, 2011 and for the period from August
25, 2011 (date of inception) to October&nbsp;12, 2011, appearing in the Statement of Additional
Information, which is part of such Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ Deloitte &#038; Touche LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Philadelphia, Pennsylvania<BR>
November&nbsp;21, 2011

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>y93113ay9311300.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y93113ay9311300.gif
M1TE&.#EANP`<`,00`!H7&XV+C5-15,;&Q_+Q\B@F*7!N<45#1M74U>/CXZJI
MJF)@8S<T.+BWN)N:G']]?____P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+`````"[`!P```7_H`",9%D(
MAI-`;.N^<"S/=&W/90XPPM/<P*#0)M(9`8;5<,ELTHZZ0H#@K%HA16BN@+AZ
MOSAM[M`%FVE9@"#`%@@84>IY;LVQ`X:WCB&G^],!,`D'.0Y^ATLY@@LY!HAT
M@#$$!24"+0-W`4I"F0$_-P@!;FX+`64NF0HR!)TLBC&,)`4QH0NC/9\V#0^W
M*9LL"9D#JYF&D3$&E2T!)<-#R;(V`VDY`J<0RK`EJM@E,@@YSBP(U":!,PZ4
M1P9]`R7G+P2$)#_',,PDEBSX(^)!#3FXR7`@!D"!7-E>0!OAR)4W&>%:*"@(
MX$"?%@1B:;'(PAT)>"XT`N!F[T6:!<N:_RU9.(+!C(DF#."!(TM)PA8$2:!L
M\2I&1`@P21RXP[(B#)$['@1`JL_C")`L6#;$\HY6P)0D_-T@8$3KN$8763YP
M.$*?Q!(<>3X4E*-+`G4C#+D85!4K";G`YHWXX10`U)PC=K(HR4(!7*-V`7BM
MP>]FBS1F73!@8*"!G)O@9%WL1D)&XUD06$(%=EC)I!)X6R2H^,!97Y!!*UY,
MP^/6GFN-%].@J>,7A-4E?(<IVP(!7"XP>KJ([1<"5\TR'J!F`7@'D->73/@N
M!X7=B]Q"8J>92AUMD&RGZ?EL-J`])KTC#A0N0?Y%YOB#2XR]@1V"<5G7Y$>1
M&@+MHU(062S05_\!%XFTWPW*R#/=>@.F)=U=3SQTF&XP8)?>"`4^-J!0IX`'
M!'#]0``?2(1E2-QXPQ7T0!]I<*AB"5VT==T[$F(8PWCNM>>``8<9I(2)-RSD
M$E`E+"E@BD!4PE)DR16DH$D'RE#C?2,$\1J,6M9U3S4&9@7$AW@=)E"-YY'`
M6V`N/A7`A20\***9,VRI7`U](64GEA_-0.<(*R!90W5]#&I6&JG54`ESHZG5
M&0M(:<5FGBKE()P,KS4V4IB!RH#B7A`8NAL)Y(VJV)/-19E/:#GD\D)/'QHT
M6Y8_9HHK#=@A%2"KD4KZ5*F[<OI.D`/`UU!C@MF031K(53DI"P"5T.S_I3*\
MN0)\C<[@(7P,PM"B"W80BV<-2(FQ0K4D;!:C/@2\F1:Y:U$::V+!.F<""X,V
MRVM=_PDEKI@PL)NBJ3&H*B,+:KI*W#B'^<M9ER[4&BX$!LLG0VP[<0G`IAV*
MV1<2@`XKR9L`4($P#(-2%.YG[E*HQG(Y_+DGQCD(=MBOK`H$'Y7&AEK>-BZT
M&$J1^ZW\`EQK='+'FZK4.F_%FSCF:8$W0X#4)XU-/71++HQ<GVIR]-="4:?0
M9ML1:75]R]N&Q`:RN6#C;(YI`SQ0@,83`RU2M!,#(,EAX<;;I`)R(+#U"RTS
M@#@P#21SCMDL]#C"Q=QIL4`?GD+Q@UY`5WPO=Y,4.>.8<_#Q01;%!><,\8!_
M1N4R%917?IC&F1LA@*QT:^%27R'",&4+#11YV^JA!_QPUO:6\`D"\!E10+<M
MM&S$YA#4_A5]5&F!@@HQ=&Y$(`N!1H.JI[!B?$58OQK#R&,Q[QSA?2@0_>5)
..U(!`43J)H_U\VP@!`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>y93113ay9311301.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y93113ay9311301.gif
M1TE&.#EAM0`;`,00`("`@!`0$/#P\-#0T*"@H&!@8#`P,"`@(.#@X+"PL%!0
M4)"0D'!P<,#`P$!`0````/___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+`````"U`!L```7_X"..Y!@H
M#:2N;.N^<"S/M%O>SYG4?._#N.##(?@9CTB@L.08))_))<X`K5IETE+`>>W&
M2BQ!8W$H+;SH*G@U2"A*A[1<M6X)RB/JG#<@```+#44M"`V&@C`#ARD0=2P$
M)00O8@M_!(PU8G\`"5PMBH:>+HL#CBP+=0`D1I`D"#,"`'@E*"RJ(YB/)`YT
MJR\%)`HM#6\X!:\QQ#@!`(,J#B.\OR2M(S`-J;X_LP\`,@/<.`PKMR*Y*@,!
M>8.F*]5#+`Q9WB_R2ULKT"+2+<`CWNU4O`M`3EL/!%J<?5)'XH`#AO]4E'MP
M+MVZ%0$A8(NVPM\(AP["%7#A,9H!+<CT_\'K1V)D(X,L5#YP"6&B$7O4)D%\
M8``9!`([7TW,95&$`84947&L2<)`K@8[=ZQ0^F^0@)(N5?)3074F1I@0KI;P
M9//'3A%Q2#8=M6]!D:%L(`;PV<O:"YGC$)I0B(Y$`*L[);6`=J``(ZVZ1M!\
M^6\3``5G!4L$.^,=":DK!(Q]<0XNA*(Y1-45\:+K@U<X'TAND5IPUZTK$(A&
M++!EBRP?.U.6<=+HKA;O]-"`BT"NZ-$/6/21V4T%-[YL@JGH+6*U#-K!;>`^
M8;TLCXTBBI,0E9K><!*"J#\XCER*2\U+8<A%#AT&XN#0<3<DNQN&1V$3+2:3
M=3%,E(!Z!'Z51?\`9Z@`GE<QR"1;1G=%@]\+)2R2```%A(,/4W9E<AD$>HW@
MC$SG%.A73E]($<`Q+#QH7H6X/`C;=28T51]CI+T`U%H@]EA#.6E!4))Y*/(P
MT68M1N.`>A2U,-&,+J!H8P_,Y=&DD"XDL)EW-,S2H$9^Y8.>DDWYQ1YR*MS1
MD$+O4#D8>@\2Q(-*!^RT&`L40L#-&6#*\(Y""*IP))HC'/BF$B$^^,`X*\B(
M(R[PA4B#5J78IIVE59+@3:`11K-(`ZFE-9$P0Z(G@'I'86A0:E$Z*%VH=NV4
MHGT<649@G^I]VI]R^IGS69FIXD+B3JC>9M"J?CG3$!8?&4H"I)<NI:O_LIRR
M4&)U029'0TE92,--@BYX!AJ$?,*4Z0C)JD<7"UXJID*\(OQ5`VT0P"I*1LRZ
MTBT-`IR5Q2L#O?N"9Q#0*\*8;$I9@E3O[&FFL<YI.@.^1JJI()<:)<#`69""
MZ@)5`8RZ2#$BN,0J>P0,@O!/D:2;+03JV1LPBRR4)%S")4@<%F880R"3O3SJ
MUVJW2S@Q"[4N;/M`$>?.E(`A'I=!S\M(>Q+0NB*@JO`0ES1``'.B@7M`((8L
M4$Q*\;7):A'!BL#TDD'$H;#!,7F*CL`WV(EUQB9PD=&2$.N7(+A!9-6VVVOI
M]^*[=.-P1M!=$OM9E@U)];?0BU)8\R`)A`/'49H0+,`WNVSO\\*Y!3C@^NNP
M*P```6N.#?OMKPL@`.R8Q:``[$\5L-,!"JQFN^OL"?#[Z][<'L,`M\](`&0-
5%=`[#`(LP)P##-#%P.M,*W=["``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>y93113ay9311302.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y93113ay9311302.gif
M1TE&.#EA70`Q`.8``+JULM30SG-;0OKY^<7`O<*]N\JUD='-R[>QKLG%PJNE
MH^'>V_+NZG)J:HF`?N3AX*.=F-G5TJ:@G=72T,S(QJR-5IV7EHMR4(YA&.GG
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MKXYD'Z&1?N??SHN$A*^IIKVQHXA_?JBBGZ.=FYR5E(M=$O___R'Y!```````
M+`````!=`#$```?_@'^"@X2%AH>&$QL=B(V.CY"1DI$!5P@4/$:3FYR=GH).
M"A"C`$U.GZBIJA2CK7L$&B.JL[2/-7BMN2X42[6^OW\!N<,X!`^GP,F>'"[#
MN5<Q0`9VRM63-1+.$!)`&'Y^&"I4C-;EB*RY>R8OW^U^.W0J7N;T@R,%K5D&
M9>[].WYE#-2C5P.`A``JO/5;^*V,#RH#K6E8H(*AQ6\[,%0PP"!B,@8_+E[,
M^`*BQUI.8D"QPT]DOQ\^CO0Z62N/@)LF*KC,6&$<S5\;;@I%4D&A.Y(Q-?WT
MU>."4*%8+M!Q1V>C%UE+?\5XRE7`!0PO?,S+F@Q%5ZXQ(B@E"XP!E+->_R/,
M9*O,)E<H>1;,I:OL[=`G'?F6,RL`BXD(@NO508(BL>/'D"-+GDRYLN7+@D<@
MR[I`28D24R:,6,&BQ!-!8$HH(>`9P!\P2I30&'3#<XU!1J8H"?!GSN<2>X(,
MJ%W"Q2`"GT\/TH"\!(4>@CQ3$-2BA&M)-8J$`;#G3)8!$42`&/)GB!X""_@T
M2/+GP189*P;9P-&@!586#1QD^(,@#)X$`%1AA`T*-'#`(`O<(48*@\01`@P%
M`.`!&@/\`4`#'O0201H;;%(""`\,D(8.@G3Q`0SQY;"?#2>$<0,!:9!'2`M1
M;+'?"&HT0(0@%(0QP1\#V"!(`0W$-P@))!#21_\8M_T1P0<*_.%&`V%(\,<*
M,W#RX0U@G$&`(#D@T,`>2Z@H2!-AP"#"EX6TP$8#4_Q!@!IOE,"CCW^,8221
M1@J")"$-!$$("6%(604?;TR`I99AZ"""`S_^D<,007Q`@)E_&*'$>FL-T@(`
M,'A0PQ@L@&#G'Q1\D(,%#4@Q9)&#)CE(`[(*(D,#4L*A@15M/)"EAR`$D(('
M,YRBHGD>B+"?('&\D<`A+;0PQQL61#&$J7<^P009KO[!9ZR`"CI($(6Z`<<?
M3[R1A!5:@LA?`SQ(NE\"(#3PK"`V.`MM"SSHL=X?V***YQ]2R/+M`!7^^4<'
M1H2@1H7E6;&CN8+TT<#_!YL8H0`(-]R@1AI2.,'&`B,8X4(#"`@RPA!O$-`I
MD```8`0.;]C``0@*5/C$!V"LL$(44@QP(0\K"#&%$VNLX7,($40`PAA,I#!&
M&]!-,,8I4K0!PB816.!U$07$X:W7&BR,`V)_:."U!6@/$H#7"\3!PA]\>'U:
MW6M;X,3;>6LP1]X6B,T$`C+P`0`3@G@]AR`W6(G9XY!'7HT&,IR00PTR3-=!
M%?O%(09B/>A0!0D!U"!&%SI,,(`"(80@00HZ/`N<DTDL,`/B);"0@1@ZD-`$
M$6*$4,!,!80PQA,/5*$#B5V(04("!W0A2`(R?&'E`CF,L<8!)Z!^0`0AG$!!
M_P`?Q'&`$544<&4##_RQQQLZ+%&#"!O@`,,&#32AP0`%;'%#!!X`@`)(H`$N
MD*$':,#!%Z(P`PY8``</:$`<-&"$+0```5L0VQ^LP((;#$$+#=!`V;A``2%8
MH0=GV(`1@J``<_4`!"RH`06N%0$-.*$$77@`#U*P!;;]H0I=4(`$N&"#&J1!
M`F'(P/Q8(($N-*$!?#C:'HI@*SZ`@0LM2,,66B`""D20@WV`8`,D0($1>$`"
M2="/((HP`P*L0`MO4,"S0"`$-%3A#R1(P@T^\`!S'>`-$..`&HJ`!PX4@`MS
M*%L<+/`!&E2A""P`@!J8D(`&S*`!`)B?&!HP!!XT(/\++."`!&0@"`F8H09G
M<(`+E!"&!C#A`6180!A`($8$)&``R3H#;XX#@SZ`D`5@^`,7U+2`/Z3@#44(
M0:X24"A!W`P'+.C!$A*@ARYL8`.>3)[Z5M"`+R@`#3S80Q>&(`(>(B`##<"F
M$P`@`AH\P`,IRP$?)_`!,0P`EG\X60DBF`(>.&$+!3@!$2"V@1X(80T@Y$&\
MN""'&43I#WIXP]S,A4H$]"``&0@6#S3PA!ZTP`H$F($5@K""]*V/`/1+FP.>
MT,X;P(`"#8AI`J0@`Q"(``>N`L`,C,`!*[@&GTX@PAXBV(!$;8$`3)@!VDY@
G!0<L0`MGB*DPY1"!+;2O!%P3(`_%#F`%-;#!:3'E#A=$D(!````[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
