<SEC-DOCUMENT>0000950123-11-052045.txt : 20110927
<SEC-HEADER>0000950123-11-052045.hdr.sgml : 20110927

<ACCEPTANCE-DATETIME>20110519154026

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-11-052045

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		11

FILED AS OF DATE:		20110519

DATE AS OF CHANGE:		20110726


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			GABELLI UTILITY TRUST

		CENTRAL INDEX KEY:			0001080720

		IRS NUMBER:				134046522

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-174333

		FILM NUMBER:		11857830



	BUSINESS ADDRESS:	

		STREET 1:		1 CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580

		BUSINESS PHONE:		9149215083



	MAIL ADDRESS:	

		STREET 1:		1 CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	GABELLI UTILITY FUND

		DATE OF NAME CHANGE:	19990225




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			GABELLI UTILITY TRUST

		CENTRAL INDEX KEY:			0001080720

		IRS NUMBER:				134046522

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-09243

		FILM NUMBER:		11857831



	BUSINESS ADDRESS:	

		STREET 1:		1 CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580

		BUSINESS PHONE:		9149215083



	MAIL ADDRESS:	

		STREET 1:		1 CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	GABELLI UTILITY FUND

		DATE OF NAME CHANGE:	19990225



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
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<FILENAME>y91394nv2.htm
<DESCRIPTION>FORM N-2
<TEXT>
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on May&nbsp;19, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt; margin-bottom:6pt">Securities Act File No. &#091; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;<BR>
Investment Company Act File No.&nbsp;811-09243
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM N-2</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>(Check Appropriate Box or Boxes)<BR><BR style="font-size:6pt">
<FONT style="font-family: Wingdings">&#254;</FONT> Registration Statement under the Securities Act of 1933<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Pre-Effective Amendment No. &#95;&#95;&#95;&#95;<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Post-Effective Amendment No. &#95;&#95;&#95;&#95;&#95;<BR>
<BR style="font-size:6pt">and/or<BR><BR style="font-size:6pt">
<FONT style="font-family: Wingdings">&#254;</FONT> Registration Statement under the Investment Company Act of 1940<BR>
<FONT style="font-family: Wingdings">&#254;</FONT> Amendment No.&nbsp;16</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>THE GABELLI UTILITY TRUST</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Declaration of Trust)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>One Corporate Center, Rye, New York 10580-1422</B><BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s Telephone Number, Including Area Code: (800)&nbsp;422-3554</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Bruce N. Alpert<BR>
The Gabelli Utility Trust<BR>
One Corporate Center<BR>
Rye, New York 10580-1422<BR>
(914)&nbsp;921-5100</B><BR>
(Name and Address of Agent for Service)<BR>
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<I>Copies to:</I></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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Christopher J. Michailoff, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Rose F. DiMartino, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">The Gabelli Utility Trust
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Willkie Farr &#038; Gallagher LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">One Corporate Center
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">787 Seventh Avenue</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Rye, New York 10580-1422
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York, New York 10019-6099</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(914) 921-5100
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(212) 728-8000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximate date of proposed public offering: From time to time after the effective date of this
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any securities being registered on this form will be offered on a delayed or continuous
basis in reliance on Rule&nbsp;415 under the Securities Act of 1933, as amended, other than securities
offered in connection with a dividend reinvestment plan, check the following box. <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is proposed that this filing will become effective (check appropriate box)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#254;</FONT> When declared effective pursuant to section 8(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If appropriate, check the following box:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> This &#091;post-effective&#093; amendment designates a new effective date for a previously filed
&#091;post-effective amendment&#093; &#091;registration statement&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#111;</FONT> This form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act and the Securities Act registration number of the earlier effective
registration statement for the same offering is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</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="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount Being</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price Per Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering Price (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 0em">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares of
Beneficial Interest (2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><FONT style="font-family: Wingdings">&#111;</FONT> Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Preferred Shares of
Beneficial Interest (2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><FONT style="font-family: Wingdings">&#111;</FONT> Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Notes</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><FONT style="font-family: Wingdings">&#111;</FONT> Shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$100,000,000(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$11,610(4)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated pursuant to Rule&nbsp;457 solely for the purpose of determining the registration fee. The proposed maximum offering
price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant
of the securities registered under this registration statement.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Subject to Note 3 below, there is being registered hereunder an indeterminate principal amount of common shares, preferred
shares or notes as may be sold, from time to time, including subscription rights to purchase common shares or preferred
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>In no event will the aggregate offering price of all securities offered from time to time pursuant to this Registration
&nbsp;Statement exceed $100&nbsp;million.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes a payment of $2,100 and unused registration fees of $3,930 and $5,580 that were previously paid in connection with
the filing of a registration statement for the Registrant on February&nbsp;27, 2008 and March&nbsp;20, 2009, respectively.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION
8(a), MAY DETERMINE.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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




<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">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 state where the offer or sale is not permitted.


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subject to Completion,<BR>
Preliminary Base Prospectus dated May&nbsp;19, 2011</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PRELIMINARY PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>$100,000,000</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Gabelli Utility Trust</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Objective. </I>The Gabelli Utility Trust (the &#147;Fund&#148;) is a non-diversified,
closed-end management investment company registered under the Investment Company Act of 1940, as
amended (the &#147;1940 Act&#148;). The Fund&#146;s primary investment objective is long-term growth of capital
and income. The Fund will invest at least 80% of its assets, under normal market conditions, in
common stocks and other securities of foreign and domestic companies involved in providing
products, services, or equipment for (i)&nbsp;the generation or distribution of electricity, gas, and
water and (ii)&nbsp;telecommunications services or infrastructure operations (collectively, the &#147;Utility
Industry&#148;). A company will be considered to be in the Utility Industry if it derives at least 50%
of its revenues or earnings from, or devotes at least 50% of its assets to, the indicated
activities or utility-related activities. Gabelli Funds, LLC (the &#147;Investment Adviser&#148;) serves as
investment adviser to the Fund. The Fund was organized under the laws of the State of Delaware on
February&nbsp;25, 1999. An investment in the Fund is not appropriate for all investors. We cannot assure
you that the Fund&#146;s investment objective will be achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer, from time to time, in one or more offerings, our common shares, par value $0.001
per share, our preferred shares, par value $0.001 per share or our promissory notes. Shares may be
offered at prices and on terms to be set forth in one or more supplements to this Prospectus (each
a &#147;Prospectus Supplement&#148;). You should read this Prospectus and the applicable Prospectus
Supplement carefully before you invest in our shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares may be offered directly to one or more purchasers, through agents designated from
time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating to
the offering will identify any agents or underwriters involved in the sale of our shares, and will
set forth any applicable purchase price, fee, commission or discount arrangement between us and our
agents or underwriters, or among our underwriters, or the basis upon which such amount may be
calculated. The Prospectus Supplement relating to any sale of preferred shares will set forth the
liquidation preference and information about the dividend period, dividend rate, any call
protection or non-call period and other matters. We may not sell any of our shares through agents,
underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms
of the particular offering of our shares. Our common shares are listed on the New York Stock
Exchange (the &#147;NYSE&#148;) under the symbol &#147;GUT.&#148; Our 5.625% Series&nbsp;A Cumulative Preferred Shares are
listed on the NYSE under the symbol &#147;GUTPrA&#148;. On &#091;&#95;&#95;&#95;&#95; &#95;&#95; &#093;, 2011, the
last reported sale price of our common shares on the NYSE was $&#091;&#95;&#95;&#95;&#95;&#093;. The net asset value of the
Fund&#146;s common shares at the close of business on &#091;&#95;&#95;&#95;&#95; &#95;&#95;&#093;, 2011 was
$&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#093; per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Shares of closed-end funds often trade at a discount from net asset value. This creates a risk
of loss for an investor purchasing shares in a public offering.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in the Fund&#146;s shares involves risks. See &#147;Risk Factors and Special Considerations&#148;
on page 19 for factors that should be considered before investing in shares of the Fund.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved these securities or determined if this Prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus may not be used to consummate sales of shares by us through agents,
underwriters or dealers unless accompanied by a Prospectus Supplement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus sets forth concisely the information about the Fund that a prospective
investor should know before investing. You should read this Prospectus, which contains important
information about the Fund, before deciding whether to invest in the shares, and retain it for
future reference. A Statement of Additional Information, dated &#091;<U>&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;</U>&#093;, 2011, containing additional information about the Fund, has been filed with the Securities
and Exchange Commission and is incorporated by reference in its entirety into this Prospectus. You
may request a free copy of our annual and semi-annual reports, request a free copy of the Statement
of Additional Information, the table of contents of which is on page 50 of this Prospectus,
request other information about us and make shareholder inquiries by calling (800)&nbsp;GABELLI
(422-3554), by accessing our web site (http://www.gabelli.com) or by writing to the Fund, or obtain
a copy (and other information regarding the Fund) from the Securities and Exchange Commission&#146;s web
site (http://www.sec.gov).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by,
any bank or other insured depository institution, and are not federally insured by the Federal
Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should rely only on the information contained or incorporated by reference in this
Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund
is not making an offer to sell these securities in any state where the offer or sale is not
permitted. You should not assume that the information contained in this Prospectus is accurate as
of any date other than the date of this Prospectus.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="Y91394tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</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>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394101">Prospectus Summary</A></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"><A href="#Y91394102">Summary Of Fund Expenses</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394103">Financial Highlights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394104">Use Of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394105">The Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394106">Investment Objectives And Policies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394107">Risk Factors And Special Considerations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394109">Management Of The Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394110">Portfolio Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394111">Dividends And Distributions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394112">Issuance Of Common Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394113">Automatic Dividend Reinvestment And Voluntary Cash Purchase Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394114">Description Of The Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394115">Anti-Takeover Provisions Of The Fund&#146;s Governing Documents</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394116">Closed-End Fund Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394117">Repurchase Of Common Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394118">Rights Offerings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394119">Net Asset Value</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394120">Limitation on Trustees&#146; and Officers&#146; Liability</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394121">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394122">Custodian, Transfer Agent And Dividend Disbursing Agent</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394123">Plan Of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394124">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394125">Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394126">Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394127">Privacy Principles Of The Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394128">Table Of Contents Of Statement Of Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91394exv99waw1.htm">EX-99.A.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91394exv99wbw1.htm">EX-99.B.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91394exv99wkw1.htm">EX-99.K.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91394exv99wkw2.htm">EX-99.K.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91394exv99wrw1.htm">EX-99.R.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y91394exv99wrw2.htm">EX-99.R.2</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
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</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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

<DIV align="left">
<A name="Y91394101"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This is only a summary. This summary may not contain all of the information that you should
consider before investing in our shares. You should review the more detailed information contained
in this Prospectus and the Statement of Additional Information, dated &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;, 2011 (the
&#147;SAI&#148;).</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Utility Trust is a non-diversified, closed-end management investment company
organized under the laws of the State of Delaware on February&nbsp;25, 1999. Throughout this Prospectus,
we refer to The Gabelli Utility Trust as the &#147;Fund&#148; or as &#147;we.&#148; See &#147;The Fund.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s outstanding common shares, par value $0.001 per share, are listed on the New York
Stock Exchange (&#147;NYSE&#148;) under the trading or &#147;ticker&#148; symbol &#147;GUT,&#148; and any newly issued common
shares issued will trade under the same symbol. As of March&nbsp;31, 2011, the net assets of the Fund
attributable to its common shares were $177,092,734. As of March&nbsp;31, 2011, the Fund had outstanding
31,546,632 common shares; 1,153,288 shares of 5.625% Series&nbsp;A Cumulative Preferred Shares,
liquidation preference $25 per share (the &#147;Series&nbsp;A Preferred&#148;); and 900 shares of Series&nbsp;B Auction
Market Preferred Shares, liquidation preference $25,000 per share (the &#147;Series&nbsp;B Preferred&#148;). The
Series&nbsp;A Preferred and the Series&nbsp;B Preferred have the same seniority with respect to distributions
and liquidation preference. On &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#95;&#95;&#95;&#093;, 2011, the last reported sale
price of our common shares on the NYSE was $&#091;&#95;&#95;&#95;&#093;. The net asset value of the Fund&#146;s common shares
at the close of business on &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#95;&#95;&#95;&#093;, 2011 was $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer, from time to time, in one or more offerings, our common shares, $0.001 par value
per share, our preferred shares, $0.001 par value per share, or our promissory notes. The
preferred shares may either be fixed rate preferred shares or variable rate preferred shares. The
shares or notes may be offered at prices and on terms to be set forth in one or more supplements to
this Prospectus (each a &#147;Prospectus Supplement&#148;). The offering price of our common shares will not
be less than the net asset value of our common shares at the time we make the offering, exclusive
of any underwriting commissions or discounts. You should read this Prospectus and the applicable
Prospectus Supplement carefully before you invest in our shares. Our shares may be offered directly
to one or more purchasers, through agents designated from time to time by us, or to or through
underwriters or dealers. The Prospectus Supplement relating to the offering will identify any
agents, underwriters or dealers involved in the sale of our shares, and will set forth any
applicable purchase price, fee, commission or discount arrangement between us and our agents or
underwriters, or among our underwriters, or the basis upon which such amount may be calculated. The
Prospectus Supplement relating to any sale of preferred shares will set forth the liquidation
preference and information about the dividend period, dividend rate, any call protection or
non-call period and other matters. We may not sell any of our shares through agents, underwriters
or dealers without delivery of a Prospectus Supplement describing the method and terms of the
particular offering of our shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Objective and Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s primary investment objective is long-term growth of capital and income. The Fund
will invest at least 80% of its assets, under normal market conditions, in common stocks and other
securities of foreign and domestic companies involved in providing products, services, or equipment
for (i)&nbsp;the generation or distribution of electricity, gas, and water and (ii)&nbsp;telecommunications
services or infrastructure operations (collectively, the &#147;Utility Industry&#148;). A company will be
considered to be in the Utility Industry if it derives at least 50% of its revenues or earnings
from, or devotes at least 50% of its assets to, the indicated activities or utility-related
activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No assurance can be given that the Fund&#146;s investment objective will be achieved. See
&#147;Investment Objective and Policies.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 1 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is authorized to issue an unlimited number of shares of beneficial interest, par
value $0.001 per share, in multiple classes and series thereof as determined from time to time by
the Board of Trustees of the Fund (the &#147;Board&#148;). The Board has authorized issuance of an unlimited
number of shares of two classes, the common shares and preferred shares. Each share within a
particular class or series thereof has equal voting, dividend, distribution and liquidation rights.
The common shares are not redeemable and have no preemptive, conversion or cumulative voting
rights. In the event of liquidation, each common share is entitled to its proportion of the Fund&#146;s
assets after payment of debts and expenses and the amounts payable to holders of the Fund&#146;s
preferred shares ranking senior to the common shares of the Fund as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, an unlimited number of the Fund&#146;s shares have been classified by the Board as
preferred shares, par value $0.001 per share. The terms of each series of preferred shares may be
fixed by the Board and may materially limit and/or qualify the rights of holders of the Fund&#146;s
common shares. If the Board determines that it may be advantageous to the holders of the Fund&#146;s
common shares for the Fund to utilize additional leverage, the Fund may issue additional series of
fixed rate preferred shares (&#147;Fixed Rate Preferred Shares&#148;) or additional series of variable rate
preferred shares (&#147;Auction Rate Preferred Shares&#148;). Any Fixed Rate Preferred Shares or Auction Rate
Preferred Shares issued by the Fund will pay, as applicable, distributions at a fixed rate or at
rates that will be reset frequently based on short-term interest rates. (As of March&nbsp;31, 2011,
1,153,288 shares of Series&nbsp;A Preferred and 900 shares of Series&nbsp;B Preferred were outstanding.)
Leverage creates a greater risk of loss as well as a potential for more gains for the common shares
than if leverage were not used. See &#147;Risk Factors and Special Considerations&#151;Leverage Risk&#148; and
&#147;Certain Investment Practices&#151;Leveraging.&#148; The Fund may also engage in investment management
techniques, which will not be considered senior securities if the Fund establishes in a segregated
account cash or other liquid securities equal to the Fund&#146;s obligations in respect of such
techniques. The Fund may borrow money to the extent permitted by applicable law in accordance with
its investment restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends and Distributions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Preferred Share Distributions</I>. In accordance with the Fund&#146;s Declaration of Trust as amended
and supplemented (including the Statements of Preferences thereto) (the &#147;Charter&#148;), all preferred
shares of the Fund must have the same seniority with respect to distributions. Accordingly, no full
distribution will be declared or paid on any series of preferred shares of the Fund for any
dividend period, or part thereof, unless full cumulative dividends and distributions due through
the most recent dividend payment dates for all series of outstanding preferred shares of the Fund
are declared and paid. If full cumulative distributions due have not been declared and made on all
outstanding preferred shares of the Fund, any distributions on such preferred shares will be made
as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated
but unmade on each such series of preferred shares on the relevant dividend payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that for any calendar year the total distributions on the Fund&#146;s preferred shares
exceed the Fund&#146;s current and accumulated earnings and profits allocable to such shares, the excess
distributions will generally be treated as a tax-free return of capital (to the extent of the
shareholder&#146;s tax basis in the shares). The amount treated as a tax-free return of capital will
reduce a shareholder&#146;s adjusted tax basis in the preferred shares, thereby increasing the
shareholder&#146;s potential gain or reducing the potential loss on the sale of the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distributions to the Fund&#146;s preferred shareholders for the fiscal year ended December&nbsp;31,
2010, were comprised of net investment income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Common Share Distributions</I>. In order to allow its common shareholders to realize a
predictable, but not assured, level of cash flow and some liquidity periodically on their
investment without having to sell
shares, the Fund has adopted a managed distribution policy, which may be modified at any time by
the Board. As of January&nbsp;2011, the Fund pays to its common shareholders a distribution of $0.05 per
share each month and, if necessary, an adjusting distribution in December which includes any
additional income and net realized capital gains in excess of the monthly distributions for that
year to satisfy the minimum distribution requirements of the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;). In the event the Fund does not generate a total return from dividends and
interest received and net realized capital gains in an amount equal to or in excess of its stated
distribution in a given year, the Fund may return capital as part of such distribution, which may
have the effect of decreasing the asset coverage per share with respect to the Fund&#146;s preferred
shares. Any return of capital that is a
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">component of a distribution is not sourced from realized or
unrealized profits of the Fund and that portion should not be considered by investors as yield or
total return on their investment in the Fund. Shareholders should not assume that a distribution
from the Fund is comprised exclusively of net profits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December&nbsp;31, 2010, the Fund made distributions of $0.72 per common
share, of which $0.64212 per share is deemed a return of capital. The Fund has made monthly
distributions with respect to its common shares since October&nbsp;1999. The composition of each
distribution is estimated based on the earnings of the Fund as of the record date for each
distribution. The actual composition of each distribution may change based on the Fund&#146;s investment
activity through the end of the calendar year. The Board monitors and reviews the Fund&#146;s common
share distribution policy on a regular basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations on Distributions. </I>If at any time the Fund has borrowings outstanding, the Fund
will be prohibited from paying any distributions on any of its common shares (other than in
additional shares), and from repurchasing any of its common shares or preferred shares, unless the
value of its total assets, less certain ordinary course liabilities, exceed 300% of the amount of
the debt outstanding and exceed 200% of the sum of the amount of the debt and preferred shares
outstanding. In addition, in such circumstances the Fund will be prohibited from paying any
distributions on its preferred shares unless the value of its total assets, less certain ordinary
course liabilities, exceed 200% of the amount of the debt outstanding. See &#147;Dividends and
Distributions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Payment on Notes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under applicable state law and our Charter, we may borrow money without prior approval of holders
of common and preferred shares. We may issue debt securities, including notes, or other evidence of
indebtedness and may secure any such notes or borrowings by mortgaging, pledging or otherwise
subjecting as security our assets to the extent permitted by the 1940 Act or rating agency
guidelines. Any borrowings, including without limitation the notes, will rank senior to the
preferred shares and the common shares. The prospectus supplement will describe the interest
payment provisions relating to notes. Interest on notes will be payable when due as described in
the related prospectus supplement. If we do not pay interest when due, it will trigger an event of
default and we will be restricted from declaring dividends and making other distributions with
respect to our common shares and preferred shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Use of Proceeds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will use the net proceeds from an offering to purchase portfolio securities in
accordance with its investment objective and policies. See &#147;Use of Proceeds.&#148; Proceeds will be
invested as appropriate investment opportunities are identified, which is anticipated to be
substantially completed within three months; however, changes in market conditions could result in
the Fund&#146;s anticipated investment period extending as long as six months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange Listing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s outstanding common shares are listed on the NYSE, under the trading or &#147;ticker&#148;
symbol &#147;GUT.&#148; Currently, the Series&nbsp;A Preferred is listed on the NYSE under the symbol &#147;GUT PrA.&#148;
See &#147;Description of the Shares.&#148; Any additional series of Fixed Rate Preferred Shares issued by the
Fund would also likely be listed on the NYSE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Price of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares of closed-end investment companies often trade at prices lower than their net
asset value. Common shares of closed-end investment companies may trade during some periods at
prices higher than their net asset value and during other periods at prices lower than their net
asset value. The Fund cannot assure you that its common shares will continue to trade at a price
higher than or equal to net asset value. The Fund&#146;s net asset value will be reduced immediately
following this offering by the sales load and the amount of the offering expenses paid by the Fund.
See &#147;Use of Proceeds.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to net asset value, the market price of the Fund&#146;s common shares may be affected
by such factors as the Fund&#146;s dividend and distribution levels (which are affected by expenses) and
stability, market liquidity, market supply and demand, unrealized gains, general market and
economic conditions and other factors. See &#147;Risk Factors and Special Considerations,&#148; &#147;Description
of the Shares&#148; and &#147;Repurchase of Common Shares.&#148;
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares are designed primarily for long-term investors, and you should not purchase
common shares of the Fund if you intend to sell them shortly after purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed rate preferred shares may also trade at premiums to or discounts from their liquidation
preference for a variety of reasons, including changes in interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risk Factors and Special Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk is inherent in all investing. Therefore, before investing in shares of the Fund, you
should consider the following risks carefully. See &#147;Risk Factors and Special Considerations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Industry Concentration Risk</I>. The Fund invests a significant portion of its assets in foreign
and domestic companies in the Utility Industry (as defined under &#147;Investment Objective and
Policies&#148;) and, as a result, the value of the Fund&#146;s shares will be more susceptible to the factors
affecting those particular types of companies, including government regulation, inflation cost
increases in fuel and other operating expenses, technological innovations that may render existing
products and equipment obsolete, and increasing interest rates resulting in high interest costs on
borrowings needed for capital construction programs, including costs associated with compliance
with environmental and other regulations. As a consequence of its concentration policy, the Fund&#146;s
investments may be subject to greater risk and market fluctuation than a fund that has securities
representing a broader range of alternatives. See &#147;Risk Factors and Special
Considerations&#151;Industry Concentration Risk.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Diversified Status</I>. As a non-diversified, closed-end management investment company under
the 1940 Act, the Fund may invest a greater portion of its assets in a more limited number of
issuers than may a diversified fund, and accordingly, an investment in the Fund may, under certain
circumstances, present greater risk to an investor than an investment in a diversified company. See
&#147;Risk Factors and Special Considerations&#151;Non-Diversified Status.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lower Grade Securities. </I>The Fund may invest up to 25% of its total assets in fixed-income
securities rated in the lower rating categories of recognized statistical rating agencies, such as
securities rated &#147;CCC&#148; or lower by Standard &#038; Poor&#146;s Ratings Services, a Division of The
McGraw-Hill Companies, Inc. (&#147;S&#038;P&#148;) or &#147;Caa&#148; or lower by Moody&#146;s Investors Services, Inc.
(&#147;Moody&#146;s&#148;), or non-rated securities of comparable quality. These debt securities are predominantly
speculative and involve major risk exposure to adverse conditions. Debt securities that are not
rated or rated lower than &#147;BBB&#148; by S&#038;P or &#147;Baa&#148; by Moody&#146;s are often referred to in the financial
press as &#147;junk bonds.&#148; See &#147;Risk Factors and Special Considerations&#151;Lower Grade Securities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Securities</I>. There is no limitation on the amount of foreign securities in which the
Fund may invest. Investing in securities of foreign companies (or foreign governments), which are
generally denominated in foreign currencies, may involve certain risks and opportunities not
typically associated with
investing in domestic companies and could cause the Fund to be affected favorably or unfavorably by
changes in currency exchange rates and revaluation of currencies. See &#147;Risk Factors and Special
Considerations&#151;Foreign Securities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dependence on Key Personnel</I>. The Investment Adviser is dependent upon the expertise of Mr.
Mario J. Gabelli in providing advisory services with respect to the Fund&#146;s investments. If the
Investment Adviser were to lose the services of Mr.&nbsp;Gabelli, its ability to service the Fund could
be adversely affected. There can be no assurance that a suitable replacement could be found for Mr.
Gabelli in the event of his death, resignation, retirement or inability to act on behalf of the
Investment Adviser. See &#147;Risk Factors and Special Considerations&#151;Dependence on Key Personnel.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Leverage Risk</I>. The Fund currently uses, and intends to continue to use, financial leverage for
investment purposes by issuing preferred shares. As of December&nbsp;31, 2010, the amount of leverage
represented approximately 23% of the Fund&#146;s total assets. The Fund&#146;s leveraged capital structure
creates special risks not associated with unleveraged funds having a similar investment objective
and policies. These include the possibility of greater loss and the likelihood of higher volatility
of the net asset value of the Fund and the asset coverage for preferred shares. Such volatility may
increase the likelihood of the Fund having to sell investments in order to meet its obligations to
make distributions on the preferred shares, or to redeem preferred shares when it may be
disadvantageous to do so. Also, if the Fund is utilizing leverage, a decline in net asset value
could affect the ability of the Fund to make distributions and such a failure to pay dividends or
make distributions could result in the Fund ceasing to qualify as a regulated investment company
under the Code. See &#147;Taxation.&#148;
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Special Risks to Holders of Fixed Rate Preferred Shares</I>. Prior to any offering, there will be
no public market for Fixed Rate Preferred Shares. In the event any additional series of Fixed Rate
Preferred Shares are issued, prior application will have been made to list such shares on a
national securities exchange, which will likely be the NYSE. However, during an initial period,
which is not expected to exceed 30&nbsp;days after the date of its initial issuance, such shares may not
be listed on any securities exchange. During such period, the underwriters may make a market in
such shares, although they will have no obligation to do so. Consequently, an investment in such
shares may be illiquid during such period. Fixed Rate Preferred Shares may trade at a premium to or
discount from liquidation value for various reasons, including changes in interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Special Risks for Holders of Auction Rate Preferred Shares.</I>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Auction Risk</I>. You may not be able to sell your Auction Rate Preferred Shares at an
auction if the auction fails, <I>i.e.</I>, if more Auction Rate Preferred Shares are offered for
sale than there are buyers for those shares. Also, if you place an order (a hold order) at
an auction to retain Auction Rate Preferred Shares only at a specified rate that exceeds
the rate set at the auction, you will not retain your Auction Rate Preferred Shares.
Additionally, if you place a hold order without specifying a rate below which you would
not wish to continue to hold your shares and the auction sets a below-market rate, you
will receive a lower rate of return on your shares than the market rate. Finally, the
dividend period may be changed, subject to certain conditions and with notice to the
holders of the Auction Rate Preferred Shares, which could also affect the liquidity of
your investment. Due to recent market disruption most auction-rate preferred shares,
including our Series&nbsp;B Auction Rate Preferred, have been unable to hold successful
auctions and holders of such shares have suffered reduced liquidity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Secondary Market Risk</I>. If you try to sell your Auction Rate Preferred Shares between
auctions, you may not be able to sell them for their liquidation preference per share or
such amount per share plus accumulated dividends. If the Fund has designated a special
dividend period of more than seven days, changes in interest rates could affect the price
you would receive if you sold your shares in the secondary market. Broker-dealers that
maintain a secondary trading market for the Auction Rate Preferred Shares are not required
to maintain this market, and the Fund is not required to redeem Auction Rate Preferred
Shares if either an auction or an attempted secondary market sale fails because of a lack
of buyers. The Auction Rate Preferred Shares will not be
registered on a stock exchange. If you sell your Auction Rate Preferred Shares to a
broker-dealer between auctions, you may receive less than the price you paid for them,
especially when market interest rates have risen since the last auction or during a special
dividend period. Due to recent market disruption most auction-rate preferred shares,
including our Series&nbsp;B Auction Rate Preferred, have been unable to hold successful auctions
and holders of such shares have suffered reduced liquidity, including the inability to sell
such shares in a secondary market.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Common Share Distribution Policy Risk</I>. The Fund has adopted a policy, which may be changed at
any time by the Board, of paying distributions on its common shares of $0.05 per share per month.
In the event the Fund does not generate a total return from dividends and interest received and net
realized capital gains in an amount equal to or in excess of its stated distribution in a given
year, the Fund may return capital as part of such distribution, which may have the effect of
decreasing the asset coverage per share with respect to the Fund&#146;s preferred shares. Any return of
capital should not be considered by investors as yield or total return on their investment in the
Fund. For the fiscal year ended December&nbsp;31, 2010, the Fund made distributions of $0.72 per common
share, of which $0.64212 per share is deemed a return of capital. The Fund has made monthly
distributions with respect to its common shares since October&nbsp;1999. A portion of the distributions
to holders of common shares during seven of the twelve fiscal years since the Fund&#146;s inception has
constituted a return of capital. The composition of each distribution is estimated based on the
earnings of the Fund as of the record date for each distribution. The actual composition of each of
the current year&#146;s distributions will be based on the Fund&#146;s investment activity through the end of
the calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate Transactions</I>. The Fund may enter into an interest rate swap or cap transaction
with respect to all or a portion of any series of Auction Rate Preferred Shares. Through these
transactions, the Fund seeks to obtain the equivalent of a fixed rate for a series of Auction Rate
Preferred Shares that is lower than the rate the Fund would have to pay if it issued Fixed Rate
Preferred Shares. The use of interest rate swaps and caps is a highly specialized activity that
involves certain risks to the Fund including, among others, counterparty risk and early termination
risk. See &#147;Risk Factors and Special Considerations&#151;Interest Rate Transactions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Market Discount Risk. </I>Common shares of closed-end investment companies often trade at a
discount from net asset value. This characteristic of shares of a closed-end fund is a risk
separate and distinct from the risk that the Fund&#146;s net asset value
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may decrease. The Investment
Adviser cannot predict whether the Fund&#146;s shares will trade at, below or above net asset value. The
risk of holding shares of a closed-end fund that might trade at a discount is more pronounced for
shareholders who wish to sell their shares in a relatively short period of time after acquiring
them because, for those investors, realization of a gain or loss on their investments is likely to
be more dependent upon the existence of a premium or discount than upon portfolio performance. The
Fund&#146;s common shares are not subject to redemption. Shareholders desiring liquidity may, subject to
applicable securities laws, trade their shares in the Fund on the NYSE or other markets on which
such shares may trade at the then current market value, which may differ from the then current net
asset value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Risk. </I>Investing in the Fund involves equity risk, which is the risk that the securities
held by the Fund will fall in market value due to adverse market and economic conditions,
perceptions regarding the industries in which the issuers of securities held by the Fund
participate and the particular circumstances and performance of particular companies whose
securities the Fund holds. An investment in the Fund represents an indirect economic stake in the
securities owned by the Fund, which are for the most part traded on securities exchanges or in the
over-the-counter markets. The market value of these securities, like other market investments, may
move up or down, sometimes rapidly and unpredictably. The net asset value of the Fund may at any
point in time be worth less than the amount at the time the shareholder invested in the Fund, even
after taking into account any reinvestment of distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Our Notes</I>. An investment in our notes is subject to special risks. There may not be an
established market for our notes. To the extent that our notes trade, they may trade at a price
either higher or lower than their principal amount depending on interest rates, the rating (if any)
on such notes and other factors. See &#147;Risk Factors and Special Considerations &#151; Special Risks to
Holders of Notes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Note Risk</I>. If the interest rate on the notes approaches the net rate of return on the Fund&#146;s
investment portfolio, the benefit of leverage to the holders of the common shares would be reduced.
Any decline in the net asset value of the Fund&#146;s investments would be borne entirely by the
holders of common shares. Therefore, if the market value of the Fund&#146;s portfolio declines, the
leverage will result in a greater decrease in net asset value to the holders of common shares than
if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a
greater decline in the market price for the common shares. The Fund might be in danger of failing
to maintain the required asset coverage of the notes. Holders of notes may have different
interests than holders of common shares and at times may have disproportionate influence over the
Fund&#146;s affairs. In the event the Fund fails to maintain the specified level of asset coverage of
any notes outstanding, the holders of the notes will have the right to elect a majority of the
Fund&#146;s trustees. See &#147;Risk Factors and Special Considerations &#151; Note Risk.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geopolitical Events. </I>As a result of the terrorist attacks on domestic U.S. targets on
September&nbsp;11, 2001, some of the U.S. securities markets were closed for a four-day period. These
terrorists attacks, the wars in Iraq and Afghanistan and their aftermath and other geopolitical
events have led to, and may in the future lead to, increased short-term market volatility and may
have long-term effects on U.S. and world economies and markets. The nature, scope and duration of
the war and occupation cannot be predicted with any certainty. Similar events in the future or
other disruptions of financial markets could affect interest rates, securities exchanges, auctions,
secondary trading, ratings, credit risk, inflation, energy prices, and other factors relating to
the common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Status as a Regulated Investment Company</I>. The Fund has qualified, and intends to remain
qualified, for federal income tax purposes as a regulated investment company under Subchapter M of
the Code. Qualification requires, among other things, compliance by the Fund with certain
distribution requirements. Statutory limitations on distributions on the common shares if the Fund
fails to satisfy the 1940 Act&#146;s asset coverage requirements could jeopardize the Fund&#146;s ability to
meet such distribution requirements. The Fund presently intends, however, to purchase or redeem
preferred shares to the extent necessary in order to maintain compliance with such asset coverage
requirements. See &#147;Taxation&#148; for a more complete discussion of these and other federal income tax
considerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Anti-Takeover Provisions. </I>The Amended Agreement and Declaration of Trust and By-Laws of the
Fund (together, its &#147;Governing Documents&#148;) include provisions that could limit the ability of other
entities or persons to acquire control of the Fund or convert the Fund to an open-end fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Temporary Investments. </I>During temporary defensive periods and during inopportune periods to be
fully invested, the Fund may invest in U.S. government securities and in money market mutual funds
that invest in those securities. Obligations of certain agencies and instrumentalities of the U.S.
government, such as the Government National Mortgage Association, are</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
 supported by the &#147;full faith
and credit&#148; of the U.S. government; others, such as those of the Export-Import Bank of the United
States, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as
those of the Federal National Mortgage Association, are supported by the discretionary authority of
the U.S. government to purchase the agency&#146;s obligations; and still others, such as those of the
Student Loan Marketing Association, are supported only by the credit of the instrumentality. No
assurance can be given that the U.S. government would provide financial support to U.S.
government-sponsored instrumentalities if it is not obligated to do so by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management and Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Funds, LLC serves as the Fund&#146;s investment adviser. The Investment Adviser&#146;s fee is
computed weekly and paid monthly, equal on an annual basis to 1.00% of the Fund&#146;s average weekly
net assets including the liquidation value of preferred shares. The fee paid by the Fund may be
higher when leverage in the form of preferred shares are utilized, giving the Investment Adviser an
incentive to utilize such leverage. However, the Investment Adviser has agreed to reduce the
management fee on the incremental assets attributable to the preferred shares during the fiscal
year if the total return of the net asset value of the common shares of the Fund, including
distributions and advisory fees subject to reduction for that year, does not exceed the stated
dividend rate or corresponding swap rate of each particular series of preferred shares for the
period. In other words, if the effective cost of the leverage for any series of preferred shares
exceeds the total return (based on net asset value) on the Fund&#146;s common shares, the Investment
Adviser will waive that portion of its management fee on the incremental assets attributable to the
leverage for that series of preferred shares to mitigate the negative impact of the leverage on the
common shareholder&#146;s total return. This fee waiver is voluntary and, except in connection with the
waiver applicable to the portion of the Fund&#146;s assets attributable to Series&nbsp;A Preferred and Series
B Preferred, may be discontinued at any time. For Series&nbsp;A Preferred and Series&nbsp;B Preferred, the
waiver will remain in effect as long as any shares in a series are outstanding. The Fund&#146;s total
return on the net asset value of the common shares is monitored on a monthly basis to assess
whether the total return on the net asset value of the common shares exceeds the stated dividend
rate or corresponding swap rate of each particular series of preferred shares for the period. The
test to confirm the accrual of the management fee on the assets attributable to each particular
series of preferred shares is annual. The Fund will accrue for the management fee on these assets
during the fiscal year if it appears probable that the Fund will incur the management fee on those
additional assets. See &#147;Management of the Fund.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2010, the Fund&#146;s total return on the net asset value of the
common shares exceeded the stated dividend rate or net swap expense on all of the outstanding
preferred shares. Thus, management fees were accrued on these assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion regarding the basis for the Board&#146;s approval of the continuation of the
investment advisory contract of the Fund is available in the Fund&#146;s semi-annual report to
shareholders dated June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Repurchase of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is authorized, subject to maintaining required asset coverage on its preferred
shares, to repurchase its common shares in the open market when the common shares are trading at a
discount of 10% or more (or such other percentage as the Board may determine from time to time)
from net asset value. Although the Board has authorized such repurchases, the Fund is not required
to repurchase its common shares. The Board has not established a limit on the amount of common
shares that could be repurchased. Through December&nbsp;31, 2010, the Fund had not repurchased any
common shares in the open market. Such repurchases are subject to certain notice and other
requirements under the 1940 Act. See &#147;Repurchase of Common Shares.&#148; Through December&nbsp;31, 2010 the
Fund has repurchased and retired 46,712 shares of the Series&nbsp;A Preferred and redeemed 100 shares of
the Series&nbsp;B Preferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anti-Takeover Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain provisions of the Fund&#146;s Governing Documents, may be regarded as &#147;anti-takeover&#148;
provisions. Pursuant to these provisions, only one of the three classes of trustees is elected each
year, and the affirmative vote of the holders of 75% of the outstanding voting shares of the Fund
(together with a separate class vote by the holders of any preferred shares outstanding) is
necessary to authorize amendments to the Fund&#146;s Declaration of Trust that would be necessary to
convert the Fund from a closed-end to an open-end investment company. In addition, the affirmative
vote of the holders of 80% of the outstanding voting shares of each class of the Fund, voting as a
class, is generally required to authorize certain business transactions with the beneficial owner
of more than 5% of the outstanding shares of the Fund. In addition, the holders of the preferred
shares
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have the authority to elect two trustees at all times and would have separate class voting
rights on specified matters including conversion of the Fund to open-end status and certain
reorganizations of the Fund. The overall effect of these provisions is to render more difficult the
accomplishment of a merger with, or the assumption of control by, a principal shareholder, or the
conversion of the Fund to open-end status. These provisions may have the effect of depriving Fund
shareholders of an opportunity to sell their shares at a premium above the prevailing market price.
See &#147;Anti-Takeover Provisions of the Fund&#146;s Governing Documents.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Custodian, Transfer Agent and Dividend Disbursing Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York Mellon Corporation, located at 135 Santilli Highway, Everett,
Massachusetts 02149, serves as the custodian (the &#147;Custodian&#148;) of the Fund&#146;s assets pursuant to a
custody agreement. Under the custody agreement, the Custodian holds the Fund&#146;s assets in compliance
with the 1940 Act. For
its services, the Custodian will receive a monthly fee based upon the average weekly value of the
total assets of the Fund, plus certain charges for securities transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare Trust Company, N.A. (&#147;Computershare&#148;), located at 250 Royall
Street, Canton, Massachusetts 02021, serves as the Fund&#146;s dividend disbursing agent, as agent under
the Fund&#146;s automatic dividend reinvestment and voluntary cash purchase plan (the &#147;Plan&#148;), and as
transfer agent and registrar with respect to the common shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare also serves as the transfer agent, registrar, dividend paying agent and
redemption agent with respect to the Series&nbsp;A Preferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York, located at 100 Church Street, New York, New York 10286, serves as the
auction agent, transfer agent, registrar, dividend paying agent and redemption agent with respect
to the Series&nbsp;B Preferred. See &#147;Custodian, Transfer Agent, Auction Agent and Dividend Disbursing
Agent.&#148;
</DIV>

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

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394102"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables are intended to assist you in understanding the various costs and
expenses directly or indirectly associated with investing in our common shares as a percentage of
net assets attributable to common shares. Amounts are for the current fiscal year after giving
effect to anticipated net proceeds of the offering, assuming that we incur the estimated offering
expenses, including preferred share offering expenses.
</DIV>
<DIV 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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholder Transaction Expenses</B></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">Sales Load (as a percentage of offering price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.75         </TD>
    <TD nowrap>%(1)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Expenses Borne by the Fund (excluding Preferred Share Offering Expenses) (as a percentage of offering price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.09         </TD>
    <TD nowrap>%(1)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Reinvestment Plan Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">None</TD>
    <TD nowrap>&nbsp;&nbsp;&nbsp;(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred Share Offering Expenses Borne by the Fund (as a percentage of net assets attributable to common shares)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.08         </TD>
    <TD nowrap>%(3)</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="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>Percentage of Net</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>Assets Attributable</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>to Common Shares</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"><B>Annual Expenses</B></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">Management Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.35                               </TD>
    <TD nowrap>%(4)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on Borrowed Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">None</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.50                               </TD>
    <TD nowrap>%(4)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends on Preferred Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.63                               </TD>
    <TD nowrap>%(5)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total annual fund operating expenses and dividends on preferred shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.13                               </TD>
    <TD nowrap>%(4)</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:15px; text-indent:-15px">Total Annual Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.48</TD>
    <TD nowrap>%</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>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated maximum amount based on offering of $65&nbsp;million in
common shares and $35&nbsp;million in preferred shares. The actual
amounts in connection with any offering will be set forth in the
Prospectus Supplement if applicable.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Shareholders participating in the Fund&#146;s Automatic Dividend
Reinvestment and Voluntary Cash Purchase Plans would pay $0.75
plus their pro rata share of brokerage commissions per
transaction to purchase shares and $2.50 plus their pro rata
share of brokerage commissions per transaction to sell shares.
See &#147;Automatic Dividend Reinvestment and Voluntary Cash Purchase
Plans.&#148;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes issuance of $35&nbsp;million in liquidation preference of
fixed rate preferred shares and net assets attributable to common
shares of $248&nbsp;million (which includes issuance of $65&nbsp;million in
common shares). The actual amounts in connection with any
offering will be set forth in the Prospectus Supplement if
applicable.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The Investment Adviser&#146;s fee is 1.00% annually of the Fund&#146;s
average weekly net assets, plus assets attributable to any
outstanding senior securities, with no deduction for the
liquidation preference of any outstanding preferred shares.
Consequently, if the Fund has preferred shares outstanding, the
investment management fees and other expenses as a percentage of
net assets attributable to common shares will be higher than if
the Fund does not utilize a leveraged capital structure. &#147;Other
Expenses&#148; are based on estimated amounts for the current year
assuming completion of the proposed issuances.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The Dividends on Preferred Shares represent distributions on the
existing preferred shares outstanding and the proposed $35
million of preferred shares at 6.00%.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the table above and the example below is to help you understand all fees and
expenses that you, as a holder of common shares, would bear directly or indirectly.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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 following example illustrates the expenses (including the maximum estimated sales load of
$10 and estimated offering expenses of $6.60 from the issuance of $65&nbsp;million in common shares) you
would pay on a $1,000 investment in common shares, assuming a 5% annual portfolio total return.*
The actual amounts in connection with any offering will be set forth in the Prospectus Supplement
if applicable.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>10 Years</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Expenses Incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">293</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

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

</TABLE>




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



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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="Y91394103"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected data below sets forth the per share operating performance and ratios for the
periods presented. The financial information was derived from and should be read in conjunction
with the Financial Statements of the Fund and Notes thereto, which are incorporated by reference
into this Prospectus and the SAI. The financial information for the fiscal year ended December&nbsp;31,
2010 and for each of the preceding fiscal periods presented since inception, has been audited by &#091;
&#093;, the Fund&#146;s independent registered public accounting firm, whose unqualified report on such
Financial Statements is incorporated by reference into the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected data for a share of beneficial interest outstanding throughout each period:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="6" style="border-bottom: 0px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</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"><B>Operating Performance:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net asset value, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.98</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net realized and unrealized gain/(loss) on investments,
swap contracts, and foreign currency transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.48</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.84</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total from investment operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.01</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Distributions to Preferred Shareholders: (a)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net realized gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.08</TD>
    <TD nowrap>)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total distributions to preferred shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.06</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.09</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.10</TD>
    <TD nowrap>)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Increase/(Decrease) in Net Assets Attributable to
Common Shareholders Resulting from Operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.39</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.91</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Distributions to Common Shareholders:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net investment income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.08</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.16</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net realized gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.33</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.56</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.64</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.64</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.58</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total distributions to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.72</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.72</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.72</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.72</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.72</TD>
    <TD nowrap>)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fund Share Transactions:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in net asset value from common share transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in net asset value from repurchase of preferred shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>(g)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>(g)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>(g)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"><A HREF="#Y91394tocpage">Table of Contents</A></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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="6" style="border-bottom: 0px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</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">Offering costs for issuance of rights charged to paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.00</TD>
    <TD nowrap>)(g)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>(g)</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total fund share transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</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"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Asset Value Attributable to Common Shareholders, End of Period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.19</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NAV total return &#134;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.76</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31.68</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.46</TD>
    <TD nowrap>%</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market value, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.94</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment total return &#134;&#134;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21.38</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31.81</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.47</TD>
    <TD nowrap>%</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Ratios to Average Net Assets and Supplemental Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets including liquidation value of preferred shares,
end of period (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">218,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">212,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">206,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">300,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets attributable to common shares, end of period (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">160,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">154,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">245,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">242,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of net investment income to average net assets attributable
to common shares before preferred share distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.24</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of operating expenses to average net assets attributable
to common shares before fee waived</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.93</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of operating expenses to average net assets attributable
to common shares net of advisory fee reduction, if any (b)(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of operating expenses to average net assets including
liquidation value of preferred shares before fee waived</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of operating expenses to average net assets including
liquidation value of preferred shares net of advisory fee
reduction, if any (b)(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portfolio turnover rate &#134;&#134;&#134;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Preferred Shares:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>5.625% Series&nbsp;A Cumulative Preferred Shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidation value, end of period (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shares outstanding (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidation preference per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"><A HREF="#Y91394tocpage">Table of Contents</A></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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="6" style="border-bottom: 0px solid #000000"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</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">Average market value (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset coverage per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">106.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">137.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">136.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Series&nbsp;B Auction Market Cumulative Preferred Shares</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidation value, end of period (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shares outstanding (in 000&#146;s)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidation preference per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average market value (e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset coverage per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">106,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">137,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">136,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Asset Coverage (f)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">426</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">413</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">399</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">550</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">545</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

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

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

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

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

<TR valign="top">
    <TD nowrap align="left">&#134;&#134;&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Effective in 2008, a change in accounting policy was adopted with regard to the calculation of
the portfolio turnover rate to include cash proceeds due to mergers. Had this policy been adopted
retroactively, the portfolio turnover rate for the years ended December&nbsp;31, 2007 and 2006, would
have been 29% and 34%, respectively.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated based upon average common shares outstanding on the record dates throughout the period.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD>The ratios do not include a reduction for custodian fee credits on cash balances maintained with
the custodian (&#147;Custodian Fee Credits&#148;). Including such Custodian Fee Credits for the year ended
December&nbsp;31, 2007, the ratio of operating expenses to average net assets attributable to common
shares net of advisory fee reduction would have been 1.63% and the ratio of operating expenses to
average net assets including liquidation value of preferred shares net of fee reduction would
have been 1.33%. For the years ended December&nbsp;31, 2009, 2008, and 2006, the effect of Custodian
Fee Credits was minimal. For the year ended December&nbsp;31, 2010, there were no Custodian Fee
Credits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>The Fund incurred interest expense during the year ended December&nbsp;31, 2007. If interest expense
had not been incurred, the ratio of operating expenses to average net assets attributable to
common shares would have been 1.62% and the ratio of operating expenses to average net assets
including liquidation value of preferred shares would have been 1.33%. For the years ended
December&nbsp;31, 2010, 2009, and 2008, the effect of interest expense was minimal.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on weekly prices.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on weekly auction prices. Since February&nbsp;2008, the weekly auctions have failed. Holders
that have submitted orders have not been able to sell any or all of their shares in the auctions.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(f)</TD>
    <TD>&nbsp;</TD>
    <TD>Asset coverage is calculated by combining all series of preferred shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(g)</TD>
    <TD>&nbsp;</TD>
    <TD>Amount represents less than $0.005 per share.</TD>
</TR>

</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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





<DIV align="left">
<A name="Y91394104"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser expects that it will initially invest the proceeds of the offering in
high quality short-term debt securities and instruments. The Investment Adviser anticipates that
the investment of the proceeds will be made in accordance with the Fund&#146;s investment objective and
policies as appropriate investment opportunities are identified, which is expected to substantially
be completed within three months; however, changes in market conditions could result in the Fund&#146;s
anticipated investment period extending to as long as six months.
</DIV>
<DIV align="left">
<A name="Y91394105"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a non-diversified, closed-end management investment company registered under the
1940 Act. The Fund was organized under the laws of the State of Delaware on February&nbsp;25, 1999. The
Fund had no operations prior to July&nbsp;9, 1999, other than the sale of 7,579,739 common shares to The
Gabelli Equity Trust Inc. in exchange for approximately $75&nbsp;million of cash and short-term fixed
income instruments. The Fund&#146;s principal office is located at One Corporate Center, Rye, New York
10580-1422 and its telephone number is (800)&nbsp;422-3554.
</DIV>
<DIV align="left">
<A name="Y91394106"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Objectives</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s primary investment objective is long-term growth of capital and income. The Fund
will invest at least 80% of its assets, under normal market conditions, in common stocks and other
securities of foreign and domestic companies involved in providing products, services, or equipment
for (i)&nbsp;the generation or distribution of electricity, gas, and water and (ii)&nbsp;telecommunications
services or infrastructure operations (collectively, the &#147;Utility Industry&#148;). A company will be
considered to be in the Utility Industry if it derives at least 50% of its revenues or earnings
from, or devotes at least 50% of its assets to, the indicated activities or utility-related
activities. The remaining 20% of its assets may be invested in other securities including stocks,
equity securities, debt obligations and money market instruments, as well as certain derivative
instruments in the Utility Industry or other industries. Moreover, should extraordinary conditions
affecting such sectors or securities markets as a whole warrant, the Fund may temporarily be
primarily invested in money market instruments. When the Fund is invested in these instruments for
temporary or defensive purposes it may not achieve its investment objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment policy of the Fund relating to the type of securities in which at least 80% of
the Fund&#146;s total assets must be invested may be changed by the Board without shareholder approval.
Shareholders will, however, receive at least 60&nbsp;days prior notice of any change in this policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although many companies in the Utility Industry traditionally pay above average dividends, the
Fund intends to focus on those companies whose securities have the potential to increase in value.
The Fund&#146;s performance is expected to reflect conditions affecting public utility industries. These
industries are sensitive to factors such as interest rates, local and national government
regulations, the price and availability of fuel, environmental protection or energy conservation
regulations, weather, the level of demand for services, and the risks associated with constructing
and operating nuclear power facilities. These factors may change rapidly. The Fund emphasizes
quality in selecting utility investments, and generally looks for companies that have proven
dividend records and sound financial structures. Believing that the industry is under consolidation
due to changes in regulation, the Fund intends to position itself to take advantage of trends in
consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances the Fund will invest in securities of issuers located in countries
other than the United States and may invest in such foreign securities without limitation.
Investing in securities of foreign issuers, which generally are denominated in foreign currencies,
may involve certain risk and opportunity considerations not typically associated with investing in
domestic companies and could cause the Fund to be affected favorably or unfavorably by changes in
currency exchange rates and revaluations of currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No assurance can be given that the Fund&#146;s investment objective will be achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Methodology of the Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In selecting securities for the Fund, the Investment Adviser normally will consider the
following factors, among others:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Investment Adviser&#146;s own evaluations of the private market value (as defined below), cash flow,
earnings per share and other fundamental aspects of the underlying assets and business of the
company;</TD>
</TR>

</TABLE>
</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"><A HREF="#Y91394tocpage">Table of Contents</A></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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential for capital appreciation of the 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the interest or dividend income generated by the 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the prices of the securities relative to other comparable 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the securities are entitled to the benefits of call protection or other protective covenants;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the existence of any anti-dilution protections or guarantees of the security; 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the diversification of the portfolio of the Fund as to issuers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser&#146;s investment philosophy with respect to equity securities is to
identify assets that are selling in the public market at a discount to their private market value.
The Investment Adviser defines private market value as the value informed purchasers are willing to
pay to acquire assets with similar characteristics. The Investment Adviser also normally evaluates
an issuer&#146;s free cash flow and long-term earnings trends. Finally, the Investment Adviser looks for
a catalyst, something indigenous to the company, its industry or country that will surface
additional value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Investment Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Corporate Reorganizations</I></B>. The Fund may invest without limit in securities of companies for
which a tender or exchange offer has been made or announced and in securities of companies for
which a merger, consolidation, liquidation or similar reorganization proposal has been announced
if, in the judgment of the Investment Adviser, there is a reasonable prospect of capital
appreciation significantly greater than the added portfolio turnover expenses inherent in the short
term nature of such transactions. The principal risk is that such offers or proposals may not be
consummated within the time and under the terms contemplated at the time of the investment, in
which case, unless such offers or proposals are replaced by equivalent or increased offers or
proposals that are consummated, the Fund may sustain a loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Temporary Defensive Investments</I></B>. Subject to the Fund&#146;s investment restrictions, when a
temporary defensive period is believed by the Investment Adviser to be warranted (&#147;temporary
defensive periods&#148;), the Fund may, without limitation, hold cash or invest its assets in securities
of United States government sponsored instrumentalities, in repurchase agreements in respect of
those instruments, and in certain high-grade commercial paper instruments. During temporary
defensive periods, the Fund may also invest in money market mutual funds that invest primarily in
securities of United States government sponsored instrumentalities and repurchase agreements in
respect of those instruments. Obligations of certain agencies and instrumentalities of the United
States government, such as the Government National Mortgage Association, are supported by the &#147;full
faith and credit&#148; of the United States government; others, such as those of the Export-Import Bank
of the United States, are supported by the right of the issuer to borrow from the United States
Treasury; others, such as those of the Federal National Mortgage Association, are supported by the
discretionary authority of the United States government to purchase the agency&#146;s obligations; and
still others, such as those of the Student Loan Marketing Association, are supported only by the
credit of the instrumentality. No assurance can be given that the United States government would
provide financial support to United States government sponsored instrumentalities if it is not
obligated to do so by law. During temporary defensive periods, the Fund may not achieve its
investment objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Lower Grade Securities</I></B>. The Fund may invest up to 25% of its total assets in fixed income
securities rated below investment grade by recognized statistical rating agencies or unrated
securities of comparable quality. These securities, which may be preferred stock or debt, are
predominantly speculative and involve major risk exposure to adverse conditions. Debt securities
that are not rated or that are rated lower than &#147;BBB&#148; by S&#038;P or lower than &#147;Baa&#148; by Moody&#146;s are
referred to in the financial press as &#147;junk bonds.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, such lower grade securities and unrated securities of comparable quality offer a
higher current yield than is offered by higher rated securities, but also (i)&nbsp;will likely have some
quality and protective characteristics that, in the judgment of the rating organizations, are
outweighed by large uncertainties or major risk exposures to adverse conditions and (ii)&nbsp;are
predominantly speculative with respect to the issuer&#146;s capacity to pay interest and repay principal
in accordance with the terms of the obligation. The market values of certain of these securities
also tend to be more sensitive to individual corporate developments and changes in economic
conditions than higher quality securities. In addition, such securities generally present a higher
degree of credit risk. The risk of loss due to default by these issuers is significantly greater
because such lower grade securities and unrated securities of comparable quality generally are
unsecured and frequently are subordinated to the prior payment of senior indebtedness. In light of
these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether rated
or unrated, will take various factors into consideration, which may include, as applicable, the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">issuer&#146;s operating history, financial resources and its sensitivity to economic conditions and
trends, the market support for the facility financed by the issue, the perceived ability and
integrity of the issuer&#146;s management and regulatory matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the market value of securities in lower grade securities is more volatile than
that of higher quality securities, and the markets in which such lower grade or unrated securities
are traded are more limited than those in which higher rated securities are traded. The existence
of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value. Moreover, the lack of a
liquid trading market may restrict the availability of securities for the Fund to purchase and may
also have the effect of limiting the ability of the Fund to sell securities at their fair value in
response to changes in the economy or the financial markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower grade securities also present risks based on payment expectations. If an issuer calls
the obligation for redemption (often a feature of fixed income securities), the Fund may have to
replace the security with a lower yielding security, resulting in a decreased return for investors.
Also, as the principal value of nonconvertible bonds and preferred stocks moves inversely with
movements in interest rates, in the event of rising interest rates, the value of the securities
held by the Fund may decline proportionately more than a portfolio consisting of higher rated
securities. Investments in zero coupon bonds may be more speculative and subject to greater
fluctuations in value due to changes in interest rates than bonds that pay regular income streams.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its investment in lower grade securities, the Fund may invest in securities of
issuers in default. The Fund will make an investment in securities of issuers in default only when
the Investment Adviser believes that such issuers will honor their obligations or emerge from
bankruptcy protection under a plan pursuant to which the securities received by the Fund in
exchange for its defaulted securities will have a value in excess of the Fund&#146;s investment. By
investing in securities of issuers in default, the Fund bears the risk that these issuers will not
continue to honor their obligations or emerge from bankruptcy protection or that the value of the
securities will not otherwise appreciate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to using recognized rating agencies and other sources, the Investment Adviser also
performs its own analysis of issues in seeking investments that it believes to be underrated (and
thus higher yielding) in light of the financial condition of the issuer. Its analysis of issuers
may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business
conditions, credit standing, and current anticipated results of operations. In selecting
investments for the Fund, the Investment Adviser may also consider general business conditions,
anticipated changes in interest rates, and the outlook for specific industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to its purchase by the Fund, an issue of securities may cease to be rated or its
rating may be reduced. In addition, it is possible that statistical rating agencies may change
their ratings of a particular issue to reflect subsequent events. Moreover, such ratings do not
assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining
whether the Fund should continue to hold the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for lower grade and comparable unrated securities has experienced several periods
of significantly adverse price and liquidity, particularly at or around times of economic
recessions. Past market recessions have adversely affected the value of such securities as well as
the ability of certain issuers of such securities to repay principal and pay interest thereon or to
refinance such securities. The market for those securities may react in a similar fashion in the
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Options. </I></B>On behalf of the Fund, the Investment Adviser may, subject to the guidelines of the
Board, purchase or sell (i.e., write) options on securities, securities indices and foreign
currencies which are listed on a national securities exchange or in the U.S. over-the-counter
(&#147;OTC&#148;) markets as a means of achieving additional return or of hedging the value of the Fund&#146;s
portfolio. The Fund may write covered call options on common stocks that it owns or has an
immediate right to acquire through conversion or exchange of other securities in an amount not to
exceed 25% of total assets or invest up to 10% of its total assets in the purchase of put options
on common stocks that the Fund owns or may acquire through the conversion or exchange of other
securities that it owns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option is a contract that gives the holder of the option the right to buy from the
writer (seller)&nbsp;of the call option, in return for a premium paid, the security underlying the
option at a specified exercise price at any time during the term of the option. The writer of the
call option has the obligation upon exercise of the option to deliver the underlying security upon
payment of the exercise price during the option period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A put option is a contract that gives the holder of the option the right to sell to the writer
(seller), in return for the premium, the underlying security at a specified price during the term
of the option. The writer of the put, who receives the premium, has the obligation to buy the
underlying security upon exercise, at the exercise price during the option period.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund has written an option, it may terminate its obligation by effecting a closing
purchase transaction. This is accomplished by purchasing an option of the same series as the option
previously written. There can be no assurance that a closing purchase transaction can be effected
when the Fund so desires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An exchange-traded option may be closed out only on an exchange which provides a secondary
market for an option of the same series. Although the Fund will generally purchase or write only
those options for which there appears to be an active secondary market, there is no assurance that
a liquid secondary market on an exchange will exist for any particular option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Futures Contracts and Options on Futures</I></B>. On behalf of the Fund, the Investment Adviser may,
subject to the Fund&#146;s investment restrictions and guidelines of the Board, purchase and sell
financial futures contracts and options thereon which are traded on a commodities exchange or board
of trade for certain hedging, yield enhancement and risk management purposes. These futures
contracts and related options may be on debt securities, financial indices, securities indices,
United States government securities and foreign currencies. A financial futures contract is an
agreement to purchase or sell an agreed amount of securities or currencies at a set price for
delivery in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser has claimed an exclusion from the definition of the term &#147;commodity
pool operator&#148; under the Commodity Exchange Act and therefore is not subject to the registration
requirements under the Commodity Exchange Act. Accordingly, the Fund&#146;s investments in derivative
instruments are not limited by or subject to regulation under the Commodity Exchange Act or
otherwise regulated by the Commodity Futures Trading Commission. Nevertheless, the Fund&#146;s
investment restrictions place certain limitations and prohibitions on its ability to purchase or
sell commodities or commodity contracts. In addition, investment in futures contracts and related
options generally will be limited by the rating agency guidelines applicable to any of the Fund&#146;s
outstanding preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Forward Currency Exchange Contracts</I></B>. Subject to guidelines of the Board, the Fund may enter
into forward foreign currency exchange contracts to protect the value of its portfolio against
future changes in the level of currency exchange rates. The Fund may enter into such contracts on a
&#147;spot&#148; (i.e., cash) basis at the rate then prevailing in the currency exchange market or on a
forward basis, by entering into a forward contract to purchase or sell currency. A forward contract
on foreign currency is an obligation to purchase or sell a specific currency at a future date,
which may be any fixed number of days agreed upon by the parties from the date of the contract at a
price set on the date of the contract. The Fund&#146;s dealings in forward contracts generally will be
limited to hedging involving either specific transactions or portfolio positions. The Fund does not
have an independent limitation on its investments in foreign currency futures contracts and options
on foreign currency futures contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>When Issued, Delayed Delivery Securities and Forward Commitments</I></B>. The Fund may enter into
forward commitments for the purchase or sale of securities, including on a &#147;when issued&#148; or
&#147;delayed delivery&#148; basis, in excess of customary settlement periods for the type of security
involved. In some cases, a forward commitment may be conditioned upon the occurrence of a
subsequent event, such as approval and consummation of a merger, corporate reorganization or debt
restructuring, i.e., a when, as and if issued security. When such transactions are negotiated, the
price is fixed at the time of the commitment, with payment and delivery taking place in the future,
generally a month or more after the date of the commitment. While it will only enter into a forward
commitment with the intention of actually acquiring the security, the Fund may sell the security
before the settlement date if it is deemed advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under a forward commitment are subject to market fluctuation, and no
interest (or dividends) accrues to the Fund prior to the settlement date. The Fund will segregate
with its custodian cash or liquid securities in an aggregate amount at least equal to the amount of
its outstanding forward commitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Short Sales Against the Box</I></B><B>. </B>The Fund may from time to time make short sales of securities.
The market value for the securities sold short by any one issuer will not exceed 5% of the Fund&#146;s
total assets or 5% of such issuer&#146;s voting securities. The Fund may not make short sales or
maintain a short position if it would cause more than 25% of the Fund&#146;s total assets, taken at
market value, to be held as collateral for such sales. The Fund may also make short sales &#147;against
the box.&#148; A short sale is &#147;against the box&#148; to the extent that the Fund contemporaneously owns or
has the right to obtain at no added cost securities identical to those sold short. In a short sale,
the Fund does not immediately deliver the securities sold or receive the proceeds from the sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure its obligations to deliver the securities sold short, the Fund will deposit in
escrow in a separate account with its custodian an equal amount to the securities sold short or
securities convertible into, or exchangeable for such securities. The Fund may close out a short
position by purchasing and delivering an equal amount of the securities sold short, rather than by
delivering securities already held by the Fund, because the Fund may want to continue to receive
interest and dividend payments on securities in its portfolio that are convertible into the
securities sold short.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may make a short sale in order to hedge against market risks when it believes that
the price of a security may decline, causing a decline in the value of a security owned by the Fund
or a security convertible into, or exchangeable for, such security, or when the Fund does not want
to sell the security it owns. Such short sale transactions may be subject to special tax rules, one
of the effects of which may be to accelerate income to the Fund. Additionally, the Fund may use
short sales in conjunction with the purchase of a convertible security when it is determined that a
convertible security can be bought at a small conversion premium and has a yield advantage relative
to the underlying common stock sold short.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Repurchase Agreements</I></B>. The Fund may enter into repurchase agreements with banks and non-bank
dealers of United States government securities which are listed as reporting dealers of the Federal
Reserve Bank and which furnish collateral at least equal in value or market price to the amount of
their repurchase obligation. In a repurchase agreement, the Fund purchases a debt security from a
seller who undertakes to repurchase the security at a specified resale price on an agreed future
date. Repurchase agreements are generally for one business day and generally will not have a
duration of longer than one week. The Securities and Exchange Commission (the &#147;SEC&#148;) has taken the
position that, in economic reality, a repurchase agreement is a loan by a fund to the other party
to the transaction secured by securities transferred to the fund. The resale price generally
exceeds the purchase price by an amount which reflects an agreed upon market interest rate for the
term of the repurchase agreement. The Fund&#146;s risk is primarily that, if the seller defaults, the
proceeds from the disposition of the underlying securities and other collateral for the seller&#146;s
obligation may be less than the repurchase price. If the seller becomes insolvent, the Fund might
be delayed in or prevented from selling the collateral. In the event of a default or bankruptcy by
a seller, the Fund will promptly seek to liquidate the collateral. To the extent that the proceeds
from any sale of the collateral upon a default in the obligation to repurchase is less than the
repurchase price, the Fund will experience a loss. If the financial institution that is a party to
the repurchase agreement petitions for bankruptcy or becomes subject to the United States
Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under extreme
circumstances, there may be a restriction on the Fund&#146;s ability to sell the collateral and the Fund
could suffer a loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Leveraging</I></B><B>. </B>As provided in the 1940 Act, and subject to compliance with the Fund&#146;s investment
limitations, the Fund may issue senior securities representing stock, such as preferred stock, so
long as immediately following such issuance of stock, its total assets exceed 200% of the amount of
such stock. The use of leverage magnifies the impact of changes in net asset value. For example, a
fund that uses 33% leverage will show a 1.5% increase or decline in net asset value for each 1%
increase or decline in the value of its total assets. In addition, if the cost of leverage exceeds
the return on the securities acquired with the proceeds of leverage, the use of leverage will
diminish, rather than enhance, the return to the Fund. The use of leverage generally increases the
volatility of returns to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Investment Restrictions</I></B>. The Fund has adopted certain investment restrictions as fundamental
policies of the Fund. Under the 1940 Act, a fundamental policy may not be changed without the vote
of a majority, as defined in the 1940 Act, of the outstanding voting securities of the Fund (voting
together as a single class). The Fund&#146;s investment restrictions are more fully discussed under
&#147;Investment Restrictions&#148; in the SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Portfolio Turnover</I></B>. The Fund will buy and sell securities to accomplish its investment
objective. The investment policies of the Fund may lead to frequent changes in investments,
particularly in periods of rapidly fluctuating interest or currency exchange rates. The portfolio
turnover may be higher than that of other investment companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover generally involves some expense to the Fund, including brokerage
commissions or dealer mark-ups and other transaction costs on the sale of securities and
reinvestment in other securities. The portfolio turnover rate is computed by dividing the lesser of
the amount of the securities purchased or securities sold by the average monthly value of
securities owned during the year (excluding securities whose maturities at acquisition were one
year or less). High portfolio turnover may also result in the realization of substantial net
short-term capital gains and any distributions resulting from such gains will be taxable at
ordinary income rates for United States federal income tax purposes. The Fund&#146;s portfolio turnover
rates for the fiscal years ended December&nbsp;31, 2009 and 2010 were 4% and 1%, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Long-Term Objective</I></B>. The Fund is intended for investors seeking long-term capital growth and
income. The Fund is not meant to provide a vehicle for those who wish to benefit from short-term
swings in the stock market. An investment in shares of the Fund should not be considered a complete
investment program. Each shareholder should take into account the shareholder&#146;s investment
objectives as well as the shareholder&#146;s other investments when considering investing in the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loans of Portfolio Securities</I></B>. To increase income, the Fund may lend its portfolio securities
to securities broker-dealers or financial institutions if (i)&nbsp;the loan is collateralized in
accordance with applicable regulatory requirements and (ii)&nbsp;no loan will cause the value of all
loaned securities to exceed 20% of the value of its total assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the borrower fails to maintain the requisite amount of collateral, the loan automatically
terminates and the Fund could use the collateral to replace the securities while holding the
borrower liable for any excess of replacement cost over the value
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the collateral. As with any
extension of credit, there are risks of delay in recovery and in some cases even loss of rights in
collateral should the borrower of the securities fail financially. While these loans of portfolio
securities will be made in accordance with guidelines approved by the Board, there can be no
assurance that borrowers will not fail financially. On termination of the loan, the borrower is
required to return the securities to the Fund, and any gain or loss in the market price during the
loan would inure to the Fund. If the counterparty to the loan petitions for bankruptcy or becomes
subject to the United States Bankruptcy Code, the law regarding the Fund&#146;s rights is unsettled. As
a result, under these circumstances, there may be a restriction on the Fund&#146;s ability to sell the
collateral and it would suffer a loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Borrowing</I></B><B>. </B>The Fund may borrow money in accordance with its investment restrictions, including
as a temporary measure for extraordinary or emergency purposes. It may not borrow for investment
purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Investment Objective and Policies&#151;Investment Practices&#148; in the SAI.
</DIV>
<DIV align="left">
<A name="Y91394107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors should consider the following risk factors and special considerations associated
with investing in the Fund:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Industry Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal market conditions, the Fund will invest at least 80% of its total assets in
foreign and domestic companies involved in the Utility Industry and, as a result, the value of the
common shares will be more susceptible to factors affecting those particular types of companies,
including governmental regulation, inflation, cost increases in fuel and other operating expenses,
technological innovations that may render existing products and equipment obsolete and increasing
interest rates resulting in high interest costs on borrowings needed for capital construction
programs, including costs associated with compliance with environmental and other regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Sector Risk</I></B><B>. </B>The Fund concentrates its investments in the Utility Industry. As a result, the
Fund&#146;s investments may be subject to greater risk and market fluctuation than a fund that had
securities representing a broader range of investment alternatives. The prices of securities issued
by traditional utility companies may change in response to interest rate changes. There is no
guarantee that this relationship will continue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Government Regulation</I></B>. There are substantial differences between the regulatory practices and
policies in various jurisdictions, and any given regulatory agency may make major shifts in policy
from time to time. There is no assurance that regulatory authorities will, in the future, permit
rate increases or that such increases will be adequate to permit the payment of dividends on common
shares by companies subject to such regulatory provisions. Additionally, existing and possible
future regulatory legislation may make it even more difficult for these utilities to obtain
adequate relief.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Various regulatory regimes also impose limitations on the percentage of the stock of a public
utility held by a fund as an investment. These limitations may unfavorably restrict the ability of
the Fund to make certain investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deregulation</I></B><B>. </B>Changing regulation constitutes one of the industry-specific risks for the Fund,
especially with respect to its investments in traditionally regulated public utilities and
partially regulated utility companies. Domestic and foreign regulators monitor and control utility
revenues and costs, and therefore may limit utility profits and dividends paid to investors, which
could result in reduced income to the Fund. Regulatory authorities also may restrict a company&#146;s
access to new markets, thereby diminishing the company&#146;s long-term prospects. The deregulation of
certain utility companies may eliminate restrictions on profits and dividends, but may also subject
these companies to greater risks of loss. Deregulation of the utility industry could have a
positive or negative impact on the Fund. The Investment Adviser believes that certain utility
companies&#146; fundamentals should continue to improve as the industry undergoes deregulation.
Companies may seek to strengthen their competitive positions through mergers and takeovers. The
loosening of the government regulation of utilities should encourage convergence within the
industry. Improving earnings prospects, strong cash flows, share repurchases and takeovers from
industry consolidation may tend to boost share prices. However, as has occurred in California and
elsewhere, certain companies may be less able to meet the challenge of deregulation as competition
increases and investments in these companies would not be likely to perform well. Individual
sectors of the utility market are subject to additional risks. These risks can apply to all utility
companies &#151; regulated or fully or partially deregulated and unregulated. For example,
telecommunications companies have been affected by technological developments leading to increased
competition, as well as changing regulation of local and long-distance telephone services and other
telecommunications businesses. Certain telecommunications companies have been adversely affected by
the new competitive climate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Financing</I></B><B>. </B>Currently, companies in the Utility Industry have encountered difficulties in
obtaining financing for construction programs during inflationary periods. Issuers experiencing
difficulties in financing construction programs may
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">also experience lower profitability, which can
result in reduced income to the Fund. Historically, companies in the Utility Industry have also
encountered such financing difficulties during inflationary periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Equipment and Supplies</I></B><B>. </B>Traditional utility companies face the risk of lengthy delays and
increased costs associated with the design, construction, licensing and operation of their
facilities. Moreover, technological innovations may render existing plants, equipment or products
obsolete. Increased costs and a reduction in the availability of fuel (such as oil, coal, nuclear
or natural gas) also may adversely affect the profitability of utility companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric utilities may be burdened by unexpected increases in operating costs. They may also
be negatively affected when long-term interest rates rise. Long-term borrowings are used to finance
most utility investments, and rising interest rates lead to higher financing costs and reduced
earnings. There are also the considerable costs associated with environmental compliance, nuclear
waste clean-up, cap and trade or other programs designed to reduce carbon dioxide and other
greenhouse emissions, and safety regulation. Increasingly, regulators are calling upon electric
utilities to bear these added costs, and there is a risk that these costs will not be fully
recovered through an increase in revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among gas companies, there has been a move to diversify into oil and gas exploration and
development, making investment returns more sensitive to energy prices. In the case of the water
utility sector, the industry is highly fragmented, and most water supply companies find themselves
in mature markets, although upgrading of fresh water and waste water systems is an expanding
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Long-Term Objective: Not a Complete Investment Program</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is intended for investors seeking long-term capital growth and income. The Fund is
not meant to provide a vehicle for those who wish to exploit short-term swings in the stock market.
An investment in shares of the Fund should not be considered a complete investment program. Each
shareholder should take into account the Fund&#146;s investment objective as well as the shareholder&#146;s
other investments when considering an investment in the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-Diversified Status</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is classified as a &#147;non-diversified&#148; investment company under the 1940 Act, which
means it is not limited by the 1940 Act in the proportion of its assets that may be invested in the
securities of a single issuer. As a non-diversified investment company, the Fund may invest in the
securities of individual issuers to a greater degree than a diversified investment company. As a
result, the Fund may be more vulnerable to events affecting a single issuer and therefore subject
to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in
the Fund may present greater risk to an investor than an investment in a diversified company. To
qualify as a &#147;regulated investment company,&#148; or &#147;RIC,&#148; for purposes of the Code, the Fund has in
the past conducted and intends to conduct its operations in a manner that will relieve it of any
liability for federal income tax to the extent its earnings are distributed to shareholders. To so
qualify as a &#147;regulated investment company,&#148; among other requirements, the Fund will limit its
investments so that, at the close of each quarter of the taxable year:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not more than 25% of the market value of its total assets will be
invested in the securities (other than United States government
securities or the securities of other RICs) of a single issuer, any
two or more issuers in which the fund owns 20% or more of the voting
securities and which are determined to be engaged in the same, similar
or related trades or businesses or in the securities of one or more
qualified publicly traded partnerships (as defined in the Code); 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least 50% of the market value of the Fund&#146;s assets will be
represented by cash, securities of other regulated investment
companies, United States government securities 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 its assets and not more
than 10% of the outstanding voting securities of such issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Value and Net Asset Value</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a non-diversified, closed-end management investment company. Shares of closed-end
funds are bought and sold in the securities markets and may trade at either a premium to or
discount from net asset value. Listed shares of closed-end investment companies often trade at
discounts from net asset value. This characteristic of shares of a closed-end fund is a risk
separate and distinct from the risk that its net asset value may decrease. The Fund cannot predict
whether its listed shares will trade at, below or above net asset value. Shortly after the
inception of the Fund, the market price of the Fund exceeded the net asset value (the &#147;NAV&#148;) and
the premium continues today. Shareholders desiring liquidity may, subject to applicable securities
laws, trade their Fund shares on the NYSE or other markets on which such shares may trade at the
then-current
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 20 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">market value, which may differ from the then-current NAV. Shareholders will incur
brokerage or other transaction costs to sell shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lower Grade Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest up to 25% of its total assets in fixed income securities rated below
investment grade by recognized statistical rating agencies or unrated securities of comparable
quality. These securities, which may be preferred stock or debt, are predominantly speculative and
involve major risk exposure to adverse conditions. Debt securities that are not rated or that are
rated lower than &#147;BBB&#148; by S&#038;P or lower than &#147;Baa&#148; by Moody&#146;s are referred to in the financial press
as &#147;junk bonds.&#148; Such securities are subject to greater risks than investment grade securities,
which reflect their speculative character, including the following:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>greater volatility;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>greater credit risk;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potentially greater sensitivity to general economic or industry conditions;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential lack of attractive resale opportunities (illiquidity); 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional expenses to seek recovery from issuers who default.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed income securities purchased by the Fund may be rated as low as C by Moody&#146;s or D by S&#038;P
or may be unrated securities considered to be of equivalent quality. Securities that are rated C by
Moody&#146;s are the lowest rated class and can be regarded as having extremely poor prospects of ever
obtaining investment-grade standing. Debt rated D by S&#038;P is in default or is expected to default
upon maturity of payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market value of lower rated securities may be more volatile than the market value of
higher rated securities and generally tends to reflect the market&#146;s perception of the
creditworthiness of the issuer and short-term market developments to a greater extent than more
highly rated securities, which primarily reflect fluctuations in general levels of interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratings are relative and subjective, and are 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its investment in lower grade securities, the Fund may invest in securities of
issuers in default. The Fund will make an investment in securities of issuers in default only when
the Investment Adviser believes that such issuers will honor their obligations or emerge from
bankruptcy protection under a plan pursuant to which the securities received by the Fund in
exchange for its defaulted securities will have a value in excess of the Fund&#146;s investment. By
investing in securities of issuers in default, the Fund bears the risk that these issuers will not
continue to honor their obligations or emerge from bankruptcy protection or that the value of the
securities will not otherwise appreciate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in the securities of foreign issuers involve certain considerations and risks not
ordinarily associated with investments in securities of domestic issuers. Foreign companies are not
generally subject to uniform accounting, auditing and financial standards and requirements
comparable to those applicable to United States companies. Foreign securities exchanges, brokers
and listed companies may be subject to less government supervision and regulation than exists in
the United States. Dividend and interest income may be subject to withholding and other foreign
taxes, which may adversely affect the net return on such investments. There may be difficulty in
obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect
repatriation of capital invested in certain countries. In addition, with respect to certain
countries, there are risks of expropriation, confiscatory taxation, political or social instability
or diplomatic developments that could affect assets of the Fund held in foreign countries. Dividend
income that the Fund receives from foreign securities may not be eligible for the special tax
treatment applicable to qualified dividend income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be less publicly available information about a foreign company than a United States
company. Foreign securities markets may have substantially less volume than United States
securities markets and some foreign company securities are less liquid than securities of otherwise
comparable United States companies. A portfolio of foreign securities may also be adversely
affected by fluctuations in the rates of exchange between the currencies of different nations and
by exchange control regulations. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities
on such markets and may result in the Fund missing attractive investment opportunities or
experiencing loss. In addition, a portfolio that includes foreign securities can expect to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 - <!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have a
higher expense ratio because of the increased transaction costs on non-United States securities
markets and the increased costs of maintaining the custody of foreign securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also may purchase sponsored American Depositary Receipts (&#147;ADRs&#148;) or United States
dollar denominated securities of foreign issuers. ADRs are receipts issued by United States banks
or trust companies in respect of securities of foreign issuers held on deposit for use in the
United States securities markets. While ADRs may not necessarily be denominated in the same
currency as the securities into which they may be converted, many of the risks associated with
foreign securities may also apply to ADRs. In addition, the underlying issuers of certain
depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no
obligation to distribute shareholder communications to the holders of such receipts, or to pass
through to them any voting rights with respect to the deposited securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special Risks of Derivative Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in the options or futures markets and in currency exchange transactions involves
investment risks and transaction costs to which the Fund would not be subject absent the use of
these strategies. If the Investment Adviser&#146;s prediction of movements in the direction of the
securities, foreign currency and interest rate markets are inaccurate, the consequences to the Fund
may leave the Fund in a worse position than if such strategies were not used. Risks inherent in the
use of options, foreign currency, futures contracts and options on futures contracts, securities
indices and foreign currencies include:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dependence on the Investment Adviser&#146;s ability to predict correctly movements in the direction of interest rates,
securities prices and currency markets;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>imperfect correlation between the price of options and futures contracts and options thereon and movements in the
prices of the securities or currencies being hedged;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that skills needed to use these strategies are different from those needed to select portfolio 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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possible absence of a liquid secondary market for any particular instrument at any 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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possible need to defer closing out certain hedged positions to avoid adverse tax consequences; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possible inability of the Fund to purchase or sell a security at a time that otherwise would be favorable for
it to do so, or the possible need for the Fund to sell a security at a disadvantageous time due to a need for the
Fund to maintain &#147;cover&#148; or to segregate securities in connection with the hedging techniques.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See &#147;Risk Factors and Special Considerations&#151;Futures Transactions.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Futures Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures and options on futures entail certain risks, including but not limited to the
following:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no assurance that futures contracts or options on futures can be offset at favorable prices;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>possible reduction of the yield of the Fund due to the use of hedging;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>possible reduction in value of both the securities hedged and the hedging instrument;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>possible lack of liquidity due to daily limits or price fluctuations;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>imperfect correlation between the contracts and the securities being hedged; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>losses from investing in futures transactions that are potentially unlimited and the
segregation requirements for such transactions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a further description, see &#147;Investment Objective and Policies&#151;Investment Practices&#148; in the
SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forward Currency Exchange Contracts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of forward currency exchange contracts may involve certain risks, including the
failure of the counterparty to perform its obligations under the contract and that the use of
forward contracts may not serve as a complete hedge because of an imperfect correlation between
movements in the prices of the contracts and the prices of the currencies hedged or used for cover.
For a further description of such investments, see &#147;Investment Objective and Policies&#151;Investment
Practices&#148; in the SAI.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 22 - <!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dependence on Key Personnel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser is dependent upon the expertise of Mr.&nbsp;Mario J. Gabelli in providing
advisory services with respect to the Fund&#146;s investments. If the Investment Adviser were to lose
the services of Mr.&nbsp;Gabelli, its ability to service the Fund could be adversely affected. There can
be no assurance that a suitable replacement could be found for Mr.&nbsp;Gabelli in the event of his
death, resignation, retirement or inability to act on behalf of the Investment Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Disruption Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain events have a disruptive effect on the securities markets, such as terrorist attacks,
war and other geopolitical events. The Fund cannot predict the effects of similar events in the
future on the U.S. economy. Lower rated securities and securities of issuers with smaller market
capitalizations tend to be more volatile than higher rated securities and securities of issuers
with larger market capitalizations so that these events and any actions resulting from them may
have a greater impact on the prices and volatility of lower rated securities and securities of
issuers with smaller market capitalizations than on higher rated securities and securities of
issuers with larger market capitalizations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anti-Takeover Provisions of the Fund&#146;s Governing Documents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s Governing Documents include provisions that could limit the ability of other
entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. See
&#147;Anti-Takeover Provisions of the Fund&#146;s Governing Documents.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special Risks Related to Preferred Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are special risks associated with the Fund&#146;s investing in preferred securities,
including:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Deferral</I></B><B>. </B>Preferred securities may include provisions that permit the
issuer, at its discretion, to defer dividends or distributions for a
stated period without any adverse consequences to the issuer. If the
Fund owns a preferred security that is deferring its dividends or
distributions, the Fund may be required to report income for tax
purposes although it has not yet received such 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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Non-Cumulative Dividends</I></B>. Some preferred securities are
non-cumulative, meaning that the dividends do not accumulate and need
not ever be paid. A portion of the portfolio may include investments
in non-cumulative preferred securities, whereby the issuer does not
have an obligation to make up any arrearages to its shareholders.
Should an issuer of a non-cumulative preferred security held by the
Fund determine not to pay dividends or distributions on such security,
the Fund&#146;s return from that security may be adversely affected. There
is no assurance that dividends or distributions on non-cumulative
preferred securities in which the Fund invests will be declared or
otherwise made payable.</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Subordination</I></B><B>. </B>Preferred securities are subordinated to bonds and
other debt instruments in an issuer&#146;s capital structure in terms of
priority to corporate income and liquidation payments, and therefore
will be subject to greater credit risk than more senior debt security
instruments.</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Liquidity</I></B>. Preferred securities may be substantially less liquid than
many other securities, such as common stocks or U.S. government
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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Limited Voting Rights</I></B>. Generally, preferred security holders (such as
the Fund) have no voting rights with respect to the issuing company
unless preferred dividends have been in arrears for a specified number
of periods, at which time the preferred security holders may be
entitled to elect a number of directors to the issuer&#146;s board.
Generally, once all the arrearages have been paid, the preferred
security holders no longer have voting rights.</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Special Redemption Rights</I></B><B>. </B>In certain varying circumstances, an issuer
of preferred securities may redeem the securities prior to a specified
date. For instance, for certain types of preferred securities, a
redemption may be triggered by a change in federal income tax or
securities laws. A redemption by the issuer may negatively impact the
return of the security held by the Fund.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special Risks to Holders of Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may not be an established market for our notes. To the extent that our notes trade, they
may trade at a price either higher or lower than their principal amount depending on interest
rates, the rating (if any) on such notes and other factors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 23 - <!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the interest rate on the notes approaches the net rate of return on the Fund&#146;s investment
portfolio, the benefit of leverage to the holders of the common shares would be reduced. Any
decline in the net asset value of the Fund&#146;s investments would be borne entirely by the holders of
common shares. Therefore, if the market value of the Fund&#146;s portfolio declines, the leverage will
result in a greater decrease in net asset value to the holders of common shares than if the Fund
were not leveraged. This greater net asset value decrease will also tend to cause a greater decline
in the market price for the common shares. The Fund might be in danger of failing to maintain the
required asset coverage of the notes. Holders of notes may have different interests than holders
of common shares and at times may have disproportionate influence over the Fund&#146;s affairs. In the
event the Fund fails to maintain the specified level of asset coverage of any notes outstanding,
the holders of the notes will have the right to elect a majority of the Fund&#146;s trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Companies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in the securities of other investment companies to the extent permitted by
law. To the extent the Fund invests in the common equity of investment companies, the Fund will
bear its ratable share of any such investment company&#146;s expenses, including management fees. The
Fund will also remain obligated to pay management fees to the Investment Adviser with respect to
the assets invested in the securities of other investment companies. In these circumstances holders
of the Fund&#146;s common shares will be subject to duplicative investment expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Counterparty Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will be subject to credit risk with respect to the counterparties to the derivative
contracts purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform
its obligations under a derivative contract due to financial difficulties, the Fund may experience
significant delays in obtaining any recovery under the derivative contract in bankruptcy or other
reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in
such circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Loans of Portfolio Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with applicable regulatory requirements and the Fund&#146;s investment restrictions, the
Fund may lend its portfolio securities to securities broker-dealers or financial institutions,
provided that such loans are callable at any time by the Fund (subject to notice provisions
described in the SAI) and are at all times secured by cash or cash equivalents, which are
maintained in a segregated account pursuant to applicable regulations and that are at least equal
to the market value, determined daily, of the loaned securities. The advantage of such loans is
that the Fund continues to receive the income on the loaned securities while at the same time
earning interest on the cash amounts deposited as collateral, which will be invested in short-term
obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the
laws or regulations of any state in which its shares are qualified for sale. The Fund&#146;s loans of
portfolio securities will be collateralized in accordance with applicable regulatory requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a further description of such loans of portfolio securities, see &#147;Investment Objective and
Policies&#151;Certain Investment Practices&#151;Loans of Portfolio Securities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is subject to management risk because it is an actively managed portfolio. The
Investment Adviser will apply investment techniques and risk analyses in making investment
decisions for the Fund, but there can be no guarantee that these will produce the desired results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Status as a Regulated Investment Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has qualified, and intends to remain qualified, for federal income tax purposes as a
regulated investment company under Subchapter M of the Code. Qualification requires, among other
things, compliance by the Fund with certain distribution requirements. Statutory limitations on
distributions on the common shares if the Fund fails to satisfy the 1940 Act&#146;s asset coverage
requirements could jeopardize the Fund&#146;s ability to meet such distribution requirements. The Fund
presently intends, however, to purchase or redeem preferred shares to the extent necessary in order
to maintain compliance with such asset coverage requirements. See &#147;Taxation&#148; for a more complete
discussion of these and other federal income tax considerations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Leverage Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund uses financial leverage for investment purposes by issuing preferred shares. As of
December&nbsp;31, 2010, the amount of leverage represented approximately 23% of the Fund&#146;s total assets.
The Series&nbsp;A Preferred and Series&nbsp;B Preferred
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --> - 24 - <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have the same seniority with respect to distributions
and liquidation preference. Preferred shares have seniority over common shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s use of leverage, which can be described as exposure to changes in price at a ratio
greater than the amount of equity invested, either through the issuance of preferred shares or
other forms of market exposure, magnifies both the favorable and unfavorable effects of price
movements in the investments made by the Fund. The Fund&#146;s leveraged capital structure creates
special risks not associated with unleveraged funds having similar investment objective and
policies.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Preferred Share Risk. </B>The issuance of preferred shares causes the net
asset value and market value of the common shares to become more
volatile. If the dividend rate on the preferred shares approaches the
net rate of return on the Fund&#146;s investment portfolio, the benefit of
leverage to the holders of the common shares would be reduced. If the
dividend rate on the preferred shares plus the management fee annual
rate of 1.00% (as applicable) exceeds the net rate of return on the
Fund&#146;s portfolio, the leverage will result in a lower rate of return
to the holders of common shares than if the Fund had not issued
preferred shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any decline in the net asset value of the Fund&#146;s investments would be
borne entirely by the holders of common shares. Therefore, if the
market value of the Fund&#146;s portfolio declines, the leverage will
result in a greater decrease in net asset value to the holders of
common shares than if the Fund were not leveraged. This greater net
asset value decrease will also tend to cause a greater decline in the
market price for the common shares. The Fund might be in danger of
failing to maintain the required asset coverage of the preferred
shares or of losing its ratings on the preferred shares or, in an
extreme case, the Fund&#146;s current investment income might not be
sufficient to meet the dividend requirements on the preferred shares.
In order to counteract such an event, the Fund might need to liquidate
investments in order to fund a redemption of some or all of the
preferred shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, the Fund would pay (and the holders of common shares will
bear) all costs and expenses relating to the issuance and ongoing
maintenance of the preferred shares, including the advisory fees on
the incremental assets attributable to such shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Holders of preferred shares may have different interests than holders
of common shares and may at times have disproportionate influence over
the Fund&#146;s affairs. Holders of preferred shares, voting separately as
a single class, would have the right to elect two members of the Board
at all times and in the event dividends become two full years in
arrears would have the right to elect a majority of the Trustees until
such arrearage is completely eliminated. In addition, preferred
shareholders have class voting rights on certain matters, including
changes in fundamental investment restrictions and conversion of the
fund to open-end status, and accordingly can veto any such changes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions imposed on the declarations and payment of dividends or
other distributions to the holders of the Fund&#146;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by
rating agencies, might impair the Fund&#146;s ability to maintain its
qualification as a regulated investment company for federal income tax
purposes. While the Fund intends to redeem its preferred shares to the
extent necessary to enable the Fund to distribute its income as
required to maintain its qualification as a regulated investment
company under the Code, there can be no assurance that such actions
can be effected in time to meet the Code requirements.</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Special Risks to Holders of Fixed Rate Preferred Shares</B></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>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Illiquidity Prior to Exchange Listing</I>. Prior to the offering, there
will be no public market for any additional series of Fixed Rate
Preferred Shares. In the event any additional series of Fixed Rate
Preferred Shares are issued, prior application will have been made to
list such shares on a national securities exchange, which will likely
be the NYSE. However, during an initial period, which is not expected
to exceed 30&nbsp;days after the date of its initial issuance, such shares
may not be listed on any securities exchange. During such period, the
underwriters may make a market in such shares, though, they will have
no obligation to do so. Consequently, an investment in such shares may
be illiquid during such period.</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>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Market Price Fluctuation</I>. Fixed Rate Preferred Shares may trade at a
premium to or discount from liquidation value for various reasons,
including changes in interest rates.</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Special Risks for Holders of Auction Rate Preferred Shares</B></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>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Auction Risk</I>. You may not be able to sell your Auction Rate Preferred
Shares at an auction if the auction fails, i.e., if more Auction Rate
Preferred Shares are offered for sale than there are buyers for those
shares. Also, if you place an order (a hold order) at an auction to
retain Auction Rate Preferred Shares only at a specified rate that
exceeds the rate set at the auction, you will not retain your Auction
Rate Preferred Shares. Additionally, if you place a hold order</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 25 - <!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>without specifying a rate below which you
would not wish to continue to hold your shares and the auction sets a below-market rate, you will receive a
lower rate of return on your shares than the market rate. Finally, the dividend period may be changed,
subject to certain conditions and with notice to the holders of the Auction Rate Preferred Shares, which
could also affect the liquidity of your investment. Due to recent market disruption most auction-rate
preferred shares, including our Series&nbsp;B Auction Rate Preferred, have been unable to hold successful
auctions and holders of such shares have suffered reduced liquidity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Secondary Market Risk</I>. If you try to sell your Auction Rate Preferred Shares between auctions, you may not
be able to sell them for their liquidation preference per share or such amount per share plus accumulated
dividends. If the Fund has designated a special dividend period of more than seven days, changes in interest
rates could affect the price you would receive if you sold your shares in the secondary market.
Broker-dealers that maintain a secondary trading market for the Auction Rate Preferred Shares are not
required to maintain this market, and the Fund is not required to redeem Auction Rate Preferred Shares if
either an auction or an attempted secondary market sale fails because of a lack of buyers. The Auction Rate
Preferred Shares will not be registered on a stock exchange. If you sell your Auction Rate Preferred Shares
to a broker-dealer between auctions, you may receive less than the price you paid for them, especially when
market interest rates have risen since the last auction or during a special dividend period. Due to recent
market disruption most auction-rate preferred shares, including our Series&nbsp;B Auction Rate Preferred, have
been unable to hold successful auctions and holders of such shares have suffered reduced liquidity,
including the inability to sell such shares in a secondary market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Portfolio Guidelines of Rating Agencies for Preferred Shares and/or Credit Facility. </B>In order to obtain and
maintain attractive credit quality ratings for preferred shares or borrowings, the Fund must comply with
investment quality, diversification and other guidelines established by the relevant rating agencies. These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Impact on Common Shares. </B>The following table is furnished in response to requirements of the SEC. It is
designed to illustrate the effect of leverage on common share total return, assuming investment portfolio
total returns (comprised of net investment income of the Fund, realized gains or losses of the Fund and
changes in the value of the securities held in the Fund&#146;s portfolio) of -10%, -5%, 0%, 5% and 10%. These
assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the
investment portfolio returns experienced or expected to be experienced by the Fund. See &#147;Risks.&#148; The table
further reflects leverage representing 23% of the Fund&#146;s total assets, the Fund&#146;s current projected blended
annual average leverage dividend or interest rate of 3.82%, a management fee at an annual rate of 1.00% of
the liquidation preference of any outstanding preferred shares and estimated annual incremental expenses
attributable to any outstanding preferred shares of 0.04% of the Fund&#146;s net assets attributable to common
shares.</TD>
</TR>

</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumed Portfolio Total Return (Net
of Expenses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10      </TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5      </TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Share Total Return</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15.73      </TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9.23      </TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.74      </TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.25</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Common share total return is composed of two elements&#151;the common share distributions paid by
the Fund (the amount of which is largely determined by the taxable income of the Fund
(including realized gains or losses) after paying interest on any debt and/or dividends on
any preferred shares) and unrealized gains or losses on the value of the securities the Fund
owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer
capital losses than to enjoy total return. For example, to assume a total return of 0% the
Fund must assume that the income it receives on its investments is entirely offset by
expenses and losses in the value of those investments. The Fund&#146;s shares are leveraged, and
the risks and special considerations related to leverage described in this prospectus apply.
Such leveraging of the shares cannot be fully achieved until the proceeds resulting from the
use of leverage have been invested in accordance with the Fund&#146;s investment objectives and
policies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Share Distribution Policy Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted a policy, which may be changed at any time by the Board, of paying
distributions on its common shares of $0.05 per share per month. In the event the Fund does not
generate a total return from dividends and interest received and net realized capital gains in an
amount equal to or in excess of its stated distribution in a given year, the Fund may return
capital as part of such distribution, which may have the effect of decreasing the asset coverage
per share with respect to the Fund&#146;s preferred shares. Any return of capital should not be
considered by investors as yield or total return on
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">their investment in the Fund. Shareholders
should not assume that a distribution from the Fund is comprised exclusively of net profits. For
the fiscal year ended December&nbsp;31, 2010, the Fund made distributions of $0.72 per common share, of
which $0.64212 per share is deemed a return of capital. The Fund has made monthly distributions
with respect to its common shares since October&nbsp;1999. A portion of the distributions to holders of
common shares during five of the ten fiscal years since the Fund&#146;s inception has constituted a
return of capital. The composition of each distribution is estimated based on the earnings of the
Fund as of the record date for each distribution. The actual composition of each of the current
year&#146;s distributions will be based on the Fund&#146;s investment activity through the end of the
calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Restrictions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted certain investment limitations designed to limit investment risk and
maintain portfolio diversification. These limitations are fundamental and may not be changed
without the approval of the holders of a majority, as defined in the 1940 Act, of the outstanding
shares of common shares and preferred shares voting together as a single class. The Fund may become
subject to guidelines that are more limiting than the investment restrictions set forth above in
order to obtain and maintain ratings from Moody&#146;s or S&#038;P on its preferred shares. See &#147;Investment
Restrictions&#148; in the SAI for a complete list of the fundamental and non-fundamental investment
policies of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest Rate Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into interest rate swap or cap transactions in relation to all or a portion
of any series of Auction Rate Preferred Shares in order to manage the impact on its portfolio of
changes in the dividend rate of such shares. At present, the Fund has not entered into an interest
rate swap on a percentage of its outstanding Auction Rate Preferred Shares. Through these
transactions the Fund may, for example, obtain the equivalent of a fixed rate for such Auction Rate
Preferred Shares that is lower than the Fund would have to pay if it issued Fixed Rate Preferred
Shares. The use of interest rate swaps and caps is a highly specialized activity that involves
certain risks to the Fund including, among others, counterparty risk and early termination risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of interest rate swaps and caps is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio security
transactions. In an interest rate swap, the Fund would agree to pay to the other party to the
interest rate swap (which is known as the &#147;counterparty&#148;) periodically a fixed rate payment in
exchange for the counterparty agreeing to pay to the Fund periodically a variable rate payment that
is intended to approximate the Fund&#146;s variable rate payment obligation on its Auction Rate
Preferred Shares. In an interest rate cap, the Fund would pay a premium to the counterparty to the
interest rate cap and, to the extent that a specified variable rate index exceeds a predetermined
fixed rate, would receive from the counterparty payments of the difference based on the notional
amount of such cap. Interest rate swap and cap transactions introduce additional risk because the
Fund would remain obligated to pay preferred shares dividends or distributions when due in
accordance with the Statement of Preferences of the relevant series of the Auction Rate Preferred
Shares even if the counterparty defaulted. Depending on the general state of short-term interest
rates and the returns on the Fund&#146;s portfolio securities at that point in time, such a default
could negatively affect the Fund&#146;s ability to make dividend or distribution payments on the Auction
Rate Preferred Shares. In addition, at the time an interest rate swap or cap transaction reaches
its scheduled termination date, there is a risk that the Fund will not be able to obtain a
replacement transaction or that the terms of the replacement will not be as favorable as on the
expiring transaction. If this occurs, it could have a negative impact on the Fund&#146;s ability to make
dividend or distribution payments on the Auction Rate Preferred Shares. To the extent there is a
decline in interest rates, the value of the interest rate swap or cap could decline, resulting in a
decline in the asset coverage for the Auction Rate Preferred Shares. A sudden and dramatic decline
in interest rates may result in a significant decline in the asset coverage. Under the Statement of
Preferences for each series of the preferred shares, if the Fund fails to maintain the required
asset coverage on the outstanding preferred shares or fails to comply with other covenants, the
Fund may be required to redeem some or all of these shares. The Fund generally may redeem any
series of Auction Rate Preferred Shares, in whole or in part, at its option at any time (usually on
a dividend or distribution payment date), other than during a non-call period. Such redemption
would likely result in the Fund seeking to terminate early all or a portion of any swap or cap
transactions. Early termination of a swap could result in a termination payment by the Fund to the
counterparty, while early termination of a cap could result in a termination payment to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will usually enter into swaps or caps on a net basis; that is, the two payment
streams will be netted out in a cash settlement on the payment date or dates specified in the
instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two
payments. The Fund intends to segregate cash or liquid securities having a value at least equal to
the value of the Fund&#146;s net payment obligations under any swap transaction, marked to market daily.
The Fund will monitor any such swap with a view to ensuring that the Fund remains in compliance
with all applicable regulatory investment policy and tax requirements.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394109"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board (who, with its officers, are described in the SAI) has overall responsibility for
the management of the Fund. The Board decides upon matters of general policy and reviews the
actions of the Investment Adviser, Gabelli Funds, LLC, located at One Corporate Center, Rye, New
York 10580-1422, and the Sub-Administrator (as defined below). Pursuant to an Investment Advisory
Contract with the Fund, the Investment Adviser, under the supervision of the Board, provides a
continuous investment program for the Fund&#146;s portfolio; provides investment research and makes and
executes recommendations for the purchase and sale of securities; and provides all facilities and
personnel, including officers required for its administrative management and pays the compensation
of all officers and trustees of the Fund who are its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Investment Adviser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Funds, LLC acts as the Fund&#146;s Investment Adviser pursuant to the Investment Advisory
Agreement with the Fund. The Investment Adviser is a New York limited liability company with
principal offices located at One Corporate Center, Rye, New York 10580-1422 and is registered under
the Investment Advisers Act of 1940, as amended (the &#147;Advisers Act&#148;). The Investment Adviser was
organized in 1999 and is the successor to Gabelli Funds, Inc., which was organized in 1980. As of
December&nbsp;31, 2010, the Investment Adviser acts as a registered investment adviser to 25 management
investment companies with aggregate net assets of $18.3&nbsp;billion. The Investment Adviser, together
with the other affiliated investment advisers noted below, had assets under management totaling
approximately $33.3&nbsp;billion as of December&nbsp;31, 2010. GAMCO Asset Management Inc. (&#147;GAMCO&#148;), an
affiliate of the Investment Adviser, acts as investment adviser for individuals, pension trusts,
profit sharing trusts and endowments, and as a sub-adviser to management investment companies
having aggregate assets of $13.7&nbsp;billion under management as of December&nbsp;31, 2010. Gabelli
Securities, Inc., an affiliate of the Investment Adviser, acts as investment adviser for investment
partnerships and entities having aggregate assets of approximately $515&nbsp;million under management as
of December&nbsp;31, 2010. Teton Advisors, Inc., an affiliate of the Investment Adviser, acts as
investment manager to The GAMCO Westwood Funds and separately managed accounts having aggregate
assets of approximately $820&nbsp;million under management as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser is a wholly owned subsidiary of GAMCO Investors, Inc., a New York
corporation whose Class&nbsp;A Common Stock is traded on the NYSE under the symbol &#147;GBL.&#148; Mr.&nbsp;Mario J.
Gabelli may be deemed a &#147;controlling person&#148; of the Investment Adviser on the basis of his
ownership of a majority of the stock of GGCP, Inc., which owns a majority of the capital stock of
GAMCO Investors, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser has sole investment discretion for the Fund&#146;s assets under the
supervision of the Fund&#146;s Board and in accordance with the Fund&#146;s stated policies. The Investment
Adviser will select investments for the Fund and will place purchase and sale orders on behalf of
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Payment of Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser is obligated to pay expenses associated with providing the services
contemplated by the Investment Advisory Agreement between the Fund and the Investment Adviser (the
&#147;Advisory Agreement&#148;) including compensation of and office space for its officers and employees
connected with investment and economic research, trading and investment management and
administration of the Fund, as well as the fees of all trustees of the Fund who are affiliated with
the Investment Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the fees of the Investment Adviser, the Fund is responsible for the payment of
all its other expenses incurred in the operation of the Fund, which include, among other things,
expenses for legal and independent accountant&#146;s services, stock exchange listing fees, expenses
relating to the offering of preferred shares, rating agency fees, costs of printing proxies, share
certificates and shareholder reports, charges of the custodian, any subcustodian, auction agent,
transfer agent(s) and dividend disbursing agent expenses in connection with its respective
automatic dividend reinvestment and voluntary cash purchase plan, SEC fees, fees and expenses of
unaffiliated trustees, accounting and printing costs, the Fund&#146;s pro rata portion of membership
fees in trade organizations, fidelity bond coverage for the Fund&#146;s officers and employees,
interest, brokerage costs, taxes, expenses of qualifying the Fund for sale in various states,
expenses of personnel performing shareholder servicing functions, litigation and other
extraordinary or non-recurring expenses and other expenses properly payable by the Fund.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Advisory Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Advisory Agreement, the Investment Adviser manages the portfolio of the
Fund in accordance with its stated investment objective and policies, makes investment decisions
for the Fund, and places orders to purchase and sell securities on behalf of the Fund and manages
the Fund&#146;s other business and affairs, all subject to the supervision and direction of its Board.
In addition, under the Advisory Agreement, the Investment Adviser oversees the administration of
all aspects of the Fund&#146;s business and affairs and provides, or arranges for others to provide, at
the Investment Adviser&#146;s expense, certain enumerated services, including maintaining the Fund&#146;s
books and records, preparing reports to its shareholders and supervising the calculation of the net
asset value of its shares. All expenses of computing the Fund&#146;s net asset value, including any
equipment or services obtained solely for the purpose of pricing shares or valuing the Fund&#146;s
investment portfolio, will be an expense of the Fund under the Advisory Agreement unless the
Investment Adviser voluntarily assumes responsibility for such expense. During fiscal year 2010,
the Fund reimbursed the Investment Adviser $45,000 in connection with the cost of computing the
Fund&#146;s net asset value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement combines investment advisory and administrative responsibilities in one
agreement. For services rendered by the Investment Adviser on behalf of the Fund under the Advisory
Agreement, the Fund pays the Investment Adviser a fee computed weekly and paid monthly, equal on an
annual basis to 1.00% of the Fund&#146;s average weekly net assets including the liquidation value of
preferred shares. The fee paid by the Fund may be higher when leverage in the form of preferred
shares are utilized, giving the Investment Adviser an incentive to utilize such leverage. However,
the Investment Adviser has agreed to reduce the management fee on the incremental assets
attributable to the preferred shares during the fiscal year if the total return of the net asset
value of the common shares of the Fund, including distributions and advisory fees subject to
reduction for that year, does not exceed the stated dividend rate or corresponding swap rate of
each particular series of preferred shares for the period. In other words, if the effective cost of
the leverage for any series of preferred shares exceeds the total return (based on net asset value)
on the Fund&#146;s common shares, the Investment Adviser will waive that portion of its management fee
on the incremental assets attributable to the leverage for that series of preferred shares to
mitigate the negative impact of the leverage on the common shareholder&#146;s total return. This fee
waiver is voluntary and, except in connection with the waiver applicable to the portion of the
Fund&#146;s assets attributable to Series&nbsp;A Preferred and Series&nbsp;B Preferred, may be discontinued at any
time. For Series&nbsp;A Preferred and Series&nbsp;B Preferred, the waiver will remain in effect as long as
any shares in a series are outstanding. The Fund&#146;s total return on the net asset value of the
common shares is monitored on a monthly basis to assess whether the total return on the net asset
value of the common shares exceeds the stated dividend rate or corresponding swap rate of each
particular series of preferred shares for the period. The test to confirm the accrual of the
management fee on the assets attributable to each particular series of preferred shares is annual.
The Fund will accrue for the management fee on these assets during the fiscal year if it appears
probable that the Fund will incur the management fee on those additional assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&nbsp;31, 2010, the Fund&#146;s total return on the net asset value of the
common shares exceeded the stated dividend rate or corresponding swap rate on all of the
outstanding preferred shares. Thus, management fees were accrued on these assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard of its obligations and duties thereunder, the Investment Adviser
is not liable for any error or judgment or mistake of law or for any loss suffered by the Fund. As
part of the Advisory Agreement, the Fund has agreed that the name &#147;Gabelli&#148; is the Investment
Adviser&#146;s property, and that in the event the Investment Adviser ceases to act as an investment
adviser to the Fund, the Fund will change its name to one not including &#147;Gabelli.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to its terms, the Advisory Agreement will remain in effect with respect to the Fund
from year to year if approved annually (i)&nbsp;by the Board or by the holders of a majority of the
Fund&#146;s outstanding voting securities and (ii)&nbsp;by a majority of the Trustees who are not &#147;interested
persons&#148; (as defined in the 1940 Act) of any party to the Advisory Agreement, by vote 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;A discussion regarding the basis of the Board&#146;s approval of the Advisory Agreement is
available in the Fund&#146;s semi-annual report to shareholders for the six months ended June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Selection of Securities Brokers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement contains provisions relating to the selection of securities brokers to
effect the portfolio transactions of the Fund. Under those provisions, the Investment Adviser may
(i)&nbsp;direct Fund portfolio brokerage to Gabelli &#038; Company, Inc. (&#147;Gabelli &#038; Company&#148;) or other
broker-dealer affiliates of the Investment Adviser and (ii)&nbsp;pay
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">commissions to brokers other than
Gabelli &#038; Company that are higher than might be charged by another qualified broker to obtain
brokerage and/or research services considered by the Investment Adviser to be useful or desirable
for its investment management of the Fund and/or its other advisory accounts or those of any
investment adviser affiliated with it. The SAI contains further information about the Advisory
Agreement, including a more complete description of the advisory and expense arrangements,
exculpatory and brokerage provisions, as well as information on the brokerage practices of the
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Manager</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mario J. Gabelli is currently and has been responsible for the day-to-day management of the
Fund since its inception. Mr.&nbsp;Gabelli has served as Chairman and Chief Executive Officer of GAMCO
Investors, Inc. and its predecessors since 1976. Mr.&nbsp;Gabelli is the Chief Investment Officer &#151;
Value Portfolios for the Investment Adviser and GAMCO Asset Management Inc. Mr.&nbsp;Gabelli serves as
portfolio manager for several funds in the Gabelli/GAMCO Funds Complex and is a director of several
funds in the Gabelli/GAMCO Funds Complex. Because of the diverse nature of Mr.&nbsp;Gabelli&#146;s
responsibilities, he will devote less than all of his time to the day-to-day management of the
Fund. Mr.&nbsp;Gabelli is also Chief Executive Officer of GGCP, Inc., as well as Chairman of the Board
of Lynch Interactive Corporation, a multimedia and communication services company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SAI provides additional information about the Portfolio Manager&#146;s compensation, other
accounts managed by the Portfolio Manager and the Portfolio Manager&#146;s ownership of securities in
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sub-Administrator</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser has entered into a sub-administration agreement with BNY Mellon
Investment Servicing (US)&nbsp;Inc. (the &#147;Sub-Administrator&#148;) pursuant to which the Sub-Administrator
provides certain administrative services necessary for the Fund&#146;s operations that do not include
the investment and portfolio management services provided by the Investment Adviser. For these
services and the related expenses borne by the Sub-Administrator, the Investment Adviser pays a
prorated monthly fee at the annual rate of 0.0275% of the first $10&nbsp;billion of the aggregate
average net assets of the Fund and all other funds advised by the Investment Adviser and Teton
Advisors, Inc. and administered by the Sub-Administrator, 0.0125% of the aggregate average net
assets exceeding $10&nbsp;billion and 0.01% of the aggregate average net assets in excess of $15
billion. The Sub-Administrator has its principal office at 760 Moore Road, King of Prussia,
Pennsylvania 19406.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Regulatory Matters</B>
</DIV>


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

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394110"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal transactions are not entered into with affiliates of the Fund. However, Gabelli &#038;
Company, Inc., an affiliate of the Investment Adviser, may execute portfolio transactions on stock
exchanges and in the over-the-counter markets on an agency basis and receive a stated commission
therefor. For a more detailed discussion of the Fund&#146;s brokerage allocation practices, see
&#147;Portfolio Transactions&#148; in the SAI.
</DIV>
<DIV align="left">
<A name="Y91394111"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a policy, which may be modified at any time by its Board, of paying distributions
on its common shares of $0.05 per share per month. This policy permits common shareholders to
realize a predictable, but not assured, level of cash flow and some liquidity periodically with
respect to their common shares without having to sell their shares. A portion of the Fund&#146;s
distributions on its common shares to date have included or have been estimated to include a return
of capital. Any return of capital that is a component of a distribution is not sourced from
realized or unrealized profits of the Fund and that portion should not be considered by investors
as yield or total return on their investment in the Fund. Shareholders should not assume that a
distribution from the Fund is comprised exclusively of net profits. The Fund pays on its common
shares a distribution of $0.05 per share each month and, if necessary, an adjusting distribution in
December which includes any additional income and net realized capital gains in excess of the
monthly distributions for that year to satisfy the minimum distribution requirements of the Code.
Each quarter, the Board reviews the amount of any potential distribution and the income, capital
gain or capital available. The Fund may retain for reinvestment, and pay the resulting federal
income taxes on, its net capital gain, if any. To avoid paying income tax at the corporate level,
the Fund distributes substantially all of its investment company taxable income and net capital
gain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, for any calendar year, the total distributions exceed current 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 shares. The amount treated as a tax-free return of capital will
reduce a shareholder&#146;s tax basis in the shares, thereby increasing such shareholder&#146;s potential
gain or reducing his or her potential loss on the sale of the shares. Any amounts distributed to a
shareholder in excess of the basis in the shares will be taxable to the shareholder as capital
gain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Fund distributes amounts in excess of its investment company taxable income
and net capital gain, such distributions will decrease the Fund&#146;s total assets more than otherwise
and, therefore, have the likely effect of increasing its expense ratio more than otherwise, as the
Fund&#146;s fixed expenses will become a larger percentage of the Fund&#146;s average net assets. In
addition, in order to make such distributions, the Fund might have to sell a portion of its
investment portfolio at a time when independent investment judgment might not dictate such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund, along with other closed-end registered investment companies advised by the
Investment Adviser, has obtained an exemption from Section 19(b) of the 1940 Act and Rule&nbsp;19b-1
thereunder permitting it to make periodic distributions of long-term capital gains provided that
any distribution policy of the Fund with respect to its common shares calls for periodic (e.g.,
quarterly or semi-annually, but in no event more frequently than monthly) distributions in an
amount equal to a fixed percentage of the Fund&#146;s average NAV over a specified period of time or
market price per share of common shares at or about the time of distribution or pay-out of a fixed
dollar amount. The exemption also permits the Fund to make distributions with respect to its
preferred shares in accordance with such shares&#146; terms. If the total distributions required by the
proposed periodic pay-out policy exceeds the Fund&#146;s current and accumulated earnings and profits,
the excess will be treated as a return of capital. If the Fund&#146;s net investment income (including
net short-term capital gains) and net long-term capital gains for any year exceed the amount
required to be distributed under the periodic pay-out policy, the Fund generally intends to pay
such excess once a year, but may, in its discretion, retain and not distribute net long-term
capital gains to the extent of such excess. The Fund reserves the right, but does not currently
intend, to retain for reinvestment and pay the resulting U.S. federal income taxes on the excess of
its net realized long-term capital gains over its net short-term capital losses, if any.
</DIV>
<DIV align="left">
<A name="Y91394112"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the twelve months ended December&nbsp;31, 2010, the Fund did not have any transactions in
shares of beneficial interest. Gabelli &#038; Company, Inc., an affiliate of Gabelli Funds, LLC, the
Fund&#146;s Investment Adviser, will act as sales manager for future offerings.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fund&#146;s Automatic Dividend Reinvestment and Voluntary Cash Purchase Plan (the
&#147;Plan&#148;), a shareholder whose common shares are registered in his or her own name will have all
distributions reinvested automatically by Computershare, which is agent under the Plan, unless the
shareholder elects to receive cash. Distributions with respect to shares registered in the name of
a broker-dealer or other nominee (that is, in &#147;street name&#148;) will be reinvested by the broker or
nominee in additional shares under the Plan, unless the service is not provided by the broker or
nominee or the shareholder elects to receive distributions in cash. Investors who own common shares
registered in street name should consult their broker-dealers for details regarding reinvestment.
All distributions to investors who do not participate in the Plan will be paid by check mailed
directly to the record holder by Computershare as dividend-disbursing agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Enrollment in the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the policy of The Gabelli Utility Trust (the &#147;Fund&#148;) to automatically reinvest dividends
payable to common shareholders. As a &#147;registered&#148; shareholder you automatically become a
participant in the Fund&#146;s Automatic Dividend Reinvestment Plan (the &#147;Plan&#148;). The Plan authorizes
the Fund to credit common shares to participants upon an income dividend or a capital gains
distribution regardless of whether the shares are trading at a discount or a premium to net asset
value. All distributions to shareholders whose shares are registered in their own names will be
automatically reinvested pursuant to the Plan in additional shares of the Fund. Plan participants
may send their share certificates to Computershare Trust Company, N.A. (&#147;Computershare&#148;) to be held
in their dividend reinvestment account. Registered shareholders wishing to receive their
distributions in cash must submit this request in writing to:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The Gabelli Utility Trust
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">c/o Computershare<BR>
<BR>
P.O. Box 43010
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Providence, RI 02940-3010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders requesting this cash election must include the shareholder&#146;s name and address as
they appear on the share certificate. Shareholders with additional questions regarding the Plan or
requesting a copy of the terms of the Plan, may contact Computershare at (800)&nbsp;336-6983.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in the name of a broker, bank, or nominee, you should contact such
institution. If such institution is not participating in the Plan, your account will be credited
with a cash dividend. In order to participate in the Plan through such institution, it may be
necessary for you to have your shares taken out of &#147;street name&#148; and re-registered in your own
name. Once registered in your own name your distributions will be automatically reinvested. Certain
brokers participate in the Plan. Shareholders holding shares in &#147;street name&#148; at participating
institutions will have dividends automatically reinvested. Shareholders wishing a cash dividend at
such institution must contact their broker to make this change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of common shares distributed to participants in the Plan in lieu of cash dividends
is determined in the following manner. Under the Plan, whenever the market price of the Fund&#146;s
common shares is equal to or exceeds net asset value at the time shares are valued for purposes of
determining the number of shares equivalent to the cash dividends or capital gains distribution,
participants are issued common shares valued at the greater of (i)&nbsp;the net asset value as most
recently determined or (ii)&nbsp;95% of the then current market price of the Fund&#146;s common shares. The
valuation date is the dividend or distribution payment date or, if that date is not a New York
Stock Exchange (&#147;NYSE&#148;) trading day, the next trading day. If the net asset value of the common
shares at the time of valuation exceeds the market price of the common shares, participants will
receive common shares from the Fund valued at market price. If the Fund should declare a dividend
or capital gains distribution payable only in cash, Computershare will buy common shares in the
open market, or on the NYSE or elsewhere, for the participants&#146; accounts, except that Computershare
will endeavor to terminate purchases in the open market and cause the Fund to issue shares at net
asset value if, following the commencement of such purchases, the market value of the common shares
exceeds the then current net asset value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The automatic reinvestment of dividends and capital gains distributions will not relieve
participants of any income tax which may be payable on such distributions. A participant in the
Plan will be treated for federal income tax purposes as having received, on a dividend payment
date, a dividend or distribution in an amount equal to the cash the participant could have received
instead of shares.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voluntary Cash Purchase Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Voluntary Cash Purchase Plan is yet another vehicle for our shareholders to increase their
investment in the Fund. In order to participate in the Voluntary Cash Purchase Plan, shareholders
must have their shares registered in their own name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants in the Voluntary Cash Purchase Plan have the option of making additional cash
payments to Computershare for investments in the Fund&#146;s common shares at the then current market
price. Shareholders may send an amount from $250 to $10,000. Computershare will use these funds to
purchase shares in the open market on or about the 1st and 15th of each month. Computershare will
charge each shareholder who participates $0.75, plus a pro rata share of the brokerage commissions.
Brokerage charges for such purchases are expected to be less than the usual brokerage charge for
such transactions. It is suggested that any voluntary cash payments be sent to Computershare, P.O.
Box 43010, Providence, RI 02940-3010 such that Computershare receives such payments approximately
10&nbsp;days before the 1st and 15th of the month. Funds not received at least five days before the
investment date shall be held for investment until the next purchase date. A payment may be
withdrawn without charge if notice is received by Computershare at least 48 hours before such
payment is to be invested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders wishing to liquidate shares held at Computershare must do so in writing or by
telephone. Please submit your request to the above mentioned address or telephone number. Include
in your request your name, address, and account number. The cost to liquidate shares is $2.50 per
transaction as well as the brokerage commission incurred. Brokerage charges are expected to be less
than the usual brokerage charge for such transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information regarding the Automatic Dividend Reinvestment Plan and Voluntary Cash
Purchase Plan, brochures are available by calling (914)&nbsp;921-5070 or by writing directly to the
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash
payments made and any dividend or distribution paid subsequent to written notice of the change sent
to the members of the Plan at least 90&nbsp;days before the record date for such dividend or
distribution. The Plan also may be amended or terminated by Computershare on at least 90&nbsp;days
written notice to participants in the Plan.
</DIV>
<DIV align="left">
<A name="Y91394114"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following is a brief description of the terms of the Fund&#146;s shares. This description does
not purport to be complete and is qualified by reference to the Fund&#146;s Governing Documents. For
complete terms of the shares, please refer to the actual terms of such series, which are set forth
in the Governing Documents.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is authorized to issue an unlimited number of shares of beneficial interest, par
value $0.001 per share, in multiple classes and series thereof as determined from time to time by
the Board. The Board has authorized issuance of an unlimited number of shares of two classes, the
common shares and preferred shares. Each share within a particular class or series thereof has
equal voting, dividend, distribution and liquidation rights. The common shares are not redeemable
and have no preemptive, conversion or cumulative voting rights. In the event of liquidation, each
common share is entitled to its proportion of the Fund&#146;s assets after payment of debts and expenses
and the amounts payable to holders of the Fund&#146;s preferred shares ranking senior to the common
shares of the Fund as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares of the Fund are listed on the NYSE under the symbol &#147;GUT&#148; and began trading
July&nbsp;9, 1999. The average weekly trading volume of the common shares on the NYSE during the period
from January&nbsp;1, 2010 through December&nbsp;31, 2010 was 428,501 shares. The average weekly trading
volume of the common shares on the NYSE during the period from January&nbsp;1, 2011 through March&nbsp;31,
2011 was 271,336 shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of closed-end investment companies often trade on an exchange at prices lower than NAV.
Over the Fund&#146;s twelve year history, the range fluctuated from a 59% premium in July&nbsp;2003 to a 3%
discount in November&nbsp;2000. Shortly after the inception of the Fund, the market price of the Fund
exceeded the NAV and the premium continues today. As of March&nbsp;31, 2011, the Fund trades at a 19.1%
premium to its NAV. Because the market value of the common shares may be influenced by such factors
as dividend and distribution levels (which are in turn affected by expenses), dividend and
distribution stability, NAV, market liquidity, relative demand for and supply of such shares in the
market, unrealized gains, general market and economic conditions and other factors beyond the
control of the Fund, the Fund cannot assure you that common shares will trade at a price equal to
or higher than NAV in the future. The common shares are designed primarily for long-term investors
and you should not purchase the common shares if you intend to sell them soon after purchase.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a closed-end, management investment company and, as such, its shareholders do not,
and will not, have the right to redeem their shares. The Fund, however, may repurchase its common
shares from time to time as and when it deems such a repurchase advisable. The Board has determined
that such repurchase may be made when the common shares are trading at a discount of 10% (or such
other percentage as the Board may determine from time to time) or more from NAV. Pursuant to the
1940 Act, the Fund may repurchase its shares on a securities exchange (provided that the Fund has
informed its shareholders within the preceding six months of its intention to repurchase such
shares) or as otherwise permitted in accordance with Rule&nbsp;23c-1 under the 1940 Act. Under Rule
23c-1, certain conditions must be met for such alternative purchases regarding, among other things,
distribution of net income for the preceding fiscal year, asset coverage with respect to the Fund&#146;s
senior debt and equity securities, identity of the sellers, price paid, brokerage commissions,
prior notice to shareholders of an intention to purchase shares and purchasing in a manner and on a
basis which does not discriminate unfairly against the other shareholders through their interest in
the Fund. In addition, Rule&nbsp;23c-1 requires the Fund to file notices of such purchase with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund repurchases its common shares for a price below its NAV, the NAV of the common
shares that remains outstanding will be enhanced. This does not, however, necessarily mean that the
market price of the Fund&#146;s remaining outstanding common shares will be affected, either positively
or negatively. Further, interest on any borrowings made to finance the repurchase of common shares
will reduce the net income of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders whose common shares are registered in their own name will have all distributions
reinvested pursuant to the Plan. For a more detailed discussion of the Plan, see &#147;Automatic
Dividend Reinvestment and Voluntary Cash Purchase Plan.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Book Entry</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares sold through this offering will initially be held in the name of Cede &#038; Co.
as nominee for the Depository Trust Company (&#147;DTC&#148;). The Fund will treat Cede &#038; Co. as the holder
of record of the common shares for all purposes. In accordance with the procedures of DTC, however,
purchasers of common shares will be deemed the beneficial owners of shares purchased for purposes
of distributions, voting and liquidation rights. Purchasers of common shares may obtain registered
certificates by contacting the transfer agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, an unlimited number of the Fund&#146;s shares have been classified by the Board as
preferred shares, par value $0.001 per share. The terms of each series of preferred shares may be
fixed by the Board and may materially limit and/or qualify the rights of the holders of the Fund&#146;s
common shares. As of March&nbsp;31, 2011, the Fund had outstanding 1,153,288 shares of Series&nbsp;A
Preferred and 900 shares of Series&nbsp;B Preferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At all times, holders of shares of the Fund&#146;s preferred shares outstanding, voting as a single
class, will be entitled to elect two members of the Board, and holders of the preferred shares and
common shares, voting as a single class, will elect the remaining directors. See &#147;Anti-Takeover
Provisions of the Fund&#146;s Governing Documents.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on the Series&nbsp;A Preferred accumulate at an annual rate of 5.625% of the
liquidation preference of $25 per share, are cumulative from the date of original issuance thereof,
and are payable quarterly on March&nbsp;26, June&nbsp;26, September&nbsp;26 and December&nbsp;26 of each year. The
Series&nbsp;A Preferred is rated &#147;Aaa&#148; by Moody&#146;s. The Fund&#146;s outstanding Series&nbsp;A Preferred is
redeemable at the liquidation preference plus accumulated but unpaid dividends (whether or not
earned or declared) at the option of the Fund beginning July&nbsp;31, 2008. The Series&nbsp;A Preferred is
listed and traded on the NYSE under the symbol &#147;GUT PrA.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on the Series&nbsp;B Preferred accumulate at a variable rate, usually set at a weekly
auction. The Series&nbsp;B Preferred is rated &#147;Aaa&#148; by Moody&#146;s and &#147;AAA&#148; by S&#038;P. The liquidation
preference of the Series&nbsp;B Preferred is $25,000 per share. The Fund generally may redeem the
outstanding Series&nbsp;B Preferred, in whole or in part, at any time other than during a non-call
period. The Series&nbsp;B Preferred is not traded on any public exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund issues any additional series of preferred shares, it will pay dividends to the
holders at either a fixed rate or a rate that will be reset frequently based on short-term interest
rates, as described in the Prospectus Supplement accompanying each preferred shares offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows (i)&nbsp;the classification of shares, (ii)&nbsp;the number of shares
authorized in each class and (iii)&nbsp;the number of shares outstanding in each class as of December
31, 2010.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->
</DIV>

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<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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Title Of Class</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Authorized</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Outstanding</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">Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">unlimited</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,546,632</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;A Preferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">unlimited</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;B Preferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">unlimited</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2010, the Fund does not hold any shares for its account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a liquidation, each holder of preferred shares will be entitled to receive out of the
assets of the Fund available for distribution to shareholders (after payment of claims of the
Fund&#146;s creditors but before any distributions with respect to the Fund&#146;s common shares or any other
class of capital shares of the Fund ranking junior to the preferred shares as to liquidation
payments) an amount per share equal to such share&#146;s liquidation preference plus any accumulated but
unpaid distributions (whether or not earned or declared, excluding interest thereon) to the date of
distribution, and such shareholders shall be entitled to no further participation in any
distribution or payment in connection with such liquidation. Each series of preferred shares ranks
on a parity with any other series of preferred shares of the Fund as to the payment of
distributions and the distribution of assets upon liquidation, and is junior to the Fund&#146;s
obligations with respect to any outstanding senior securities representing debt. The preferred
shares carries one vote per share on all matters on which such shares are entitled to vote. The
preferred shares will, upon issuance, be fully paid and nonassessable and will have no preemptive,
exchange or conversion rights. The Board may by resolution classify or reclassify any authorized
but unissued capital shares of the Fund from time to time by setting or changing the preferences,
conversion or other rights, voting powers, restrictions, limitations as to distributions or terms
or conditions of redemption. The Fund will not issue any class of capital shares senior to the
preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Recent Market Events</I></B>. Since February&nbsp;2008, most auction-rate preferred shares, including our
Series&nbsp;B Preferred, have been unable to hold successful auctions and holders of such shares have
suffered reduced liquidity. The number of Series&nbsp;B Preferred subject to bid orders by potential
holders has been less than the number of Series&nbsp;B Preferred subject to sell orders. Therefore, the
weekly auctions have failed, and the dividend rate has been the maximum rate. Holders that have
submitted sell orders have not been able to sell any or all of the Series&nbsp;B Preferred for which
they have submitted sell orders. The current maximum rate is 125% of the seven day Telerate/British
Bankers Association LIBOR on the day of such auction. These failed auctions have been an industry
wide problem and may continue to occur in the future. Any current or potential holder of
auction-rate preferred shares faces the risk that auctions will continue to fail, or will fail
again at some point in the future, and that he or she may not be able to sell his or her shares
through the auction process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rating Agency Guidelines</I>. The Fund expects that it will be required under Moody&#146;s and S&#038;P
guidelines to maintain assets having in the aggregate a discounted value at least equal to the
Basic Maintenance Amount (as defined below) for its outstanding preferred shares with respect to
the separate guidelines Moody&#146;s and S&#038;P has each established for determining discounted value. To
the extent any particular portfolio holding does not satisfy the applicable rating agency&#146;s
guidelines, all or a portion of such holding&#146;s value will not be included in the calculation of
discounted value (as defined by such rating agency). The Moody&#146;s and S&#038;P guidelines also impose
certain diversification requirements and industry concentration limitations on the Fund&#146;s overall
portfolio, and apply specified discounts to securities held by the Fund (except certain money
market securities). The &#147;Basic Maintenance Amount&#148; is equal to (i)&nbsp;the sum of (a)&nbsp;the aggregate
liquidation preference of any preferred shares then outstanding plus (to the extent not included in
the liquidation preference of such preferred shares) an amount equal to the aggregate accumulated
but unpaid distributions (whether or not earned or declared) in respect of such preferred shares,
(b)&nbsp;the total principal of any debt (plus accrued and projected interest), (c)&nbsp;certain Fund
expenses and (d)&nbsp;certain other current liabilities (excluding any unmade distributions on the
Fund&#146;s common shares) less (ii)&nbsp;the Fund&#146;s (a)&nbsp;cash and (b)&nbsp;assets consisting of indebtedness which
(y)&nbsp;mature prior to or on the date of redemption or repurchase of the preferred shares and are U.S.
government securities or evidences of indebtedness rated at least &#147;Aaa,&#148; &#147;P-1&#148;, &#147;VMIG-1&#148; or &#147;MIG-1&#148;
by Moody&#146;s or &#147;AAA&#148;, &#147;SP-1&#043;&#148; or &#147;A-1&#043;&#148; by S&#038;P, and (z)&nbsp;is held by the Fund for distributions, the
redemption or repurchase of preferred shares or the Fund&#146;s liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund does not cure in a timely manner a failure to maintain a discounted value of its
portfolio equal to the Basic Maintenance Amount in accordance with the requirements of the
applicable rating agency or agencies then rating the preferred shares at the request of the Fund,
the Fund may, and in certain circumstances will be required to, mandatorily redeem preferred
shares, as described below under &#147;&#151;Redemption.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may, but is not required to, adopt any modifications to the rating agency guidelines
that may hereafter be established by Moody&#146;s and S&#038;P. Failure to adopt any such modifications,
however, may result in a change in the relevant
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rating agency&#146;s ratings or a withdrawal of such
ratings altogether. In addition, any rating agency providing a rating for the preferred shares at
the request of the Fund may, at any time, change or withdraw any such rating. The Board, without
further action by the shareholders, may amend, alter, add to or repeal certain of the definitions
and related provisions that have been adopted by the Fund pursuant to the rating agency guidelines
if the Board determines that such modification is necessary to prevent a reduction in rating of the
preferred shares by Moody&#146;s and S&#038;P, as the case may be, is in the best interests of the holders of
common shares and is not adverse to the holders of preferred shares in view of advice to the Fund
by Moody&#146;s and S&#038;P (or such other rating agency then rating the preferred shares at the request of
the Fund) that such modification would not adversely affect, as the case may be, its then current
rating of the preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Among the modifications or amendments of the Statements of Preferences that would not be held
to adversely affect the rights and preferences of the preferred shares would be the following:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a modification of the definition of the maximum rate to increase the percentage amount
by which the applicable LIBOR rate or treasury index rate is multiplied to determine the
maximum rate or increase the spread added to the applicable LIBOR rate or treasury index
rate; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a modification of the calculation of the adjusted value of the Fund&#146;s eligible assets or
the basic maintenance amount (or of the elements and terms of each of them or the
definitions of such elements or terms).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described by Moody&#146;s and S&#038;P, the ratings assigned to each series of preferred shares are
assessments of the capacity and willingness of the Fund to pay the obligations of each such series.
The ratings on these series of preferred shares are not recommendations to purchase, hold or sell
shares of any series, inasmuch as the ratings do not comment as to market price or suitability for
a particular investor. The rating agency guidelines also do not address the likelihood that an
owner of preferred shares will be able to sell such shares on an exchange, in an auction or
otherwise. The ratings are based on current information furnished to Moody&#146;s and S&#038;P by the Fund
and the Investment Adviser and information obtained from other sources. The ratings may be changed,
suspended or withdrawn as a result of changes in, or the unavailability of, such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rating agency guidelines apply to each series of preferred shares only so long as such
rating agency is rating such series at the request of the Fund. The Fund pays fees to Moody&#146;s and
S&#038;P for rating the preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Asset Maintenance Requirements</I></B>. In addition to maintaining agency guidelines established by
Moody&#146;s and S&#038;P, the Fund must also satisfy asset maintenance requirements under the 1940 Act with
respect to its preferred shares. Under the 1940 Act, debt or additional preferred shares may be
issued only if immediately after such issuance the value of the Fund&#146;s total assets (less ordinary
course liabilities) is at least 300% of the amount of any debt outstanding and at least 200% of the
amount of any preferred shares and debt outstanding. The Fund is required under the Statement of
Preferences of each series of preferred shares to determine whether it has, as of the last business
day of each March, June, September and December of each year, an &#147;asset coverage&#148; (as defined in
the 1940 Act) of at least 200% (or such higher or lower percentage as may be required at the time
under the 1940 Act) with respect to all outstanding senior securities of the Fund that are debt or
shares, including any outstanding preferred shares. If the Fund fails to maintain the asset
coverage required under the 1940 Act on such dates and such failure is not cured on or before 60
days, in the case of the Fixed Rate Preferred Shares, or 10 business days, in the case of the
Auction Rate Preferred Shares, the Fund may, and in certain circumstances will be required to,
mandatorily redeem shares of preferred shares sufficient to satisfy such asset coverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions</I>. In connection with the offering of one or more additional series of preferred
shares, an accompanying Prospectus Supplement will specify whether dividends on such preferred
shares will be based on a fixed or variable rate. If such Prospectus Supplement specifies that
dividends will be paid at a fixed rate, holders of such Fixed Rate Preferred Shares will be
entitled to receive, out of funds legally available therefor, cumulative cash distributions, at an
annual rate set forth in the applicable Prospectus Supplement, payable with such frequency as set
forth in the applicable Prospectus Supplement. Such distributions will accumulate from the date on
which such shares are issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the alternative, the Prospectus Supplement may state that the holders of one or more series
of Auction Rate Preferred Shares are entitled to receive cash distributions at annual rates stated
as a percentage of liquidation preference, that will vary from dividend period to dividend period.
The liquidation preference per share and the dividend rate for the initial dividend period for any
such series of preferred shares will be the rate set forth in the Prospectus Supplement for such
series. For subsequent dividend periods, each such series of preferred shares will pay
distributions based on a rate set at an auction, normally held weekly, but not in excess of a
maximum rate.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividend periods generally will be seven days, and the dividend periods generally will begin on the
first business day after an auction. In most instances, distributions are also paid weekly, on the
business day following the end of the dividend period.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Fund, subject to some limitations, may
change the length of the dividend periods, designating them as &#147;special dividend periods,&#148; as
described below under &#147;&#151;Designation of Special Dividend Periods.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distribution Payments</I>. Except as described below, the dividend payment date for a series of
Auction Rate Preferred Shares will be the first business day after the dividend period ends. The
dividend payment dates for special dividend periods of more (or less) than seven days will be set
out in the notice designating a special dividend period. See &#147;&#151;Designation of Special Dividend
Periods&#148; for a discussion of payment dates for a special dividend period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a dividend payment date for a series of Auction Rate Preferred Shares is not a business day
because the NYSE is closed for business for more than three consecutive business days due to an act
of God, natural disaster, act of war, civil or military disturbance, act of terrorism, sabotage,
riots or a loss or malfunction of utilities or communications services, or the dividend payable on
such date can not be paid for any such reason, then:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividend payment date for the affected dividend period will be the next business day
on which the Fund and its paying agent, if any, are able to cause the distributions to be
paid using their reasonable best efforts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the affected dividend period will end on the day it would have ended had such event not
occurred and the dividend payment date had remained the scheduled date; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the next dividend period will begin and end on the dates on which it would have begun
and ended had such event not occurred and the dividend payment date remained the scheduled
date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Determination of Dividend Rates</I>. The Fund computes the distributions per share for a series of
Auction Rate Preferred Shares by multiplying the applicable rate determined at the auction by a
fraction, the numerator of which normally is the number of days in such dividend period and the
denominator of which is 360. This applicable rate is then multiplied by the liquidation preference
per share of such series to arrive at the distribution per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maximum Rate</I>. The dividend rate for a series of Auction Rate Preferred Shares that results
from an auction for such shares will not be greater than the applicable &#147;maximum rate.&#148; The maximum
rate for any standard dividend period will be the greater of the applicable percentage of the
reference rate or the reference rate plus the applicable spread. The reference rate will be the
applicable LIBOR Rate (as defined below) for a dividend period of fewer than 365&nbsp;days or the
Treasury Index Rate (as defined below) for a dividend period of 365&nbsp;days or more. The applicable
percentage and the applicable spread will be determined based on the lower of the credit ratings
assigned to such series of preferred shares by Moody&#146;s and S&#038;P on the auction date for such period
(as set forth in the table below). If Moody&#146;s and/or S&#038;P do not make such rating available, the
rate will be determined by reference to equivalent ratings issued by a substitute rating agency. In
the case of a special dividend period, (1)&nbsp;the Fund will communicate the maximum applicable rate in
a notice of special rate period for such dividend payment period, (2)&nbsp;the applicable percentage and
applicable spread will be determined on the date two business days before the first day of such
special dividend period and (3)&nbsp;the reference rate will be the applicable LIBOR Rate for a dividend
period of fewer than 365&nbsp;days or the Treasury Index Rate for a dividend period of 365&nbsp;days or more.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;LIBOR Rate,&#148; as described in greater detail in the Statement of Preferences, is the
applicable London Inter-Bank Offered Rate for deposits in U.S. dollars for the period most closely
approximating the applicable dividend period for the preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;Treasury Index Rate,&#148; as described in greater detail in the Statement of Preferences, is
the average yield to maturity for certain U.S. Treasury securities having substantially the same
length to maturity as the applicable dividend period for the preferred shares.
</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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applicable</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3">Credit Ratings</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Percentage</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applicable Spread</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Moody&#146;s</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">S&#038;P</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:60px; text-indent:-15px">Aaa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AAA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">150%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.50%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">Aa3 to Aa1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">AA&#150; to AA&#043;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">250%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.50%</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:45px; text-indent:-15px">A3 to A1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A&#150; to A&#043;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">350%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.50%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Baa1 or lower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BBB&#043; or lower</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">550%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.50%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund maintains an &#147;AAA&#148; and/or &#147;Aaa&#148; rating on the preferred shares, the practical
effect of the different methods used to determine the maximum rate is shown in the table below:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->
</DIV>

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<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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Method Used to</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum Applicable</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum Applicable</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Determine the</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Rate Using the</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Rate Using the</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum Applicable</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Reference Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applicable Percentage</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applicable Spread</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Rate</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;1%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spread</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.00%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Spread</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">3%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Either</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">4%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.00%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Percentage</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">5%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Percentage</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">6%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9.00%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.50%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Percentage</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no minimum dividend rate in respect of any dividend period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect of Failure to Pay Distributions in a Timely Manner</I>. If the Fund fails to pay the paying
agent the full amount of any distribution or redemption price, as applicable, for a series of
Auction Rate Preferred Shares in a timely manner, the dividend rate for the dividend period
following such a failure to pay (such period referred to as the default period) and any subsequent
dividend period for which such default is continuing will be the default rate. In the event that
the Fund fully pays all default amounts due during a dividend period, the dividend rate for the
remainder of that dividend period will be, as the case may be, the applicable rate (for the first
dividend period following a dividend default) or the then maximum rate (for any subsequent dividend
period for which such default is continuing).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The default rate is 550% of the applicable LIBOR Rate for a dividend period of 364&nbsp;days or
fewer and 550% of the applicable Treasury Index Rate for a dividend period of longer than 364&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Designation of Special Dividend Periods</I>. The Fund may instruct the auction agent to hold
auctions more or less frequently than weekly and may designate dividend periods longer or shorter
than one week. The Fund may do this if, for example, the Fund expects that short-term rates might
increase or market conditions otherwise change, in an effort to optimize the potential benefit of
the Fund&#146;s leverage for holders of its common shares. The Fund does not currently expect to hold
auctions and pay distributions less frequently than weekly or establish dividend periods longer or
shorter than one week. If the Fund designates a special dividend period, changes in interest rates
could affect the price received if preferred shares are sold in the secondary market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any designation of a special dividend period for a series of Auction Rate Preferred Shares
will be effective only if (i)&nbsp;notice thereof has been given as provided for in the Governing
Documents, (ii)&nbsp;any failure to pay in a timely manner to the auction agent the full amount of any
distribution on, or the redemption price of, any preferred shares has been cured as provided for in
the Governing Documents, (iii)&nbsp;the auction immediately preceding the special dividend period was
not a failed auction, (iv)&nbsp;if the Fund has mailed a notice of redemption with respect to any
preferred shares, the Fund has deposited with the paying agent all funds necessary for such
redemption and (v)&nbsp;the Fund has confirmed that as of the auction date next preceding the first day
of such special dividend period, it has assets with an aggregate discounted value at least equal to
the Basic Maintenance Amount, and the Fund has provided notice of such designation and a basic
maintenance report to each rating agency then rating the preferred shares at the request of the
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The dividend payment date for any such special dividend period will be set out in the notice
designating the special dividend period. In addition, for special dividend periods of at least 91
days, dividend payment dates will occur on the first business day of each calendar month within
such dividend period and on the business day following the last day of such dividend period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the Fund designates a special dividend period: (i)&nbsp;at least seven business days (or two
business days in the event the duration of the dividend period prior to such special dividend
period is less than eight days) and not more than 30 business days before the first day of the
proposed special dividend period, the Fund will issue a press release stating its intention to
designate a special dividend period and inform the auction agent of the proposed special dividend
period by telephonic or other means and confirm it in writing promptly thereafter and (ii)&nbsp;the Fund
must inform the auction agent of the proposed special dividend period by 3:00 p.m., New York City
time on the second business day before the first day of the proposed special dividend period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Dividends and Other Distributions for the Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any preferred shares are outstanding, the Fund may not pay any dividend or
distribution (other than a dividend or distribution paid in common shares or in options, warrants
or rights to subscribe for or purchase common shares) in respect
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the common shares or call for
redemption, redeem, purchase or otherwise acquire for consideration any common shares (except by
conversion into or exchange for shares of the Fund ranking junior to the preferred shares as to the
payment of dividends or distributions and the distribution of assets upon liquidation), unless:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund has declared and paid (or provided to the relevant dividend paying agent) all
cumulative distributions on the Fund&#146;s outstanding preferred shares due on or prior to the
date of such common shares dividend or distribution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund has redeemed the full number of preferred shares to be redeemed pursuant to any
mandatory redemption provision in the Fund&#146;s Governing Documents; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after making the distribution, the Fund meets applicable asset coverage requirements
described under &#147;&#151;Rating Agency Guidelines&#148; and &#147;&#151;Asset Maintenance Requirements.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No full distribution will be declared or made on any series of preferred shares for any
dividend period, or part thereof, unless full cumulative distributions due through the most recent
dividend payment dates therefor for all outstanding series of preferred shares of the Fund ranking
on a parity with such series as to distributions have been or contemporaneously are declared and
made. If full cumulative distributions due have not been made on all outstanding preferred shares
of the Fund ranking on a parity with such series of preferred shares as to the payment of
distributions, any distributions being paid on the preferred shares will be paid as nearly pro rata
as possible in proportion to the respective amounts of distributions accumulated but unmade on each
such series of preferred shares on the relevant dividend payment date. The Fund&#146;s obligation to
make distributions on the preferred shares will be subordinate to its obligations to pay interest
and principal, when due, on any senior securities representing debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Redemption</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mandatory Redemption Relating to Asset Coverage Requirements</I>. The Fund may, at its option,
consistent with its Governing Documents and the 1940 Act, and in certain circumstances will be
required to, mandatorily redeem preferred shares in the event that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund fails to maintain the asset coverage requirements specified under the 1940 Act
on a quarterly valuation date and such failure is not cured on or before 60&nbsp;days, in the
case of the Fixed Rate Preferred Shares, or 10 business days, in the case of the Auction
Rate Preferred Shares, following such failure; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund fails to maintain the asset coverage requirements as calculated in accordance
with the applicable rating agency guidelines as of any monthly valuation date, and such
failure is not cured on or before 10 business days after such valuation date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redemption price for preferred shares subject to mandatory redemption will be the
liquidation preference, as stated in the Statement of Preference of each existing series of
preferred shares or the Prospectus Supplement accompanying the issuance of any additional series of
preferred shares, plus an amount equal to any accumulated but unpaid distributions (whether or not
earned or declared) to the date fixed for redemption, plus (in the case of preferred shares having
a dividend period of more than one year) any applicable redemption premium determined by the Board
and included in the Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of preferred shares that will be redeemed in the case of a mandatory redemption
will equal the minimum number of outstanding preferred shares, the redemption of which, if such
redemption had occurred immediately prior to the opening of business on the applicable cure date,
would have resulted in the relevant asset coverage requirement having been met or, if the required
asset coverage cannot be so restored, all of the preferred shares. In the event that preferred
shares are redeemed due to a failure to satisfy the 1940 Act asset coverage requirements, the Fund
may, but is not required to, redeem a sufficient number of preferred shares so that the Fund&#146;s
assets exceed the asset coverage requirements under the 1940 Act after the redemption by 10% (that
is, 220% asset coverage). In the event that shares of preferred shares are redeemed due to a
failure to satisfy applicable rating agency guidelines, the Fund may, but is not required to,
redeem a sufficient number of preferred shares so that the Fund&#146;s discounted portfolio value (as
determined in accordance with the applicable rating agency guidelines) after redemption exceeds the
asset coverage requirements of each applicable rating agency by up to 10% (that is, 110% rating
agency asset coverage).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund does not have funds legally available for the redemption of, or is otherwise
unable to redeem, all the preferred shares to be redeemed on any redemption date, the Fund will
redeem on such redemption date that number of shares for which it has legally available funds, or
is otherwise able to redeem, from the holders whose shares are to be redeemed ratably on the basis
of the redemption price of such shares, and the remainder of those shares to be redeemed will be
redeemed on the
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">earliest practicable date on which the Fund will have funds legally available for
the redemption of, or is otherwise able to redeem, such shares upon written notice of redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If fewer than all of the Fund&#146;s outstanding preferred shares are to be redeemed, the Fund, at
its discretion and subject to the limitations of the Charter, the 1940 Act, and Delaware law, will
select the one or more series of preferred shares from which shares will be redeemed and the amount
of preferred shares to be redeemed from each such series. If fewer than all shares of a series of
preferred shares are to be redeemed, such redemption will be made as among the holders of that
series pro rata in accordance with the respective number of shares of such series held by each such
holder on the record date for such redemption (or by such other equitable method as the Fund may
determine). If fewer than all preferred shares held by any holder are to be redeemed, the notice of
redemption mailed to such holder will specify the number of shares to be redeemed from such holder,
which may be expressed as a percentage of shares held on the applicable record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Optional Redemption of Fixed Rate Preferred Shares</I>. Fixed Rate Preferred Shares are not
subject to optional redemption by the Fund until the date, if any, specified in the applicable
Prospectus or Prospectus Supplement, unless such redemption is necessary, in the judgment of the
Fund, to maintain the Fund&#146;s status as a regulated investment company under the Code. Commencing on
such date and thereafter, the Fund may at any time redeem such Fixed Rate Preferred Shares in whole
or in part for cash at a redemption price per share equal to the liquidation preference per share
plus accumulated and unpaid distributions (whether or not earned or declared) to the redemption
date. Such redemptions are subject to the notice requirements set forth under &#147;&#151;Redemption
Procedures&#148; and the limitations of the Charter, the 1940 Act and Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Optional Redemption of Auction Rate Preferred Shares</I>. The Fund generally may redeem Auction
Rate Preferred Shares, in whole or in part, at its option at any time (usually on a dividend or
distribution payment date), other than during a non-call period. The Fund may designate a non-call
period during a dividend period of more than seven days. In the case of such preferred shares
having a dividend period of one year or less, the redemption price per share will equal the
liquidation preference plus an amount equal to any accumulated but unpaid distributions thereon
(whether or not earned or declared) to the redemption date, and in the case of such preferred
shares having a dividend period of more than one year, the redemption price per share will equal
the liquidation preference plus any redemption premium applicable during such dividend period. Such
redemptions are subject to the notice requirements set forth under &#147;&#151;Redemption Procedures&#148; and the
limitations of the limitations of the Charter, the 1940 Act and Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Redemption Procedures</I>. A notice of redemption with respect to an optional redemption will be
given to the holders of record of preferred shares selected for redemption not less than 15&nbsp;days
(subject to NYSE requirements), in the case of Fixed Rate Preferred Shares, and not less than seven
days, in the case of Auction Rate Preferred Shares, nor, in both cases, more than 40&nbsp;days prior to
the date fixed for redemption. Preferred shareholders may receive shorter notice in the event of a
mandatory redemption. Each notice of redemption will state (i)&nbsp;the redemption date, (ii)&nbsp;the number
or percentage of preferred shares to be redeemed (which may be expressed as a percentage of such
shares outstanding), (iii)&nbsp;the CUSIP number(s) of such shares, (iv)&nbsp;the redemption price
(specifying the amount of accumulated distributions to be included therein), (v)&nbsp;the place or
places where such shares are to be redeemed, (vi)&nbsp;that distributions on the shares to be redeemed
will cease to accumulate on such redemption date, (vii)&nbsp;the provision of the Statement of
Preferences under which the redemption is being made and (viii)&nbsp;any conditions precedent to such
redemption. No defect in the notice of redemption or in the mailing thereof will affect the
validity of the redemption proceedings, except as required by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of preferred shares, whether subject to a variable or fixed rate, will not have
the right to redeem any of their shares at their option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidation Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Fund, the holders of preferred shares then outstanding will be entitled to receive a preferential
liquidating distribution, which is expected to equal the original purchase price per preferred
share plus accumulated and unpaid dividends, whether or not declared, before any distribution of
assets is made to holders of common shares. After payment of the full amount of the liquidating
distribution to which they are entitled, the holders of preferred shares will not be entitled to
any further participation in any distribution of assets by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise stated in this Prospectus, specified in the Fund&#146;s Governing Documents or
resolved by the Board or as otherwise required by applicable law, holders of preferred shares shall
be entitled to one vote per share held on each matter submitted to a vote of the shareholders of
the Fund and will vote together with holders of common shares and of any other preferred shares
then outstanding as a single class.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the election of the Fund&#146;s Trustees, holders of the outstanding preferred
shares, voting together as a single class, will be entitled at all times to elect two of the Fund&#146;s
Trustees, and the remaining Trustees will be elected by holders of common shares and holders of
preferred shares, voting together as a single class. In addition, if (i)&nbsp;at any time dividends and
distributions on outstanding preferred shares are unpaid in an amount equal to at least two full
years&#146; dividends and distributions thereon and sufficient cash or specified securities have not
been deposited with the applicable paying agent for the payment of such accumulated dividends and
distributions or (ii)&nbsp;at any time holders of any other series of preferred shares are entitled to
elect a majority of the Trustees of the Fund under the 1940 Act or the applicable Statement of
Preferences creating such shares, then the number of constituting the Board will be adjusted such
that, when added to the two Trustees elected exclusively by the holders of preferred shares as
described above, would then constitute a simple majority of the Board as so adjusted. Such
additional Trustees will be elected by the holders of the outstanding preferred shares, voting
together as a single class, at a special meeting of shareholders which will be called as soon as
practicable and will be held not less than ten nor more than twenty days after the mailing date of
the meeting notice. If the Fund fails to send such meeting notice or to call such a special
meeting, the meeting may be called by any preferred shareholder on like notice. The terms of office
of the persons who are Trustees at the time of that election will continue. If the Fund thereafter
pays, or declares and sets apart for payment in full, all dividends and distributions payable on
all outstanding preferred shares for all past dividend periods or the holders of other series of
preferred shares are no longer entitled to elect such additional Trustees, the additional voting
rights of the holders of the preferred shares as described above will cease, and the terms of
office of all of the additional Trustees elected by the holders of the preferred shares (but not of
the Trustees with respect to whose election the holders of common shares were entitled to vote or
the two Trustees the holders of preferred shares have the right to elect as a separate class in any
event) will terminate at the earliest time permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any preferred shares are outstanding, the Fund will not, without the affirmative
vote of the holders of a majority (as defined in the 1940 Act) of the preferred shares outstanding
at the time, and present and voting on such matter, voting separately as one class, amend, alter or
repeal the provisions of the Fund&#146;s Governing Documents whether by merger, consolidation or
otherwise, so as to materially adversely affect any of the rights, preferences or powers expressly
set forth in the Governing Documents with respect to such preferred shares, unless the Fund obtains
written confirmation from Moody&#146;s, S&#038;P or any such other rating agency then rating the preferred
shares that such amendment, alteration or repeal would not impair the rating then assigned by such
rating agency to the preferred shares, in which case the vote or consent of the holders of the
preferred shares are not required. Also, to the extent permitted under the 1940 Act, in the event
shares of more than one series of preferred shares are outstanding, the Fund will not approve any
of the actions set forth in the preceding sentence which materially adversely affect the rights,
preferences or powers expressly set forth in the Charter with respect to such shares of a series of
preferred shares differently than those of a holder of shares of any other series of preferred
shares without the affirmative vote of the holders of at least a majority of the preferred shares
of each series materially adversely affected and outstanding at such time (each such materially
adversely affected series voting separately as a class to the extent its rights are affected
differently). For purposes of this paragraph, no matter shall be deemed to adversely affect any
right, preference or power unless such matter (i)&nbsp;adversely alters or abolishes any preferential
right of such series; (ii)&nbsp;creates, adversely alters or abolishes any right in respect of
redemption of such series; or (iii)&nbsp;creates or adversely alters (other than to abolish) any
restriction on transfer applicable to such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless a higher percentage is required under the Governing Documents or applicable provisions
of the Delaware Statutory Trust Act or the 1940 Act, the affirmative vote of a majority of the
votes entitled to be cast by holders of outstanding preferred shares, voting together as a single
class, will be required to approve any plan of reorganization adversely affecting the preferred
shares or any action requiring a vote of security holders under Section 13(a) of the 1940 Act,
including, among other things, changes in the Fund&#146;s investment objective or changes in the
investment restrictions described as fundamental policies under &#147;Investment Objective and Policies&#148;
and &#147;Investment Restrictions&#148; in this Prospectus and the SAI. For purposes of the preferred share
voting rights described in the foregoing sentence, except as otherwise required under the 1940 Act,
the phrase &#147;vote of the holders of a majority of the outstanding preferred shares&#148; (or any like
phrase) means, in accordance with Section&nbsp;2(a)(42) of the 1940 Act, the vote, at the annual or a
special meeting of the shareholders of the Fund duly called (i)&nbsp;of 67% or more of the preferred
shares present at such meeting, if the holders of more than 50% of the outstanding preferred shares
are present or represented by proxy, or (ii)&nbsp;more than 50% of the outstanding preferred shares,
whichever is less. The class vote of holders of preferred shares described above in each case will
be in addition to a separate vote of the requisite percentage of common shares, and any other
preferred shares, voting together as a single class, that may be necessary to authorize the action
in question. An increase in the number of authorized preferred shares pursuant to the Governing
Documents or the issuance of additional shares of any series of preferred shares pursuant to the
Governing Documents shall not in and of itself be considered to adversely affect the rights and
preferences of the preferred shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The calculation of the elements and definitions of certain terms of the rating agency
guidelines may be modified by action of the Board without further action by the shareholders if the
Board determines that such modification is necessary to prevent a reduction in rating of the
preferred shares by Moody&#146;s and/or S&#038;P (or other rating agency then rating the preferred shares at
the request of the Fund), as the case may be, or is in the best interests of the holders of common
shares and is not adverse to the holders of preferred shares in view of advice to the Fund by the
relevant rating agencies that such modification would not adversely affect its then-current rating
of the preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing voting provisions will not apply to any series of preferred shares if, at or
prior to the time when the act with respect to which such vote otherwise would be required will be
effected, such shares will have been redeemed or called for redemption and sufficient cash or cash
equivalents provided to the applicable paying agent to effect such redemption. The holders of
preferred shares will have no preemptive rights or rights to cumulative voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitation on Issuance of Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the Fund has preferred shares outstanding, subject to receipt of approval from the
rating agencies of each series of preferred shares outstanding, and subject to compliance with the
Fund&#146;s investment objective, policies and restrictions, the Fund may issue and sell shares of one
or more other series of additional preferred shares provided that the Fund will, immediately after
giving effect to the issuance of such additional preferred shares and to its receipt and
application of the proceeds thereof (including, without limitation, to the redemption of preferred
shares to be redeemed out of such proceeds), have an &#147;asset coverage&#148; for all senior securities of
the Fund which are shares, as defined in the 1940 Act, of at least 200% of the sum of the
liquidation preference of the shares of preferred shares of the Fund then outstanding and all
indebtedness of the Fund constituting senior securities and no such additional preferred shares
will have any preference or priority over any other preferred shares of the Fund upon the
distribution of the assets of the Fund or in respect of the payment of dividends or distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will consider from time to time whether to offer additional preferred shares or
securities representing indebtedness and may issue such additional securities if the Board
concludes that such an offering would be consistent with the Fund&#146;s Charter and applicable law, and
in the best interest of existing common shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Book Entry</I>. Fixed Rate Preferred Shares sold through this offering will initially be held in
the name of Cede &#038; Co. as nominee for DTC. The Fund will treat Cede &#038; Co. as the holder of record
of such shares for all purposes. In accordance with the procedures of DTC, however, purchasers of
Fixed Rate Preferred Shares will be deemed the beneficial owners of shares purchased for purposes
of dividends, voting and liquidation rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Auction Rate Preferred Shares will initially be held by the auction agent as
custodian for Cede &#038; Co., in whose name the shares of Auction Rate Preferred Shares will be
registered. The Fund will treat Cede &#038; Co. as the holder of record of such shares for all purposes.
</DIV>
<DIV align="left">
<A name="Y91394115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANTI-TAKEOVER PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund presently has provisions in its Governing Documents which could have the effect of
limiting, in each case, (i)&nbsp;the ability of other entities or persons to acquire control of the
Fund, (ii)&nbsp;the Fund&#146;s freedom to engage in certain transactions, or (iii)&nbsp;the ability of the Fund&#146;s
trustees or shareholders to amend the Governing Documents or effectuate changes in the Fund&#146;s
management. These provisions of the Governing Documents of the Fund may be regarded as
&#147;anti-takeover&#148; provisions. The Board is divided into three classes, each having a term of no more
than three years (except, to ensure that the term of a class of the Fund&#146;s trustees expires each
year, one class of the Fund&#146;s trustees will serve an initial one-year term and three-year terms
thereafter and another class of its trustees will serve an initial two-year term and three-year
terms thereafter). Each year the term of one class of trustees will expire. Accordingly, only those
trustees in one class may be changed in any one year, and it would require a minimum of two years
to change a majority of the Board. Such system of electing trustees may have the effect of
maintaining the continuity of management and, thus, make it more difficult for the shareholders of
the Fund to change the majority of trustees. See &#147;Trustees and Officers.&#148; A trustee of the Fund may
be removed with cause by a majority of the remaining Trustees and, without cause, by two-thirds of
the remaining Trustees or by no less than two-thirds of the aggregate number of votes entitled to
be cast for the election of such Trustee. Special voting requirements of 75% of the outstanding
voting shares (in addition to any required class votes) apply to certain mergers or a sale of all
or substantially all of the Fund&#146;s assets, dissolution, conversion of the Fund into an open-end
fund or interval fund and amendments to several provisions of the Declaration of Trust, including
the foregoing provisions. In addition, 80% of the holders of the outstanding voting securities of
the Fund voting as a class is generally required in order to authorize any of the following
transactions:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /Folio -->
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the merger or consolidation of the Fund with or into any other entity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of any securities of the Fund to any person or entity for
cash, other than pursuant to the Dividend and Reinvestment Plan or any
offering if such person or entity acquires no greater percentage of
the securities offered than the percentage beneficially owned by such
person or entity immediately prior to such offering or, in the case of
a class or series not then beneficially owned by such person or
entity, the percentage of common shares beneficially owned by such
person or entity immediately prior to such offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale, lease or exchange of all or any substantial part of the
assets of the Fund to any entity or person (except assets having an
aggregate fair market value of less than $1,000,000);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale, lease or exchange to the Fund, in exchange for securities of
the Fund, of any assets of any entity or person (except assets having
an aggregate fair market value of less than $1,000,000);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase of the Fund&#146;s common shares by the Fund from any other
person or entity if such corporation, person or entity is directly, or
indirectly through affiliates, the beneficial owner of more than 5% of
the outstanding shares of the Fund.;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, such vote would not be required when, under certain conditions, the Board approves the
transaction. Reference is made to the Governing Documents of the Fund, on file with the SEC, for
the full text of these provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, shareholders have no authority to adopt, amend or repeal By-Laws. The Board of
Trustees has authority to adopt, amend and repeal By-Laws consistent with the Declaration of Trust
(including to require approval by the holders of a majority of the outstanding shares for the
election of Trustees).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Governing Documents described above could have the effect of depriving
the owners of shares in the Fund of opportunities to sell their shares at a premium over prevailing
market prices, by discouraging a third party from seeking to obtain control of the Fund in a tender
offer or similar transaction. The overall effect of these provisions is to render more difficult
the accomplishment of a merger or the assumption of control by a principal shareholder.
</DIV>
<DIV align="left">
<A name="Y91394116"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a non-diversified, closed-end management investment company (commonly referred to
as a closed-end fund). Closed-end funds differ from open-end funds (which are generally referred to
as mutual funds) in that closed-end funds generally list their shares for trading on a stock
exchange and do not redeem their shares at the request of the shareholder. This means that if you
wish to sell your shares of a closed-end fund you must trade them on the market like any other
shares 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 NAV. Also, mutual
funds generally offer new shares on a continuous basis to new investors, and closed-end funds
generally do not. The continuous inflows and outflows of assets in a mutual fund can make it
difficult to manage the Fund&#146;s investments. By comparison, closed-end funds are generally able to
stay more fully invested in securities that are consistent with their investment objective, to have
greater flexibility to make certain types of investments and to use certain investment strategies
such as financial leverage and investments in illiquid securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of closed-end funds often trade at a discount to their NAV. 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 a 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 NAV
per share. The Board might also consider converting the Fund to an open-end mutual fund, which
would also require a supermajority vote of the shareholders of the Fund and a separate vote of any
outstanding preferred shares. We cannot assure you that the Fund&#146;s common shares will not trade at
a discount.
</DIV>


<DIV align="left">
<A name="Y91394117"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a non-diversified, closed-end, management investment company and as such its
shareholders do not, and will not, have the right to redeem their shares. The Fund, however, may
repurchase its common shares from time to time as and when it deems such a repurchase advisable.
Such repurchases will be made when the Fund&#146;s common shares are trading at a discount of 10% (or
such other percentage as the Board may determine from time to time) or more from NAV. Pursuant to
the 1940 Act, the Fund may repurchase its common shares on a securities exchange (provided that the
Fund has informed its shareholders within the preceding six months of its intention to repurchase
such shares) or as otherwise permitted in accordance with Rule&nbsp;23c-1 under the 1940 Act. Under that
Rule, certain conditions must be met regarding, among other things, distribution of net income for
the preceding fiscal year, status of the seller, price paid, brokerage commissions, prior
 notice to shareholders of an intention to purchase shares and purchasing in a manner and on a basis
that does not discriminate unfairly against the other shareholders through their interest in the
Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund repurchases its common shares for a price below NAV, the NAV of the common
shares that remains outstanding will be enhanced, but this does not necessarily mean that the
market price of the outstanding common shares will be affected, either positively or negatively.
</DIV>






<DIV align="left">
<A name="Y91394118"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may in the future, and at its discretion, choose to make rights offerings. Any such
future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware,
the Board is authorized to approve rights offerings without obtaining shareholder approval. The
staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a
transferable rights offering at a price below the then current net asset value so long as certain
conditions are met, including: (i)&nbsp;a good faith determination by a fund&#146;s Board that such offering
would result in a net benefit to existing shareholders; (ii)&nbsp;the offering fully protects
shareholders&#146; preemptive rights and does not discriminate among shareholders
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 43 -<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(except for the
possible effect of not offering fractional rights); (iii)&nbsp;management uses its best efforts to
ensure an adequate trading market in the rights for use by shareholders who do not exercise such
rights; and (iv)&nbsp;the ratio of a transferable rights offering does not exceed one new share for each
three rights held.
</DIV>
<DIV align="left">
<A name="Y91394119"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net asset value of the Fund&#146;s shares is computed based on the market value of the
securities it holds and determined daily as of the close of the regular trading day on the NYSE.
For purposes of determining the Fund&#146;s net asset value per share, portfolio securities listed or
traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market
for which market quotations are readily available are valued at the last quoted sale price or a
market&#146;s official closing price as of the close of business on the day the securities are being
valued. If there were no sales that day, the security is valued at the average of the closing bid
and asked prices or, if there were no asked prices quoted on that day, then the security is valued
at the closing bid price on that day. If no bid or asked prices are quoted on such day, the
security is valued at the most recently available price or, if the Board so determines, by such
other method as the Board shall determine in good faith to reflect its fair market value. Portfolio
securities traded on more than one national securities exchange or market are valued according to
the broadest and most representative market, as determined by the Investment Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio securities primarily traded on a foreign market are generally valued at the
preceding closing values of such securities on the relevant market, but may be fair valued pursuant
to procedures established by the Board if market conditions change significantly after the close of
the foreign market but prior to the close of business on the day the securities are being valued.
Debt instruments with remaining maturities of 60&nbsp;days or less that are not credit impaired are
valued at amortized cost, unless the Board determines such amount does not reflect the securities&#146;
fair value, in which case these securities will be fair valued as determined by the Board. Debt
instruments having a maturity greater than 60&nbsp;days for which market quotations are readily
available are valued at the average of the latest bid and asked prices. If there were no asked
prices quoted on such day, the security is valued using the closing bid price. Futures contracts
are valued at the closing settlement price of the exchange or board of trade on which the
applicable contract is traded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities and assets for which market quotations are not readily available are fair valued as
determined by the Board. Fair valuation methodologies and procedures may include, but are not
limited to: analysis and review of available financial and non-financial information about the
company; comparisons to the valuation and changes in valuation of similar securities, including a
comparison of foreign securities to the equivalent U.S. dollar value ADR securities at the close of
the U.S. exchange; and evaluation of any other information that could be indicative of the value of
the security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund obtains valuations on the basis of prices provided by one or more pricing services
approved by the Board. All other investment assets, including restricted and not readily marketable
securities, are valued in good faith at fair value under procedures established by and under the
general supervision and responsibility of the Board. In addition, whenever developments in one or
more securities markets after the close of the principal markets for one or more portfolio
securities and before the time as of which the Fund determines its net asset value would, if such
developments had been reflected in such principal markets, likely have had more than a minimal
effect on the Fund&#146;s net asset value per share, the Fund may fair value such portfolio securities
based on available market information as of the time the Fund determines its net asset value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>NYSE Closings</I>. The holidays (as observed) on which the NYSE is closed, and therefore days upon
which shareholders cannot purchase or sell shares, currently are: New Year&#146;s Day, Dr.&nbsp;Martin Luther
King, Jr. Day, Presidents&#146; Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day and on the preceding Friday or subsequent Monday when a holiday
falls on a Saturday or Sunday, respectively.
</DIV>
<DIV align="left">
<A name="Y91394120"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIMITATION ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governing Documents provide that the Fund will indemnify its Trustees and officers and may
indemnify its employees or agents against liabilities and expenses incurred in connection with
litigation in which they may be involved because of their positions with the Fund, to the fullest
extent permitted by law. However, nothing in the Governing Documents protects or indemnifies a
Trustee, officer, employee or agent of the Fund against any liability to which such person would
otherwise be subject in the event of such person&#146;s willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his or her position.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394121"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a brief summary of certain U.S. federal income tax considerations
affecting the Fund and its shareholders. This discussion reflects applicable tax laws of the United
States as of the date of this Prospectus, which tax laws may be changed or subject to new
interpretations by the courts or the Internal Revenue Service (the &#147;IRS&#148;) retroactively or
prospectively. No attempt is made to present a detailed explanation of all U.S. federal, state,
local and foreign tax concerns affecting the Fund and its shareholders (including shareholders
owning a large position in the Fund), and the discussions set forth herein do not constitute tax
advice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The discussion set forth herein does not constitute tax advice and potential investors are
urged to consult their own tax advisers to determine the tax consequences to them of investing in
the Fund.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of the Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has elected to be treated and has qualified, and intends to continue to qualify, as a
regulated investment company under Subchapter M of the Code. Accordingly, the Fund must, among
other things, meet the following requirements regarding the source of its income and the
diversification of its assets:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund must derive in each taxable year at least 90% of its gross
income from the following sources, which are referred to herein as
&#147;Qualifying Income&#148;: (a)&nbsp;dividends, interest (including tax-exempt
interest), payments with respect to certain securities loans, and
gains from the sale or other disposition of shares, securities or
foreign currencies, and other income (including but not limited to
gain from options, futures and forward contracts) derived with
respect to its business of investing in such stock, securities or
foreign currencies; and (b)&nbsp;interests in publicly traded partnerships
that are treated as partnerships for U.S. federal income tax purposes
and that derive less than 90% of their gross income from the items
described in (a)&nbsp;above (each a &#147;Qualified Publicly Traded
Partnership&#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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund must diversify its holdings so that, at the end of each
quarter of each taxable year (a)&nbsp;at least 50% of the market value of
the Fund&#146;s total assets is represented by cash and cash items, U.S.
government securities, the securities of other regulated investment
companies and other securities, with such other securities limited,
in respect of any one issuer, to an amount not greater than 5% of the
value of the Fund&#146;s total assets and not more than 10% of the
outstanding voting securities of such issuer and (b)&nbsp;not more than
25% of the market value of the Fund&#146;s total assets is invested in the
securities (other than U.S. government securities and the securities
of other regulated investment companies) of (I)&nbsp;any one issuer, (II)
any two or more issuers that the Fund controls and that are
determined to be engaged in the same business or similar or related
trades or businesses or (III)&nbsp;any one or more Qualified Publicly
Traded Partnerships.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a regulated investment company, the Fund generally will not be subject to U.S. federal
income tax on income and gains that the Fund distributes to its shareholders, provided that it
distributes each taxable year at least the sum of (i)&nbsp;90% of the Fund&#146;s investment company taxable
income (which includes, among other items, dividends, interest and the excess of any net short-term
capital gain over net long-term capital loss and other taxable income, other than any net long-term
capital gain, reduced by deductible expenses) determined without regard to the deduction for
dividends paid and (ii)&nbsp;90% of the Fund&#146;s net tax-exempt interest (the excess of its gross
tax-exempt interest over certain disallowed deductions). The Fund intends to distribute
substantially all of such income at least annually. The Fund will be subject to income tax at
regular corporation rates on any taxable income or gains that it does not distribute to its
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not
distribute by the end of any calendar year an amount at least equal to the sum of (i)&nbsp;98% of its
ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)
98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for
a one-year period generally ending on October&nbsp;31 of the calendar year (unless an election is made
to use the Fund&#146;s fiscal year). In addition, the minimum amounts that must be distributed in any
year to avoid the excise tax will be increased or decreased to reflect any under-distribution or
over-distribution, as the case may be, from the previous year. While the Fund intends to distribute
any income and capital gain in the manner necessary to minimize imposition of the 4% excise tax,
there can be no assurance that sufficient amounts of the Fund&#146;s taxable income and capital gain
will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund
will be liable for the excise tax only on the amount by which it does not meet the foregoing
distribution requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain situations, the Fund may, for a taxable year, defer all or a portion of its capital
losses and currency losses realized after October and certain ordinary losses realized after
December until the next taxable year in computing its investment company taxable income and net
capital gain, which will defer the recognition of such realized losses. Such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deferrals and other
rules regarding gains and losses realized after October (or December) may affect the tax character
of shareholder distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any taxable year the Fund does not qualify as a regulated investment company, all of
its taxable income (including its net capital gain) will be subject to tax at regular corporate
rates without any deduction for distributions to shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to you by the Fund from its net realized long-term capital gains, if any,
that the Fund reports as capital gains dividends (&#147;capital gain dividends&#148;) are taxable as
long-term capital gains, regardless of how long you have held your shares. All other dividends paid
to you by the Fund (including dividends from short-term capital gains) from its current or
accumulated earnings and profits (&#147;ordinary income dividends&#148;) are generally subject to tax as
ordinary income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special rules apply, however, to ordinary income dividends paid to individuals with respect to
taxable years beginning on or before December&nbsp;31, 2012. If you are an individual, any such ordinary
income dividend that you receive from the Fund generally will be eligible for taxation at the
Federal rates applicable to long-term capital gains (currently at a maximum rate of 15%) to the
extent that (i)&nbsp;the ordinary income dividend is attributable to &#147;qualified dividend income&#148; (i.e.,
generally dividends paid by U.S. corporations and certain foreign corporations) received by the
Fund, (ii)&nbsp;the Fund satisfies certain holding period and other requirements with respect to the
stock on which such qualified dividend income was paid and (iii)&nbsp;you satisfy certain holding period
and other requirements with respect to your shares. There can be no assurance as to what portion of
the Fund&#146;s ordinary income dividends will constitute qualified dividend income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any distributions you receive that are in excess of the Fund&#146;s current or accumulated earnings
and profits will be treated as a tax-free return of capital to the extent of your adjusted tax
basis in your shares, and thereafter as capital gain from the sale of shares. The amount of any
Fund distribution that is treated as a tax-free return of capital will reduce your adjusted tax
basis in your shares, thereby increasing your potential gain or reducing your potential loss on any
subsequent sale or other disposition of your shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and other taxable distributions are taxable to you even if they are reinvested in
additional common shares of the Fund. Dividends and other distributions paid by the Fund are
generally treated under the Code as received by you at the time the dividend or distribution is
made. If, however, the Fund pays you a dividend in January that was declared in the previous
October, November or December and you were the shareholder of record on a specified date in one of
such months, then such dividend will be treated for tax purposes as being paid by the Fund and
received by you on December&nbsp;31 of the year in which the dividend was declared.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in 2013, a 3.8&nbsp;percent Medicare contribution tax will be imposed on net investment
income, including interest, dividends, and capital gain, of U.S. individuals with income exceeding
$200,000 (or $250,000 if married filing jointly), and of estates and trusts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will send you information after the end of each year setting forth the amount and tax
status of any distributions paid to you by the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale or other disposition of shares of the Fund will generally result in capital gain or
loss to you, and will be long-term capital gain or loss if you have held such shares for more than
one year at the time of sale. Any loss upon the sale or exchange of shares held for six months or
less will be treated as long-term capital loss to the extent of any capital gain dividends received
(including amounts credited as an undistributed capital gain dividend) by you with respect to such
shares. Any loss you realize on a sale or exchange of shares will be disallowed if you acquire
other shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day
period beginning 30&nbsp;days before and ending 30&nbsp;days after your sale or exchange of the shares. In
such case, your tax basis in the shares acquired will be adjusted to reflect the disallowed loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may be required to withhold, for U.S. federal backup withholding tax purposes, a
portion of the dividends, distributions and redemption proceeds payable to shareholders who fail to
provide the Fund (or its agent) with their correct taxpayer identification number (in the case of
individuals, generally, their social security number) or to make required certifications, or who
have been notified by the IRS that they are subject to backup withholding. Certain shareholders are
exempt from backup withholding. Backup withholding is not an additional tax and any amount withheld
may be refunded or credited against your U.S. federal income tax liability, if any, provided that
you furnish the required information to the IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 30% withholding tax will be imposed on dividends and redemption proceeds paid after December
31, 2012, to (i)&nbsp;foreign financial institutions including non-U.S. investment funds unless they
agree to collect and disclose to the IRS information regarding their direct and indirect U.S.
account holders and (ii)&nbsp;certain other foreign entities unless they certify
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">certain information
regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial
institutions will need to enter into agreements with the IRS regarding providing the IRS
information including the name, address and taxpayer identification number of direct and indirect
U.S. account holders, to comply with due diligence procedures with respect to the identification of
U.S. accounts, to report to the IRS certain information with respect to U.S. accounts maintained,
to agree to withhold tax on certain payments made to non-compliant foreign financial institutions
or to account holders who fail to provide the required information, and to determine certain other
information as to their account holders. Other foreign entities will need to provide the name,
address, and taxpayer identification number of each substantial U.S. owner or certifications of no
substantial U.S. ownership unless certain exceptions apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conclusion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Fund and its
shareholders. These provisions are subject to change by legislative or administrative action, and
any such change may be retroactive.
</DIV>
<DIV align="left">
<A name="Y91394122"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York Mellon Corporation, located at 135 Santilli Highway, Everett,
Massachusetts 02149, serves as the custodian of the Fund&#146;s assets pursuant to a custody agreement.
Under the custody agreement, the Custodian holds the Fund&#146;s assets in compliance with the 1940 Act.
For its services, the Custodian receives a monthly fee based upon the average weekly value of the
total assets of the Fund, plus certain charges for securities transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare, located at 250 Royall Street, Canton, Massachusetts 02021, serves as the Fund&#146;s
dividend disbursing agent, as agent under the Plan and as transfer agent and registrar with respect
to the common shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare also serves as the Fund&#146;s transfer agent, registrar, dividend paying agent and
redemption agent with respect to the Series&nbsp;A Preferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank of New York, located at 100 Church Street, New York, New York 10286, also serves as
the Fund&#146;s auction agent, transfer agent, registrar, dividend paying agent and redemption agent
with respect to the Series&nbsp;B Preferred.
</DIV>
<DIV align="left">
<A name="Y91394123"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell shares through underwriters or dealers, directly to one or more purchasers,
through agents, to or through underwriters or dealers, or through a combination of any such methods
of sale. The applicable Prospectus Supplement will identify any underwriter or agent involved in
the offer and sale of our shares, any sales loads, discounts, commissions, fees or other
compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of
proceeds and the terms of any sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The distribution of our shares may be effected from time to time in one or more transactions
at a fixed price or prices, which may be changed, at prevailing market prices at the time of sale,
at prices related to such prevailing market prices, or at negotiated prices, provided, however,
that the offering price per share in the case of common shares, must equal or exceed the NAV per
share, exclusive of any underwriting commissions or discounts, of our common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell our shares directly to, and solicit offers from, institutional investors or others
who may be deemed to be underwriters as defined in the Securities Act of 1933 (the &#147;Securities
Act&#148;) for any resales of the securities. In this case, no underwriters or agents would be involved.
We may use electronic media, including the Internet, to sell offered securities directly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the sale of our shares, underwriters or agents may receive compensation
from us in the form of discounts, concessions or commissions. Underwriters may sell our shares to
or through dealers, and such dealers may receive compensation in the form of discounts, concessions
or commissions from the underwriters and/or commissions from the purchasers for whom they may act
as agents. Underwriters, dealers and agents that participate in the distribution of our shares may
be deemed to be underwriters under the Securities Act, and any discounts and commissions they
receive from us and any profit realized by them on the resale of our shares may be deemed to be
underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will
be identified and any such compensation received from us will be described in the applicable
Prospectus Supplement. The maximum commission or discount to be received by any FINRA
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">member or
independent broker-dealer will not exceed eight percent. We will not pay any compensation to any
underwriter or agent in the form of warrants, options, consulting or structuring fees or similar
arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Prospectus Supplement so indicates, we may grant the underwriters an option to purchase
additional shares at the public offering price, less the underwriting discounts and commissions,
within 45&nbsp;days from the date of the Prospectus Supplement, to cover any over-allotments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under agreements into which we may enter, underwriters, dealers and agents who participate in
the distribution of our shares may be entitled to indemnification by us against certain
liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may
engage in transactions with us, or perform services for us, in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If so indicated in the applicable Prospectus Supplement, we will ourselves, or will authorize
underwriters or other persons acting as our agents to solicit offers by certain institutions to
purchase our shares from us pursuant to contracts providing for payment and delivery on a future
date. Institutions with which such contacts may be made include commercial and savings banks,
insurance companies, pension funds, investment companies, educational and charitable institutions
and others, but in all cases such institutions must be approved by us. The obligation of any
purchaser under any such contract will be subject to the condition that the purchase of the shares
shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such
purchaser is subject. The underwriters and such other agents will not have any responsibility in
respect of the validity or performance of such contracts. Such contracts will be subject only to
those conditions set forth in the Prospectus Supplement, and the Prospectus Supplement will set
forth the commission payable for solicitation of such contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted under the 1940 Act and the rules and regulations promulgated
thereunder, the underwriters may from time to time act as brokers or dealers and receive fees in
connection with the execution of our portfolio transactions after the underwriters have ceased to
be underwriters and, subject to certain restrictions, each may act as a broker while it is an
underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Prospectus and accompanying Prospectus Supplement in electronic form may be made available
on the websites maintained by underwriters. The underwriters may agree to allocate a number of
securities for sale to their online brokerage account holders. Such allocations of securities for
Internet distributions will be made on the same basis as other allocations. In addition, securities
may be sold by the underwriters to securities dealers who resell securities to online brokerage
account holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with the securities laws of certain states, if applicable, our shares
offered hereby will be sold in such jurisdictions only through registered or licensed brokers or
dealers.
</DIV>
<DIV align="left">
<A name="Y91394124"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters will be passed on by Willkie Farr &#038; Gallagher LLP, 787 Seventh Avenue,
New York, New York 10019-6099, counsel to the Fund, in connection with the offering of the Fund&#146;s
shares. Counsel for the Fund will rely, as to certain matters of Delaware law, on Richards, Layton
&#038; Finger, P.A., One Rodney Square, 920 North King Street, Wilmington, Delaware 19801.
</DIV>
<DIV align="left">
<A name="Y91394125"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; serves as the Independent Registered Public Accounting Firm of
the Fund and audits the financial statements of the Fund. &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; is located
at &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;.
</DIV>
<DIV align="left">
<A name="Y91394126"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is subject to the informational requirements of the Securities Act of 1934, as
amended (the &#147;1934 Act&#148;), and the 1940 Act and in accordance therewith files reports and other
information with the SEC. Reports, proxy statements and other information filed by the Fund with
the SEC pursuant to the informational requirements of the 1934 Act and the 1940 Act can be
inspected and copied at the public reference facilities maintained by the SEC, 100 F Street, N.E.,
Washington, D.C. 20549. The SEC maintains a web site at http://www.sec.gov containing reports,
proxy and information statements and other information regarding registrants, including the Fund,
that file electronically with the SEC.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 48 -<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s common shares and Series&nbsp;A Preferred are listed on the NYSE. Reports, proxy
statements and other information concerning the Fund and filed with the SEC by the Fund will be
available for inspection at the NYSE, 11 Wall Street, New York, New York, 10005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC
under the Securities Act and the 1940 Act. This Prospectus omits certain of the information
contained in the Registration Statement, and reference is hereby made to the Registration Statement
and related exhibits for further information with respect to the Fund and the shares offered
hereby. Any statements contained herein concerning the provisions of any document are not
necessarily complete, and, in each instance, reference is made to the copy of such document filed
as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is
qualified in its entirety by such reference. The complete Registration Statement may be obtained
from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge
through the SEC&#146;s web site (http://www.sec.gov).
</DIV>
<DIV align="left">
<A name="Y91394127"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRIVACY PRINCIPLES OF THE FUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is committed to maintaining the privacy of its shareholders and to safeguarding their
non-public personal information. The following information is provided to help you understand what
personal information the Fund collects, how the Fund protects that information and why, in certain
cases, the Fund may share information with select other parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, the Fund does not receive any non-public personal information relating to its
shareholders, although certain non-public personal information of its shareholders may become
available to the Fund. The Fund does not disclose any non-public personal information about its
shareholders or former shareholders to anyone, except as permitted by law or as is necessary in
order to service shareholder accounts (for example, to a transfer agent or third party
administrator).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund restricts access to non-public personal information about its shareholders to
employees of the Fund, the Investment Adviser, and its affiliates with a legitimate business need
for the information. The Fund maintains physical, electronic and procedural safeguards designed to
protect the non-public personal information of its shareholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 49 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394128"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An SAI dated as of &#091;May&nbsp;19&#093;, 2011, has been filed with the SEC and is incorporated by
reference in this Prospectus. An SAI may be obtained without charge by writing to the Fund at its
address at One Corporate Center, Rye, New York 10580-1422 or by calling the Fund toll-free at (800)
GABELLI (422-3554). The Table of Contents of the SAI is as follows:
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="Y91394tocpage"></A>
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394801">The Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394802">Investment Objectives and Policies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394803">Investment Restrictions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">12&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394804">Management of The Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">12&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394805">Dividends and Distributions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">25&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394806">Auctions for Auction Rate Preferred Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">25&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394807">Portfolio Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">28&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394809">Portfolio Turnover</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">29&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394810">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">29&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394811">Beneficial Owners</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">34&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394812">General Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">34&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394813">Appendix&nbsp;A&#151;Proxy Voting Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">A-1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dealer, salesperson or other person has been authorized to give any information or to make
any representations in connection with this offering other than those contained in this Prospectus
in connection with the offer contained herein, and, if given or made, such other information or
representations must not be relied upon as having been authorized by the Fund, the Investment
Adviser or the underwriters. Neither the delivery of this Prospectus nor any sale made hereunder
will, under any circumstances, create any implication that there has been no change in the affairs
of the Fund since the date hereof or that the information contained herein is correct as of any
time subsequent to its date. This Prospectus does not constitute an offer to sell or a solicitation
of an offer to buy any securities other than the securities to which it relates. This Prospectus
does not constitute an offer to sell or the solicitation of an offer to buy such securities in any
circumstance in which such an offer or solicitation is unlawful.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>$100,000,000</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y91394y9139401.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


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

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

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRELIMINARY PROSPECTUS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Subject to completion, dated May&nbsp;19, 2011</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /Folio -->
</DIV>




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



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y91394y9139400.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this Prospectus Supplement is not complete and may be changed. The Fund may
not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell these securities and is not
soliciting offers to buy these securities in any state where the offer or sale is not permitted.


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;497(c)<BR>
Registration Statement No. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROSPECTUS SUPPLEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(To Prospectus dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011)
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering for sale <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of our common shares. Our common shares
are traded on the New York Stock Exchange under the symbol &#147;GUT.&#148; The last reported sale price for
our common shares on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, &#95;&#95;&#95;&#95; was $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share. The net asset
value of the Fund&#146;s common shares at the close of business on &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2011 was $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should review the information set forth under &#147;Risk Factors and Special Considerations&#148; on
page &#95;&#95;&#95; of the accompanying Prospectus before investing in our common shares.
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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" style="border-bottom: 1px solid #000000"><B>Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total (1)</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">Public offering price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting discounts and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap 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:15px; text-indent:-15px">Proceeds, before expenses, to us</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The aggregate expenses of the offering are estimated to be $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , which represents approximately $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters may also purchase up to an additional <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
common shares from us at the public offering price, less underwriting discounts and commissions, to
cover over-allotments, if any, within 30&nbsp;days after the date of this Prospectus Supplement. If the
over-allotment option is exercised in full, the total proceeds, before expenses, to the Fund would
be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and the total underwriting discounts and commissions would be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . The common shares will be
ready for delivery on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read this Prospectus Supplement and the accompanying Prospectus before deciding
whether to invest in our common shares and retain it for future reference. The Prospectus
Supplement and the accompanying Prospectus contain important information about us. Material that
has been incorporated by reference and other information about us can be obtained from us by
calling 1-800-GABELLI (422-3554) or from the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website
(http://www.sec.gov).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; , 2011
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->S-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;<B>You should rely only on the information contained or incorporated by reference in this
Prospectus Supplement and the accompanying Prospectus. Neither the Fund nor the underwriters have
authorized anyone to provide you with different information. The Fund is not making an offer to
sell these securities in any jurisdiction where the offer or sale is not permitted. You should not
assume that the information contained in this Prospectus Supplement and the accompanying Prospectus
is accurate as of any date other than the date of this Prospectus Supplement and the accompanying
Prospectus, respectively. Our business, financial condition, results of operations and prospects
may have changed since those dates. In this Prospectus Supplement and in the accompanying
Prospectus, unless otherwise indicated, &#147;Fund,&#148; &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The Gabelli Utility
Trust. This Prospectus Supplement also includes trademarks owned by other persons.</B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="Y91394tocpage"></A>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Prospectus Supplement</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="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394301">TABLE OF FEES AND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394302">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394303">FINANCIAL HIGHLIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394304">PRICE RANGE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394305">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394306">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center"><B>Prospectus</B><BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><A href="#Y91394101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394102">SUMMARY OF FUND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394103">FINANCIAL HIGHLIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394105">THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394106">INVESTMENT OBJECTIVES AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394107">RISK FACTORS AND SPECIAL CONSIDERATIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394109">MANAGEMENT OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394110">PORTFOLIO TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394111">DIVIDENDS AND DISTRIBUTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394112">ISSUANCE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394113">AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394114">DESCRIPTION OF THE SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394115">ANTI-TAKEOVER PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394116">CLOSED-END FUND STRUCTURE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394117">REPURCHASE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394118">RIGHTS OFFERINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394119">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394120">LIMITATION ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394121">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394122">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394123">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394124">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394125">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394126">ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394127">PRIVACY PRINCIPLES OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394128">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->S-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information contain &#147;forward-looking statements.&#148; Forward-looking statements can be identified by
the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and
similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all
forward-looking statements involve risks and uncertainties, and actual results could differ
materially from those contemplated by the forward-looking statements. Several factors that could
materially affect our actual results are the performance of the portfolio of securities we hold,
the price at which our shares will trade in the public markets and other factors discussed in our
periodic filings with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we believe that the expectations expressed in our forward-looking statements are
reasonable, actual results could differ materially from those projected or assumed in our
forward-looking statements. Our future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and are subject to inherent risks and
uncertainties, such as those disclosed in the &#147;Risk Factors and Special Considerations&#148; section of
the accompanying prospectus. All forward-looking statements contained or incorporated by reference
in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this
Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing
obligations under the federal securities laws, we do not intend, and we undertake no obligation, to
update any forward-looking statement. The forward-looking statements contained in this Prospectus
Supplement, any accompanying Prospectus and the Statement of Additional Information are excluded
from the safe harbor protection provided by Section&nbsp;27A of the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently known risk factors that could cause actual results to differ materially from our
expectations include, but are not limited to, the factors described in the &#147;Risk Factors and
Special Considerations&#148; section of the accompanying Prospectus. We urge you to review carefully
those sections for a more detailed discussion of the risks of an investment in our common shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394301"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF FEES AND EXPENSES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables are intended to assist you in understanding the various costs and
expenses directly or indirectly associated with investing in our common shares as a percentage of
net assets attributable to common shares. Amounts are for the current fiscal year after giving
effect to anticipated net proceeds of the offering, assuming that we incur the estimated offering
expenses, including preferred share offering expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Transaction Expenses</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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales Load (as a percentage of offering price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&#093;               </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Expenses Borne by the Fund (as a percentage of offering price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&#093;               </TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Reinvestment Plan Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="right">None</TD>
    <TD>(1)</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="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>Percentage of Net Assets</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" style="border-bottom: 1px solid #000000"><B>Attributable to Common Shares</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"><B>Annual Expenses</B></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">Management Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&#093;                                                                 </TD>
    <TD nowrap>%(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on Borrowed Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&#093;                                                                 </TD>
    <TD nowrap>%(2)</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:15px; text-indent:-15px">Dividends on Preferred Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">%</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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total annual fund operating expenses and dividends on preferred shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">%  </TD>
    <TD align="right" nowrap>(2)</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:15px; text-indent:-15px">Total Annual Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD nowrap>%(2)</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>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>You will be charged a $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; service charge and pay brokerage
charges if you direct the plan agent to sell your common shares
held in a dividend reinvestment account.</TD>
</TR>

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

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

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Example</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example illustrates the expenses (including the maximum estimated sales load of
$&#091; &#093; and estimated offering expenses of $&#091; &#093; from the issuance of $&#091; &#093; million in common shares)
you would pay on a $1,000 investment in common shares, assuming a 5% annual portfolio total
return.* The actual amounts in connection with any offering will be set forth in the Prospectus
Supplement if applicable.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>10 Years</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Expenses Incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR 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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

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

</TABLE>


<DIV align="left">
<A name="Y91394302"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate the total net proceeds of the offering to be $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>($<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> if the over-allotment option is
exercised in full), based on the public offering price of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser expects that it will initially invest the proceeds of the offering in
high-quality short-term debt securities and instruments. The Investment Adviser anticipates that
the investment of the proceeds will be made in accordance with the Fund&#146;s investment objectives and
policies as appropriate investment opportunities are identified, which is expected to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be substantially completed within three months; however, changes in market conditions could result
in the Fund&#146;s anticipated investment period extending to as long as six months.
</DIV>

<DIV align="left">
<A name="Y91394303"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394304"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRICE RANGE OF COMMON SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for the quarters indicated, the high and low sale prices on the
New York Stock Exchange per common share and the net asset value and the premium or discount from
net asset value per share at which the common shares were trading, expressed as a percentage of net
asset value, at each of the high and low sale prices provided.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The last reported price for our common shares on <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> was
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share.
</DIV>
<DIV align="left">
<A name="Y91394305"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394306"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain legal matters will be passed on by Willkie Farr &#038; Gallagher LLP, New York, New York,
counsel to the Fund in connection with the offering of the common shares. Certain legal matters in
connection with this offering will be passed upon for the underwriters by <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>.
Willkie Farr &#038; Gallagher LLP and &#091;&nbsp;&nbsp;&#093; may rely as to certain
matters of Delaware law on the opinion of &#091;&nbsp;&nbsp;&#093;.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y91394y9139401.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; Common Shares of Beneficial Interest</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>, 2011</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011 (25&nbsp;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 each dealer&#146;s obligation to deliver a prospectus when acting
as an underwriter and with respect to its unsold allotments or subscriptions.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->S-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y91394y9139400.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this Prospectus Supplement is not complete and may be changed. The Fund may not
sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell these securities and is not
soliciting offers to buy these securities in any state where the offer or sale is not permitted.


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;497(c)<BR>
Registration Statement No. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROSPECTUS SUPPLEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(To Prospectus dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011)
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>Shares</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Series &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093; Preferred Shares</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(Liquidation Preference $&#091;</B>&nbsp;&nbsp;<B>&#093; per share)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering for sale <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Series &#95;&#95;&#95; Preferred
Shares. Our common shares are traded on the New York Stock Exchange under the symbol &#147;GUT.&#148; The
last reported sale price for our common shares on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, &#95;&#95;&#95;was $ &#95;&#95;&#95; per
share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should review the information set forth under &#147;Risk Factors and Special Considerations&#148; on
page &#95;&#95;&#95; of the accompanying Prospectus before investing in our preferred shares.
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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 colspan="2" align="center" style="border-bottom: 1px solid #000000"><B>Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total (1)</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">Public offering price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting discounts and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap 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:15px; text-indent:-15px">Proceeds, before expenses, to us</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The aggregate expenses of the offering are estimated to be $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, which represents approximately $ &#95;&#95;&#95; per share.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Underwriters are expected to deliver the Series &#95;&#95;&#95; Preferred Shares in book-entry form
through the Depositary Trust Company on or about <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, &#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read this Prospectus Supplement and the accompanying Prospectus before deciding
whether to invest in our preferred shares and retain it for future reference. The Prospectus
Supplement and the accompanying Prospectus contain important information about us. Material that
has been incorporated by reference and other information about us can be obtained from us by
calling 800-GABELLI (422-3554) or from the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website
(http://www.sec.gov).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, &#95;&#95;&#95;&#95;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->P-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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>You should rely only on the information contained or incorporated by reference in this
Prospectus Supplement and the accompanying Prospectus. Neither the Fund nor the underwriters have
authorized anyone to provide you with different information. The Fund is not making an offer to
sell these securities in any jurisdiction where the offer or sale is not permitted. You should not
assume that the information contained in this Prospectus Supplement and the accompanying Prospectus
is accurate as of any date other than the date of this Prospectus Supplement and the accompanying
Prospectus, respectively. Our business, financial condition, results of operations and prospects
may have changed since those dates. In this Prospectus Supplement and in the accompanying
Prospectus, unless otherwise indicated, &#147;Fund,&#148; &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The Gabelli Utility
Trust. This Prospectus Supplement also includes trademarks owned by other persons.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS<BR><BR style="font-size:6pt">
Prospectus Supplement
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394401">TERMS OF THE SERIES &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; PREFERRED SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394402">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394403">CAPITALIZATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394404">ASSET COVERAGE RATIO</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394405">SPECIAL CHARACTERISTICS AND RISKS OF THE SERIES &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; PREFERRED SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394406">DESCRIPTION OF THE SERIES &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; PREFERRED SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394407">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394408">UNDERWRITING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394409">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;P-5</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="center"><B>Prospectus</B><BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394102">SUMMARY OF FUND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394103">FINANCIAL HIGHLIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394105">THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394106">INVESTMENT OBJECTIVES AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394107">RISK FACTORS AND SPECIAL CONSIDERATIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394109">MANAGEMENT OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394110">PORTFOLIO TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394111">DIVIDENDS AND DISTRIBUTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394112">ISSUANCE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394113">AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394114">DESCRIPTION OF THE SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394115">ANTI-TAKEOVER PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394116">CLOSED-END FUND STRUCTURE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394117">REPURCHASE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394118">RIGHTS OFFERINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394119">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394120">LIMITATION ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394121">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394122">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394123">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394124">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394125">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394126">ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394127">PRIVACY PRINCIPLES OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394128">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;  &#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->P-2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information contain &#147;forward-looking statements.&#148; Forward-looking statements can be identified by
the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and
similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all
forward-looking statements involve risks and uncertainties, and actual results could differ
materially from those contemplated by the forward-looking statements. Several factors that could
materially affect our actual results are the performance of the portfolio of securities we hold,
the price at which our shares will trade in the public markets and other factors discussed in our
periodic filings with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we believe that the expectations expressed in our forward-looking statements are
reasonable, actual results could differ materially from those projected or assumed in our
forward-looking statements. Our future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and are subject to inherent risks and
uncertainties, such as those disclosed in the &#147;Risk Factors and Special Considerations&#148; section of
the accompanying prospectus. All forward-looking statements contained or incorporated by reference
in this Prospectus Supplement or the accompanying Prospectus are made as of the date of this
Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing
obligations under the federal securities laws, we do not intend, and we undertake no obligation, to
update any forward-looking statement. The forward-looking statements contained in this Prospectus
Supplement, any accompanying Prospectus and the Statement of Additional Information are excluded
from the safe harbor protection provided by Section&nbsp;27A of the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently known risk factors that could cause actual results to differ materially from our
expectations include, but are not limited to, the factors described in the &#147;Risk Factors and
Special Considerations&#148; section of the accompanying Prospectus. We urge you to review carefully
those sections for a more detailed discussion of the risks of an investment in our preferred
shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->P-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394401"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS OF THE SERIES </B><U>&#95;&#95;&#95;</U><B> PREFERRED SHARES</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The dividend rate &#091;for the initial dividend period&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1 </SUP>will be &#95;&#95;&#95;%.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Payment Rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Dividends will be paid when, as and if declared on <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>,</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, commencing
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">2 </SUP>The payment date for the initial</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">dividend period will be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091;Regular Dividend Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regular dividend periods will be &#95;&#95;&#95;days.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidation Preference</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$ &#95;&#95;&#95;&#95; per share</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#091;Non-Call Period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The shares may not be called for redemption at the option of the Fund prior to</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Stock Exchange Listing&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Applicable only if the preferred shares being offered are auction rate shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Applicable only if the preferred shares being offered are fixed rate shares.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->P-4<!-- /Folio -->
</DIV>



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

<DIV align="left">
<A name="Y91394402"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate the total net proceeds of the offering to be $ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, based on the public offering
price of $ &#95;&#95;&#95;&#95; per share and after deduction of the underwriting discounts and commissions and
estimated offering expenses payable by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser expects that it will initially invest the proceeds of the offering in
high-quality short-term debt securities and instruments. The Investment Adviser anticipates that
the investment of the proceeds will be made in accordance with the Fund&#146;s investment objectives and
policies as appropriate investment opportunities are identified, which is expected to be
substantially completed within three months; however, changes in market conditions could result in
the Fund&#146;s anticipated investment period extending to as long as six months.
</DIV>
<DIV align="left">
<A name="Y91394403"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394404"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394405"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL CHARACTERISTICS AND RISKS OF THE SERIES &#091; &#093; PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394406"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE SERIES &#091; &#093; PREFERRED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394407"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394408"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394409"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain legal matters will be passed on by Willkie Farr &#038; Gallagher LLP, New York, New York,
counsel to the Fund in connection with the offering of the Series &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Preferred Shares. Certain
legal matters in connection with this offering will be passed upon for the underwriters by <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
Willkie Farr &#038; Gallagher LLP and &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; may rely as to certain matters of Delaware law on the opinion of &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->P-5<!-- /Folio -->
</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y91394y9139401.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Gabelli Utility Trust</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#95;&#95;&#95;&#95;&#95;&#95;% Series &#091;</B>&nbsp;&nbsp;<B>&#093; &#091;</B>&nbsp;&nbsp;<B>&#093; Preferred Shares<BR>
(Liquidation Preference $&#95;&#95;&#95;&#95; per share)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>, 2011</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell or
trade the Preferred Shares, whether or not participating in this offering, may be required to
deliver a Prospectus. This is in addition to each dealer&#146;s obligation to deliver a prospectus when
acting as an underwriter and with respect to its unsold allotments or subscriptions.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->P-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>


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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y91394y9139400.gif" alt="(THE GABELLI UTILITY TRUST)">
</DIV>


<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this Prospectus Supplement is not complete and may be changed. The Fund may not
sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell these securities and is not
soliciting offers to buy these securities in any state where the offer or sale is not permitted.


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;497(c)<BR>
Registration Statement No. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROSPECTUS SUPPLEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(To Prospectus dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>Rights for </B><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>Subscription Rights for Common Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Utility Trust (the &#147;Fund&#148;, &#147;we&#148;, &#147;us&#148; or &#147;our&#148;) is issuing subscription rights
(the &#147;Rights&#148;) to our common shareholders to purchase additional common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a non-diversified, closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Fund&#146;s primary investment
objective is long-term growth of capital and income. The Fund&#146;s investment adviser is Gabelli
Funds, LLC (the &#147;Investment Adviser&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common shares are traded on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;GUT.&#148;
On <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011 (the last trading date prior to the Common Shares trading ex-Rights), the last
reported net asset value per Common Share was $&#95;&#95;&#95;&#95; and the last reported sales price per Common
Share on the NYSE was $&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in the Fund is not appropriate for all investors. We cannot assure you that the
Fund&#146;s investment objective will be achieved. You should read this Prospectus Supplement and the
accompanying Prospectus before deciding whether to invest in common shares and retain it for future
reference. The Prospectus Supplement and the accompanying Prospectus contain important information
about us. Material that has been incorporated by reference and other information about us can be
obtained from us by calling 800-GABELLI (422-3554) or from the Securities and Exchange Commission&#146;s
(&#147;SEC&#148;) website (http://www.sec.gov). For additional information all holders of rights should
contact the Information Agent, &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, toll-free at &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or please send written request to: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in common shares through Rights involves certain risks that are described in the
&#147;Special Characteristics and Risks of the Rights Offering&#148; section beginning on page S-&#091;</B>&nbsp;&nbsp;<B>&#093; of the
Prospectus Supplement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SHAREHOLDERS WHO DO NOT EXERCISE THEIR RIGHTS MAY, AT THE COMPLETION OF THE OFFERING, OWN A
SMALLER PROPORTIONAL INTEREST IN THE FUND THAN IF THEY EXERCISED THEIR RIGHTS. AS A RESULT OF THE
OFFERING YOU MAY EXPERIENCE DILUTION OR ACCRETION OF THE AGGREGATE NET ASSET VALUE OF YOUR COMMON
SHARES DEPENDING UPON WHETHER THE FUND&#146;S NET ASSET VALUE PER COMMON SHARE IS ABOVE OR BELOW THE
SUBSCRIPTION PRICE ON THE EXPIRATION DATE.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->R-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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>Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscription price of Common Shares to shareholders exercising Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting discounts and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds, before expenses, to the Fund (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The aggregate expenses of the offering are estimated to be $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common shares are expected to be ready for delivery in book-entry form through the
Depository Trust Company on or about &#95;&#95;&#95;&#95;&#95;&#95;, 2011. If the offer is extended, the common shares are
expected to be ready for delivery in book-entry form through the Depository Trust Company on or
about &#95;&#95;&#95;&#95;&#95;&#95;, 2011.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The date of this Prospectus Supplement is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->R-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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>You should rely only on the information contained or incorporated by reference in this
Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized anyone to
provide you with different information. The Fund is not making an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted. You should not assume that the
information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as
of any date other than the date of this Prospectus Supplement and the accompanying Prospectus,
respectively. Our business, financial condition, results of operations and prospects may have
changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless
otherwise indicated, &#147;Fund,&#148; &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The Gabelli Utility Trust. This
Prospectus Supplement also includes trademarks owned by other persons.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Prospectus Supplement
</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" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394501">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394502">DESCRIPTION OF THE RIGHTS OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394503">TABLE OF FEES AND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394504">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394505">CAPITALIZATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394506">PRICE RANGE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394507">SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394508">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394509">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">R-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>Prospectus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><A href="#Y91394101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394102">SUMMARY OF FUND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394103">FINANCIAL HIGHLIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394105">THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394106">INVESTMENT OBJECTIVES AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394107">RISK FACTORS AND SPECIAL CONSIDERATIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394109">MANAGEMENT OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394110">PORTFOLIO TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394111">DIVIDENDS AND DISTRIBUTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394112">ISSUANCE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394113">AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394114">DESCRIPTION OF THE SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394115">ANTI-TAKEOVER PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394116">CLOSED-END FUND STRUCTURE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394117">REPURCHASE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394118">RIGHTS OFFERINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394119">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394120">LIMITATION ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394121">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394122">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394123">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394124">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394125">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394126">ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394127">PRIVACY PRINCIPLES OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394128">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->R-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information contain &#147;forward-looking statements.&#148; Forward-looking statements can be identified by
the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and
similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all
forward-looking statements involve risks and uncertainties, and actual results could differ
materially from those contemplated by the forward-looking statements. Several factors that could
materially affect our actual results are the performance of the portfolio of securities we hold,
the price at which our shares will trade in the public markets and other factors discussed in our
periodic filings with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we believe that the expectations expressed in our forward-looking statements are
reasonable, actual results could differ materially from those projected or assumed in our
forward-looking statements. Our future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and are subject to inherent risks and
uncertainties, such as those disclosed in the &#147;Risk Factors and Special Considerations&#148; section of
the accompanying Prospectus and &#147;Special Characteristics and Risks of the Rights Offering&#148; in this
Prospectus Supplement. All forward-looking statements contained or incorporated by reference in
this Prospectus Supplement or the accompanying Prospectus are made as of the date of this
Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing
obligations under the federal securities laws, we do not intend, and we undertake no obligation, to
update any forward-looking statement. The forward-looking statements contained in this Prospectus
Supplement, any accompanying Prospectus and the Statement of Additional Information are excluded
from the safe harbor protection provided by Section&nbsp;27A of the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently known risk factors that could cause actual results to differ materially from our
expectations include, but are not limited to, the factors described in the &#147;Risk Factors and
Special Considerations&#148; section of the accompanying Prospectus as well as in the &#147;Special
Characteristics and Risks of the Rights Offering&#148; section of this Prospectus Supplement. We urge
you to review carefully those sections for a more detailed discussion of the risks of an investment
in the common shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->R-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394501"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&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"><B>Terms of the Offer</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Amount Available for <BR>
Primary Subscription</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Rights for Common Shares</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subscription Price</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights may be exercised at a price of $&#95;&#95;&#95;&#95;&#95; per Common Share (the &#147;Subscription Price&#148;).
<I>See &#147;Terms of the Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Record Date</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights will be issued to holders of record of the Fund&#146;s Common Shares on &#95;&#95;&#95;&#95;&#95;&#95;, 2011 (the
&#147;Record Date&#148;). <I>See &#147;Terms of the Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Rights Issued</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95; Right will be issued in respect of each Common Share of the Fund outstanding on the
Record Date. <I>See &#147;Terms of the Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Rights
Required to Purchase
One Common Share</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A holder of Rights may purchase &#95;&#95;&#95;&#95;&#95; Common Share of the Fund for every &#95;&#95;&#95;&#95; Rights
exercised. The number of Rights to be issued to a shareholder on the Record Date will be
rounded up to the nearest number of Rights evenly divisible by &#95;&#95;&#95;. <I>See &#147;Terms of the
Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Over-Subscription <BR>
Privilege</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Transfer of Rights</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subscription Period</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Rights may be exercised at any time after issuance and prior to expiration of the
Rights, which will be 5:00 PM Eastern Time on &#95;&#95;&#95;&#95;&#95;&#95;, 2011 (the &#147;Expiration Date&#148;) (the
&#147;Subscription Period&#148;). <I>See &#147;Terms of the Offer&#148; and &#147;Method of Exercise of Rights.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Offer Expenses</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The expenses of the Offer are expected to be approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. <I>See &#147;Use of Proceeds.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sale of Rights</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Use of Proceeds</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund estimates the net proceeds of the Offer to be approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. This
figure is based on the Subscription Price per share of $&#95;&#95;&#95;&#95;&#95; and assumes all new Common
Shares offered are sold and that the expenses related to the Offer estimated at
approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; are paid.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Investment Adviser anticipates that investment of the proceeds will be made in
accordance with the Fund&#146;s investment objectives and policies as appropriate investment
opportunities are identified, which is expected to be substantially completed in
approximately three months; however, the identification of appropriate investment
opportunities pursuant to the Fund&#146;s investment style or changes in market conditions may
cause the investment period to extend as long as six months. Pending such investment, the
proceeds will be held in high quality short-term debt securities and instruments. <I>See &#147;Use
of Proceeds&#148;.</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Taxation/ERISA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>See &#147;Employee Plan Considerations.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Rights Agent</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="Y91394502"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE RIGHTS OFFERING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->R-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="Y91394503"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF FEES AND EXPENSES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables are intended to assist you in understanding the various costs and
expenses directly or indirectly associated with investing in our common shares as a percentage of
net assets attributable to common shares. Amounts are for the current fiscal year after giving
effect to anticipated net proceeds of the offering, assuming that we incur the estimated offering
expenses, including preferred shares offering expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Transaction Expenses</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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales Load (as a percentage of offering price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering Expenses Borne by the Fund (as a percentage of offering price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Reinvestment Plan Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">None(1)</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="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>Percentage of Net Assets</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" style="border-bottom: 1px solid #000000"><B>Attributable to Common Shares</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"><B>Annual Expenses</B></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">Management Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD nowrap>%(2)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on Borrowed Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD nowrap>%(2)</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:15px; text-indent:-15px">Dividends on Preferred Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>%</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">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total annual fund operating expenses and dividends on preferred shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap>%(2)</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:15px; text-indent:-15px">Total Annual Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD nowrap>%(2)</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>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>You will be charged a $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; service charge and pay brokerage
charges if you direct the plan agent to sell your common shares
held in a dividend reinvestment account.</TD>
</TR>

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

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

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Example</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following example illustrates the expenses (including the maximum estimated sales load of
$&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; and estimated offering expenses of $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; from the issuance of $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; million in common
shares) you would pay on a $1,000 investment in common shares, assuming a 5% annual portfolio total
return.* The actual amounts in connection with any offering will be set forth in the Prospectus
Supplement if applicable.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>10 Years</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">Total Expenses Incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</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: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

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

</TABLE>


<DIV align="left">
<A name="Y91394504"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund estimates the net proceeds of the Offer to be $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, based on the Subscription
Price per share of $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, assuming all new Common Shares offered are sold and that the expenses
related to the Offer estimated at approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; are paid and after deduction of the
underwriting discounts and commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser expects that it will initially invest the proceeds of the offering in
high-quality short-term debt securities and instruments. The Investment Adviser anticipates that
the investment of the proceeds will be made in accordance with the Fund&#146;s investment objectives and
policies as appropriate investment opportunities are identified, which is expected to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->R-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be substantially completed within three months; however, the identification of appropriate
investment opportunities pursuant to the Fund&#146;s investment style or changes in market conditions
may cause the investment period to extend as long as six months.
</DIV>

<DIV align="left">
<A name="Y91394505"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394506"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRICE RANGE OF COMMON SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for the quarters indicated, the high and low sale prices on the
NYSE per share of our common shares and the net asset value and the premium or discount from net
asset value per share at which the common shares were trading, expressed as a percentage of net
asset value, at each of the high and low sale prices provided.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On &#95;&#95;&#95;&#95;&#95;&#95;, 2011, the last reported net asset value per Common Share was $&#95;&#95;&#95;&#95;&#95; and the last
reported sales price per Common Share on the NYSE was $&#95;&#95;.
</DIV>
<DIV align="left">
<A name="Y91394507"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;
</DIV>
<DIV align="left">
<A name="Y91394508"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;
</DIV>
<DIV align="left">
<A name="Y91394509"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters will be passed on by Willkie Farr &#038; Gallagher LLP, counsel to the Fund,
in connection with this rights offering. Willkie Farr &#038; Gallagher LLP may rely as to certain
matters of Delaware law on the opinion of &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->R-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y91394y9139401.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Gabelli Utility Trust</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#95;&#95;&#95;&#95;&#95;&#95;&#95; Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuable Upon Exercise of Rights to<BR>
Subscribe to Such Common Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>, 2011</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell or
trade these securities, whether or not participating in this offering, may be required to deliver a
Prospectus. This is in addition to each dealer&#146;s obligation to deliver a prospectus when acting as
an underwriter and with respect to its unsold allotments or subscriptions.
</DIV>





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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y91394y9139400.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this Prospectus Supplement is not complete and may be changed. The Fund may not
sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell these securities and is not
soliciting offers to buy these securities in any state where the offer or sale is not permitted.


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;497(c)<BR>
Registration Statement No. &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROSPECTUS SUPPLEMENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(To Prospectus dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011)
</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;&nbsp;</U> <B>Rights for </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>Shares<BR>
Subscription Rights for &#95;&#95;&#95;&#95;&#95;% Series &#091;</B>&nbsp;&nbsp;<B>&#093; &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093; Preferred Shares<BR>
(Liquidation Preference $&#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093; per share)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Utility Trust (the &#147;Fund&#148;, &#147;we&#148;, &#147;us&#148; or &#147;our&#148;) is issuing subscription rights
(the &#147;Rights&#148;) to our common shareholders to purchase shares of &#95;&#95;&#95;&#95;&#95;% Series &#091;&nbsp;&nbsp;&#093; &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Preferred
Shares (the &#147;Series &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Preferred Shares&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a non-diversified, closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Fund&#146;s primary investment
objective is long-term growth of capital and income. The Fund&#146;s investment adviser is Gabelli
Funds, LLC (the &#147;Investment Adviser&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common shares are traded on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;GUT.&#148;
On &#95;&#95;&#95;&#95;&#95;, 2011 (the last trading date prior to the Common Shares trading ex-Rights), the last
reported net asset value per Common Share was $&#95;&#95;&#95;&#95; and the last reported sales price per Common
Share on the NYSE was $&#95;&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in the Fund is not appropriate for all investors. We cannot assure you that the
Fund&#146;s investment objective will be achieved. You should read this Prospectus Supplement and the
accompanying Prospectus before deciding whether to invest in preferred shares and retain it for
future reference. The Prospectus Supplement and the accompanying Prospectus contain important
information about us. Material that has been incorporated by reference and other information about
us can be obtained from us by calling 800-GABELLI (422-3554) or from the Securities and Exchange
Commission&#146;s (&#147;SEC&#148;) website (http://www.sec.gov). For additional information all holders of rights
should contact the Information Agent, &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, toll-free at &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; or please send written request
to: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in preferred shares through Rights involves certain risks that are described in the
&#147;Special Characteristics and Risks of the Rights Offering&#148; section beginning on page S-&#091;</B>&nbsp;&nbsp;<B>&#093; of the
Prospectus Supplement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->PR-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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>Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscription price of Common Shares to shareholders exercising Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting discounts and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds, before expenses, to the Fund (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The aggregate expenses of the offering are estimated to be $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preferred shares are expected to be ready for delivery in book-entry form through the
Depository Trust Company on or about &#95;&#95;&#95;&#95;&#95;&#95;, 2011. If the offer is extended, the preferred shares
are expected to be ready for delivery in book-entry form through the Depository Trust Company on or
about &#95;&#95;&#95;&#95;&#95;&#95;, 2011.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The date of this Prospectus Supplement is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->PR-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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>You should rely only on the information contained or incorporated by reference in this
Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized anyone to
provide you with different information. The Fund is not making an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted. You should not assume that the
information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as
of any date other than the date of this Prospectus Supplement and the accompanying Prospectus,
respectively. Our business, financial condition, results of operations and prospects may have
changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless
otherwise indicated, &#147;Fund,&#148; &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The Gabelli Utility Trust. This
Prospectus Supplement also includes trademarks owned by other persons.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Prospectus Supplement
</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" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394601">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394602">TERMS OF THE PREFERRED SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394603">DESCRIPTION OF THE RIGHTS OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394604">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394605">CAPITALIZATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394606">ASSET COVERAGE RATIO</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394607">SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394608">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394609">UNDERWRITING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394610">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">PR-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>Prospectus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><A href="#Y91394101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394102">SUMMARY OF FUND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394103">FINANCIAL HIGHLIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394105">THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394106">INVESTMENT OBJECTIVES AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394107">RISK FACTORS AND SPECIAL CONSIDERATIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394109">MANAGEMENT OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394110">PORTFOLIO TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394111">DIVIDENDS AND DISTRIBUTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394112">ISSUANCE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394113">AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394114">DESCRIPTION OF THE SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394115">ANTI-TAKEOVER PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394116">CLOSED-END FUND STRUCTURE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394117">REPURCHASE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394118">RIGHTS OFFERINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394119">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394120">LIMITATION ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394121">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394122">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394123">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394124">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394125">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394126">ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394127">PRIVACY PRINCIPLES OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394128">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->PR-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information contain &#147;forward-looking statements.&#148; Forward-looking statements can be identified by
the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and
similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all
forward-looking statements involve risks and uncertainties, and actual results could differ
materially from those contemplated by the forward-looking statements. Several factors that could
materially affect our actual results are the performance of the portfolio of securities we hold,
the price at which our shares will trade in the public markets and other factors discussed in our
periodic filings with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we believe that the expectations expressed in our forward-looking statements are
reasonable, actual results could differ materially from those projected or assumed in our
forward-looking statements. Our future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and are subject to inherent risks and
uncertainties, such as those disclosed in the &#147;Risk Factors and Special Considerations&#148; section of
the accompanying Prospectus and &#147;Special Characteristics and Risks of the Rights Offering&#148; in this
Prospectus Supplement. All forward-looking statements contained or incorporated by reference in
this Prospectus Supplement or the accompanying Prospectus are made as of the date of this
Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing
obligations under the federal securities laws, we do not intend, and we undertake no obligation, to
update any forward-looking statement. The forward-looking statements contained in this Prospectus
Supplement, any accompanying Prospectus and the Statement of Additional Information are excluded
from the safe harbor protection provided by Section&nbsp;27A of the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently known risk factors that could cause actual results to differ materially from our
expectations include, but are not limited to, the factors described in the &#147;Risk Factors and
Special Considerations&#148; section of the accompanying Prospectus as well as in the &#147;Special
Characteristics and Risks of the Rights Offering&#148; section of this Prospectus Supplement. We urge
you to review carefully those sections for a more detailed discussion of the risks of an investment
in the preferred shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->PR-4<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394601"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&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"><B>Terms of the Offer</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Amount Available for <BR>
Primary Subscription</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Title</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Rights for Series &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Preferred Shares</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Exercise Price</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights may be exercised at a price of $&#95;&#95;&#95;&#95;&#95; per Preferred Share (the &#147;Subscription Price&#148;).
<I>See &#147;Terms of the Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Record Date</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights will be issued to holders of record of the Fund&#146;s Common Shares on &#95;&#95;&#95;&#95;&#95;&#95;, 2011 (the
&#147;Record Date&#148;). <I>See &#147;Terms of the Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Rights Issued</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#95;&#95;&#95;&#95; Right will be issued in respect of each Common Share of the Fund outstanding on the
Record Date. <I>See &#147;Terms of the Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Rights
Required to Purchase
One Preferred Share</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A holder of Rights may purchase &#95;&#95;&#95;&#95;&#95; Preferred Share of the Fund for every &#95;&#95;&#95;&#95; Rights
exercised. The number of Rights to be issued to a shareholder on the Record Date will be
rounded up to the nearest number of Rights evenly divisible by &#95;&#95;&#95;&#95;. <I>See &#147;Terms of the
Offer.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Over-Subscription <BR>
Privilege</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Transfer of Rights</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Exercise Period</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Rights may be exercised at any time after issuance and prior to expiration of the
Rights, which will be 5:00 PM Eastern Time on &#95;&#95;&#95;&#95;&#95;&#95;, 2011 (the &#147;Expiration Date&#148;) (the
&#147;Subscription Period&#148;). <I>See &#147;Terms of the Offer&#148; and &#147;Method of Exercise of Rights.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Offer Expenses</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The expenses of the Offer are expected to be approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. <I>See &#147;Use of Proceeds.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sale of Rights</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Use of Proceeds</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fund estimates the net proceeds of the Offer to be approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. This
figure is based on the Exercise Price per share of $&#95;&#95;&#95;&#95;&#95; and assumes all new Series &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
Preferred Shares offered are sold and that the expenses related to the Offer estimated at
approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; are paid.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Investment Adviser anticipates that investment of the proceeds will be made in
accordance with the Fund&#146;s investment objectives and policies as appropriate investment
opportunities are identified, which is expected to be substantially completed in
approximately three months; however, the identification of appropriate investment
opportunities pursuant to the Fund&#146;s investment style or changes in market conditions may
cause the investment period to extend as long as six months. Pending such investment, the
proceeds will be held in high quality short-term debt securities and instruments. <I>See &#147;Use
of Proceeds&#148;.</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Taxation/ERISA</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>See &#147;Employee Plan Considerations.&#148;</I></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Rights Agent</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;To be provided.&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->PR-5<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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

<DIV align="left">
<A name="Y91394602"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS OF THE SERIES </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>PREFERRED SHARES</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="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&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">Dividend Rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The dividend rate &#091;for the initial dividend period&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1 </SUP>will be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>%.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dividend Payment Rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Dividends will be paid when, as and if declared on <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>, and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, commencing
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP> The payment date for the initial dividend period will be <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;Regular Dividend Period
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Regular dividend periods will be &#95;&#95;&#95;days.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Liquidation Preference
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;Non-Call Period
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The shares may not be called for redemption at the option of the Fund prior to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;Stock Exchange Listing&#093;<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Applicable only if the preferred shares being offered are auction rate shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Applicable only if the preferred shares being offered are fixed rate shares.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="Y91394603"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE RIGHTS OFFERING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394604"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund estimates the net proceeds of the Offer to be $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, based on the Subscription
Price per share of $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, assuming all new Series &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Preferred Shares offered are sold and
that the expenses related to the Offer estimated at approximately $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; are paid and after
deduction of the underwriting discounts and commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser expects that it will initially invest the proceeds of the offering in
high-quality short-term debt securities and instruments. The Investment Adviser anticipates that
the investment of the proceeds will be made in accordance with the Fund&#146;s investment objectives and
policies as appropriate investment opportunities are identified, which is expected to be
substantially completed within three months; however, the identification of appropriate investment
opportunities pursuant to the Fund&#146;s investment style or changes in market conditions may cause the
investment period to extend as long as six months.
</DIV>
<DIV align="left">
<A name="Y91394605"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394606"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>
<DIV align="left">
<A name="Y91394607"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->PR-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="Y91394608"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394609"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be provided.&#093;
</DIV>

<DIV align="left">
<A name="Y91394610"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters will be passed on by Willkie Farr &#038; Gallagher LLP, counsel to the Fund,
in connection with this rights offering. Certain legal matters in connection with this offering
will be passed on for the underwriters by &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;. Willkie Farr &#038; Gallagher LLP may rely as to
certain matters of Delaware law on the opinion of &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->PR-7<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y91394y9139401.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#95;&#95;&#95;&#95;&#95;&#95;&#95; Shares of &#95;&#95;&#95;&#95;&#95;% Series &#091; &#093; &#091; &#093; Preferred Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuable Upon Exercise of Rights to<BR>
Subscribe to Such Preferred Shares</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>, 2011</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell or
trade these securities, whether or not participating in this offering, may be required to deliver a
Prospectus. This is in addition to each dealer&#146;s obligation to deliver a prospectus when acting as
an underwriter and with respect to its unsold allotments or subscriptions.
</DIV>




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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="y91394y9139400.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


<P style="padding: 5px; border: 3px double #000000; font-size: 10pt; color: #FF0000">The information in this Prospectus Supplement is not complete and may be changed. The Fund may not
sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell these securities and is not
soliciting offers to buy these securities in any state where the offer or sale is not permitted.


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Filed Pursuant to Rule&nbsp;497<BR>
Registration Statement No.&nbsp;333-&#091; &nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROSPECTUS SUPPLEMENT<BR>
(To Prospectus dated &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011)

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; Notes &#091;Specify Title&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering for sale our notes at a principal amount per note of $&#95;&#95;&#95;&#95;&#95;&#95;&#95;. Our common
shares are listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;GUT.&#148; On &#091;
&#093;, 2011, the last reported sale price of our common shares was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should review the information set forth under &#147;Risk Factors and Special Considerations&#148; on
page &#95;&#95; of the accompanying Prospectus before investing in our notes.</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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" style="border-bottom: 1px solid #000000"><B>Per Note</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total (1)</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">Public offering price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting discounts and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>
    <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:15px; text-indent:-15px">Proceeds, before expenses, to us</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The aggregate expenses of the offering are estimated to be $&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, which represents approximately $&#95;&#95;&#95;&#95; per note.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notes will be ready for delivery on or about &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read this Prospectus Supplement and the accompanying Prospectus before deciding
whether to invest in our notes and retain it for future reference. The Prospectus Supplement and
the accompanying Prospectus contain important information about us. Material that has been
incorporated by reference and other information about us can be obtained from us by calling
800-GABELLI (422-3554) or from the Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website
(http://www.sec.gov).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE
SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this Prospectus Supplement is &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;&#95;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->N-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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>You should rely only on the information contained or incorporated by reference in this
Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized anyone to
provide you with different information. The Fund is not making an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted. You should not assume that the
information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as
of any date other than the date of this Prospectus Supplement and the accompanying Prospectus,
respectively. Our business, financial condition, results of operations and prospects may have
changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless
otherwise indicated, &#147;Fund,&#148; &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The Gabelli Utility Trust. This
Prospectus Supplement also includes trademarks owned by other persons.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Prospectus Supplement
</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" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394701">TERMS OF THE NOTES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394702">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394703">CAPITALIZATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394704">ASSET COVERAGE RATIO</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394705">SPECIAL CHARACTERISTICS AND RISKS OF THE NOTES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394706">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394707">UNDERWRITING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394708">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><B>Prospectus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><A href="#Y91394101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394102">SUMMARY OF FUND EXPENSES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394103">FINANCIAL HIGHLIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394105">THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394106">INVESTMENT OBJECTIVES AND POLICIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394107">RISK FACTORS AND SPECIAL CONSIDERATIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394109">MANAGEMENT OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394110">PORTFOLIO TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394111">DIVIDENDS AND DISTRIBUTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394112">ISSUANCE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394113">AUTOMATIC DIVIDEND REINVESTMENT AND VOLUNTARY CASH PURCHASE PLAN</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394114">DESCRIPTION OF THE SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394115">ANTI-TAKEOVER PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394116">CLOSED-END FUND STRUCTURE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394117">REPURCHASE OF COMMON SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394118">RIGHTS OFFERINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394119">NET ASSET VALUE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394120">LIMITATION ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394121">TAXATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394122">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394123">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394124">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394125">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394126">ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394127">PRIVACY PRINCIPLES OF THE FUND</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394128">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;  &#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->N-2<!-- /Folio -->
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information contain &#147;forward-looking statements.&#148; Forward-looking statements can be identified by
the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and
similar terms and the negative of such terms. Such forward-looking statements may be contained in
this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all
forward-looking statements involve risks and uncertainties, and actual results could differ
materially from those contemplated by the forward-looking statements. Several factors that could
materially affect our actual results are the performance of the portfolio of securities we hold,
the price at which our shares will trade in the public markets and other factors discussed in our
periodic filings with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we believe that the expectations expressed in our forward-looking statements are
reasonable, actual results could differ materially from those projected or assumed in our
forward-looking statements. Our future financial condition and results of operations, as well as
any forward-looking statements, are subject to change and are subject to inherent risks and
uncertainties, such as those disclosed in the &#147;Risk Factors and Special Considerations&#148; section of
the accompanying Prospectus and &#147;Special Characteristics and Risks of the Notes&#148; in this Prospectus
Supplement. All forward-looking statements contained or incorporated by reference in this
Prospectus Supplement or the accompanying Prospectus are made as of the date of this Prospectus
Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing obligations
under the federal securities laws, we do not intend, and we undertake no obligation, to update any
forward-looking statement. The forward-looking statements contained in this Prospectus Supplement,
any accompanying Prospectus and the Statement of Additional Information are excluded from the safe
harbor protection provided by Section&nbsp;27A of the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently known risk factors that could cause actual results to differ materially from our
expectations include, but are not limited to, the factors described in the &#147;Risk Factors and
Special Considerations&#148; section of the accompanying Prospectus as well as in the &#147;Special
Characteristics and Risks of the Notes&#148; section of this Prospectus Supplement. We urge you to
review carefully those sections for a more detailed discussion of the risks of an investment in the
notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->N-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394701"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TERMS OF THE NOTES</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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&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">Principal Amount
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The principal amount of the notes is $&#95;&#95;&#95;&#95;&#95;&#95; in the aggregate and $&#95;&#95;&#95;&#95;&#95;&#95; per note.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maturity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The principal amount of the notes will become due and payable on &#95;&#95;&#95;&#95;&#95;&#95;&#95;, &#95;&#95;.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The interest rate will be &#95;&#95;&#95;%.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frequency of payment
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interest will be paid &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;commencing &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prepayment Protections</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="Y91394702"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate the total net proceeds of the offering to be $&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; , based on the public
offering price of $&#95;&#95;&#95;&#95;&#95; per note and after deduction of the underwriting discounts and commissions
and estimated offering expenses payable by us.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser expects that it will initially invest the proceeds of the offering in
high-quality short-term income securities and instruments. The Investment Adviser anticipates that
the investment of the proceeds will be made in accordance with the Fund&#146;s investment objective and
policies as appropriate investment opportunities are identified, which is expected to be
substantially completed within three months; however, changes in market conditions could result in
the Fund&#146;s anticipated investment period extending to as long as six months.</DIV>

<DIV align="left">
<A name="Y91394703"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;</DIV>

<DIV align="left">
<A name="Y91394704"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;</DIV>

<DIV align="left">
<A name="Y91394705"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL CHARACTERISTICS AND RISKS OF THE NOTES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;</DIV>

<DIV align="left">
<A name="Y91394706"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;</DIV>

<DIV align="left">
<A name="Y91394707"></A>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;To be provided.&#093;</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->N-4<!-- /Folio -->
</DIV>

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



<DIV align="left">
<A name="Y91394708"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters will be passed on by Willkie Farr &#038; Gallagher LLP, counsel to the Fund,
in connection with the offering of the notes. Certain legal matters in connection with this
offering will be passed on for the underwriters by &#091; &#093;. Willkie Farr &#038; Gallagher LLP may rely as
to certain matters of Delaware law on the opinion of &#091; &#093;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->N-5<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y91394y9139401.gif" alt="(THE GABELLI UTILITY TRUST LOGO)">
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#95;&#95;&#95;&#95;&#95;&#95;&#95; Notes</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>, 2011</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2011 (25&nbsp;days after the date of this prospectus), all dealers that buy, sell or
trade these securities, whether or not participating in this offering, may be required to deliver a
Prospectus. This is in addition to each dealer&#146;s obligation to deliver a prospectus when acting as
an underwriter and with respect to its unsold allotments or subscriptions.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->N-6<!-- /Folio -->
</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subject to Completion, Dated May&nbsp;19, 2011<BR>
<BR style="font-size:6pt">THE GABELLI UTILITY TRUST<BR>
<BR style="font-size:6pt">STATEMENT OF ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE
CHANGED. THE FUND MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN
OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY
STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Utility Trust (the &#147;Fund&#148;) is a non-diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). The
Fund&#146;s primary investment objective is long-term growth of capital and income. The Fund will invest
at least 80% of its assets, under normal market conditions, in common stocks and other securities
of foreign and domestic companies involved in providing products, services, or equipment for (i)
the generation or distribution of electricity, gas, and water and (ii)&nbsp;telecommunications services
or infrastructure operations (collectively, the &#147;Utility Industry&#148;). The Fund commenced investment
operations on July&nbsp;9, 1999. Gabelli Funds, LLC (the &#147;Investment Adviser&#148;) serves as investment
adviser to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement of Additional Information (the &#147;SAI&#148;) does not constitute a prospectus, but
should be read in conjunction with the Fund&#146;s Prospectus relating thereto dated &#091;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;&#95;&#95;&#093;, 2011, and as it may be supplemented. This SAI does not include all information that
a prospective investor should consider before investing in the Fund&#146;s shares, and investors should
obtain and read the Fund&#146;s prospectus prior to purchasing such shares. A copy of the Fund&#146;s
Registration Statement, including the prospectus and any supplement, may be obtained from the SEC
upon payment of the fee prescribed, or inspected at the SEC&#146;s office or via its website
(http://www.sec.gov) at no charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SAI is dated &#091;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;&#95;&#95;&#093;, 2011.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</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>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394801">The Fund</A></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"><A href="#Y91394802">Investment Objectives and Policies</A></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"><A href="#Y91394803">Investment Restrictions</A></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"><A href="#Y91394804">Management of The Fund</A></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"><A href="#Y91394805">Dividends and Distributions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394806">Auctions for Auction Rate Preferred Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394807">Portfolio Transactions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394809">Portfolio Turnover</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394810">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394811">Beneficial Owners</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394812">General Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#Y91394813">Appendix&nbsp;A&#151;Proxy Voting Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
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</DIV>


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

<DIV align="left">
<A name="Y91394801"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund was organized under the laws of the State of Delaware on February&nbsp;25, 1999 and is a
non-diversified, closed-end management investment company registered under the 1940 Act. The Fund&#146;s
investment operations commenced on July&nbsp;9, 1999. The common shares of the Fund are listed and
traded on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;GUT.&#148; The Fund&#146;s 5.625% Series
A Cumulative Preferred Shares (the &#147;Series&nbsp;A Preferred&#148;) are listed and traded on the NYSE under
the symbol &#147;GUT PrA.&#148;
</DIV>
<DIV align="left">
<A name="Y91394802"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Objective</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s primary investment objective is long-term growth of capital and income. The Fund
will invest at least 80% of its assets, under normal market conditions, in common stocks and other
securities of foreign and domestic companies involved in providing products, services, or equipment
for (i)&nbsp;the generation or distribution of electricity, gas, and water and (ii)&nbsp;telecommunications
services or infrastructure operations (collectively, the &#147;Utility Industry&#148;). See &#147;Investment
Objective and Policies&#148; in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities Subject to Reorganization</I>. The Fund may invest without limit in securities of
companies for which a tender or exchange offer has been made or announced and in securities of
companies for which a merger, consolidation, liquidation or reorganization proposal has been
announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of high
total return significantly greater than the brokerage and other transaction expenses involved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, securities which are the subject of such an offer or proposal sell at a premium to
their historic market price immediately prior to the announcement of the offer or may also discount
what the stated or appraised value of the security would be if the contemplated transaction were
approved or consummated. Such investments may be advantageous when the discount significantly
overstates the risk of the contingencies involved; significantly undervalues the securities, assets
or cash to be received by shareholders of the prospective portfolio company as a result of the
contemplated transaction; or fails adequately to recognize the possibility that the offer or
proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of
such contingencies requires unusually broad knowledge and experience on the part of the Adviser
which must appraise not only the value of the issuer and its component businesses as well as the
assets or securities to be received as a result of the contemplated transaction but also the
financial resources and business motivation of the offer and/or the dynamics and business climate
when the offer or proposal is in process. Since such investments are ordinarily short-term in
nature, they will tend to increase the turnover ratio of the Fund, thereby increasing its brokerage
and other transaction expenses. The Adviser intends to select investments of the type described
which, in its view, have a reasonable prospect of capital appreciation which is significant in
relation to both risk involved and the potential of available alternative investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Temporary Investments</I>. Although under normal market conditions at least 80% of the Fund&#146;s
total assets will consist of common stock and other securities of foreign and domestic companies
involved in the Utility Industry, when a temporary defensive posture is believed by the Investment
Adviser to be warranted (&#147;temporary defensive periods&#148;), the Fund may without limitation hold cash
or invest its assets in money market instruments and repurchase agreements in respect of those
instruments. The money market instruments in which the Fund may invest are obligations of the
United States government, its agencies or instrumentalities (&#147;U.S. Government Securities&#148;);
commercial paper rated A-1 or higher by Standard &#038; Poor&#146;s, a Division of The McGraw-Hill Companies,
Inc. (&#147;S&#038;P&#148;) or Prime-1 by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;); and certificates of deposit
and bankers&#146; acceptances issued by domestic branches of U.S. banks that are members of the Federal
Deposit Insurance Corporation. During temporary defensive periods, the Fund may also invest to the
extent permitted by applicable law in shares of money market mutual funds. Money market mutual
funds are investment companies and the investments in those companies in some cases by the Fund are
subject to certain fundamental investment restrictions and applicable law. See &#147;Investment
Restrictions.&#148; As a shareholder in a mutual fund, the Fund will bear its ratable share of its
expenses, including management fees, and will remain subject to payment of the fees to the
Investment Adviser, with respect to assets so invested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lower Grade Securities</I>. The Fund may invest up to 25% of its total assets in fixed income
securities rated below investment grade by recognized statistical rating agencies or unrated
securities of comparable quality. These securities, which may be preferred stock or debt, are
predominantly speculative and involve major risk exposure to adverse conditions. Debt
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities that are not rated or that are rated lower than &#147;BBB&#148; by S&#038;P or lower than &#147;Baa&#148; by
Moody&#146;s are referred to in the financial press as &#147;junk bonds.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, such lower grade securities and unrated securities of comparable quality offer a
higher current yield than is offered by higher rated securities, but also (i)&nbsp;will likely have some
quality and protective characteristics that, in the judgment of the rating organizations, are
outweighed by large uncertainties or major risk exposures to adverse conditions and (ii)&nbsp;are
predominantly speculative with respect to the issuer&#146;s capacity to pay interest and repay principal
in accordance with the terms of the obligation. The market values of certain of these securities
also tend to be more sensitive to individual corporate developments and changes in economic
conditions than higher quality securities. In addition, such securities generally present a higher
degree of credit risk. The risk of loss due to default by these issuers is significantly greater
because such lower grade securities and unrated securities of comparable quality generally are
unsecured and frequently are subordinated to the prior payment of senior indebtedness. In light of
these risks, the Investment Adviser, in evaluating the creditworthiness of an issue, whether rated
or unrated, will take various factors into consideration, which may include, as applicable, the
issuer&#146;s operating history, financial resources and its sensitivity to economic conditions and
trends, the market support for the facility financed by the issue, the perceived ability and
integrity of the issuer&#146;s management and regulatory matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the market value of securities in lower grade securities is more volatile than
that of higher quality securities, and the markets in which such lower grade or unrated securities
are traded are more limited than those in which higher rated securities are traded. The existence
of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value (&#147;NAV&#148;). Moreover, the lack
of a liquid trading market may restrict the availability of securities for the Fund to purchase and
may also have the effect of limiting the ability of the Fund to sell securities at their fair value
in response to changes in the economy or the financial markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower grade securities also present risks based on payment expectations. If an issuer calls
the obligation for redemption (often a feature of fixed income securities), the Fund may have to
replace the security with a lower yielding security, resulting in a decreased return for investors.
Also, as the principal value of nonconvertible bonds and preferred stocks moves inversely with
movements in interest rates, in the event of rising interest rates, the value of the securities
held by the Fund may decline proportionately more than a portfolio consisting of higher rated
securities. Investments in zero coupon bonds may be more speculative and subject to greater
fluctuations in value due to changes in interest rates than bonds that pay regular income streams.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest up to 10% of its total assets in securities of issuers in default. The
Fund will make an investment in securities of issuers in default only when the Investment Adviser
believes that such issuers will honor their obligations or emerge from bankruptcy protection under
a plan pursuant to which the securities received by the Fund in exchange for its defaulted
securities will have a value in excess of the Fund&#146;s investment. By investing in securities of
issuers in default, the Fund bears the risk that these issuers will not continue to honor their
obligations or emerge from bankruptcy protection or that the value of the securities will not
otherwise appreciate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to using recognized rating agencies and other sources, the Investment Adviser also
performs its own analysis of issues in seeking investments that it believes to be underrated (and
thus higher yielding) in light of the financial condition of the issuer. Its analysis of issuers
may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business
conditions, credit standing, and current anticipated results of operations. In selecting
investments for the Fund, the Investment Adviser may also consider general business conditions,
anticipated changes in interest rates, and the outlook for specific industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to its purchase by the Fund, an issue of securities may cease to be rated or its
rating may be reduced. In addition, it is possible that statistical rating agencies may change
their ratings of a particular issue to reflect subsequent events. Moreover, such ratings do not
assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining
whether the Fund should continue to hold the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for lower grade and comparable unrated securities has experienced several periods
of significantly adverse price and liquidity, particularly at or around times of economic
recessions. Past market recessions have adversely affected the value of such securities as well as
the ability of certain issuers of such securities to repay principal and pay interest thereon or to
refinance such securities. The market for those securities may react in a similar fashion in the
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options</I>. The Fund may, subject to guidelines of the Board of Trustees of the Fund (the
&#147;Board&#148;), purchase or sell (i.e., write) options on securities, securities indices and foreign
currencies which are listed on a national securities exchange or in the United States
over-the-counter (&#147;OTC&#148;) markets as a means of achieving additional return or of hedging the value
of the Fund&#146;s portfolio.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option is a contract that gives the holder of the option the right to buy from the
writer (seller)&nbsp;of the call option, in return for a premium paid, the security or currency
underlying the option at a specified exercise price at any time during the term of the option. The
writer of the call option has the obligation, upon exercise of the option, to deliver the
underlying security or currency upon payment of the exercise price during the option period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A put option is the reverse of a call option, giving the holder the right, in return for a
premium, to sell the underlying security or currency to the writer, at a specified price, and
obligating the writer to purchase the underlying security or currency from the holder at that
price. The writer of the put, who receives the premium, has the obligation to buy the underlying
security or currency upon exercise, at the exercise price during the option period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund has written an option, it may terminate its obligation by effecting a closing
purchase transaction. This is accomplished by purchasing an option of the same series as the option
previously written. There can be no assurance that a closing purchase transaction can be effected
when the Fund so desires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An exchange-traded option may be closed out only on an exchange that provides a secondary
market for an option of the same series. Although the Fund will generally purchase or write only
those options for which there appears to be an active secondary market, there is no assurance that
a liquid secondary market on an exchange will exist for any particular option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option is &#147;covered&#148; if the Fund owns the underlying instrument covered by the call or
has an absolute and immediate right to acquire that instrument without additional cash
consideration upon conversion or exchange of another instrument held in its portfolio (or for
additional cash consideration held in a segregated account by its custodian). A call option is also
covered if the Fund holds a call on the same instrument as the call written where the exercise
price of the call held is (i)&nbsp;equal to or less than the exercise price of the call written or (ii)
greater than the exercise price of the call written if the difference is maintained by the Fund in
cash, direct obligations of the United States or by its agencies or instrumentalities that are
entitled to the full faith and credit of the United States and that, other than United States
Treasury Bills, provide for the periodic payment of interest and the full payment of principal at
maturity or call for redemption or other high-grade short-term obligations in a segregated account
with its custodian. A put option is &#147;covered&#148; if the Fund maintains cash or other high grade
short-term obligations with a value equal to the exercise price in a segregated account with its
custodian, or else holds a put on the same instrument as the put written where the exercise price
of the put held is equal to or greater than the exercise price of the put written. If the Fund has
written an option, it may terminate its obligation by effecting a closing purchase transaction.
This is accomplished by purchasing an option of the same series as the option previously written.
However, once the Fund has been assigned an exercise notice, the Fund will be unable to effect a
closing purchase transaction. Similarly, if the Fund is the holder of an option it may liquidate
its position by effecting a closing sale transaction. This is accomplished by selling an option of
the same series as the option previously purchased. There can be no assurance that either a closing
purchase or sale transaction can be effected when the Fund so desires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will realize a profit from a closing transaction if the price of the transaction is
less than the premium received from writing the option or is more than the premium paid to purchase
the option; the Fund will realize a loss from a closing transaction if the price of the transaction
is more than the premium received from writing the option or is less than the premium paid to
purchase the option. Since call option prices generally reflect increases in the price of the
underlying security, any loss resulting from the repurchase of a call option may also be wholly or
partially offset by unrealized appreciation of the underlying security. Other principal factors
affecting the market value of a put or call option include supply and demand, interest rates, the
current market price and price volatility of the underlying security and the time remaining until
the expiration date. Gains and losses on investments in options depend, in part, on the ability of
the Investment Adviser to predict correctly the effect of these factors. The use of options cannot
serve as a complete hedge since the price movement of securities underlying the options will not
necessarily follow the price movements of the portfolio securities subject to the hedge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An option position may be closed out only on an exchange that provides a secondary market for
an option of the same series or in a private transaction. Although the Fund will generally purchase
or write only those options for which there appears to be an active secondary market, there is no
assurance that a liquid secondary market on an exchange will exist for any particular option. In
such event, it might not be possible to effect closing transactions in particular options, so the
Fund would have to exercise its options in order to realize any profit and would incur brokerage
commissions upon the exercise of call options and upon the subsequent disposition of underlying
securities for the exercise of put options. If the Fund, as a covered call option writer, is unable
to effect a closing purchase transaction in a secondary market, it will not be able to sell the
underlying security until the option expires or until the Fund delivers the underlying security
upon exercise or otherwise covers the position.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to options on securities, the Fund may also purchase and sell call and put options
on securities indices. A stock index reflects in a single number the market value of many different
stocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relative values are assigned to the stocks included in an index and the index fluctuates with
changes in the market values of the stocks. The options give the holder the right to receive a cash
settlement during the term of the option based on the difference between the exercise price and the
value of the index. By writing a put or call option on a securities index, the Fund is obligated,
in return for the premium received, to make delivery of this amount. The Fund may offset its
position in the stock index options prior to expiration by entering into a closing transaction on
an exchange, or it may let the option expire unexercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of options on securities indices entails the risk that trading in the options may be
interrupted if trading in certain securities included in the index is interrupted. The Fund will
not purchase these options unless the Investment Adviser is satisfied with the development, depth
and liquidity of the market and the Investment Adviser believes the options can be closed out.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price movements in the portfolio of the Fund may not correlate precisely with the movements in
the level of an index and, therefore, the use of options on indices cannot serve as a complete
hedge and will depend, in part, on the ability of the Investment Adviser to predict correctly
movements in the direction of the stock market generally or of a particular industry. Because
options on securities indices require settlement in cash, the Fund may be forced to liquidate
portfolio securities to meet settlement obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also buy or sell put and call options on foreign currencies. A put option on a
foreign currency gives the purchaser of the option the right to sell a foreign currency at the
exercise price until the option expires. A call option on a foreign currency gives the purchaser of
the option the right to purchase the currency at the exercise price until the option expires.
Currency options traded on U.S. or other exchanges may be subject to position limits which may
limit the ability of the Fund to reduce foreign currency risk using such options. Over-the-counter
options differ from exchange-traded options in that they are two-party contracts with price and
other terms negotiated between buyer and seller and generally do not have as much market liquidity
as exchange-traded options. Over-the-counter options are considered illiquid securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Investment Adviser will attempt to take appropriate measures to minimize the
risks relating to the Fund&#146;s writing of put and call options, there can be no assurance that the
Fund will succeed in any option writing program it undertakes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Futures Contracts and Options on Futures</I>. The Fund will not enter into futures contracts or
options on futures contracts unless (i)&nbsp;the aggregate initial margins and premiums do not exceed 5%
of the fair market value of its assets and (ii)&nbsp;the aggregate market value of its outstanding
futures contracts and the market value of the currencies and futures contracts subject to
outstanding options written by the Fund do not exceed 50% of the market value of its total assets.
It is anticipated that these investments, if any, will be made by the Fund solely for the purpose
of hedging against changes in the value of its portfolio securities and in the value of securities
it intends to purchase. Such investments will only be made if they are economically appropriate to
the reduction of risks involved in the management of the Fund. In this regard, the Fund may enter
into futures contracts or options on futures for the purchase or sale of securities indices or
other financial instruments including but not limited to U.S. government securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;sale&#148; of a futures contract (or a &#147;short&#148; futures position) means the assumption of a
contractual obligation to deliver the assets underlying the contract at a specified price at a
specified future time. A &#147;purchase&#148; of a futures contract (or a &#147;long&#148; futures position) means the
assumption of a contractual obligation to acquire the assets underlying the contract at a specified
price at a specified future time. Certain futures contracts, including stock and bond index
futures, are settled on a net cash payment basis rather than by the sale and delivery of the assets
underlying the futures contracts. No consideration will be paid or received by the Fund upon the
purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the
broker an amount of cash or cash equivalents equal to approximately 1% to 10% of the contract
amount (this amount is subject to change by the exchange or board of trade on which the contract is
traded and brokers or members of such board of trade may charge a higher amount). This amount is
known as &#147;initial margin&#148; and is in the nature of a performance bond or good faith deposit on the
contract. Subsequent payments, known as &#147;variation margin,&#148; to and from the broker will be made
daily as the price of the index or security underlying the futures contracts fluctuates. At any
time prior to the expiration of a futures contract, the Fund may close the position by taking an
opposite position, which will operate to terminate its existing position in the contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An option on a futures contract gives the purchaser the right, in return for the premium paid,
to assume a position in a futures contract at a specified exercise price at any time prior to the
expiration of the option. Upon exercise of an option, the delivery of the futures positions by the
writer of the option to the holder of the option will be accompanied by delivery of the
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">accumulated balance in the writer&#146;s futures margin account attributable to that contract, which
represents the amount by which the market price of the futures contract exceeds, in the case of a
call, or is less than, in the case of a put, the exercise price of the option on the futures
contract. The potential loss related to the purchase of an option on futures contracts is limited
to the premium paid for the option (plus transaction costs). Because the value of the option
purchased is fixed at the point of sale, there are no daily cash payments by the purchaser to
reflect changes in the value of the underlying contract; however, the value of the option does
change daily and that change would be reflected in the net assets of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures and options on futures entail certain risks, including but not limited to the
following: no assurance that futures contracts or options on futures can be offset at favorable
prices, possible reduction of the yield of the Fund due to the use of hedging, possible reduction
in value of both the securities hedged and the hedging instrument, possible lack of liquidity due
to daily limits on price fluctuations, imperfect correlation between the contracts and the
securities being hedged, losses from investing in futures transactions that are potentially
unlimited and the segregation requirements described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Fund sells a put option or enters into long futures contracts, under current
interpretations of the 1940 Act, an amount of cash, obligations of the U.S. government and its
agencies and instrumentalities or other liquid securities equal to the market value of the contract
must be deposited and maintained in a segregated account with the custodian of the Fund to
collateralize the positions, thereby ensuring that the use of the contract is unleveraged. For
short positions in futures contracts and sales of call options, the Fund may establish a segregated
account (not with a futures commission merchant or broker) with cash or liquid securities that,
when added to amounts deposited with a futures commission merchant or a broker as margin, equal the
market value of the instruments or currency underlying the futures contract or call option or the
market price at which the short positions were established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forward Currency Exchange Contracts</I>. The Fund may engage in currency transactions other than
on futures exchanges to protect against future changes in the level of future currency exchange
rates. The Fund will conduct such currency exchange transactions either on a &#147;spot&#148; (i.e., cash)
basis at the rate then prevailing in the currency exchange market or on a forward basis, by
entering into forward contracts to purchase or sell currency. A forward contract on foreign
currency involves an obligation to purchase or sell a specific currency at a future date, which may
be any fixed number of days agreed upon by the parties from the date of the contract, at a price
set on the date of the contract. Dealing in forward currency exchange will be limited to hedging
involving either specific transactions or portfolio positions. Transaction hedging is the purchase
or sale of forward currency with respect to specific receivables or payables of the Fund generally
arising in connection with the purchase or sale of its portfolio securities and accruals of
interest receivable and Fund expenses. Position hedging is the forward sale of currency with
respect to portfolio security positions denominated or quoted in that currency or in a currency
bearing a high degree of positive correlation to the value of that currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not position hedge with respect to a particular currency for an amount greater
than the aggregate market value (determined at the time of making any sale of forward currency) of
the securities held in its portfolio denominated or quoted in, or currently convertible into, such
currency. If the Fund enters into a position hedging transaction, the Fund&#146;s custodian or
subcustodian will place cash or other liquid securities in a segregated account of the Fund in an
amount equal to the value of the Fund&#146;s total assets committed to the consummation of the given
forward contract. If the value of the securities placed in the segregated account declines,
additional cash or securities will be placed in the account so that the value of the account will,
at all times, equal the amount of the Fund&#146;s commitment with respect to the forward contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or before the maturity of a forward sale contract, the Fund may either sell a portfolio
security and make delivery of the currency, or retain the security and offset its contractual
obligations to deliver the currency by purchasing a second contract pursuant to which the Fund will
obtain, on the same maturity date, the same amount of the currency which it is obligated to
deliver. If the Fund retains the portfolio security and engages in an offsetting transaction, the
Fund, at the time of execution of the offsetting transaction, will incur a gain or a loss to the
extent that movement has occurred in forward contract prices. Should forward prices decline during
the period between the Fund&#146;s entering into a forward contract for the sale of a currency and the
date it enters into an offsetting contract for the purchase of the currency, the Fund will realize
a gain to the extent the price of the currency it has agreed to purchase is less than the price of
the currency it has agreed to sell. Should forward prices increase, the Fund will suffer a loss to
the extent the price of the currency it has agreed to purchase exceeds the price of the currency it
has agreed to sell. Closing out forward purchase contracts involves similar offsetting
transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost to the Fund of engaging in currency transactions varies with factors such as the
currency involved, the length of the contract period and the market conditions then prevailing.
Because forward transactions in currency exchange are usually conducted on a principal basis, no
fees or commissions are involved. The use of foreign currency contracts does not eliminate
fluctuations in the underlying prices of the securities, but it does establish a rate of exchange
that can be achieved in the future. In addition, although forward currency contracts limit the risk
of loss due to a decline in the value of the hedged currency, they also limit any potential gain
that might result if the value of the currency increases.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a decline in any currency is generally anticipated by the Investment Adviser, the Fund may
not be able to contract to sell the currency at a price above the level to which the currency is
anticipated to decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate Futures Contracts and Options Thereon</I>. The Fund may purchase or sell interest
rate futures contracts to take advantage of, or to protect the Fund against fluctuations in
interest rates affecting the value of debt securities which the Fund holds or intends to acquire.
For example, if interest rates are expected to increase, the Fund might sell futures contracts on
debt securities the values of which historically have a high degree of positive correlation to the
values of the Fund&#146;s portfolio securities. Such a sale would have an effect similar to selling an
equivalent value of the Fund&#146;s portfolio securities. If interest rates increase, the value of the
Fund&#146;s portfolio securities will decline, but the value of the futures contracts to the Fund will
increase at approximately an equivalent rate, thereby keeping the NAV of the Fund from declining as
much as it otherwise would have. The Fund could accomplish similar results by selling debt
securities with longer maturities and investing in debt securities with shorter maturities when
interest rates are expected to increase. However, since the futures market may be more liquid than
the cash market, the use of futures contracts as a risk management technique allows the Fund to
maintain a defensive position without having to sell its portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly, the Fund may purchase interest rate futures contracts when it is expected that
interest rates may decline. The purchase of futures contracts for this purpose constitutes a hedge
against increases in the price of debt securities (caused by declining interest rates) which the
Fund intends to acquire. Since fluctuations in the value of appropriately selected futures
contracts should approximate that of the debt securities that will be purchased, the Fund can take
advantage of the anticipated rise in the cost of the debt securities without actually buying them.
Subsequently, the Fund can make its intended purchase of the debt securities in the cash market and
concurrently liquidate its futures position. To the extent the Fund enters into futures contracts
for this purpose, it will maintain, in a segregated asset account with the Fund&#146;s custodian, assets
sufficient to cover the Fund&#146;s obligations with respect to such futures contracts, which will
consist of cash or other liquid securities from its portfolio in an amount equal to the difference
between the fluctuating market value of such futures contracts and the aggregate value of the
initial margin deposited by the Fund with its custodian with respect to such futures contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase of a call option on a futures contract is similar in some respects to the
purchase of a call option on an individual security. Depending on the pricing of the option
compared to either the price of the futures contract upon which it is based or the price of the
underlying debt securities, it may or may not be less risky than ownership of the futures contract
or underlying debt securities. As with the purchase of futures contracts, when the Fund is not
fully invested it may purchase a call option on a futures contract to hedge against a market
advance due to declining interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase of a put option on a futures contract is similar to the purchase of protective
put options on portfolio securities. The Fund will purchase a put option on a futures contract to
hedge its portfolio against the risk of rising interest rates and consequent reduction in the value
of portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The writing of a call option on a futures contract constitutes a partial hedge against
declining prices of the securities that are deliverable upon exercise of the futures contract. If
the futures price at expiration of the option is below the exercise price, the Fund will retain the
full amount of the option premium, which provides a partial hedge against any decline that may have
occurred in the its portfolio holdings. The writing of a put option on a futures contract
constitutes a partial hedge against increasing prices of the securities that are deliverable upon
exercise of the futures contract. If the futures price at expiration of the option is higher than
the exercise price, the Fund will retain the full amount of the option premium, which provides a
partial hedge against any increase in the price of debt securities that it intends to purchase. If
a put or call option the Fund has written is exercised, the Fund will incur a loss which will be
reduced by the amount of the premium it received. Depending on the degree of correlation between
changes in the value of its portfolio securities and changes in the value of its futures positions,
the Fund&#146;s losses from options on futures it has written may to some extent be reduced or increased
by changes in the value of its portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Futures and Options Thereon</I>. Generally, foreign currency futures contracts and
options thereon are similar to the interest rate futures contracts and options thereon discussed
previously. By entering into currency futures and options thereon, the Fund will seek to establish
the rate at which it will be entitled to exchange U.S. dollars for another currency at a future
time. By selling currency futures, the Fund will seek to establish the number of dollars it will
receive at delivery for a certain amount of a foreign currency. In this way, whenever the Fund
anticipates a decline in the value of a foreign currency against the U.S. dollar, the Fund can
attempt to &#147;lock in&#148; the U.S. dollar value of some or all of the securities held in its portfolio
that are denominated in that currency. By purchasing currency futures, the Fund can establish the
number of dollars it will be required to pay for a specified amount of a foreign currency in a
future month. Thus, if the Fund intends to buy securities in the future and expects the U.S. dollar
to decline against the relevant foreign currency during the period before the purchase is effected,
the Fund can attempt to lock in the price in U.S. dollars of the securities it intends to acquire.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase of options on currency futures will allow the Fund, for the price of the premium
and related transaction costs it must pay for the option, to decide whether or not to buy (in the
case of a call option) or to sell (in the case of a put option) a futures contract at a specified
price at any time during the period before the option expires. If the Investment Adviser, in
purchasing an option, has been correct in its judgment concerning the direction in which the price
of a foreign currency would move as against the U.S. dollar, the Fund may exercise the option and
thereby take a futures position to hedge against the risk it had correctly anticipated or close out
the option position at a gain that will offset, to some extent, currency exchange losses otherwise
suffered by the Fund. If exchange rates move in a way the Fund did not anticipate, however, the
Fund will have incurred the expense of the option without obtaining the expected benefit; any such
movement in exchange rates may also thereby reduce, rather than enhance, the Fund&#146;s profits on its
underlying securities transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities Index Futures Contracts and Options Thereon</I>. Purchases or sales of securities index
futures contracts are used for hedging purposes to attempt to protect the Fund&#146;s current or
intended investments from broad fluctuations in stock or bond prices. For example, the Fund may
sell securities index futures contracts in anticipation of or during a market decline to attempt to
offset the decrease in market value of the its securities portfolio that might otherwise result. If
such decline occurs, the loss in value of portfolio securities may be offset, in whole or part, by
gains on the futures position. When the Fund is not fully invested in the securities market and
anticipates a significant market advance, it may purchase securities index futures contracts in
order to gain rapid market exposure that may, in part or entirely, offset increases in the cost of
securities that it intends to purchase. As such purchases are made, the corresponding positions in
securities index futures contracts will be closed out. The Fund may write put and call options on
securities index futures contracts for hedging purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations on the Purchase and Sale of Futures Contracts and Options on Futures Contracts</I>.
The Investment Adviser has claimed an exclusion from the definition of the term &#147;commodity pool
operator&#148; under the Commodity Exchange Act and therefore is not subject to registration under the
Commodity Exchange Act. Accordingly, the Fund&#146;s investments in derivative instruments described in
the Prospectus and this SAI are not limited by or subject to regulation under the Commodity
Exchange Act or otherwise regulated by the Commodity Futures Trading Commission. Nevertheless, the
Fund&#146;s investment restrictions place certain limitations and prohibitions on the Fund&#146;s ability to
purchase or sell commodities or commodity contracts. See &#147;Investment Restrictions.&#148; Under these
restrictions, the Fund may not enter into futures contracts or options on futures contracts unless
(i)&nbsp;the aggregate initial margins and premiums do not exceed 5% of the fair market value of the
Fund&#146;s total assets and (ii)&nbsp;the aggregate market value of the Fund&#146;s outstanding futures contracts
and the market value of the currencies and futures contracts subject to outstanding options written
by the Fund, as the case may be, do not exceed 50% of the market value of the Fund&#146;s total assets.
In addition, investment in futures contracts and related options generally will be limited by the
rating agency guidelines applicable to any of the Fund&#146;s preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Special Risk Considerations Relating to Futures and Options Thereon</I>. The ability to establish
and close out positions in futures contracts and options thereon will be subject to the development
and maintenance of liquid markets. Although the Fund generally will purchase or sell only those
futures contracts and options thereon for which there appears to be a liquid market, there is no
assurance that a liquid market on an exchange will exist for any particular futures contract or
option thereon at any particular time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event no liquid market exists for a particular futures contract or option thereon in
which the Fund maintains a position, it will not be possible to effect a closing transaction in
that contract or to do so at a satisfactory price and the Fund would have to either make or take
delivery under the futures contract or, in the case of a written option, wait to sell the
underlying securities until the option expires or is exercised or, in the case of a purchased
option, exercise the option. In the case of a futures contract or an option thereon which the Fund
has written and which the Fund is unable to close, the Fund would be required to maintain margin
deposits on the futures contract or option thereon and to make variation margin payments until the
contract is closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of futures contracts and options thereon and forward contracts by the Fund is
subject to the ability of the Investment Adviser to predict correctly movements in the direction of
interest and foreign currency rates. If the Investment Adviser&#146;s expectations are not met, the Fund
will be in a worse position than if a hedging strategy had not been pursued. For example, if the
Fund has hedged against the possibility of an increase in interest rates that would adversely
affect the price of securities in its portfolio and the price of such securities increases instead,
the Fund will lose part or all of the benefit of the increased value of its securities because it
will have offsetting losses in its futures positions. In addition, in such situations, if the Fund
has insufficient cash to meet daily variation margin requirements, it may have to sell securities
to meet the requirements. These sales may be, but will not necessarily be, at increased prices
which reflect the rising market. The Fund may have to sell securities at a time when it is
disadvantageous to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Risks of Foreign Options, Futures Contracts, Options on Futures Contracts and
Forward Contracts</I>. Options, futures contracts and options thereon and forward contracts on
securities and currencies may be traded on foreign exchanges.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such transactions may not be regulated as effectively as similar transactions in the U.S., may not
involve a clearing mechanism and related guarantees, and are subject to the risk of governmental
actions affecting trading in, or the prices of, foreign securities. The value of such positions
also could be adversely affected by (i)&nbsp;other complex foreign political, legal and economic
factors, (ii)&nbsp;lesser availability than in the U.S. of data on which to make trading decisions,
(iii)&nbsp;delays in the Fund&#146;s ability to act upon economic events occurring in the foreign markets
during non-business hours in the U.S., (iv)&nbsp;the imposition of different exercise and settlement
terms and procedures and margin requirements than in the U.S. and (v)&nbsp;lesser trading volume.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchanges on which options, futures and options on futures are traded may impose limits on the
positions that the Fund may take in certain circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks of Currency Transactions</I>. Currency transactions are also subject to risks different from
those of other portfolio transactions. Because currency control is of great importance to the
issuing governments and influences economic planning and policy, purchases and sales of currency
and related instruments can be adversely affected by government exchange controls, limitations or
restrictions on repatriation of currency, and manipulation, or exchange restrictions imposed by
governments. These forms of governmental action can result in losses to the Fund if it is unable to
deliver or receive currency or monies in settlement of obligations and could also cause hedges it
has entered into to be rendered useless, resulting in full currency exposure as well as incurring
transaction costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Repurchase Agreements</I>. The Fund may engage in repurchase agreements as set forth in the
Prospectus. A repurchase agreement is an instrument under which the purchaser, i.e., the Fund,
acquires a debt security and the seller agrees, at the time of the sale, to repurchase the
obligation at a mutually agreed upon time and price, thereby determining the yield during the
purchaser&#146;s holding period. This results in a fixed rate of return insulated from market
fluctuations during such period. The underlying securities are ordinarily U.S. Treasury or other
government obligations or high quality money market instruments. The Fund will require that the
value of such underlying securities, together with any other collateral held by the Fund, always
equals or exceeds the amount of the repurchase obligations of the counter party. The Fund&#146;s risk is
primarily that, if the seller defaults, the proceeds from the disposition of the underlying
securities and other collateral for the seller&#146;s obligation are less than the repurchase price. If
the seller becomes insolvent, the Fund might be delayed in or prevented from selling the
collateral. In the event of a default or bankruptcy by a seller, the Fund will promptly seek to
liquidate the collateral. To the extent that the proceeds from any sale of such collateral upon a
default in the obligation to repurchase are less than the repurchase price, the Fund will
experience a loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the financial institution which is a party to the repurchase agreement petitions for
bankruptcy or becomes subject to the United States Bankruptcy Code, the law regarding the rights of
the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on the
Fund&#146;s ability to sell the collateral and the Fund would suffer a loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Loans of Portfolio Securities</I>. Consistent with applicable regulatory requirements and the
Fund&#146;s investment restrictions, the Fund may lend its portfolio securities to securities
broker-dealers or financial institutions, <I>provided </I>that such loans are callable at any time by the
Fund (subject to notice provisions described below), and are at all times secured by cash or cash
equivalents, which are maintained in a segregated account pursuant to applicable regulations and
that are at least equal to the market value, determined daily, of the loaned securities. The
advantage of such loans is that the Fund continues to receive the income on the loaned securities
while at the same time earns interest on the cash amounts deposited as collateral, which will be
invested in short-term obligations. The Fund will not lend its portfolio securities if such loans
are not permitted by the laws or regulations of any state in which its shares are qualified for
sale. The Fund&#146;s loans of portfolio securities will be collateralized in accordance with applicable
regulatory requirements and no loan will cause the value of all loaned securities to exceed 20% of
the value of the Fund&#146;s total assets. The Fund&#146;s ability to lend portfolio securities will be
limited by the rating agency guidelines applicable to any of the Fund&#146;s outstanding preferred
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A loan may generally be terminated by the borrower on one business day notice, or by the Fund
on five business days notice. If the borrower fails to deliver the loaned securities within five
days after receipt of notice, the Fund could use the collateral to replace the securities while
holding the borrower liable for any excess of replacement cost over collateral. As with any
extensions of credit, there are risks of delay in recovery and in some cases even loss of rights in
the collateral should the borrower of the securities fail financially. However, these loans of
portfolio securities will only be made to firms deemed by the Fund&#146;s management to be creditworthy
and when the income which can be earned from such loans justifies the attendant risks. The Board
will oversee the creditworthiness of the contracting parties on an ongoing basis. Upon termination
of the loan, the borrower is required to return the securities to the Fund. Any gain or loss in the
market price during the loan period would inure to the Fund. The risks associated with loans of
portfolio securities are substantially similar to those associated with repurchase agreements.
Thus, if the counter party to the loan petitions for bankruptcy or becomes subject to the United
States Bankruptcy Code, the law regarding the rights of the Fund is unsettled. As a result, under
extreme
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">circumstances, there may be a restriction on the Fund&#146;s ability to sell the collateral and the Fund
would suffer a loss. When voting or consent rights which accompany loaned securities pass to the
borrower, the Fund will follow the policy of calling the loaned securities, to be delivered within
one day after notice, to permit the exercise of such rights if the matters involved would have a
material effect on the Fund&#146;s investment in such loaned securities. The Fund will pay reasonable
finder&#146;s, administrative and custodial fees in connection with a loan of its securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>When Issued, Delayed Delivery Securities and Forward Commitments</I>. The Fund may enter into
forward commitments for the purchase or sale of securities, including on a &#147;when issued&#148; or
&#147;delayed delivery&#148; basis, in excess of customary settlement periods for the type of security
involved. In some cases, a forward commitment may be conditioned upon the occurrence of a
subsequent event, such as approval and consummation of a merger, corporate reorganization or debt
restructuring, i.e., a when, as and if issued security. When such transactions are negotiated, the
price is fixed at the time of the commitment, with payment and delivery taking place in the future,
generally a month or more after the date of the commitment. While it will only enter into a forward
commitment with the intention of actually acquiring the security, the Fund may sell the security
before the settlement date if it is deemed advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased under a forward commitment are subject to market fluctuation, and no
interest (or dividends) accrues to the Fund prior to the settlement date. The Fund will segregate
with its custodian cash or liquid securities in an aggregate amount at least equal to the amount of
its outstanding forward commitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Short Sales</I>. The Fund may make short sales of securities. A short sale is a transaction in
which the Fund sells a security it does not own in anticipation that the market price of that
security will decline. The market value of the securities sold short of any one issuer will not
exceed either 5% of the Fund&#146;s total assets or 5% of such issuer&#146;s voting securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not make a short sale, if, after giving effect to such sale, the market value of
all securities sold short exceeds 25% of the value of its assets or the Fund&#146;s aggregate short
sales of a particular class of securities exceeds 25% of the outstanding securities of that class.
The Fund 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 Fund owns, or has the immediate and unconditional
right to acquire at no additional cost, the identical security. The Fund expects to make short
sales both to obtain capital gains from anticipated declines in securities and as a form of hedging
to offset potential declines in long positions in the same or similar securities. The short sale of
a security is considered a speculative investment technique. Short sales &#147;against the box&#148; may be
subject to special tax rules, one of the effects of which may be to accelerate income to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund 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 in order to satisfy its obligation to deliver
the security upon conclusion of the sale. The Fund 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s obligation to replace the borrowed security will be secured by collateral deposited
with the broker-dealer, usually cash, U.S. government securities or other highly liquid debt
securities. The Fund will also be required to deposit similar collateral with its custodian to the
extent, if any, necessary so that the value of both collateral deposits in the aggregate is at all
times equal to the greater of the price at which the security is sold short or 100% of 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 Fund on such
security, the Fund may not receive any payments (including interest) on its collateral deposited
with such broker-dealer. If the price of the security sold short increases between the time of the
short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss;
conversely, if the price declines, the Fund will realize a capital gain. Any gain will be
decreased, any loss increased, by the transaction costs described above. Although the Fund&#146;s gain
is limited to the price at which it sold the security short, its potential loss is theoretically
unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure its obligations to deliver the securities sold short, the Fund will deposit in
escrow in a separate account with its custodian, State Street Bank and Trust Company (&#147;State
Street&#148;), an amount at least equal to the securities sold short or securities convertible into, or
exchangeable for, the securities. The Fund may close out a short position by purchasing and
delivering an equal amount of securities sold short, rather than by delivering securities already
held by the Fund, because the Fund may want to continue to receive interest and dividend payments
on securities in its portfolio that are convertible into the securities sold short.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Repurchase Agreements</I>. The Fund may engage in repurchase agreement transactions involving
money market instruments with banks, registered broker-dealers and government securities dealers
approved by the Adviser. The Fund will not enter into repurchase agreements with the Investment
Adviser or any of its affiliates. Under the terms of a typical repurchase agreement, the Fund would
acquire an underlying debt obligation for a relatively short period (usually not more
</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"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the
obligation at an agreed price and time, thereby determining the yield during its holding period.
Thus, repurchase agreements may be seen to be loans by the Fund collateralized by the underlying
debt obligation. This arrangement results in a fixed rate of return that is not subject to market
fluctuations during the holding period. The value of the underlying securities will be at least
equal to at all times to the total amount of the repurchase obligation, including interest. The
Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on
its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of
the collateral securities, including the risk of a possible decline in the value of the underlying
securities during the period in which it seeks to assert these rights. The Investment Adviser,
acting under the supervision of the Board, reviews the creditworthiness of those banks and dealers
with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an
ongoing basis the value of the securities subject to repurchase agreements to ensure that the value
is maintained at the required level.
</DIV>

<DIV align="left">
<A name="Y91394803"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund operates under the following restrictions that constitute fundamental policies that,
except as otherwise noted, cannot be changed without the affirmative vote of the holders of a
majority of the outstanding voting securities of the Fund along with the affirmative vote of a
majority of the votes entitled to be cast by holders of outstanding preferred shares, voting
together as a single class. For purposes of the preferred share voting rights described in the
foregoing sentence, except as otherwise required under the 1940 Act, the majority of the
outstanding preferred shares means, in accordance with Section&nbsp;2(a)(42) of the 1940 Act, the vote
of (i)&nbsp;67% or more of the preferred shares present at the shareholders meeting called for such
vote, if the holders of more than 50% of the outstanding preferred shares are present or
represented by proxy or (ii)&nbsp;more than 50% of the outstanding preferred shares, whichever is less.
Except as otherwise noted, all percentage limitations set forth below apply immediately after a
purchase or initial investment and any subsequent change in any applicable percentage resulting
from market fluctuations does not require any action. The Fund may not:
</DIV>

<DIV style="margin-top: 6pt">
<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>invest 25% or more of its total assets, taken at market value at the time
of each investment, in the securities of issuers in any particular
industry other than the Utility Industry. This restriction does not apply
to investments in U.S. government 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="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase or sell commodities or commodity contracts except that the Fund
may purchase or sell futures contracts and related options thereon if
immediately thereafter (i)&nbsp;no more than 5% of its total assets are
invested in margins and premiums and (ii)&nbsp;the aggregate market value of
its outstanding futures contracts and market value of the currencies and
futures contracts subject to outstanding options written by the Fund do
not exceed 50% of the market value of its total assets. The Fund may not
purchase or sell real estate, provided that the Fund may invest in
securities secured by real estate or interests therein or issued by
companies which invest in real estate or interests therein.</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>make loans of money, except by the purchase of a portion of private or
publicly distributed debt obligations or the entering into of repurchase
agreements. The Fund reserves the authority to make loans of its
portfolio securities to financial intermediaries in an aggregate amount
not exceeding 20% of its total assets. Any such loans will only be made
upon approval of, and subject to any conditions imposed by, the Board.
Because these loans are required to be fully collateralized at all times,
the risk of loss in the event of default of the borrower should be
slight.</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrow money except to the extent permitted by applicable law. The 1940
Act currently requires that the Fund have 300% asset coverage with
respect to all borrowings other than temporary borrowings of up to 5% of
the value of its total assets.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue senior securities, except to the extent permitted by applicable law.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>underwrite securities of other issuers except insofar as the Fund may be deemed an
underwriter under the Securities Act 1933, (the &#147;1933 Act&#148;) in selling portfolio
securities; provided, however, this restriction shall not apply to securities of any
investment company organized by the Fund that are to be distributed pro rata as a
dividend to its shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to (1)&nbsp;above, the Fund invests 25% or more of its total assets in the securities of
issuers in the Utility Industry.
</DIV>

<DIV align="left">
<A name="Y91394804"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustees and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall responsibility for management and supervision of the Fund rests with its
Board. The Board approves all significant agreements between the Fund and the companies that
furnish the Fund with services, including agreements with
</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"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Investment Adviser, the Custodian and the Fund&#146;s transfer agent. The day-to-day operations
of the Fund are delegated to the Investment Adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth in the table below are the existing Trustees, including those Trustees who are not
considered to be &#147;interested persons,&#148; as defined in the 1940 Act (the &#147;Independent Trustees&#148;), and
officers of the Fund, including information relating to their respective positions held with the
Fund, a brief statement of their principal occupations, and, in the case of the Trustees, their
other directorships during the past five years, (excluding other funds managed by the Investment
Adviser), if any.
</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="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Portfolios in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fund Complex</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Address</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Overseen</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>And Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>by Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>INTERESTED TRUSTEES</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(4)</B></SUP><B>:</B></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">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Mario J. Gabelli</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Morgan</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Officer,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Group Holdings, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">Chief Investment Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(holding company);</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 68</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- Value Portfolios</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Chief Executive</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of GAMCO Investors,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer of LICT Corp.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inc. and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(multimedia and</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">communication</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">- Value Portfolios</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">services company);</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of Gabelli Funds,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of CIBL,</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LLC and GAMCO Asset</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inc. (broadcasting</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Inc.;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and wireless</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director/Trustee or</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">communications);</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Investment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of RLJ</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer of other</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquisition, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">registered</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(blank check company)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">investment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">companies in the</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gabelli/GAMCO Funds</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Complex; Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of GGCP, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>John D. Gabelli</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999***</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 66</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gabelli &#038; Company,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><B>INDEPENDENT TRUSTEES<SUP style="FONT-size: 85%; vertical-align: text-top"> (5)</SUP></B><B>:</B></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">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Thomas E. Bratter</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">none</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Founder of The</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 71</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Dewey Academy</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(residential</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">college preparatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">therapeutic high</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">school)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Anthony J.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of the</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">none</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Colavita</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(6)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">law firm of Anthony</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Colavita, P.C.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 75</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="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"><A HREF="#Y91394tocpage">Table of Contents</A></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="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Portfolios in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fund Complex</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Address</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Overseen</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>And Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>During Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>by Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>James P. Conn</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(6)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999***</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Managing</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of First</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic Bank</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 73</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(banking) through</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of Financial</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 2008;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security Assurance</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of La Quinta</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holdings Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corp. (hotels)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(insurance holding</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">through January 2006</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">company)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(1992-1998)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>Vincent D. Enright</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Former Senior Vice</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Echo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Therapeutics, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 67</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(therapeutics and</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of KeySpan Corp.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">diagnostics); and</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(public utility)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">until September 2006,</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(1994-1998)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Aphton</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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">Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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">(pharmaceuticals)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>Frank J. Fahrenkopf, Jr.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of First</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republic Bank</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 71</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of the American</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(banking)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gaming Association;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Chairman of the</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commission on</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Presidential</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Debates; Former</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Republican National</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Committee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(1983-1989)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>Robert J. Morrissey</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner in the law</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">firm of Morrissey,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 71</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hawkins &#038; Lynch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Anthony R. Pustorino</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999***</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certified Public</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of The LGL</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accountant;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Group, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 85</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Professor Emeritus,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(diversified</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pace University</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">manufacturing)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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">(2002-2010)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>Salvatore J. Zizza</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of Zizza &#038;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Non-Executive Chairman and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">28</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co., Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of Harbor BioSciences, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Age: 65</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(financial</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>(biotechnology); Vice Chairman and</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">consulting) since</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Director of Trans-Lux Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1978; Chairman of</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>(business services); Chairman, Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Metropolitan Paper</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Executive Officer, and Director of</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Recycling Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>General Employment Enterprises, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(recycling) since</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(staffing); Director of Bion</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006; Chairman of</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environmental Technologies</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BAM Inc.,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>(technology) (2005-2008); Director of</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(manufacturing);</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Earl Scheib Inc. (automotive</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of E-Corp</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">painting) through April 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English (global</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">English instruction</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">for corporate</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">personnel) since</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"><A HREF="#Y91394tocpage">Table of Contents</A></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="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Officers</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(7)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Term of Office and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Position(s),</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Length of Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Address</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP><B> and Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Served</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bruce N. Alpert</B><BR>
President<br>
Age: 59
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2003
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and Chief Operating
Officer of Gabelli Funds, LLC since 1988 and an
officer of all of the registered investment
companies in the Gabelli/GAMCO Funds Complex.
Director of Teton Advisors, Inc. since 1998;
Chairman of Teton Advisors, Inc. 2008 to 2010;
President of Teton Advisors, Inc. 1998 through
2008; Senior Vice President of GAMCO Investors,
Inc. since 2008</TD>
</TR>
<TR valign="bottom"><!-- 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"><B>Agnes Mullady</B><BR>
Treasurer and Secretary <br>
Age: 52
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Operating Officer of the
Open-End Fund Division of Gabelli Funds, LLC
since September&nbsp;2010; Senior Vice President of
GAMCO Investors, Inc. since 2009; Vice President
of Gabelli Funds, LLC since 2007; Officer of all
of the registered investment companies in the
Gabelli/ GAMCO Funds Complex</TD>
</TR>
<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"><B>Peter D. Goldstein</B><BR>
Chief Compliance Officer <br>
Age: 58
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 2004
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Regulatory Affairs at GAMCO
Investors, Inc. since 2004; Chief Compliance
Officer of all of the registered investment
companies in the Gabelli /GAMCO Funds Complex</TD>
</TR>
<TR valign="bottom"><!-- 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"><B>David I. Schachter</B><BR>
Vice President and Ombudsman
Age: 57
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Since 1999
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Ombudsman of the Fund since
1999; Vice President of other closed-end funds
within the Gabelli/GAMCO Funds Complex; Vice
President of Gabelli &#038; Company, Inc. since 1999</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Address: One Corporate Center, Rye, New York 10580-1422.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The Fund&#146;s Board of Trustees is divided into three classes, each class having
a term of three years. Each year the term of office of one class expires and
the successor or successors elected to such class serve for a three year
term.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The &#147;Fund Complex&#148; or the &#147;Gabelli/GAMCO Funds Complex&#148; includes all the
registered funds that are considered part of the same fund complex as the
Fund because they have common or affiliated investment advisers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;Interested person&#148; of the Fund, as defined in the 1940 Act. Messrs.&nbsp;Mario
Gabelli and John Gabelli are each considered to be an &#147;interested person&#148; of
the Fund, because of their affiliation with the Fund&#146;s Adviser and Gabelli &#038;
Company, Inc., which executes portfolio transactions for the Fund (and in the
case of Mario Gabelli, as a controlling shareholder because of the level of
his ownership of Common Shares of the Fund). Messrs.&nbsp;Mario Gabelli and John
Gabelli are brothers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Trustees who are not considered to be &#147;interested persons&#148; of the Fund, as
defined in the 1940 Act are considered to be &#147;Independent&#148; Trustees.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>As a Trustee, elected solely by holders of the Fund&#146;s Preferred Shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Each officer will hold office for an indefinite term until the date he or she
resigns or retires or until his or her successor is elected and qualified.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Term continues until the Fund&#146;s
2014 Annual Meeting of Shareholders
and until his successor is duly
elected and qualified.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Term continues until the Fund&#146;s
2013 Annual Meeting of Shareholders
and until his successor is duly
elected and qualified.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Term continues until the Fund&#146;s
2012 Annual Meeting of Shareholders
and until his successor is duly
elected and qualified.</TD>
</TR>

</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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 Board believes that each Trustee&#146;s experience, qualifications, attributes, or skills on an
individual basis and in combination with those of other Trustees lead to the conclusion that each
Trustee should serve in such capacity. Among the attributes or skills common to all Trustees are
their ability to review critically and to evaluate, question, and discuss information provided to
them, to interact effectively with the other Trustees, the Adviser, the sub-administrator, other
service providers, counsel and the Fund&#146;s independent registered public accounting firm, and to
exercise effective and independent business judgment in the performance of their duties as
Trustees. Each Trustee&#146;s ability to perform his/her duties effectively has been attained in large
part through the Trustee&#146;s business, consulting or public service positions and through experience
from service as a member of the Board and one or more of the other funds in the Gabelli/GAMCO Funds
Complex, public companies, or non-profit entities or other organizations as set forth above and
below. Each Trustee&#146;s ability to perform his/her duties effectively also has been enhanced by
education, professional training, and experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mario J. Gabelli. </I>Mr.&nbsp;Gabelli is Chairman of the Board of Trustees and Chief Investment
Officer of the Fund. He also currently serves as Chairman of the boards of other funds in the Fund
Complex. Mr.&nbsp;Gabelli is Chairman and, Chief Executive Officer, and Chief Investment Officer &#151; Value
Portfolios of GAMCO Investors, Inc. (&#147;GAMCO&#148;), a NYSE listed investment advisory firm. He is also
the Chief Investment Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management,
Inc., each of which are asset management subsidiaries of GAMCO. In addition, Mr.&nbsp;Gabelli is Chief
Executive Officer and a director and the controlling shareholder of GGCP, Inc., an investment
holding company that holds a majority interest in GAMCO. Mr.&nbsp;Gabelli also sits on the boards of
other publicly traded companies and private firms and various charitable foundations and
educational institutions, including the Board of Trustees of Boston College and Roger Williams
University and the Board of Overseers of Columbia University Graduate School of Business. Mr.
Gabelli received his Bachelors degree from Fordham University and his Masters of Business
Administration from Columbia Graduate University School of Business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John D. Gabelli. </I>Mr.&nbsp;Gabelli is a Senior Vice President of Gabelli &#038; Company, Inc., an
institutional research and brokerage firm, and President of John Gabelli Inc., a general partner of
two investment partnerships and has over thirty-five years of experience in the asset management
industry. He also sits on the boards of various charitable foundations, including the Mount Vernon
Police Foundation. Mr.&nbsp;Gabelli serves on the boards of other funds in the Fund Complex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Thomas E. Bratter. </I>Dr.&nbsp;Bratter is the Founder, and President of The John Dewey Academy, a
residential college preparatory therapeutic high school in Massachusetts. He is Director of the
International Center for Study of Psychiatry and Psychology, was the Vice President of the Small
Boarding Schools Association, and the Trustee of the Majorie Polikoff Estate. In addition to
serving on the boards of other funds in the Fund Complex, Dr.&nbsp;Bratter has been an active investor
in publicly traded equities for forty years. Dr.&nbsp;Bratter serves on the Advisory Board of the
American Academy of Health Providers in the Addictive Disorders and sits on the editorial boards of
six professional journals. Prior to establishing and managing The John Dewey Academy, Dr.&nbsp;Bratter
was in private practice as a counseling psychologist and taught psychology at Columbia University
as an adjunct faculty for more than twenty years. Dr.&nbsp;Bratter founded and sat on the boards of six
community based treatment programs for adolescents. He has authored more than one hundred and fifty
articles and four books concerning the treatment and education of gifted and self destructive
adolescents and their families. Dr.&nbsp;Bratter received his Bachelor of Arts, Masters and Doctorate in
Education from Columbia College and University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Anthony J. Colavita, Esq. </I>Mr.&nbsp;Colavita is a practicing attorney with over forty-nine
years of experience, including the field of business law. He is a member of the Fund&#146;s Nominating,
Audit, and Proxy Voting Committees. Mr.&nbsp;Colavita also serves on comparable or other board
committees with respect to other funds in the Fund Complex on whose boards he sits. Mr.&nbsp;Colavita
also serves as a Trustee of a charitable remainder unitrust. He formerly served as a Commissioner
of the New York State Thruway Authority and as a Commissioner of the New York State Bridge
Authority. He served for ten years as the elected Supervisor of the Town of Eastchester, New York,
responsible for ten annual municipal budgets of approximately eight million dollars per year. Mr.
Colavita formerly served as Special Counsel to the New York State Assembly for five years and as a
Senior Attorney with the New York State Insurance Department. He is the former Chairman of the
Westchester County Republican Party and the New York State Republican Party. Mr.&nbsp;Colavita received
his Bachelor of Arts from Fairfield University and his Juris Doctor from Fordham University School
of Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>James P. Conn. </I>Mr.&nbsp;Conn is the lead independent Trustee of the Fund, a member of the Fund&#146;s
Proxy Voting Committee, and also serves on comparable or other board committees for other funds in
the Fund Complex on whose boards he sits. He was a senior business executive of an insurance holding company for much of his
career, including service as
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chief Investment Officer. Mr.&nbsp;Conn has been a director of several
public companies in banking and other industries, and was lead Director and/or Chair of various
committees. He received his Bachelor of Science in Business Administration from Santa Clara
University.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Vincent D. Enright. </I>Mr.&nbsp;Enright was a senior executive and Chief Financial Officer
(&#147;CFO&#148;) of an energy public utility for four years. In accordance with his experience as a CFO, he
is a member of the Fund&#146;s Audit Committee. Mr.&nbsp;Enright is also Chairman of the Fund&#146;s Proxy Voting
Committee and is a member of both multi-fund <I>ad hoc </I>Compensation Committees (described below under
&#147;Trustees-Leadership Structure and Oversight Responsibilities&#148;) and serves on comparable or other
board committees with respect to other funds in the Fund Complex on whose boards he sits. Mr.
Enright is also a Director of a therapeutics and diagnostics company and serves as Chairman of its
compensation and audit committees. He is a former Director of a pharmaceutical company. Mr.&nbsp;Enright
received his Bachelor of Science from Fordham University and completed the Advanced Management
Program at Harvard University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Frank J. Fahrenkopf, Jr. </I>Mr.&nbsp;Fahrenkopf is the President and Chief Executive Officer of
the American Gaming Association (&#147;AGA&#148;), the trade group for the hotel-casino industry.
Additionally, he serves on certain board committees with respect to other funds in the Fund Complex
on whose boards he sits. He presently is Co-Chairman of the Commission on Presidential Debates,
which is responsible for the widely viewed Presidential debates during the quadrennial election
cycle. Additionally, he serves as a board member of the International Republican Institute, which
he founded in 1984. He served for many years as Chairman of the Pacific Democrat Union and Vice
Chairman of the International Democrat Union, a worldwide association of political parties from the
United States, Great Britain, France, Germany, Canada, Japan, Australia, and twenty other nations.
Prior to becoming the AGA&#146;s first chief executive in 1995, Mr.&nbsp;Fahrenkopf was a partner in the law
firm of Hogan &#038; Hartson, where he chaired the International Trade Practice Group and specialized in
regulatory, legislative, and corporate matters for multinational, foreign, and domestic clients. He
also served as Chairman of the Republican National Committee for six years during Ronald Reagan&#146;s
presidency. Mr.&nbsp;Fahrenkopf is the former Chairman of the Finance Committee of the Culinary
Institute of America and remains as a board member. Additionally he has over twenty years&#146;
experience as a member of the board of directors of First Republic Bank. Mr.&nbsp;Fahrenkopf received
his Bachelor of Arts from the University of Nevada, Reno and his Juris Doctor from UC Berkeley
Boalt Hall School of Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Robert J. Morrissey. </I>Mr.&nbsp;Morrissey has over forty-seven years of experience as an
attorney representing clients in the areas of estate planning, civil litigation, business planning,
and real estate, including as current senior partner of a law firm. He is a member of the Fund&#146;s
Proxy Voting Committee and also serves on comparable or other board committees with respect to
other funds in the Fund Complex on whose boards he sits. Mr.&nbsp;Morrissey serves as Chairman of the
Board of Trustees of the Belmont Savings Bank in Massachusetts. He also serves as a Trustee of
Boston College and is Chairman of its Investment and Endowment Committee. In addition, Mr.
Morrissey is a member of the Harvard Law School Dean&#146;s Advisory Board, is Chairman of the
Investment Advisory Board of the New England Jesuit Province, is a member of the Financial Council
of the Archdiocese of Boston, and Chairman of its Investment Committee. He is a member of the
Investment Advisory Committee of Jesuit Curia, Vatican City, and is a Director of several other
private and public funds, trusts, and foundations. Mr.&nbsp;Morrissey is a graduate of Boston College
and the Harvard Law School.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Anthony R. Pustorino. </I>Mr.&nbsp;Pustorino is a Certified Public Accountant (&#147;CPA&#148;) and a
Professor Emeritus at Pace University with fifty years of experience in public accounting. Mr.
Pustorino is Chair of the Audit Committee and has been designated the Fund&#146;s Audit Committee
Financial Expert. He is also the Chair of the Proxy Voting Committee and is a member of both
multi-fund <I>ad hoc </I>Compensation Committees. Mr.&nbsp;Pustorino also serves on comparable or other board
committees with respect to other boards of funds in the Fund Complex on whose boards he sits. Mr.
Pustorino was a Director of the LGL Group, Inc., a diversified manufacturing company. Mr.&nbsp;Pustorino
was previously the President and Shareholder of a CPA firm and a Professor of accounting, most
recently at Pace University. He served as Chairman of the Board of Directors of the New York State
Board for Public Accountancy and of the CPA Examination Review Board of the National Association of
State Board of Accountancy, was a member of the Executive Committee and a vice president of the New
York State Society of CPAs, and was a member of the Council of the American Institute of CPAs. Mr.
Pustorino is the recipient of numerous professional and teaching awards. He received a Bachelor of
Science in Business from Fordham University and a Masters in Business Administration from New York
University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Salvatore J. Zizza. </I>Mr.&nbsp;Zizza is the Chairman of a financial consulting firm. He also serves
as Chairman to other companies involved in manufacturing, recycling, and real estate. He has been
designated the Fund&#146;s Audit Committee Financial Expert. Mr.&nbsp;Zizza is also the Chairman of the Fund&#146;s Nominating Committee and is a
member of both multi-fund
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>ad hoc </I>Compensation Committees. In addition, he serves on comparable or
other board committees, including as lead independent director, with respect to other funds in the
Fund Complex on whose boards he sits. Besides serving on the boards of many funds within the Fund
Complex, he is currently a director of three other public companies and previously served on the
boards of several other public companies. He previously served as the Chief Executive of a large
NYSE listed construction company. Mr.&nbsp;Zizza received his Bachelor of Arts and his Master of
Business Administration in Finance from St. John&#146;s University, which awarded him an Honorary
Doctorate in Commercial Sciences.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustees &#151; Leadership Structure and Oversight Responsibilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall responsibility for general oversight of the Fund rests with the Board. The Board has
appointed Mr.&nbsp;Conn as the lead independent Trustee. The lead independent Trustee presides over
executive sessions of the Trustees and also serves between meetings of the Board as a liaison with
service providers, officers, counsel, and other Trustees on a wide variety of matters including
scheduling agenda items for Board meetings. Designation as such does not impose on the lead
independent Trustee any obligations or standards greater than or different from other Trustees. The
Board has established a Nominating Committee and an Audit Committee to assist the Board in the
oversight of the management and affairs of the Fund. The Board also has a Proxy Voting Committee
that exercises voting and investment responsibilities on behalf of the Fund in selected situations.
From time to time the Board establishes additional committees or informal working groups, such as
pricing committees related to securities offerings by the Fund to address specific matters, or
assigns one of its members to work with trustees or directors of other funds in the Gabelli/GAMCO
Funds Complex on special committees or working groups that address complex wide matters, such as
the multi-fund <I>ad hoc </I>Compensation Committee relating to compensation of the Chief Compliance
Officer for all the funds in the Fund Complex, and a separate multi-fund <I>ad hoc </I>Compensation
Committee relating to compensation of certain officers of the closed-end funds in the Fund Complex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the Fund&#146;s Trustees other than Mr.&nbsp;Mario J. Gabelli and Mr.&nbsp;John D. Gabelli are
Independent Trustees, and the Board believes they are able to provide effective oversight of the
Fund&#146;s service providers. In addition to providing feedback and direction during Board meetings,
the Trustees meet regularly in executive session and chair all committees of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s operations entail a variety of risks, including investment, administration,
valuation, and a range of compliance matters. Although the Adviser, the sub-administrator, and the
officers of the Fund are responsible for managing these risks on a day-to-day basis within the
framework of their established risk management functions, the Board also addresses risk management
of the Fund through its meetings and those of the committees and working groups. As part of its
general oversight, the Board reviews with the Adviser at Board meetings the levels and types of
risks being undertaken by the Fund, and the Audit Committee discusses the Fund&#146;s risk management
and controls with the independent registered public accounting firm engaged by the Fund. The Board
reviews valuation policies and procedures and the valuations of specific illiquid securities. The
Board also receives periodic reports from the Fund&#146;s Chief Compliance Officer regarding compliance
matters relating to the Fund and its major service providers, including results of the
implementation and testing of the Fund&#146;s and such providers&#146; compliance programs. The Board&#146;s
oversight function is facilitated by management reporting processes designed to provide visibility
to the Board regarding the identification, assessment, and management of critical risks and the
controls and policies and procedures used to mitigate those risks. The Board reviews its role in
supervising the Fund&#146;s risk management from time to time and may make changes at its discretion at
any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has determined that its leadership structure is appropriate for the Fund
because it enables the Board to exercise informed and independent judgment over matters under its
purview, allocates responsibility among committees in a manner that fosters effective oversight and
allows the Board to devote appropriate resources to specific issues in a flexible manner as they
arise. The Board periodically reviews its leadership structure as well as its overall structure,
composition, and functioning, and may make changes at its discretion at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Committees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee is responsible for recommending qualified candidates to the Board in
the event that a position is vacated or created. The Nominating Committee would consider
recommendations by shareholders if a vacancy were to exist. Such recommendations should be
forwarded to the Secretary of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is generally responsible for reviewing and evaluating issues related to
the accounting and financial reporting policies and internal controls of the Fund and, as
appropriate, the internal controls of certain service providers,
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">overseeing the quality and
objectivity of the Fund&#146;s financial statements and the audit thereof and acting as a liaison
between the Board and the Fund&#146;s independent registered public accounting firm.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a Proxy Voting Committee, which, if so determined by the Board, is authorized to
exercise voting power and/or dispositive power over specific securities held in the Fund&#146;s
portfolio for such period as the Board may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December&nbsp;31, 2010, the Board held one (1)&nbsp;Nominating Committee
meeting and three (3)&nbsp;Audit Committee meetings. The Proxy Voting Committee did not meet during the
fiscal year ended December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not have a standing compensation committee, but does have representatives on a
multi-fund ad hoc Compensation Committee relating to compensation of the Chief Compliance Officer
for the funds and certain officers of the closed-end funds in the Fund Complex.
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range of Equity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Securities Held in All Registered</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Securities Held in the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investment Companies in the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Gabelli Fund Complex</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mario J. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John D. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas E. Bratter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anthony J. Colavita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001-$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James P. Conn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001-$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vincent D. Enright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frank J. Fahrenkopf, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1-$10,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert J. Morrissey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anthony R. Pustorino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001-$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Salvatore J. Zizza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001-$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All shares were valued as of December&nbsp;31, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees serving on the Fund&#146;s Nominating Committee are Anthony J. Colavita, Vincent D.
Enright and Salvatore J. Zizza (Chair). Anthony J. Colavita, Anthony R. Pustorino (Chair) and
Salvatore J. Zizza, who are not &#147;interested persons&#148; of the Fund as defined in the 1940 Act, serve
on the Fund&#146;s Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Remuneration of Trustees and Officer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund pays each Trustee who is not affiliated with the Adviser or its affiliates a fee of
$6,000 per year plus $500 per Board meeting attended, $500 per standing Committee meeting attended,
and $500 per telephonic meeting attended, together with the Trustee&#146;s actual out-of-pocket expenses
relating to his attendance at such meetings. In addition, the lead independent Trustee receives an
annual fee of $1,000, the Audit Committee Chairman receives an annual fee of $3,000 and the
Nominating Committee Chairman receives an annual fee of $2,000. A Trustee may receive a single
meeting fee, allocated among the participating funds, for participation in certain meetings on
behalf of multiple funds. The aggregate remuneration (excluding out-of-pocket expenses) paid by the
Fund to such Trustees during the fiscal year ended December&nbsp;31, 2010 amounted to $79,242. During
the fiscal year ended December&nbsp;31, 2010, the Trustees of the Fund met six times, two of which were
special meetings of the Board of Trustees. Each Trustee then serving in such capacity attended at
least 75% of the meetings of Trustees and of any Committee of which he is a member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the compensation that the Trustees earned in their capacity as
Trustees during the year ended December&nbsp;31, 2010. The table also shows, for the year ended December
31, 2010, the compensation Trustees earned in their capacity as Trustees for other funds in the
Fund Complex.
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPENSATION TABLE FOR THE YEAR ENDED DECEMBER 31, 2010</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from the Fund</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</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>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>From the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid to Trustees*</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"><B>Interested Trustee</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mario J. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John D. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas E. Bratter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anthony J. Colavita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">254,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James P. Conn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">144,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vincent D. Enright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frank J. Fahrenkopf, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert J. Morrissey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anthony R. Pustorino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">164,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Salvatore J. Zizza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">212,000</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>
    <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:15px; text-indent:-15px"><B>Officer</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David I. Schachter, Vice President and Ombudsman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the total compensation paid to such persons during the
fiscal year ended December&nbsp;31, 2010 by investment companies
(including the Fund) or portfolios thereof that are considered part
of the same fund complex as the Fund because they have common or
affiliated investment advisers. The number in parentheses
represents the number of such investment companies and portfolios.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification of Officers and Trustees; Limitations on Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to limitations imposed by the 1940 Act, the Governing Documents of the Fund provide
that the Fund will indemnify its trustees and officers and may indemnify its employees or agents
against liabilities and expenses incurred in connection with litigation in which they may be
involved because of their positions with the Fund, to the fullest extent permitted by law. However,
nothing in the Governing Documents of the Fund protects or indemnifies a trustee, officer, employee
or agent of the Fund against any liability to which such person would otherwise be subject in the
event of such person&#146;s willful misfeasance, bad faith, gross negligence or reckless disregard of
the duties involved in the conduct of his or her position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Management</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser pursuant to the Investment Advisory
Agreement with the Fund. The Investment Adviser is a New York limited liability company with
principal offices located at One Corporate Center, Rye, New York 10580-1422 and is registered under
the Investment Advisers Act of 1940, as amended. The Investment Adviser was organized in 1999 and
is the successor to Gabelli Funds, Inc., which was organized in 1980. As of December&nbsp;31, 2010, the
Investment Adviser acts as a registered investment adviser to 25 management investment companies
with aggregate net assets of $18.3&nbsp;billion. The Investment Adviser, together with the other
affiliated investment advisers noted below, had assets under management totaling approximately
$33.3&nbsp;billion as of December&nbsp;31, 2010. GAMCO Asset Management Inc. (&#147;GAMCO&#148;), an affiliate of the
Investment Adviser, acts as investment adviser for individuals, pension trusts, profit sharing
trusts and endowments, and as a sub-adviser to management investment companies having aggregate
assets of $13.7&nbsp;billion under management as of December&nbsp;31, 2010. Gabelli Securities, Inc., an
affiliate of the Investment Adviser, acts as investment adviser for investment partnerships and
entities having aggregate assets of approximately $515&nbsp;million under management as of December&nbsp;31,
2010. Teton Advisors, Inc., an affiliate of the Investment Adviser, acts as investment manager to
The GAMCO Westwood Funds and separately managed accounts having aggregate assets of approximately
$820&nbsp;million under management as of December&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser is a wholly-owned subsidiary of GAMCO Investors, Inc., a New York
corporation, whose Class&nbsp;A Common Stock is traded on the NYSE under the symbol &#147;GBL.&#148; Mr.&nbsp;Mario J.
Gabelli may be deemed a &#147;controlling
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">person&#148; of the Investment Adviser on the basis of his
ownership of a majority of the stock of GGCP, Inc., which owns a majority of the capital stock of
GAMCO Investors, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser will provide a continuous investment program for the portfolios of the
Fund and oversee the administration of all aspects of the Fund&#146;s business and affairs. The
Investment Adviser has sole investment discretion for the assets of the Fund under the supervision
of the Fund&#146;s Board and in accordance with the Fund&#146;s stated policies. The Investment Adviser will
select investments for the Fund and will place purchase and sale orders on behalf of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Advisory Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates of the Investment Adviser may, in the ordinary course of their business, acquire
for their own account or for the accounts of their advisory clients, significant (and possibly
controlling) positions in the securities of companies that may also be suitable for investment by
the Fund. The securities in which the Fund might invest may thereby be limited to some extent. For
instance, many companies in the past several years have adopted so-called &#147;poison pill&#148; or other
defensive measures designed to discourage or prevent the completion of non-negotiated offers for
control of the company. Such defensive measures may have the effect of limiting the shares of the
company that might otherwise be acquired by the Fund if the affiliates of the Investment Adviser or
their advisory accounts have or acquire a significant position in the same securities. However, the
Investment Adviser does not believe that the investment activities of its affiliates will have a
material adverse effect upon each the Fund in seeking to achieve its investment objective.
Securities purchased or sold pursuant to contemporaneous orders entered on behalf of the investment
company accounts of the Investment Adviser or the advisory accounts managed by its affiliates for
their unaffiliated clients are allocated pursuant to principles believed to be fair and not
disadvantageous to any such accounts. In addition, all such orders are accorded priority of
execution over orders entered on behalf of accounts in which the Investment Adviser or its
affiliates have a substantial pecuniary interest. The Fund may on occasion give advice or take
action with respect to other clients that differs from the actions taken with respect to the Fund.
The Fund may invest in the securities of companies that are investment management clients of GAMCO
Asset Management Inc. In addition, portfolio companies or their officers or trustees may be
minority shareholders of the Investment Adviser or its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Advisory Agreement, the Investment Adviser manages the portfolio of the
Fund in accordance with its stated investment objective and policies, makes investment decisions
for the Fund, places orders to purchase and sell securities on behalf of the Fund and manages its
other business and affairs, all subject to the supervision and direction of the Board. In addition,
under the Advisory Agreement, the Investment Adviser oversees the administration of all aspects of
the Fund&#146;s business and affairs and provides, or arranges for others to provide, at the Investment
Adviser&#146;s expense, certain enumerated services, including maintaining the Fund&#146;s books and records,
preparing reports to the Fund&#146;s shareholders and supervising the calculation of the NAV of its
shares. All expenses of computing the NAV of the Fund, including any equipment or services obtained
solely for the purpose of pricing shares or valuing its investment portfolio, will be an expense of
the Fund under its Advisory Agreement unless the Investment Adviser voluntarily assumes
responsibility for such expense. During fiscal year 2010, the Fund paid or accrued $45,000 to the
Investment Adviser in connection with the cost of computing the Fund&#146;s NAV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement combines investment advisory and administrative responsibilities in one
agreement. For services rendered by the Investment Adviser on behalf of the Fund under the Advisory
Agreement, the Fund pays the Investment Adviser a fee computed weekly and paid monthly, equal on an
annual basis to 1.00% of the Fund&#146;s average weekly net assets including the liquidation value of
preferred shares. The fee paid by the Fund may be higher when leverage in the form of preferred
shares are utilized, giving the Investment Adviser an incentive to utilize such leverage. However,
the Investment Adviser has agreed to reduce the management fee on the incremental assets
attributable to the preferred shares during the fiscal year if the total return of the NAV of the
common shares of the Fund, including distributions and advisory fees subject to reduction for that
year, does not exceed the stated dividend rate or corresponding swap rate of each particular series
of preferred shares for the period. In other words, if the effective cost of the leverage for any
series of preferred shares exceeds the total return (based on NAV) on the Fund&#146;s common shares, the
Investment Adviser will waive that portion of its management fee on the incremental assets
attributable to the leverage for that series of preferred shares to mitigate the negative impact of
the leverage on the common shareholder&#146;s total return, except in connection with the waiver
applicable to the portion of the Fund&#146;s assets attributable to Series&nbsp;A Preferred and Series&nbsp;B
Auction Market Preferred Shares (&#147;Series&nbsp;B Preferred&#148;), this fee waiver is voluntary and may be
discontinued at any time. For Series&nbsp;A Preferred and Series&nbsp;B Preferred, the waiver will remain in
effect as long as any shares in a series are outstanding. The Fund&#146;s total return on the NAV of the
common shares is monitored on a monthly basis to assess whether the total return on the NAV of the
common shares exceeds the stated dividend rate or corresponding swap rate of each particular series of preferred shares
for the period. The test to confirm the accrual of the management fee on the assets attributable to
each particular series of preferred shares is annual.
</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"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund will accrue for the management fee
on these assets during the fiscal year if it appears probable that the Fund will incur the
management fee on those additional assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross
negligence or reckless disregard for its obligations and duties thereunder, the Investment Adviser
is not liable for any error or judgment or mistake of law or for any loss suffered by the Fund. As
part of the Advisory Agreement, the Fund has agreed that the name &#147;Gabelli&#148; is the Investment
Adviser&#146;s property, and that in the event the Investment Adviser ceases to act as an investment
adviser to the Fund, the Fund will change its name to one not including &#147;Gabelli.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to its terms, the Advisory Agreement will remain in effect with respect to the Fund
until the second anniversary of shareholder approval of such Agreement, and from year to year
thereafter if approved annually (i)&nbsp;by the Board or by the holders of a majority of its outstanding
voting securities and (ii)&nbsp;by a majority of the trustees who are not &#147;interested persons&#148; (as
defined in the 1940 Act) of any party to the Advisory Agreement, by vote cast in person at a
meeting called for the purpose of voting on such approval. The Advisory Agreement was approved most
recently by the Board on February&nbsp;16, 2011. The Advisory Agreement terminates automatically on its
assignment and may be terminated without penalty on 60&nbsp;days&#146; written notice at the option of either
party thereto or by a vote of a majority (as defined in the 1940 Act) of the Fund&#146;s outstanding
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion regarding the basis of the Board&#146;s approval of the Advisory Agreement for the
Fund is available in the semi-annual report to shareholders for the six months ended June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each of the years ended, December&nbsp;31, 2008, December&nbsp;31, 2009, and December&nbsp;31, 2010, the
Investment Adviser was paid $1,983,694, $1,933,306, and $2,083,626, respectively, for advisory and
administrative services rendered to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Manager Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Other Accounts Managed</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information below lists the number of other accounts for which each portfolio manager was
primarily responsible for the day-to-day management as of the fiscal year ended December&nbsp;31, 2010.
</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="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Assets with</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Managed with</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Advisory fee</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Manager or Team</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Advisory Fee Based</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Based</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Member</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Type of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accounts Managed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>on Performance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>on Performance</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">1. Mario J. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Registered Investment Companies:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16.9B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.0B</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Other Pooled Investment Vehicles:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">478.4M</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">470.6M</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Other Accounts:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14.6B</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.9B</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Potential Conflicts of Interest</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actual or apparent conflicts of interest may arise when the portfolio manager also has day-to-day
management responsibilities with respect to one or more other accounts. These potential conflicts
include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation of Limited Time and Attention</I>. Because the portfolio manager manages many accounts,
he may not be able to formulate as complete a strategy or identify equally attractive investment
opportunities for each of those accounts as if he were to devote substantially more attention to
the management of only a few accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation of Limited Investment Opportunities</I>. If the portfolio manager identifies an
investment opportunity that may be suitable for multiple accounts, the Fund may not be able to take
full advantage of that opportunity because the opportunity may need to be allocated among all or
many of these accounts or other accounts primarily managed by other portfolio managers of the
Investment Adviser and its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pursuit of Differing Strategies</I>. At times, the portfolio manager may determine that an
investment opportunity may be appropriate for only some of the accounts for which he exercises
investment responsibility, or may decide that certain of the accounts should take differing
positions with respect to a particular security. In these cases, the portfolio manager may
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">execute
differing or opposite transactions for one or more accounts which may affect the market price of
the security or the execution of the transactions, or both, to the detriment of one or more of his
accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Selection of Broker/Dealers. </I>The portfolio manager may be able to select or influence the
selection of the brokers and dealers that are used to execute securities transactions for the funds
or accounts that he supervises. In addition to providing execution of trades, some brokers and
dealers provide the Investment Adviser with brokerage and research services. These services may be
more beneficial to certain funds or accounts of the Investment Adviser and its affiliates than to
others. Although the payment of brokerage commissions is subject to the requirement that the
Investment Adviser determine in good faith that the commissions are reasonable in relation to the
value of the brokerage and research services provided to the Fund, the portfolio manager&#146;s decision
as to the selection of brokers and dealers could yield disproportionate costs and benefits among
the funds or other accounts that the Investment Adviser and its affiliates manage. In addition,
with respect to certain types of accounts (such as pooled investment vehicles and other accounts
managed for organizations and individuals), the Investment Adviser may be limited by the client
concerning the selection of brokers or may be instructed to direct trades to particular brokers. In
these cases, the Investment Adviser or its affiliates may place separate, non-simultaneous
transactions in the same security for the Fund and another account that may temporarily affect the
market price of the security or the execution of the transaction, or both, to the detriment of the
Fund or the other account. Because of Mr.&nbsp;Gabelli&#146;s position with, and his indirect majority
ownership interest in, an affiliated broker dealer, Gabelli &#038; Company, he may have an incentive to
use Gabelli &#038; Company to execute portfolio transactions for the Fund even if using Gabelli &#038;
Company is not in the best interest of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Variation in Compensation</I>. A conflict of interest may arise where the financial or other
benefits available to the portfolio manager differ among the funds or accounts that he or she
manages. If the structure of the Investment Adviser&#146;s management fee or the portfolio manager&#146;s
compensation differs among funds or accounts (such as where certain funds or accounts pay higher
management fees or performance-based fees), the portfolio manager may be motivated to favor certain
funds or accounts over others. The portfolio manager also may be motivated to favor funds or
accounts in which he or she has an investment interest, or in which the Investment Adviser or its
affiliates have investment interests. Similarly, the desire to maintain assets under management or
to enhance a portfolio manager&#146;s performance record or to derive other rewards, financial or
otherwise, could influence the portfolio manager in affording preferential treatment to those funds
or other accounts that could most significantly benefit the portfolio manager. In Mr.&nbsp;Gabelli&#146;s
case, the Investment Adviser&#146;s compensation (and expenses) for the Fund is marginally greater as a
percentage of assets than for certain other accounts and is less than for certain other accounts
managed by Mr.&nbsp;Gabelli, while his personal compensation structure varies with near-term performance
to a greater degree in certain performance fee-based accounts than with non-performance-based
accounts. In addition, he has investment interests in several of the funds managed by the
Investment Adviser and its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser and the Fund have adopted compliance policies and procedures that are
designed to address the various conflicts of interest that may arise for the Investment Adviser and
its staff members. However, there is no guarantee that such policies and procedures will be able to
detect and prevent every situation in which an actual or potential conflict may arise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation Structure</I>. Mr.&nbsp;Gabelli receives incentive-based variable compensation based on a
percentage of net revenues received by the Investment Adviser for managing the Fund. Net revenues
are determined by deducting from gross investment management fees the firm&#146;s expenses (other than
Mr.&nbsp;Gabelli&#146;s compensation) allocable to the Fund. Additionally, he receives similar
incentive-based variable compensation for managing other accounts within the Fund Complex. This
method of compensation is based on the premise that superior long-term performance in managing a
portfolio should be rewarded with higher compensation as a result of growth of assets through
appreciation and net investment activity. Five closed-end registered investment companies managed
by Mr.&nbsp;Gabelli have arrangements whereby the Investment Adviser will only receive its investment
advisory fee attributable to the liquidation value of outstanding preferred shares (and Mr.&nbsp;Gabelli
would only receive his percentage of such advisory fee) if certain performance levels are met. Mr.
Gabelli manages other accounts with performance fees. Compensation for managing these accounts has
two components. One component of the fee is based on a percentage of net revenues received by the
Investment Adviser for managing the account. The second component is based on absolute performance
of the account, with respect to which a percentage of such performance fee is paid to Mr.&nbsp;Gabelli.
As an executive officer of the Investment Adviser&#146;s parent company, GAMCO
Investors, Inc., Mr.&nbsp;Gabelli also receives ten percent of the net operating profits of the parent
company. Mr.&nbsp;Gabelli receives no base salary, no annual bonus and no stock options.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Holdings Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees of the Investment Adviser and its affiliates will often have access to information
concerning the portfolio holdings of the Fund. The Fund and the Investment Adviser have adopted
policies and procedures that require all employees to safeguard proprietary information of the
Fund, which includes information relating to the Fund&#146;s portfolio holdings as well as portfolio
trading activity of the Investment Adviser with respect to the Fund (collectively, &#147;Portfolio
Holdings Information&#148;). In addition, the Fund and the Investment Adviser have adopted policies and
procedures providing that Portfolio Holdings Information may not be disclosed except to the extent
that it is (a)&nbsp;made available to the general public by posting on the Fund&#146;s website or filed as a
part of a required filing on Form N-Q or N-CSR or (b)&nbsp;provided to a third party for legitimate
business purposes or regulatory purposes, that has agreed to keep such data confidential under
terms approved by the Investment Adviser&#146;s legal department or outside counsel, as described below.
The Investment Adviser will examine each situation under (b)&nbsp;with a view to determine that release
of the information is in the best interest of the Fund and its shareholders and, if a potential
conflict between the Investment Adviser&#146;s interests and the Fund&#146;s interests arises, to have such
conflict resolved by the Chief Compliance Officer or those Trustees who are not considered to be
&#147;interested persons,&#148; as defined in the 1940 Act (the &#147;&#145;Independent Trustees&#148;). These policies
further provide that no officer of the Fund or employee of the Investment Adviser shall communicate
with the media about the Fund without obtaining the advance consent of the Chief Executive Officer,
Chief Operating Officer, or General Counsel of the Investment Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the foregoing policies, the Fund currently may disclose Portfolio Holdings Information
in the circumstances outlined below. Disclosure generally may be either on a monthly or quarterly
basis with no time lag in some cases and with a time lag of up to 60&nbsp;days in other cases (with the
exception of proxy voting services which require a regular download of data):
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To regulatory authorities in response to requests for such
information and with the approval of the Chief Compliance
Officer 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mutual fund rating and statistical agencies and to
persons performing similar functions where there is a
legitimate business purpose for such disclosure and such
entity has agreed to keep such data confidential at least
until it has been made public by the Investment Adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To service providers of the Fund, as necessary for the
performance of their services to the Fund and to the Board;
the Fund&#146;s anticipated service providers are its
administrator, transfer agent, custodian, independent
registered public accounting firm, and legal counsel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To firms providing proxy voting and other proxy services,
provided such entity has agreed to keep such data
confidential until at least it has been made public by the
Investment Adviser;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To certain broker dealers, investment advisers, and other
financial intermediaries for purposes of their performing
due diligence on the Fund and not for dissemination of this
information to their clients or use of this information to
conduct trading for their clients. Disclosure of Portfolio
Holdings Information in these circumstances requires the
broker, dealer, investment adviser, or financial
intermediary to agree to keep such information confidential
and is further subject to prior approval of the Chief
Compliance Officer of the Fund and to reporting to the
Board at the next quarterly meeting; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To consultants for purposes of performing analysis of the
Fund, which analysis (but not the Portfolio Holdings
Information) may be used by the consultant with its clients
or disseminated to the public, provided that such entity
shall have agreed to keep such information confidential
until at least it has been made public by the Investment
Adviser.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Disclosures made pursuant to a confidentiality agreement are subject to periodic confirmation by
the Chief Compliance Officer of the Fund that the recipient has utilized such information solely in
accordance with the terms of the agreement. Neither the Fund nor the Investment Adviser, nor any of
the Investment Adviser&#146;s affiliates will accept on behalf of itself, its
affiliates, or the Fund any compensation or other consideration in connection with the disclosure
of portfolio holdings of the Fund. The Board will review such arrangements annually with the Fund&#146;s
Chief Compliance Officer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ownership of Shares in the Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2010, the portfolio manager of the Fund owns the following amounts of
equity securities of the Fund.
</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Mario J. Gabelli
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Over $1,000,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="Y91394805"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund, along with other closed-end registered investment companies advised by the
Investment Adviser, has obtained an exemption from Section 19(b) of the 1940 Act and Rule&nbsp;19b-1
thereunder permitting it to make periodic distributions of long-term capital gains provided that
any distribution policy of the Fund with respect to its common shares calls for periodic (<I>e.g.</I>,
quarterly or semi-annually, but in no event more frequently than monthly) distributions in an
amount equal to a fixed percentage of the Fund&#146;s average net asset value over a specified period of
time or market price per common share at or about the time of distribution or payment of a fixed
dollar amount. The exemption also permits the Fund to make distributions with respect to its
preferred shares in accordance with the terms of such shares. <I>See </I>&#147;Automatic Dividend Reinvestment
and Voluntary Cash Purchase Plan.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the total distributions required by a periodic pay-out policy exceed the Fund&#146;s net
investment income and net capital gain, the excess will be treated as a return of capital.
Shareholders who periodically receive the payment of a dividend or other distribution consisting of
a return of capital may be under the impression that they are receiving net profits when they are
not. Shareholders should not assume that the source of a distribution from the Fund is net profit.
Distributions sourced from paid-in-capital should not be considered the current yield or the total
return from an investment in the Fund. If the Fund&#146;s net investment income (including net
short-term capital gains) and net long-term capital gains for any year exceed the amount required
to be distributed under a periodic pay-out policy, the Fund generally intends to pay such excess
once a year, but may, in its discretion, retain and not distribute net long-term capital gains to
the extent of such excess. The Fund reserves the right, but does not currently intend, to retain
for reinvestment and pay the resulting U.S. federal income taxes on the excess of its net realized
long-term capital gains over its net short-term capital losses, if any. See &#147;Automatic Dividend
Reinvestment and Voluntary Cash Purchase Plans.&#148;
</DIV>
<DIV align="left">
<A name="Y91394806"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUCTIONS FOR AUCTION RATE PREFERRED SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s Series&nbsp;B Auction Rate Preferred is a type of preferred shares that pays dividends
that vary over time. Prior to February&nbsp;2008, the dividend rates were set through auctions run by
an independent auction agent. Since February&nbsp;2008, the auctions have failed and have continued to
fail. &#147;Failure&#148; means that more Auction Rate Preferred Shares are offered for sale in the auction
then there are bids to buy shares. During this period while auctions have continued to fail,
holders of the Fund&#146;s Auction Rate Preferred have received dividends at a &#147;maximum&#148; rate determined
by reference to short term rates, rather than at a price set by auction. If auctions were to
resume functioning, they would operate in accordance with the procedures described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Summary of Auction Procedures</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief summary of the auction procedures for preferred shares that are
auction rate preferred shares. These auction procedures are complicated, and there are exceptions
to these procedures. Many of the terms in this section have a special meaning. Accordingly, this
description does not purport to be complete and is qualified, in its entirety, by reference to the
Fund&#146;s Charter, including the provisions of the Statement of Preferences establishing any series of
auction rate preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auctions determine the dividend rate for auction rate preferred shares, but each dividend
rate will not be higher than the maximum rate. If you own auction rate preferred shares, you may
instruct your broker-dealer to enter one of three kinds of orders in the auction with respect to
your shares: sell, bid and hold.
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you enter a sell order, you indicate that you want to sell auction rate preferred shares
at their liquidation preference per share, no matter what the next dividend period&#146;s rate will
be.</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you enter a bid (or &#147;hold at a rate&#148;) order, which must specify a dividend rate, you
indicate that you want to sell auction rate preferred shares only if the next dividend
period&#146;s rate is less than the rate you specify.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you enter a hold order you indicate that you want to continue to own auction rate
preferred shares, no matter what the next dividend period&#146;s rate will be.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may enter different types of orders for different portions of your auction rate preferred
shares. You may also enter an order to buy additional auction rate preferred shares. All orders
must be for whole shares of stock. All orders you submit are irrevocable. There is a fixed number
of auction rate preferred shares, and the dividend rate likely will vary from auction to auction
depending on the number of bidders, the number of shares the bidders seek to buy, the rating of the
auction rate preferred shares and general economic conditions including current interest rates. If
you own auction rate preferred shares and submit a bid for them higher than the then-maximum rate,
your bid will be treated as a sell order. If you do not enter an order, the broker-dealer will
assume that you want to continue to hold auction rate preferred shares, but if you fail to submit
an order and the dividend period is longer than 28&nbsp;days, the broker-dealer will treat your failure
to submit a bid as a sell order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you do not then own auction rate preferred shares, or want to buy more shares, you may
instruct a broker-dealer to enter a bid order to buy shares in an auction at the liquidation
preference per share at or above the dividend rate you specify. If your bid for shares you do not
own specifies a rate higher than the then-maximum rate, your bid will not be considered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealers will submit orders from existing and potential holders of auction rate
preferred shares to the auction agent. Neither the Fund nor the auction agent will be responsible
for a broker-dealer&#146;s failure to submit orders from existing or potential holders of auction rate
preferred shares. A broker-dealer&#146;s failure to submit orders for auction rate preferred shares
held by it or its customers will be treated in the same manner as a holder&#146;s failure to submit an
order to the broker-dealer. A broker-dealer may submit orders to the auction agent for its own
account. The Fund may not submit an order in any auction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After each auction for the auction rate preferred shares the auction agent will pay to each
broker-dealer, from funds provided by the Fund, a service charge equal to, in the case shares of
any auction immediately preceding a dividend period of less than 365&nbsp;days, the product of (i)&nbsp;a
fraction, the numerator of which is the number of days in such dividend period and the denominator
of which is 365, times (ii) <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/4 of 1%, times (iii)&nbsp;the liquidation
preference per share, times (iv)&nbsp;the aggregate number of auction rate preferred shares placed by
such broker-dealer at such auction or, in the case of any auction immediately preceding a dividend
period of one year or longer, a percentage of the purchase price of the auction rate preferred
shares placed by the broker-dealer at the auction agreed to by the Fund and the broker-dealers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the number of auction rate preferred shares subject to bid orders by potential holders with
a dividend rate equal to or lower than the then-maximum rate is at least equal to the number of
auction rate preferred shares subject to sell orders, then the dividend rate for the next dividend
period will be the lowest rate submitted which, taking into account that rate and all lower rates
submitted in order from existing and potential holders, would result in existing and potential
holders owning all the auction rate preferred shares available for purchase in the auction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the number of auction rate preferred shares subject to bid orders by potential holders with
a dividend rate equal to or lower than the then-maximum rate is less than the number of auction
rate preferred shares subject to sell orders, then the auction is considered to be a failed
auction, and the dividend rate will be the maximum rate. In that event, existing holders that have
submitted sell orders (or are treated as having submitted sell orders) may not be able to sell any
or all of the auction rate preferred shares offered for sale than there are buyers for those
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If broker-dealers submit or are deemed to submit hold orders for all outstanding auction rate
preferred shares, the auction is considered an &#147;all hold&#148; auction and the dividend rate for the
next dividend period will be the &#147;all hold rate,&#148; which is 80% of the &#147;AA&#148; Financial Composite
Commercial Paper Rate, as determined in accordance with procedures set forth in the Articles
Supplementary establishing the auction rate preferred shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auction procedures include a <I>pro rata </I>allocation of auction rate preferred shares for
purchase and sale. This allocation process may result in an existing holder continuing to hold or
selling, or a potential holder buying, fewer shares than the number of shares of auction rate
preferred shares in its order. If this happens, broker-dealers will be required to make
appropriate <I>pro rata </I>allocations among their respective customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement of purchases and sales will be made on the next business day (which also is a
dividend payment date) after the auction date through DTC. Purchasers will pay for their auction
rate preferred shares through broker-dealers in same-day funds to DTC against delivery to the
broker-dealers. DTC will make payment to the sellers&#146; broker-dealers in accordance with its normal
procedures, which require broker-dealers to make payment against delivery in same-day funds. As
used in
this SAI, a business day is a day on which the NYSE is open for trading, and which is not a
Saturday, Sunday or any other day on which banks in New York City are authorized or obligated by
law to close.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first auction for a series of auction rate preferred shares will be held on the date
specified in the Prospectus Supplement for such series, which will be the business day preceding
the dividend payment date for the initial dividend period. Thereafter, except during special
dividend periods, auctions for such series auction rate preferred shares normally will be held
within the frequency specified in the Prospectus Supplement for such series, and each subsequent
dividend period for such series auction rate preferred shares normally will begin on the following
day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an auction is not held because an unforeseen event or unforeseen events cause a day that
otherwise would have been an auction date not to be a business day, then the length of the
then-current dividend period will be extended by seven days (or a multiple thereof if necessary
because of such unforeseen event or events), the applicable rate for such period will be the
applicable rate for the then-current dividend period so extended and the dividend payment date for
such dividend period will be the first business day immediately succeeding the end of such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a simplified example of how a typical auction works. Assume that the Fund
has 1,000 outstanding shares of auction rate preferred shares and three current holders. The three
current holders and three potential holders submit orders through broker-dealers at the auction.
</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="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Current Holder A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Owns 500 shares, wants to
sell all 500 shares if
auction rate is less than
4.6%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bid order at 4.6% rate for all 500
shares</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">Current Holder B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Owns 300 shares, wants to hold
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hold order will take the auction rate</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">Current Holder C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Owns 200 shares, wants to
sell all 200 shares if
auction rate is less than
4.4%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bid order at 4.4% rate for all 200
shares</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">Potential Holder D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wants to buy 200 shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Places order to buy at or above 4.5%</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">Potential Holder E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wants to buy 300 shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Places order to buy at or above 4.4%</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">Potential Holder F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wants to buy 200 shares
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Places order to buy at or above 4.6%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lowest dividend rate that will result in all 1,000 auction rate preferred shares
continuing to be held is 4.5% (the offer by D). Therefore, the dividend rate will be 4.5%. Current
holders B and C will continue to own their shares. Current holder A will sell its shares because
A&#146;s dividend rate bid was higher than the dividend rate: Potential holder D will buy 200 shares and
potential holder E will buy 300 shares because their bid rates were at or below the dividend rate.
Potential holder F will not buy any shares because its bid rate was above the dividend rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Secondary Market Trading and Transfer of Auction Rate Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters shall not be required to make a market in the auction rate preferred shares.
The broker-dealers (including the underwriters) may maintain a secondary trading market for outside
of auctions, but they are not required to do so. There can be no assurance that a secondary
trading market for the auction rate preferred shares will develop or, if it does develop, that it
will provide owners with liquidity of investment. The auction rate preferred shares will not be
registered on any stock exchange. Investors who purchase auction rate preferred shares in an
auction for a special dividend period should note that because the dividend rate on such shares
will be fixed for the length of that dividend period, the value of such shares may fluctuate in
response to the changes in interest rates and may be more or less than their original cost if sold
on the open market in advance of the next auction thereof, depending on market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may sell, transfer, or otherwise dispose of the auction rate preferred shares in the
auction process only in whole shares and only pursuant to a bid or sell order placed with the
auction agent in accordance with the auction procedures, to the Fund or its affiliates or to or
through a broker-dealer that has been selected by the Fund or to such other persons as may be
permitted by the Fund. However, if you hold your auction rate preferred shares in the name of a
broker-dealer, a sale or transfer of your auction rate preferred shares to that broker dealer, or
to another customer of that broker-dealer, will not be considered a sale or transfer for purposes
of the foregoing if the shares remain in the name of the broker-dealer immediately after your
transaction. In addition, in the case of all transfers other than through an auction, the
broker-dealer (or other person, if the Fund permits) receiving the transfer must advise the auction
agent of the transfer. These procedures would not limit a holder&#146;s ability to sell its auction
rate preferred shares in a secondary market transaction.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394807"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to policies established by the Board, the Investment Adviser is responsible for
placing purchase and sale orders and the allocation of brokerage on behalf of the Fund.
Transactions in equity securities are in most cases effected on U.S. stock exchanges and involve
the payment of negotiated brokerage commissions. There may be no stated commission in the case of
securities traded in over-the-counter markets, but the prices of those securities may include
undisclosed commissions or mark-ups. Principal transactions are not entered into with affiliates of
the Fund. However, Gabelli &#038; Company, Inc. may execute transactions in the over-the-counter markets
on an agency basis and receive a stated commission therefrom. To the extent consistent with
applicable provisions of the 1940 Act and the rules and exemptions adopted by the SEC thereunder,
as well as other regulatory requirements, the Board has determined that portfolio transactions may
be executed through Gabelli &#038; Company, Inc. and its broker-dealer affiliates if, in the judgment of
the Investment Adviser, the use of those broker-dealers is likely to result in price and execution
at least as favorable as those of other qualified broker-dealers, and if, in particular
transactions, the affiliated broker-dealers charge the Fund a rate consistent with that charged to
comparable unaffiliated customers in similar transactions and comparable to rates charged by other
broker-dealers for similar transactions. The Fund has no obligations to deal with any broker or
group of brokers in executing transactions in portfolio securities. In executing transactions, the
Investment Adviser seeks to obtain the best price and execution for the Fund, taking into account
such factors as price, size of order, difficulty of execution and operational facilities of the
firm involved and the firm&#146;s risk in positioning a block of securities. While the Investment
Adviser generally seeks reasonably competitive commission rates, the Fund does not necessarily pay
the lowest commission available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to obtaining the best price and execution, brokers who provide supplemental research,
market and statistical information, or other services (e.g., wire services) to the Investment
Adviser or its affiliates may receive orders for transactions by the Fund. The term &#147;research,
market and statistical information&#148; includes advice as to the value of securities, and advisability
of investing in, purchasing or selling securities, and the availability of securities or purchasers
or sellers of securities, and furnishing analyses and reports concerning issues, industries,
securities, economic factors and trends, portfolio strategy and the performance of accounts.
Information so received will be in addition to and not in lieu of the services required to be
performed by the Investment Adviser under the Advisory Agreement and the expenses of the Investment
Adviser will not necessarily be reduced as a result of the receipt of such supplemental
information. Such information may be useful to the Investment Adviser and its affiliates in
providing services to clients other than the Fund, and not all such information is used by the
Investment Adviser in connection with the Fund. Conversely, such information provided to the
Investment Adviser and its affiliates by brokers and dealers through whom other clients of the
Investment Adviser and its affiliates effect securities transactions may be useful to the
Investment Adviser in providing services to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although investment decisions for the Fund are made independently from those for the other
accounts managed by the Investment Adviser and its affiliates, investments of the kind made by the
Fund may also be made for those other accounts. When the same securities are purchased for or sold
by the Fund and any of such other accounts, it is the policy of the Investment Adviser and its
affiliates to allocate such purchases and sales in a manner deemed fair and equitable over time to
all of the accounts, including the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended December&nbsp;31, 2008, December&nbsp;31, 2009 and December&nbsp;31, 2010, the
Fund paid a total of $38,268, $20,304, and $25,977, respectively, in brokerage commissions, of
which Gabelli &#038; Company and its affiliates received, $29,726, $20,304, and $25,976, respectively.
The amount received by Gabelli &#038; Company and its affiliates from the Fund in respect of brokerage
commissions for the fiscal year ended December&nbsp;31, 2010 represented approximately 94% of the
aggregate dollar amount of brokerage commissions paid by the Fund for such period and approximately
86% of the aggregate dollar amount of transactions by the Fund for such period.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394809"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio turnover rates of the Fund for the fiscal years ending December&nbsp;31, 2009 and
December&nbsp;31, 2010 were 4% and 1%, respectively. The Fund does not engage in the trading of
securities for the purpose of realizing short-term profits, but adjusts its portfolio as it deems
advisable in view of prevailing or anticipated market conditions to accomplish its investment
objective. Portfolio turnover rate is calculated by dividing the lesser of an investment company&#146;s
annual sales or purchases of portfolio securities by the monthly average value of securities in its
portfolio during the year, excluding portfolio securities the maturities of which at the time of
acquisition were one year or less. A high rate of portfolio turnover involves correspondingly
greater brokerage commission expense than a lower rate, which expense must be borne by the Fund and
indirectly by its shareholders. The portfolio turnover rate may vary from year to year and will not
be a factor when the Investment Adviser determines that portfolio changes are appropriate. A higher
rate of portfolio turnover may also result in taxable gains being passed to shareholders sooner
than would otherwise be the case.
</DIV>
<DIV align="left">
<A name="Y91394810"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a brief summary of certain federal income tax considerations
affecting the Fund and the purchase, ownership and disposition of the Fund&#146;s shares. This
discussion assumes you are a U.S. person and that you hold your shares as capital assets. This
discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), the regulations promulgated thereunder and judicial and administrative authorities, all of
which are subject to change or differing interpretations by the courts or the Internal Revenue
Service (the &#147;IRS&#148;), possibly with retroactive effect. No ruling has been or will be sought from
the IRS regarding any matter discussed herein. Counsel to the Fund has not rendered and will not
render any legal opinion regarding any tax consequences relating to the Fund or an investment in
the Fund. No attempt is made to present a detailed explanation of all federal tax concerns
affecting the Fund and its shareholders (including shareholders owning large positions in the
Fund).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The discussions set forth herein and in the Prospectus do not constitute tax advice and
potential investors are urged to consult their own tax advisers to determine the tax consequences
to them of investing in the Fund.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of the Fund</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has qualified, and intends to continue to qualify, as a regulated investment company
under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) (a &#147;RIC&#148;).
Accordingly, the Fund will, among other things, (i)&nbsp;derive in each taxable year at least 90% of its
gross income from (a)&nbsp;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)&nbsp;net income derived from interests in certain publicly traded partnerships that
are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of
their gross income from the items described in (a)&nbsp;above (each a &#147;Qualified Publicly Traded
Partnership&#148;); and (ii)&nbsp;diversify its holdings so that, at the end of each quarter of each taxable
year (a)&nbsp;at least 50% of the value of its total assets is represented by cash and cash items, U.S.
government securities, the securities of other regulated investment companies and other securities,
with such other securities limited, in respect of any one issuer, to an amount not greater than 5%
of the value of the Fund&#146;s total assets and not more than 10% of the outstanding voting securities
of such issuer and (b)&nbsp;not more than 25% of the value of the Fund&#146;s total assets is invested in the
securities of (I)&nbsp;any one issuer (other than U.S. government securities and the securities of other
RICs), (II)&nbsp;any two or more issuers in which the Fund owns more than 20% or more of the voting
securities and that are determined to be engaged in the same business or similar or related trades
or businesses or (III)&nbsp;any one or more Qualified Publicly Traded Partnerships.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investments of the Fund in partnerships, including Qualified Publicly Traded Partnerships,
may result in the Fund being subject to state, local, or foreign income, franchise or withholding
tax liabilities. Although in general the passive loss
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rules of the Code do not apply to regulated investment companies, such rules do apply to a
regulated investment company with respect to items attributable to an interest in a qualified
publicly traded partnership.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a RIC, the Fund generally is not or will not be, as the case may be, subject to U.S.
federal income tax on income and gains that it distributes each taxable year to shareholders, if it
distributes at least 90% of the sum of the Fund&#146;s (i)&nbsp;investment company taxable income (which
includes, among other items, dividends, interest and the excess of any net short-term capital gain
over net long-term capital loss and other taxable income, other than any net long-term capital
gain, reduced by deductible expenses) determined without regard to the deduction for dividends paid
and (ii)&nbsp;its net tax-exempt interest (the excess of its gross tax-exempt interest over certain
disallowed deductions). The Fund intends to distribute at least annually substantially all of such
income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts not distributed on a timely basis in accordance with a calendar year distribution
requirement are subject to a nondeductible 4% excise tax at the Fund level. To avoid the tax, the
Fund must distribute during each calendar year an amount at least equal to the sum of (i)&nbsp;98% of
its ordinary income (not taking into account any capital gain or loss) for the calendar year, (ii)
98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for
a one-year period generally ending on October&nbsp;31 of the calendar year (unless an election is made
to use the fund&#146;s fiscal year), and (iii)&nbsp;certain undistributed amounts from previous years on
which a fund paid no federal income tax. While the Fund intends to distribute any income and
capital gain in the manner necessary to minimize imposition of the 4% excise tax, there can be no
assurance that sufficient amounts of the Fund&#146;s taxable income and capital gain will be distributed
to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax
only on the amount by which it does not meet the foregoing distribution requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A distribution will be treated as paid during the calendar year if it is paid during the
calendar year or declared by the Fund in October, November or December of the year, payable to
shareholders of record on a date during such a month and paid by the Fund during January of the
following year. Any such distributions paid during January of the following year will be deemed to
be received no later than December&nbsp;31 of the year the distributions are declared, rather than when
the distributions are received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund were unable to satisfy the 90% distribution requirement or otherwise were to fail
to qualify as a RIC in any year, it would be taxed in the same manner as an ordinary corporation
and distributions to the Fund&#146;s shareholders would not be deductible by the Fund in computing its
taxable income. To qualify again to be taxed as a RIC in a subsequent year, the Fund would be
required to distribute to its shareholders its earnings and profits attributable to non-RIC years.
In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable years,
then the Fund 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 Fund had been liquidated) or, alternatively, be subject to taxation on such
built-in gain recognized for a period of ten years, in order to qualify as a RIC in a subsequent
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss on the sales of securities by the Fund will generally be long-term capital gain
or loss if the securities have been held by the Fund for more than one year. Gain or loss on the
sale of securities held for one year or less will be short-term capital gain or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency gain or loss on non-U.S. dollar-denominated securities and on any non-U.S.
dollar-denominated futures contracts, options and forward contracts that are not section 1256
contracts (as defined below) generally will be treated as ordinary income and loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments by the Fund in certain &#147;passive foreign investment companies&#148; (&#147;PFICs&#148;) could
subject such fund to federal income tax (including interest charges) on certain distributions or
dispositions with respect to those investments which cannot be eliminated by making distributions
to shareholders. Elections may be available to the Fund to mitigate the effect of this tax provided
that the PFIC complies with certain reporting requirements, but such elections generally accelerate
the recognition of income without the receipt of cash. Dividends paid by PFICs will not qualify for
the reduced tax rates discussed below under &#147;Taxation of Shareholders.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may invest in debt obligations purchased at a discount with the result that the Fund
may be required to accrue income for U.S. federal income tax purposes before amounts due under the
obligations are paid. The Fund may also invest in securities rated in the medium to lower rating
categories of nationally recognized rating organizations, and in unrated securities (&#147;high yield
securities&#148;). A portion of the interest payments on such high yield securities may be treated as
dividends for certain U.S. federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of investing in stock of PFICs or securities purchased at a discount or any other
investment that produces income that is not matched by a corresponding cash distribution to the
Fund, the Fund could be required to include in current
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">income, income it has not yet received. Any such income would be treated as income earned by the
Fund and therefore would be subject to the distribution requirements of the Code. This might
prevent the Fund from distributing 90% of its investment company taxable income as is required in
order to avoid Fund-level federal income taxation on all of its income, or might prevent the Fund
from distributing enough ordinary income and capital gain net income to avoid completely the
imposition of the excise tax. To avoid this result, the Fund may be required to borrow money or
dispose of securities to be able to make distributions to its shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund does not meet the asset coverage requirements of the 1940 Act and the Statement of
Preferences, the Fund will be required to suspend distributions to the holders of common shares
until the asset coverage is restored. Such a suspension of distributions might prevent the Fund
from distributing 90% of its investment company taxable income as is required in order to avoid
fund-level federal income taxation on all of its income, or might prevent the fund from
distributing enough income and capital gain net income to avoid completely imposition of the excise
tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of the Fund&#146;s investment practices are subject to special and complex U.S. federal
income tax provisions that may, among other things, (i)&nbsp;disallow, suspend or otherwise limit the
allowance of certain losses or deductions, (ii)&nbsp;convert lower taxed long-term capital gains into
higher taxed short-term capital gains or ordinary income, (iii)&nbsp;convert ordinary loss or a
deduction into capital loss (the deductibility of which is more limited), (iv)&nbsp;cause a fund to
recognize income or gain without a corresponding receipt of cash, (v)&nbsp;adversely affect the time as
to when a purchase or sale of stock or securities is deemed to occur, (vi)&nbsp;adversely alter the
characterization of certain complex financial transactions and (vii)&nbsp;produce income that will not
qualify as good income for purposes of the 90% annual gross income requirement described above. The
Fund will monitor its transactions and may make certain tax elections to mitigate the effect of
these rules and prevent disqualification of the fund as a regulated investment company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the Fund may invest in foreign securities, income from such securities may be subject to
non-U.S. taxes. The Fund expects to invest less than 35% of its total assets in foreign securities.
As long as the Fund continues to invest less than 35% of its assets in foreign securities it will
not be eligible to elect to &#147;pass-through&#148; to shareholders of a fund the ability to use the foreign
tax deduction or foreign tax credit for foreign taxes paid with respect to qualifying taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxation of Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will determine either to distribute or to retain for reinvestment all or part of its
net capital gain. If any such gain is retained, the Fund will be subject to a tax of 35% of such
amount. In that event, the Fund expects to designate the retained amount as undistributed capital
gain in a notice to its shareholders, each of whom (i)&nbsp;will be required to include in income for
tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&nbsp;will be
entitled to credit its proportionate share of the tax paid by the Fund against its federal income
tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii)
will increase its basis in its shares of the Fund by an amount equal to 65% of the amount of
undistributed capital gain included in such shareholder&#146;s gross income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid by the Fund from its investment company taxable income, which includes net
short-term capital gain, generally are taxable as ordinary income to the extent of the Fund&#146;s
earnings and profits. Such distributions, if reported by the Fund, may, however, qualify (provided
holding period and other requirements are met by the Fund and its shareholders) (i)&nbsp;for the
dividends received deduction available to corporations, but only to the extent that the Fund&#146;s
income consists of dividend income from U.S. corporations and (ii)&nbsp;for taxable years beginning on
or before December&nbsp;31, 2012, as qualified dividend income eligible for the reduced maximum federal
tax rate to individuals of generally 15% (currently 0% for individuals in lower tax brackets) to
the extent that the Fund receives qualified dividend income. Qualified dividend income is, in
general, dividend income from taxable domestic corporations and certain qualified foreign
corporations (e.g., generally, foreign corporations incorporated in a possession of the United
States or in certain countries with a qualifying comprehensive tax treaty with the United States,
or whose shares with respect to which such dividend is paid is readily tradable on an established
securities market in the United States). A qualified foreign corporation does not include a foreign
corporation which for the taxable year of the corporation in which the dividend was paid, or the
preceding taxable year, is a PFIC. If the Fund engages in certain securities lending transactions,
the amount received by the Fund that is the equivalent of the dividends paid by the issuer on the
securities loaned will not be eligible for qualified dividend income treatment. Distributions of
net capital gain reported as capital gain distributions, if any, are taxable to shareholders at
rates applicable to long-term capital gain, whether paid in cash or in shares, and regardless of
how long the shareholder has held the Fund&#146;s shares. Capital gain distributions are not eligible
for the dividends received deduction. The maximum federal tax rate on net long-term capital gain is
currently 15% (for individuals in lower brackets). The maximum rate on long-term capital gain is
scheduled to rise to 20% for gains realized in taxable years beginning after December&nbsp;31, 2012.
Unrecaptured Section&nbsp;1250
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">gain distributions, if any, will be subject to a 25% tax. Distributions in excess of the Fund&#146;s
earnings and profits will first reduce the adjusted tax basis of a holder&#146;s shares and, after such
adjusted tax basis is reduced to zero, will constitute capital gain to such holder (assuming the
shares are held as a capital asset). Investment company taxable income (other than qualified
dividend income) will currently be taxed at a maximum rate of 35%. For corporate taxpayers, both
investment company taxable income and net capital gain are taxed at a maximum rate of 35%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in 2013, a 3.8&nbsp;percent Medicare contribution tax will be imposed on net investment
income, including interest, dividends, and capital gain, of U.S. individuals with income exceeding
$200,000 (or $250,000 if married filing jointly), and of estates and trusts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an individual receives a dividend that is eligible for qualified dividend income treatment,
and such dividend constitutes an &#147;extraordinary dividend,&#148; any loss on the sale or exchange of
shares in respect of which the extraordinary dividend was paid, then the loss will be long-term
capital loss to the extent of such extraordinary dividend. An &#147;extraordinary dividend&#148; for this
purpose is generally a dividend (i)&nbsp;in an amount greater than or equal to 5% of the taxpayer&#146;s tax
basis (or trading value) in a share of stock, aggregating dividends with ex-dividend dates within
an 85-day period or (ii)&nbsp;in an amount greater than 20% of the taxpayer&#146;s tax basis (or trading
value) in a share of stock, aggregating dividends with ex-dividend dates within a 365-day period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The IRS currently requires that a registered investment company that has two or more classes
of stock allocate to each such class proportionate amounts of each type of its income (such as
ordinary income, capital gains, dividends qualifying for the dividends received deduction (&#147;DRD&#148;)
and qualified dividend income) based upon the percentage of total dividends paid out of current or
accumulated earnings and profits to each class for the tax year. Accordingly, the Fund intends each
year to allocate capital gain dividends, dividends qualifying for the DRD and dividends that
constitute qualified dividend income, if any, between its common shares and preferred shares in
proportion to the total dividends paid out of current or accumulated earnings and profits to each
class with respect to such tax year. Distributions in excess of the Fund&#146;s current and accumulated
earnings and profits, if any, however, will not be allocated proportionately among the common
shares and preferred shares. Since the Fund&#146;s current and accumulated earnings and profits will
first be used to pay dividends on its preferred shares, distributions in excess of such earnings
and profits, if any, will be made disproportionately to holders of common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may be entitled to offset their capital gain distributions (but not distributions
eligible for qualified dividend income treatment) with capital loss. There are a number of
statutory provisions affecting when capital loss may be offset against capital gain, and limiting
the use of loss from certain investments and activities. Accordingly, shareholders with capital
loss are urged to consult their tax advisers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The price of shares purchased at any time may reflect the amount of a forthcoming
distribution. Those purchasing shares just prior to a distribution will receive a distribution
which will be taxable to them even though it represents in part a return of invested capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain types of income received by the Fund from real estate investment trusts (&#147;REITs&#148;),
real estate mortgage investment conduits (&#147;REMICs&#148;), taxable mortgage pools or other investments
may cause the Fund to report some or all of its distributions as &#147;excess inclusion income.&#148; To Fund
shareholders such excess inclusion income may (1)&nbsp;constitute taxable income, as &#147;unrelated business
taxable income&#148; (&#147;UBTI&#148;) for those shareholders who would otherwise be tax-exempt such as
individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable
entities; (2)&nbsp;not be offset by otherwise allowable deductions for tax purposes; (3)&nbsp;not be eligible
for reduced U.S. withholding for non-U.S. shareholders even from tax treaty countries; and (4)
cause the Fund to be subject to tax if certain &#147;disqualified organizations&#148; as defined by the Code
are Fund shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a sale, exchange, redemption or other disposition of shares, a shareholder will generally
realize a taxable gain or loss equal to the difference between the amount of cash and the fair
market value of other property received and the shareholder&#146;s adjusted tax basis in the shares.
Such gain or loss will be treated as long-term capital gain or loss if the shares have been held
for more than one year. Any loss realized on a sale or exchange will be disallowed to the extent
the shares disposed of are replaced by substantially identical shares within a 61-day period
beginning 30&nbsp;days before and ending 30&nbsp;days after the date that the shares are disposed of. In such
a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any loss realized by a shareholder on the sale of Fund shares held by the shareholder for six
months or less will be treated for tax purposes as a long-term capital loss to the extent of any
capital gain distributions received by the shareholder (or amounts credited to the shareholder as
an undistributed capital gain) with respect to such shares.
</DIV>


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</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary income distributions and capital gain distributions also may be subject to
state and local taxes. Shareholders are urged to consult their own tax advisers regarding specific
questions about federal (including the application of the alternative minimum tax rules), state,
local or foreign tax consequences to them of investing in the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders will receive, if appropriate, various written notices after the close of each of
the Fund&#146;s taxable years regarding the U.S. federal income tax status of certain dividends,
distributions and deemed distributions that were paid (or that are treated as having been paid) by
the Fund to its shareholders during the preceding taxable year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain situations, the Fund may, for a taxable year, defer all or a portion of its capital
losses and currency losses realized after October and certain ordinary losses realized after
December until the next taxable year in computing its investment company taxable income and net
capital gain, which will defer the recognition of such realized losses. Such deferrals and other
rules regarding gains and losses realized after October (or December) may affect the tax character
of shareholder distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a shareholder recognizes a loss with respect to the Fund&#146;s shares of $2&nbsp;million or more for
an individual shareholder or $10&nbsp;million or more for a corporate shareholder, the shareholder must
file with the IRS a disclosure statement on Form&nbsp;8886. Direct shareholders of portfolio securities
are in many cases exempted from this reporting requirement, but under current guidance,
shareholders of a regulated investment company are not exempted. The fact that a loss is reportable
under these regulations does not affect the legal determination of whether the taxpayer&#146;s treatment
of the loss is proper. Shareholders should consult their tax advisors to determine the
applicability of these regulations in light of their individual circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid or distributions made by the Fund to shareholders who are non-resident aliens
or foreign entities (&#147;foreign investors&#148;) are generally subject to withholding tax at a 30% rate or
a reduced rate specified by an applicable income tax treaty to the extent derived from investment
income and short-term capital gains. In order to obtain a reduced rate of withholding, a foreign
investor will be required to provide an IRS Form W-8BEN certifying its entitlement to benefits
under a treaty. The withholding tax does not apply to regular dividends paid or distributions made
to a foreign investor who provides a Form W-8ECI, certifying that the dividends or distributions
are effectively connected with the foreign investor&#146;s conduct of a trade or business within the
United States. Instead, the effectively connected dividends or distributions will be subject to
regular U.S. income tax as if the foreign investor were a U.S. shareholder. A non-U.S. corporation
receiving effectively connected dividends or distributions may also be subject to additional
&#147;branch profits tax&#148; imposed at a rate of 30% (or lower treaty rate). A foreign investor who fails
to provide an IRS Form W-8BEN or other applicable form may be subject to backup withholding at the
appropriate rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 30% withholding tax will be imposed on dividends and redemption proceeds paid after December
31, 2012, to (i)&nbsp;foreign financial institutions including non-U.S. investment funds unless they
agree to collect and disclose to the IRS information regarding their direct and indirect U.S.
account holders and (ii)&nbsp;certain other foreign entities unless they certify certain information
regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial
institutions will need to enter into agreements with the IRS regarding providing the IRS
information including the name, address and taxpayer identification number of direct and indirect
U.S. account holders, to comply with due diligence procedures with respect to the identification of
U.S. accounts, to report to the IRS certain information with respect to U.S. accounts maintained,
to agree to withhold tax on certain payments made to non-compliant foreign financial institutions
or to account holders who fail to provide the required information, and to determine certain other
information as to their account holders. Other foreign entities will need to provide the name,
address, and taxpayer identification number of each substantial U.S. owner or certifications of no
substantial U.S. ownership unless certain exceptions apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, United States federal withholding tax will not apply to any gain or income
realized by a foreign investor in respect of any distributions of net long-term capital gains over
net short-term capital losses, exempt-interest dividends, or upon the sale or other disposition of
shares of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Backup Withholding</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may be required to withhold U.S. federal income tax on all taxable distributions and
redemption proceeds payable to non-corporate shareholders who fail to provide the Fund with their
correct taxpayer identification number or to make required certifications, or who have been
notified by the IRS that they are subject to backup withholding. Backup withholding is not an
additional tax. Any amounts withheld may be refunded or credited against such shareholder&#146;s U.S.
federal income tax liability, if any, provided that the required information is furnished to the
IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing is a general and abbreviated summary of the applicable provisions of the Code
and Treasury regulations presently in effect. For the complete provisions, reference should be made
to the pertinent Code sections and the Treasury regulations promulgated thereunder. The Code and
the Treasury regulations are subject to change by legislative, judicial or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">administrative action,
either prospectively or retroactively. Persons considering an investment in shares of the Fund
should consult their own tax advisers regarding the purchase, ownership and disposition of shares
of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The foregoing is a general and abbreviated summary of the applicable provisions of the Code
and Treasury regulations presently in effect. For the complete provisions, reference should be made
to the pertinent Code sections and the Treasury regulations promulgated thereunder. The Code and
the Treasury regulations are subject to change by legislative, judicial or administrative action,
either prospectively or retroactively. Persons considering an investment in shares of the Fund
should consult their own tax advisers regarding the purchase, ownership and disposition of Fund
shares.</I></B>
</DIV>

<DIV align="left">
<A name="Y91394811"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2010, there were no persons known to the Fund to be beneficial owners of
more than 5% of the Fund&#146;s outstanding common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2010, the Trustees and Officers of the Fund as a group beneficially owned
less than 1% of the Fund&#146;s outstanding common shares.
</DIV>

<DIV align="left">
<A name="Y91394812"></A>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GENERAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Book-Entry-Only Issuance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Depository Trust Company (&#147;DTC&#148;) will act as securities depository for the securities
offered pursuant to the Prospectus. The information in this section concerning DTC and DTC&#146;s
book-entry system is based upon information obtained from DTC. The securities offered hereby
initially will be issued only as fully-registered securities registered in the name of Cede &#038; Co.
(as nominee for DTC). One or more fully-registered global security certificates initially will be
issued, representing in the aggregate the total number of securities, and deposited with DTC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC is a limited-purpose trust company organized under the New York Banking Law, a &#147;banking
organization&#148; within the meaning of the New York Banking Law, a member of the Federal Reserve
System, a &#147;clearing corporation&#148; within the meaning of the New York Uniform Commercial Code and a
&#147;clearing agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the Securities Exchange
Act of 1934. DTC holds securities that its participants deposit with DTC. DTC also facilities the
settlement among participants of securities transactions, such as transfers and pledges, in
deposited securities through electronic computerized book-entry changes in participants&#146; accounts,
thereby eliminating the need for physical movement of securities certificates. Direct DTC
participants include securities brokers and dealers, banks, trust companies, clearing corporations
and certain other organizations. Access to the DTC system is also available to others such as
securities brokers and dealers, banks and trust companies that clear through or maintain a
custodial relationship with a direct participant, either directly or indirectly through other
entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities within the DTC system must be made by or through direct participants,
which will receive a credit for the securities on DTC&#146;s records. The ownership interest of each
actual purchaser of a security, a beneficial owner, is in turn to be recorded on the direct or
indirect participants&#146; records. Beneficial owners will not receive written confirmation from DTC of
their purchases, but beneficial owners are expected to receive written confirmations providing
details of the transactions, as well as periodic statements of their holdings, from the direct or
indirect participants through which the beneficial owners purchased securities. Transfers of
ownership interests in securities are to be accomplished by entries made on the books of
participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates
representing their ownership interests in securities, except as provided herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has no knowledge of the actual beneficial owners of the securities being offered pursuant
to the prospectus; DTC&#146;s records reflect only the identity of the direct participants to whose
accounts such securities are credited, which may or may not be the beneficial owners. The
participants will remain responsible for keeping account of their holdings on behalf of their
customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conveyance of notices and other communications by DTC to direct participants, by direct
participants to indirect participants, and by direct participants and indirect participants to
beneficial owners will be governed by arrangements among them, subject to any statutory or
regulatory requirements as may be in effect from time to time.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on the securities will be made to DTC. DTC&#146;s practice is to credit direct
participants&#146; accounts on the relevant payment date in accordance with their respective holdings
shown on DTC&#146;s records unless DTC has reason to believe that it will not receive payments on such
payment date. Payments by participants to beneficial owners will be governed by standing
instructions and customary practices and will be the responsibility of such participant and not of
DTC or the Fund, subject to any statutory or regulatory requirements as may be in effect from time
to time. Payment of distributions to DTC is the responsibility of the Fund, disbursement of such
payments to direct participants is the responsibility of DTC, and disbursement of such payments to
the beneficial owners is the responsibility of direct and indirect participants. Furthermore each
beneficial owner must rely on the procedures of DTC to exercise any rights under the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC may discontinue providing its services as securities depository with respect to the
securities at any time by giving reasonable notice to the Fund. Under such circumstances, in the
event that a successor securities depository is not obtained, certificates representing the
securities will be printed and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Voting Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted the proxy voting procedures of the Investment Adviser and has directed
the Investment Adviser to vote all proxies relating to the Fund&#146;s voting securities in accordance
with such procedures. The proxy voting procedures are attached. They are also on file with the
Securities and Exchange Commission and can be reviewed and copied at the Securities and Exchange
Commission&#146;s Public Reference Room in Washington, D.C., and information on the operation of the
Public Reference Room may be obtained by calling the Securities and Exchange Commission at
202-551-8090. The proxy voting procedures are also available on the EDGAR Database on the
Securities and Exchange Commission&#146;s internet site (http://www.sec.gov) and copies of the proxy
voting procedures may be obtained, after paying a duplicating fee, by electronic request at the
follow E-mail address: publicinfo@sec.gov, or by writing the Securities and Exchange Commission&#146;s
Public Reference Section, Washington, D.C. 20549-0102.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Code of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund and the Investment Adviser have adopted a code of ethics under Rule&nbsp;17j-1 under the
1940 Act. The code of ethics permits personnel, subject to the code of ethics and its restrictive
provisions, to invest in securities, including securities that may be purchased or held by a fund
in the Fund Complex. This code of ethics sets forth restrictions on the trading activities of
trustees/directors, officers and employees of the Fund, the Investment Adviser and their
affiliates. For example, such persons may not purchase any security for which the Fund has a
purchase or sale order pending, or for which such trade is under consideration. In addition, those
trustees/directors, officers and employees that are principally involved in investment decisions
for client accounts are prohibited from purchasing or selling for their own account for a period of
seven days a security that has been traded for a client&#146;s account, unless such trade is executed on
more favorable terms for the client&#146;s account and it is determined that such trade will not
adversely affect the client&#146;s account. Short-term trading by such trustees/directors, officers and
employees for their own accounts in securities held by a Fund client&#146;s account is also restricted.
The above examples are subject to certain exceptions and they do not represent all of the trading
restrictions and policies set forth by the code of ethics. The code of ethics is on file with the
SEC and can be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C., and
information on the operation of the Public Reference Room may be obtained by calling the SEC at
(202)&nbsp;551-8090. The code of ethics is also available on the EDGAR Database on the SEC&#146;s Internet
site at http://www.sec.gov, and copies of the code of ethics may be obtained, after paying a
duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by
writing the SEC&#146;s Public Reference Room, Washington, D.C. 20549-0102.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Joint Code of Ethics for Chief Executive and Senior Financial Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund and the Investment Adviser have adopted a joint code of ethics that serves as a code
of conduct. The joint code of ethics sets forth policies to guide the chief executive and senior
financial officers in the performance of their duties. The code of ethics is on file with the SEC
and can be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C., and
information on the operation of the Public Reference Room may be obtained by calling the SEC at
202-551-8090. The code of ethics is also available on the EDGAR Database on the SEC&#146;s Internet site
(http://www.sec.gov), and copies of the code of ethics may be obtained, after paying a duplicating
fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the
SEC&#146;s Public Reference Room, Washington, D.C. 20549-0102.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audited financial statements included in the annual report to the Fund&#146;s shareholders for
the year ended December&nbsp;31, 2010 and together with the report of &#091; &#093; for the Fund&#146;s annual
report, are incorporated herein by reference to the Fund&#146;s annual report to shareholders. All other
portions of the annual report to shareholders are not incorporated herein by reference and are not
part of the registration statement, the SAI, the Prospectus or any Prospectus Supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Independent Registered Public Accounting Firm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; serves as the Independent Registered Public Accounting Firm of
the Fund and audits the financial statements of the Fund. &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; is located
at &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="Y91394813"></A>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>APPENDIX A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GAMCO INVESTORS, INC. AND AFFILIATES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE VOTING OF PROXIES ON BEHALF OF CLIENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules&nbsp;204(4)-2 and 204-2 under the Investment Advisers Act of 1940 and Rule&nbsp;30b1-4 under the
Investment Company Act of 1940 require investment advisers to adopt written policies and procedures
governing the voting of proxies on behalf of their clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli
Securities, Inc., and Teton Advisors, Inc. (collectively, the &#147;Advisers&#148;) to determine how to vote
proxies relating to portfolio securities held by their clients, including the procedures that the
Advisers use when a vote presents a conflict between the interests of the shareholders of an
investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the
principal underwriter; or any affiliated person of the investment company, the Advisers, or the
principal underwriter. These procedures will not apply where the Advisers do not have voting
discretion or where the Advisers have agreed to with a client to vote the client&#146;s proxies in
accordance with specific guidelines or procedures supplied by the client (to the extent permitted
by ERISA).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>I. Proxy Voting Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proxy Voting Committee was originally formed in April&nbsp;1989 for the purpose of formulating
guidelines and reviewing proxy statements within the parameters set by the substantive proxy voting
guidelines originally published in 1988 and updated periodically, a copy of which are appended as
Exhibit&nbsp;A. The Committee will include representatives of Research, Administration, Legal, and the
Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and
voted upon by the entire Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings are held on an as needed basis to form views on the manner in which the Advisers
should vote proxies on behalf of their clients.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, the Director of Proxy Voting Services, using the Proxy Guidelines, recommendations
of Institutional Shareholder Corporate Governance Service (&#147;ISS&#148;), other third-party services and
the analysts of Gabelli &#038; Company, Inc., will determine how to vote on each issue. For
non-controversial matters, the Director of Proxy Voting Services may vote the proxy if the vote is
(1)&nbsp;consistent with the recommendations of the issuer&#146;s Board of Directors and not contrary to the
Proxy Guidelines; (2)&nbsp;consistent with the recommendations of the issuer&#146;s Board of Directors and is
a non-controversial issue not covered by the Proxy Guidelines; or (3)&nbsp;the vote is contrary to the
recommendations of the Board of Directors but is consistent with the Proxy Guidelines. In those
instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date
the proxy statement indicating how each issue will be voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All matters identified by the Chairman of the Committee, the Director of Proxy Voting Services
or the Legal Department as controversial, taking into account the recommendations of ISS or other
third party services and the analysts of Gabelli &#038; Company, Inc., will be presented to the Proxy
Voting Committee. If the Chairman of the Committee, the Director of Proxy Voting Services or the
Legal Department has identified the matter as one that (1)&nbsp;is controversial; (2)&nbsp;would benefit from
deliberation by the Proxy Voting Committee; or (3)&nbsp;may give rise to a conflict of interest between
the Advisers and their clients, the Chairman of the Committee will initially determine what vote to
recommend that the Advisers should cast and the matter will go before the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Conflicts of Interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisers have implemented these proxy voting procedures in order to prevent conflicts of
interest from influencing their proxy voting decisions. By following the Proxy Guidelines, as well
as the recommendations of ISS, other third-party services and the analysts of Gabelli &#038; Company,
the Advisers are able to avoid, wherever possible, the influence of potential conflicts of
interest. Nevertheless, circumstances may arise in which one or more of the Advisers are faced with
a conflict of interest or the appearance of a conflict of interest in connection with its vote. In
general, a conflict of interest may arise when an Adviser knowingly does business with an issuer,
and may appear to have a material conflict between its own interests and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the interests of the
shareholders of an investment company managed by one of the Advisers regarding how the proxy is to
be voted. A conflict also may exist when an Adviser has actual knowledge of a material business
arrangement between an issuer and an affiliate of the Adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In practical terms, a conflict of interest may arise, for example, when a proxy is voted for a
company that is a client of one of the Advisers, such as GAMCO Asset Management Inc. A conflict
also may arise when a client of one of the Advisers has made a shareholder proposal in a proxy to
be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with
the Legal Department, will scrutinize all proxies for these or other situations that may give rise
to a conflict of interest with respect to the voting of proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Operation of Proxy Voting Committee
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For matters submitted to the Committee, each member of the Committee will receive, prior to
the meeting, a copy of the proxy statement, any relevant third party research, a summary of any
views provided by the Chief Investment Officer and any recommendations by Gabelli &#038; Company, Inc.
analysts. The Chief Investment Officer or the Gabelli &#038; Company, Inc. analysts may be invited to
present their viewpoints. If the Director of Proxy Voting Services or the Legal Department believe
that the matter before the committee is one with respect to which a conflict of interest may exist
between the Advisers and their clients, counsel will provide an opinion to the Committee concerning
the conflict. If the matter is one in which the interests of the clients of one or more of Advisers
may diverge, counsel will so advise and the Committee may make different recommendations as to
different clients. For any matters where the recommendation may trigger appraisal rights, counsel
will provide an opinion concerning the likely risks and merits of such an appraisal action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each matter submitted to the Committee will be determined by the vote of a majority of the
members present at the meeting. Should the vote concerning one or more recommendations be tied in a
vote of the Committee, the Chairman of the Committee will cast the deciding vote. The Committee
will notify the proxy department of its decisions and the proxies will be voted accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Proxy Guidelines express the normal preferences for the voting of any shares not
covered by a contrary investment guideline provided by the client, the Committee is not bound by
the preferences set forth in the Proxy Guidelines and will review each matter on its own merits.
Written minutes of all Proxy Voting Committee meetings will be maintained. The Advisers subscribe
to ISS, which supplies current information on companies, matters being voted on, regulations,
trends in proxy voting and information on corporate governance issues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting
Committee runs contrary to the recommendation of the Board of Directors of the issuer, the matter
will be referred to legal counsel to determine whether an amendment to the most recently filed
Schedule&nbsp;13D is appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>II. Social Issues and Other Client Guidelines</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a client has provided special instructions relating to the voting of proxies, they should
be noted in the client&#146;s account file and forwarded to the proxy department. This is the
responsibility of the investment professional or sales assistant for the client. In accordance with
Department of Labor guidelines, the Advisers&#146; policy is to vote on behalf of ERISA accounts in the
best interest of the plan participants with regard to social issues that carry an economic impact.
Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of the
client in a manner consistent with any individual investment/voting guidelines provided by the
client. Otherwise the Advisers will abstain with respect to those shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>III. Client Retention of Voting Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a client chooses to retain the right to vote proxies or if there is any change in voting
authority, the following should be notified by the investment professional or sales assistant for
the client.
</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Legal Department</TD>
</TR>

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proxy Department</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment professional assigned to the account</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Board of Directors (or a Committee thereof) of one or more of the
investment companies managed by one of the Advisers has retained direct voting control over any
security, the Proxy Voting Department will provide each Board Member (or Committee member) with a
copy of the proxy statement together with any other relevant information including recommendations
of ISS or other third-party services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IV. Voting Records</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proxy Voting Department will retain a record of matters voted upon by the Advisers for
their clients. The Advisers will supply information on how an account voted its proxies upon
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A letter is sent to the custodians for all clients for which the Advisers have voting
responsibility instructing them to forward all proxy materials to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Adviser name&#093;
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&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">Attn:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proxy Voting Department</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">One Corporate Center</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">Rye, New York 10580-1433</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sales assistant sends the letters to the custodians along with the trading/DTC
instructions. Proxy voting records will be retained in compliance with Rule&nbsp;204-2 under the
Investment Advisers Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>V. Voting Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding
proxies directly to the Advisers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies are received in one of two forms:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shareholder Vote Authorization Forms (&#147;VAFs&#148;)&#151;Issued by Broadridge Financial
Solutions, Inc. (&#147;Broadridge&#148;) VAFs must be voted through the issuing institution
causing a time lag. Broadridge is an outside service contracted by the various
institutions to issue proxy materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proxy cards which may be voted directly.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Upon receipt of the proxy, the number of shares each form represents is logged into the
proxy system according to security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;In the case of a discrepancy such as an incorrect number of shares, an improperly signed or
dated card, wrong class of security, etc., the issuing custodian is notified by phone. A corrected
proxy is requested. Any arrangements are made to insure that a proper proxy is received in time to
be voted (overnight delivery, fax, etc.). When securities are out on loan on record date, the
custodian is requested to supply written verification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Upon receipt of instructions from the proxy committee (see Administrative), the votes are
cast and recorded for each account on an individual basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records have been maintained on the Proxy Edge system. The system is backed up regularly.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROXY EDGE RECORDS INCLUDE:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Security Name and Cusip Number<BR>
Date and Type of Meeting (Annual, Special, Contest) Client Name<BR>
Adviser or Fund Account Number<BR>
Directors&#146; Recommendation<BR>
How GAMCO voted for the client on each issue

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;VAFs are kept alphabetically by security. Records for the current proxy season are located
in the Proxy Voting Department office. In preparation for the upcoming season, files are
transferred to an offsite storage facility during January/February.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Shareholder Vote Authorization Forms issued by Broadridge are always sent directly to a
specific individual at Broadridge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;If a proxy card or VAF is received too late to be voted in the conventional matter, every
attempt is made to vote on one of the following manners:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VAFs can be faxed to Broadridge up until the time of the meeting. This is
followed up by mailing the original 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When a solicitor has been retained, the solicitor is called. At the solicitor&#146;s
direction, the proxy is faxed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;In the case of a proxy contest, records are maintained for each opposing entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Voting in Person
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;At times it may be necessary to vote the shares in person. In this case, a &#147;legal proxy&#148;
is obtained in the following manner:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banks and brokerage firms using the services at Broadridge:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The back of the VAF is stamped indicating that we wish to vote in person. The forms are then
sent overnight to Broadridge. Broadridge issues individual legal proxies and sends them back via
overnight (or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to
the meeting is needed to do this. Alternatively, the procedures detailed below for banks not using
Broadridge may be implemented.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Banks and brokerage firms issuing proxies directly:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bank is called and/or faxed and a legal proxy is requested.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All legal proxies should appoint:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;REPRESENTATIVE OF &#091;ADVISER NAME&#093; WITH FULL POWER OF SUBSTITUTION.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The legal proxies are given to the person attending the meeting along with the following
supplemental material:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited Power of Attorney appointing the attendee an Adviser representative.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A list of all shares being voted by custodian only. Client names and account
numbers are not included. This list must be presented, along with the proxies, to the
Inspectors of Elections and/or tabulator at least one-half hour prior to the scheduled
start of the meeting. The tabulator must &#147;qualify&#148; the votes (i.e. determine if the
votes have previously been cast, if the votes have been rescinded, etc.).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A sample ERISA and Individual contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A sample of the annual authorization to vote proxies 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of our most recent Schedule&nbsp;13D filing (if applicable).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Proxy Guidelines</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROXY VOTING GUIDELINES</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GENERAL POLICY STATEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the policy of <B>GAMCO Investors, Inc. </B>to vote in the best economic interests of our
clients. As we state in our Magna Carta of Shareholders Rights, established in May&nbsp;1988, we are
neither <I>for </I>nor <I>against </I>management. We are for shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our first proxy committee meeting in 1989, it was decided that each proxy statement should
be evaluated on its own merits within the framework first established by our Magna Carta of
Shareholders Rights. The attached guidelines serve to enhance that broad framework.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not consider any issue routine. We take into consideration all of our research on the
company, its directors, and their short and long-term goals for the company. In cases where issues
that we generally do not approve of are combined with other issues, the negative aspects of the
issues will be factored into the evaluation of the overall proposals but will not necessitate a
vote in opposition to the overall proposals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The advisers do not consider the election of the Board of Directors a routine issue. Each
slate of directors is evaluated on a case-by-case basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors taken into consideration include:
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Historical responsiveness to shareholders</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This may include such areas as:
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paying greenmail</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Failure to adopt shareholder resolutions receiving a majority of shareholder votes</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Qualifications</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nominating committee in place</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number of outside directors on the board</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attendance at meetings</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overall performance</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Selection of Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we support the Board of Directors&#146; recommendation for auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Blank Check Preferred Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We oppose the issuance of blank check preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blank check preferred stock allows the company to issue stock and establish dividends, voting
rights, etc. without further shareholder approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Classified Board</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A classified board is one where the directors are divided into classes with overlapping terms.
A different class is elected at each annual meeting.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While a classified board promotes continuity of directors facilitating long range planning, we
feel directors should be accountable to shareholders on an annual basis. We will look at this
proposal on a case-by-case basis taking into consideration the board&#146;s historical responsiveness to
the rights of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a classified board is in place we will generally not support attempts to change to an
annually elected board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When an annually elected board is in place, we generally will not support attempts to classify
the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Increase Authorized Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The request to increase the amount of outstanding shares is considered on a case-by-case
basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors taken into consideration include:
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future use of additional 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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock split</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock option or other executive compensation plan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Finance growth of company/strengthen balance sheet</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aid in restructuring</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Improve credit rating</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Implement a poison pill or other takeover defense</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount of stock currently authorized but not yet issued or reserved for stock option plans</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount of additional stock to be authorized and its dilutive effect</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will support this proposal if a detailed and verifiable plan for the use of the additional
shares is contained in the proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Confidential Ballot</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We support the idea that a shareholder&#146;s identity and vote should be treated with
confidentiality.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, we look at this issue on a case-by-case basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to promote confidentiality in the voting process, we endorse the use of independent
Inspectors of Election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cumulative Voting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we support cumulative voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative voting is a process by which a shareholder may multiply the number of directors
being elected by the number of shares held on record date and cast the total number for one
candidate or allocate the voting among two or more candidates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where cumulative voting is in place, we will vote against any proposal to rescind this
shareholder right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative voting may result in a minority block of stock gaining representation on the board.
When a proposal is made to institute cumulative voting, the proposal will be reviewed on a
case-by-case basis. While we feel that each board member should represent all shareholders,
cumulative voting provides minority shareholders an opportunity to have their views represented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Liability and Indemnification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We support efforts to attract the best possible directors by limiting the liability and
increasing the indemnification of directors, except in the case of insider dealing.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equal Access to the Proxy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC&#146;s rules provide for shareholder resolutions. However, the resolutions are limited in
scope and there is a 500 word limit on proponents&#146; written arguments. Management has no such
limitations. While we support equal access to the proxy, we would look at such variables as length
of time required to respond, percentage of ownership, etc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fair Price Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter provisions requiring a bidder to pay all shareholders a fair price are intended to
prevent two-tier tender offers that may be abusive. Typically, these provisions do not apply to
board-approved transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We support fair price provisions because we feel all shareholders should be entitled to
receive the same benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reviewed on a case-by-case basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Golden Parachutes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden parachutes are severance payments to top executives who are terminated or demoted after
a takeover.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We support any proposal that would assure management of its own welfare so that they may
continue to make decisions in the best interest of the company and shareholders even if the
decision results in them losing their job. We do not, however, support excessive golden parachutes.
Therefore, each proposal will be decided on a case-by-case basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Note: </I>Congress has imposed a tax on any parachute that is more than three times the
executive&#146;s average annual compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Anti-Greenmail Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not support greenmail. An offer extended to one shareholder should be extended to all
shareholders equally across the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limit Shareholders&#146; Rights to Call Special Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We support the right of shareholders to call a special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consideration of Nonfinancial Effects of a Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proposal releases the directors from only looking at the financial effects of a merger
and allows them the opportunity to consider the merger&#146;s effects on employees, the community, and
consumers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a fiduciary, we are obligated to vote in the best economic interests of our clients. In
general, this proposal does not allow us to do that. Therefore, we generally cannot support this
proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reviewed on a case-by-case basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mergers, Buyouts, Spin-Offs, Restructurings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the above is considered on a case-by-case basis. According to the Department of Labor,
we are not required to vote for a proposal simply because the offering price is at a premium to the
current market price. We may take into consideration the long term interests of the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Military Issues</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals regarding military production must be evaluated on a purely economic set
of criteria for our <B>ERISA </B>clients. As such, decisions will be made on a case-by-case basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In voting on this proposal for our non-<B>ERISA </B>clients, we will vote according to the client&#146;s
direction when applicable. Where no direction has been given, we will vote in the best economic
interests of our clients. It is not our duty to impose our social judgment on others.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Northern Ireland</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals requesting the signing of the MacBride principles for the purpose of
countering the discrimination of Catholics in hiring practices must be evaluated on a purely
economic set of criteria for our <B>ERISA </B>clients. As such, decisions will be made on a case-by-case
basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In voting on this proposal for our non-<B>ERISA </B>clients, we will vote according to client
direction when applicable. Where no direction has been given, we will vote in the best economic
interests of our clients. It is not our duty to impose our social judgment on others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Opt Out of State Anti-Takeover Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This shareholder proposal requests that a company opt out of the coverage of the state&#146;s
takeover statutes. Example: Delaware law requires that a buyer must acquire at least 85% of the
company&#146;s stock before the buyer can exercise control unless the board approves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider this on a case-by-case basis. Our decision will be based on the following:
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>State of Incorporation</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management history of responsiveness to shareholders</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other mitigating factors</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Poison Pill</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, we do not endorse poison pills.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain cases where management has a history of being responsive to the needs of
shareholders and the stock is very liquid, we will reconsider this position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reincorporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, we support reincorporation for well-defined business reasons. We oppose
reincorporation if proposed solely for the purpose of reincorporating in a state with more
stringent anti-takeover statutes that may negatively impact the value of the stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Option Plans</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option plans are an excellent way to attract, hold and motivate directors and employees.
However, each stock option plan must be evaluated on its own merits, taking into consideration the
following:
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dilution of voting power or earnings per share by more than 10%</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Kind of stock to be awarded, to whom, when and how much</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Method of payment</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount of stock already authorized but not yet issued under existing stock option plans</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Supermajority Vote Requirements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supermajority vote requirements in a company&#146;s charter or bylaws require a level of voting
approval in excess of a simple majority of the outstanding shares. In general, we oppose
supermajority-voting requirements. Supermajority requirements often exceed the average level of
shareholder participation. We support proposals&#146; approvals by a simple majority of the shares
voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limit Shareholders Right to Act By Written Consent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written consent allows shareholders to initiate and carry on a shareholder action without
having to wait until the next annual meeting or to call a special meeting. It permits action to be
taken by the written consent of the same percentage of the shares that would be required to effect
proposed action at a shareholder meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reviewed on a case-by-case basis.
</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;25. Financial Statements and Exhibits</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="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Statements</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Part&nbsp;A
None</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Part&nbsp;B</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following statements of the Registrant are incorporated by reference in Part&nbsp;B of the Registration Statement:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schedule of Investments at December&nbsp;31, 2010</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of Assets and Liabilities as of December&nbsp;31, 2010</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of Operations for the Year Ended December&nbsp;31, 2010</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of Changes in Net Assets for the Year Ended December&nbsp;31, 2010</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes to Financial Statements for the Year Ended December&nbsp;31, 2010</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Report of Independent Registered Public Accounting Firm for the Year Ended December&nbsp;31, 2010</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Third Amended and Restated Agreement and Declaration of Trust of Registrant(4)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Statement of Preferences with respect to the 5.625% Series&nbsp;A Cumulative Preferred Shares(2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(3) Statement of Preferences with respect to the Series&nbsp;B Auction Rate Cumulative Preferred Shares(2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second Amended and Restated By-Laws of Registrant(4)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Form of Registrant&#146;s Common Share Certificate(3)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Form of Registrant&#146;s 5.625% Series&nbsp;A Cumulative Preferred Share Certificate(2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(3) Form of Registrant&#146;s Series&nbsp;B Auction Market Preferred Share Certificate(2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Automatic Dividend Reinvestment and Voluntary Cash Purchase Plan of Registrant(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Investment Advisory Agreement between Registrant and Gabelli Funds, LLC(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Underwriting Agreement(5)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Form of Custodian Contract between Registrant and The Bank of New York Mellon (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Form of Custodian Fee Schedule between Registrant and The Bank of New York Mellon (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Form of Transfer Agency and Service Agreement among Registrant, Computershare Trust Company, N.A. and Computershare Inc. (4)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Fee and Service Schedule for Stock Transfer Services among Registrant, Computershare Trust Company, N.A. and Computershare Inc. (4)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(3) Form of Auction Agency Agreement for the Series&nbsp;B Auction Rate Preferred Shares (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(4) Form of Broker-Dealer Agreement for the Series&nbsp;B Auction Rate Preferred Shares (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(5) Form of DTC Agreement for the Series&nbsp;B Auction Rate Preferred Shares (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Opinion and Consent of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; (5)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Consent of Independent Registered Public Accounting firm(5)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Powers of Attorney(6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Code of Ethics of the Investment Adviser and of the Registrant (4)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Joint Code of Ethics of the Investment Adviser and of the Registrant for Chief Executive and Senior Financial Officers of the Gabelli Funds (4)</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Incorporated by reference from Pre-Effective Amendment No.&nbsp;1 to the Registrant&#146;s Registration Statement on Form N-14, filed with the Securities and Exchange Commission on
March&nbsp;31, 1999.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Incorporated by reference from the Registrant&#146;s Registration Statement on Form N-2, filed with the Securities and Exchange Commission on July&nbsp;24, 2003.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Incorporated by reference from the Registrant&#146;s Registration Statement on Form N-2, filed with the Securities and Exchange Commission on October&nbsp;14, 2004.</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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filed herewith.</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%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To be filed by amendment.</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%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Incorporated by reference from the Registrant&#146;s Registration Statement on Form N-2, File Nos. 333-149415 and 811-09243, as filed with the Securities and Exchange Commission on February&nbsp;27, 2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;26. Marketing Arrangements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Exhibit 2(h) to this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;27. Other Expenses of Issuance and Distribution</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses to be incurred in connection with the
offering described in this Registration Statement:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEC registration fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NYSE listing fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rating agency fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">92,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">425,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;28. Persons Controlled by or Under Common Control with Registrant</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;29. Number of Holders of Securities as of March&nbsp;31, 2011</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">Number of Record</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title of Class</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Holders</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">Common Shares of Beneficial Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.625% Series&nbsp;A Cumulative Preferred Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;B Auction Market Preferred Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;30. Indemnification</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response of this Item is incorporated by reference to the caption &#147;Limitation of Officers&#146;
and Trustees Liability&#148; in the Part&nbsp;B of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liability arising under the 1933 Act may be permitted to
trustees, officers and controlling persons of Registrant pursuant to the foregoing provisions, or
otherwise, Registrant has been advised that, in the opinion of the Commission, such indemnification
is against public policy as expressed in the 1933 Act, and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by
Registrant of expenses incurred or paid by a trustee, officer or controlling person of 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. 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 1933 Act and will be governed by the final adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;31. Business and Other Connections of Investment Adviser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Adviser, a limited liability company organized under the laws of the State of
New York, acts as investment adviser to the Registrant. The Registrant is fulfilling the
requirement of this Item&nbsp;31 to provide a list of the officers and directors of the Investment
Adviser, together with information as to any other business, profession, vocation or employment of
a substantial nature engaged in by the Investment Adviser or those officers and directors during
the past two years, by incorporating by reference the information contained in the Form&nbsp;ADV of the
Investment Adviser filed with the SEC pursuant to the 1940 Act (Commission File No.&nbsp;801-26202).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;32. Location of Accounts and Records</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounts and records of the Registrant are maintained in part at the office of the
Investment Adviser at One Corporate Center, Rye, New York 10580-1422, in part at the offices of the
Custodian, The Bank of New York Mellon Corporation, 135 Santilli Highway, Massachusetts 02149, at
the offices of the Fund&#146;s Administrator, BNY Mellon Investment Servicing (US)&nbsp;Inc., 400 Bellevue
Parkway, Wilmington, Delaware, 19809, and in part at the offices of Computershare Trust Company,
N.A., 250 Royall Street, Canton, Massachusetts 02021.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;33. Management Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-3<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;34. Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Registrant undertakes to suspend the offering of shares until the prospectus is amended, if
subsequent to the effective date of this registration statement, its net asset value declines more
than ten percent from its net asset value as of the effective date of the registration statement or
its net asset value increases to an amount greater than its net proceeds as stated in the
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Registrant undertakes:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to file, during and period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to reflect in the prospectus any facts or events after the effective date of
the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that for the purpose of determining any liability under the Securities Act, each
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, for the purpose of determining liability under the Securities Act to any purchaser, if
the Registrant is subject to Rule&nbsp;430C: Each prospectus filed pursuant to Rule&nbsp;497(b), (c),
(d)&nbsp;or (e)&nbsp;under the Securities Act as part of a registration statement relating to an
offering, other than prospectuses filed in reliance on Rule&nbsp;430A under the Securities Act
shall be deemed to be part of and included in the registration statement as of the date it
is first used after effectiveness. Provided, however, that no statement made in a
registration statement or prospectus that is part of the registration or made in a document
incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement that was made in
the registration statement or prospectus that was part of the registration statement or made
in any such document immediately prior to such date of first use.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that for the purpose of determining liability of the Registrant under the Securities Act to
any purchaser in the initial distribution of 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant undertakes that in a primary offering of securities of the
undersigned Registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the
undersigned Registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to the purchaser:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any preliminary prospectus or prospectus of the undersigned Registrant
relating to the offering required to be filed pursuant to Rule&nbsp;497 under the
Securities Act.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-4<!-- /Folio -->
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the portion of any advertisement pursuant to Rule&nbsp;482 under the Securities
Act relating to the offering containing material information about the
undersigned Registrant or its securities provided by or on behalf of the
undersigned Registrant; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other communication that is an offer in the offering made by the
undersigned Registrant to the purchaser.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Registrant undertakes:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, for the purpose of determining any liability under
the Securities Act the information omitted from the form of
prospectus filed as part of the Registration Statement in
reliance upon Rule&nbsp;430A and contained in the form of
prospectus filed by the Registrant pursuant to Rule 497(h)
will be deemed to be a part of the Registration Statement
as of the time it was declared effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, for the purpose of determining any liability under
the Securities Act, each post-effective amendment that
contains a form of prospectus will be deemed to be a new
Registration Statement relating to the securities offered
therein, and the offering of such securities at that time
will be deemed to be the initial bona fide offering
thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Registrant undertakes to send by first class mail or other means designed to ensure equally
prompt delivery, within two business days of receipt of a written or oral request, any Statement of
Additional Information constituting Part&nbsp;B of this Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-5<!-- /Folio -->
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by the Securities Act of 1933, as amended, the Registrant has duly caused this
Registration Statement on Form N-2 to be signed on its behalf by the undersigned, in the City of
Rye, State of New York, on the 19th day of May, 2011.
</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">THE GABELLI UTILITY 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/ Bruce N. Alpert
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bruce N. Alpert&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by the Securities Act of 1933, as amended, this Form N-2 has been signed below by
the following persons in the capacities set forth below on the 19th day of May, 2011.
</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="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>TITLE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <FONT style="FONT-variant: SMALL-CAPS">Mario J. Gabelli*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mario J. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ <FONT style="FONT-variant: SMALL-CAPS">John D. Gabelli*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John D. Gabelli</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Thomas E. Bratter*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas E. Bratter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Anthony J. Colavita*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anthony J. Colavita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> James P. Conn*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">James P. Conn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Vincent D. Enright*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vincent D. Enright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Frank J. Fahrenkopf, Jr.*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frank J. Fahrenkopf, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Robert J. Morrissey*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J. Morrissey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Anthony R. Pustorino*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anthony R. Pustorino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Salvatore J. Zizza*</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvatore J. Zizza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Agnes Mullady</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Treasurer and Principal Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Agnes Mullady</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/<FONT style="FONT-variant: SMALL-CAPS"> Bruce N. Alpert</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Attorney-in-Fact</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce N. Alpert</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to a Power of Attorney.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-6<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y91394tocpage">Table of Contents</A></H5><P>

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






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</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="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ex-.99 (a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Agreement and Declaration of Trust of Registrant</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ex-.99 (b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amended and Restated By-Laws of Registrant</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ex-.99 (k)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transfer Agency and Service Agreement</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ex-.99 (k)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fee and Service Schedule for Stock Transfer Services</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ex-.99 (r)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics of the Investment Adviser and of the Registrant</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ex-.99 (r)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joint Code of Ethics of the Investment Adviser and of the Registrant for
Chief Executive and Senior Financial Officers of the Gabelli Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-7<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1
<SEQUENCE>2
<FILENAME>y91394exv99waw1.htm
<DESCRIPTION>EX-99.A.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99waw1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt">Exhibit 99.(a)(1)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE GABELLI UTILITY TRUST
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THIRD AMENDED AND RESTATED AGREEMENT<BR>
AND DECLARATION OF TRUST
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">February&nbsp;16, 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="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The Trust
</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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.1. Name</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">1.2. Definitions</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">1.3. Purpose and Powers of Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:105px; text-indent:-15px">ARTICLE II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:120px; text-indent:-15px">Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">2.1. Number and Qualification</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">2.2. Term and Election</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">2.3. Resignation and Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.4. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.5. Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.6. Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:90px; text-indent:-15px">ARTICLE III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:60px; text-indent:-15px">Powers and Duties of Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">3.1. General</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">3.2. Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.3. Legal Title</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.4. Issuance and Repurchase of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.5. Borrow Money or Utilize Leverage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.6. Collection and Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.7. Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.8. By-Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.9. Miscellaneous Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.10. Delegation; Committees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.11. Further Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:105px; text-indent:-15px">ARTICLE IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:45px; text-indent:-15px">Limitations of Liability and Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">4.1. No Personal Liability of Shareholders, Trustees, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.2. Mandatory Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.3. No Duty of Investigation; Notice in Trust Instruments, etc.</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">4.4. Reliance on Experts, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:105px; text-indent:-15px">ARTICLE V</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:60px; text-indent:-15px">Shares of Beneficial Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">5.1. Beneficial Interest</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">5.2. Classes and Series</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.3. Issuance of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.4. Rights of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.5. Trust Only</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.6. Register of Shares</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">5.7. Transfer Agent and Registrar</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">5.8. Transfer of Shares</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">5.9. Notices</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">5.10. Net Asset Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.11. Distributions to Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:105px; text-indent:-15px">ARTICLE VI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:90px; text-indent:-15px">Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">6.1. Meetings of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.2. Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.3. Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.4. Quorum and Required Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.5. Proxies, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.6. Reports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.7. Inspection of Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.8. Shareholder Action by Written Consent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:90px; text-indent:-15px">ARTICLE VII</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">Duration: Termination of Trust; Amendment; Mergers, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">7.1. Duration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.2. Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.3. Amendment Procedure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.4. Merger, Consolidation and Sale of Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.5. Redemption; Conversion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.6. Certain Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:90px; text-indent:-15px">ARTICLE VIII</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:75px; text-indent:-15px">Miscellaneous</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">8.1. Filing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.2. Resident Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.3. Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.4. Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5. Reliance by Third Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.6. Provisions in Conflict with Law or Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE GABELLI UTILITY FUND
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THIRD AMENDED AND RESTATED AGREEMENT<BR>
AND DECLARATION OF TRUST
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 16<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
day of February&nbsp;2011, by the Trustees hereunder, and by the holders of shares of beneficial
interest issued hereunder as hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trustees desire to amend and restate the Second Amended and Restated Agreement
and Declaration of Trust made as of the 26<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of February&nbsp;2009 in its entirety
pursuant to its Section&nbsp;7.3;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Trust has been formed to carry on business as set forth more particularly
hereinafter;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial
interest all in accordance with the provisions hereinafter set forth;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees
of a Delaware business trust in accordance with the provisions hereinafter set forth; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto intend that the Trust created by its initial Agreement and
Declaration of Trust and the Certificate of Trust filed with the Secretary of State of the State of
Delaware on February&nbsp;25th, 1999 shall constitute a business trust under the Delaware Business Trust
Statute and that this Declaration shall constitute the governing instrument of such business trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and
other assets which they may from time to time acquire in any manner as Trustees hereunder IN TRUST
to manage and dispose of the same upon the following terms and conditions for the benefit of the
holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Name</U>. This Trust shall be known as the &#147;The Gabelli Utility Trust&#148; and the
Trustees shall conduct the business of the Trust under that name or any other name or names as they
may from time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Definitions</U>. As used in this Declaration, the following terms shall have the
following meanings:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms &#147;Affiliated Person&#148;, &#147;Assignment&#148;, &#147;Commission&#148;, &#147;Interested Person&#148; and &#147;Principal
Underwriter&#148; shall have the meanings given them in the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;By-Laws&#148; shall mean the By-Laws of the Trust as amended from time to time by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148; shall mean the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148; shall mean the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Declaration&#148; shall mean this Third Amended and Restated Agreement and Declaration of Trust,
as amended or amended and restated from time to time, including by way of any classifying or
reclassifying Shares of any class or any series of any such class or determining any designations,
powers, preferences, voting, conversion and other rights, limitations, qualifications and terms and
conditions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Delaware Business Trust Statute&#148; shall mean the provisions of the Delaware Business Trust
Act, 12 Del. C. section 3801, et. seq., as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Majority Shareholder Vote&#148; shall mean a vote of a majority of the outstanding voting
securities (as such term is defined in the 1940 Act) of the Trust or the applicable class or
classes or series or series of such voting securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; shall mean and include natural persons, corporations, partnerships, trusts, limited
liability companies, associations, joint ventures and other entities, whether or not legal
entities, and governments and agencies and political subdivisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prospectus&#148; shall mean the currently effective Prospectus of the Trust, if any, under the
Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shareholders&#148; shall mean as of any particular time the holders of record of outstanding
Shares of the Trust at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Shares&#148; shall mean the transferable units of beneficial interest into which the beneficial
interest in the Trust shall be divided from time to time and includes fractions of Shares as well
as whole Shares. All references to Shares shall be deemed to be Shares of any or all or series
thereof as the context may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust&#148; shall mean the trust established by this Declaration, as amended from time to time,
inclusive of each such amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustees&#148; shall mean the signatory to this Declaration, so long as he shall continue in
office in accordance with the terms hereof, and all other persons who at the time in question have
been duly elected or appointed and have qualified as trustees in accordance with the provisions
hereof and are then in office.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust Property&#148; shall mean as of any particular time any and all property, real or personal,
tangible or intangible, which at such time is owned or held by or for the account of the Trust or
the Trustees in such capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;1933 Act&#148; refers to the Securities Act of 1933 and the rules and regulations promulgated
thereunder and exemptions therefrom covering the Trust and its affiliated persons, as amended from
time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;1940 Act&#148; refers to the Investment Company Act of 1940 and the rules and regulations
promulgated thereunder and exemptions granted therefrom, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Purpose and Powers of Trust</U>. The Trust is established for the purpose of
engaging in any activity not prohibited by Delaware law and shall have the power to engage in any
such activity and in any activity incidental or related to any such activity.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Number and Qualification</U>. Prior to a public offering of Shares, there may be a
sole Trustee and thereafter the number of Trustees shall be such number, not less than three or
more than fifteen, as shall be set forth in a written instrument signed or adopted by a majority of
the Trustees then in office. No reduction in the number of Trustees shall have the effect of
removing any Trustee from office prior to the expiration of his term. An individual nominated as a
Trustee shall be at least 21&nbsp;years of age and not older than such age as shall be set forth in a
written instrument signed or adopted by not less than two-thirds of the Trustees then in office,
shall not be under legal disability and shall meet any additional qualifications as may be provided
for in the By-Laws. Trustees need not own Shares and may succeed themselves in office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Term and Election</U>. The Board of Trustees shall be divided into three classes.
Within the limits specified in Section&nbsp;2.1, the number of the Trustees in each class shall be
determined by resolution of the Board of Trustees. The initial term of office of the first class
shall expire on the date of the first annual meeting of Shareholders or special meeting in lieu
thereof. The initial term of office of the second class shall expire on the date of the second
annual meeting of Shareholders or special meeting in lieu thereof. The initial term of office of
the third class shall expire on the date of the third annual meeting of Shareholders or special
meeting in lieu thereof. Upon expiration of the initial term of office of each class as set forth
above and the expiration of each subsequent term of office of such class, the number of Trustees in
such class, as determined by the Board of Trustees, shall be elected for a term expiring on the
date of the third annual meeting of Shareholders or special meeting in lieu thereof following such
expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at
an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose,
except as provided in Section&nbsp;2.4 of this Article, and each Trustee elected shall hold office until
his or her successor shall have been elected and shall have qualified, except as provided in
Section&nbsp;2.3.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Resignation and Removal</U>. Any Trustee may resign his trust (without need for
prior or subsequent accounting) by an instrument in writing signed by him and delivered or mailed
to the Chairman, if any, the President or the Secretary and such resignation shall be effective
upon such delivery, or at a later date according to the terms of the instrument. Any Trustee may
be removed (provided the aggregate number of Trustees after such removal shall not be less than the
number required by Section&nbsp;2.1 hereof) for cause at any time by written instrument, signed by
two-thirds of the remaining Trustees, specifying the date when such removal shall become effective.
Any Trustee may be removed (provided the aggregate number of Trustees after such removal shall not
be less than the minimum number required by Section&nbsp;2.1 hereof) without cause at any time by a
written instrument, signed or adopted by two-thirds of the remaining Trustees or by vote of Shares
having not less than two-thirds of the aggregate number of Shares entitled to vote in the election
of such Trustee, specifying the date when such removal shall become effective. Upon the
resignation or removal of a Trustee, or such persons otherwise ceasing to be a Trustee, such
persons shall execute and deliver such documents as the remaining Trustees shall require for the
purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of
the resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee&#146;s
legal representative shall execute and deliver on such Trustee&#146;s behalf such documents as the
remaining Trustees shall require as provided in the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Vacancies</U>. The term of office of a Trustee shall terminate and a vacancy shall
occur in the event of the death, resignation, bankruptcy, adjudicated incompetence or other
incapacity to perform the duties of the office, or removal, of a Trustee. Whenever a vacancy in
the Board of Trustees shall occur, the remaining Trustees may fill such vacancy by appointing an
individual having the qualifications described in this Article by a written instrument signed or
adopted by a majority of the Trustees then in office or by election by the Shareholders, or may
leave such vacancy unfilled or may reduce the number of Trustees (provided the aggregate number of
Trustees after such reduction shall not be less than the minimum number required by Section&nbsp;2.1
hereof). Any vacancy created by an increase in Trustees may be filled by the appointment of an
individual having the qualifications described in this Article made by a written instrument signed
by a majority of the Trustees then in office or by election by the Shareholders. No vacancy shall
operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of
this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is
filled as provided herein, the Trustees in office, regardless of their number, shall have all the
powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this
Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Meetings</U>. Meetings of the Trustees shall be held from time to time upon the call
of the Chairman, if any, the President, the Secretary or any two Trustees. Regular meetings of the
Trustees may be held without call or notice at a time and place fixed by the By-Laws or by
resolution of the Trustees. Notice of any other meeting shall be mailed or, to the extent
permitted by applicable law, transmitted by electronic mail or other form of legally permissible
electronic transmission not less than 48 hours before the meeting or otherwise actually delivered
orally or in writing not less than 24 hours before the meeting, but may be waived in writing by any
Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall
constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the
express purpose of objecting to the transaction of any business on the ground that the meeting
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">has not been lawfully called or convened. The Trustees may act with or without a meeting. A
quorum for all meetings of the Trustees shall be one- third of the Trustees. Unless provided
otherwise in this Declaration of Trust, any action of the Trustees may be taken at a meeting by
vote of a majority of the Trustees present (a quorum being present) or without a meeting by written
consent of a majority of the Trustees or such other proportion as shall be specified herein for
action at a meeting at which all Trustees then in office are present.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any committee of the Trustees, including an executive committee, if any, may act with or
without a meeting. A quorum for all meetings of any such committee shall be a majority of the
members thereof. Unless provided otherwise in this Declaration, any action of any such committee
may be taken at a meeting by vote of a majority of the members present (a quorum being present) or
without a meeting by written consent of a majority of the members or such other proportion as shall
be specified herein for action at a meeting at which all committee members are present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to actions of the Trustees and any committee of the Trustees, Trustees who are
Interested Persons in any action to be taken may be counted for quorum purposes under this Section
and shall be entitled to vote to the extent not prohibited by the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or any one or more Trustees may participate in a meeting of the Trustees or any committee
thereof by means of a conference telephone or similar communications equipment by means of which
all persons participating in the meeting can hear each other; participation in a meeting pursuant
to any such communications system shall constitute presence in person at such meeting except as
otherwise provided by the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <U>Officers</U>. The Trustees shall elect a President, a Secretary and a Treasurer and
may elect a Chairman who shall serve at the pleasure of the Trustees or until their successors are
elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or President to
appoint such other officers or agents with such other titles and powers as the Trustees may deem to
be advisable. A Chairman shall, and the President, Secretary and Treasurer may, but need not, be a
Trustee.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Powers and Duties of Trustees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>General</U>. The Trustees shall owe to the Trust and its Shareholders the same
fiduciary duties as owed by directors of corporations to such corporations and their stockholders
under the general corporation law of the State of Delaware. The Trustees shall have exclusive and
absolute control over the Trust Property and over the business of the Trust to the same extent as
if the Trustees were the sole owners of the Trust Property and business in their own right, but
with such powers of delegation as may be permitted by this Declaration. The Trustees shall have
power to engage in any activity not prohibited by Delaware law. The enumeration of any specific
power herein shall not be construed as limiting the aforesaid power. The Trustees may perform such
acts as in their sole discretion are proper for conducting the business of the Trust. The powers
of the Trustees may be exercised without order of or resort to any court. No Trustee
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be obligated to give any bond or other security for the performance of any of his duties
or powers hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Investments</U>. The Trustees shall have power to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;manage, conduct, operate and carry on the business of an investment company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell,
assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of
property, tangible or intangible, including but not limited to securities of any type whatsoever,
whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other
rights, interests, instruments or property of any sort and to exercise any and all rights, powers
and privileges of ownership or interest in respect of any and all such investments of every kind
and description, including, without limitation, the right to consent and otherwise act with respect
thereto, with power to designate one or more Persons to exercise any of said rights, powers and
privileges in respect of any of said investments. The Trustees shall not be limited by any law
limiting the investments which may be made by fiduciaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Legal Title</U>. Legal title to all the Trust Property shall be vested in the
Trustees as joint tenants except that the Trustees shall have power to cause legal title to any
Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the
Trust, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the
Trustees may determine, provided that the interest of the Trust therein is appropriately protected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The right, title and interest of the Trustees in the Trust Property shall vest automatically
in each person who may hereafter become a Trustee upon his due election and qualification. Upon
the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to
have any right, title or interest in any of the Trust Property, and the right, title and interest
of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such
vesting and cessation of title shall be effective whether or not conveyancing documents have been
executed and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Issuance and Repurchase of Shares</U>. Subject to the provisions of this Declaration
and applicable law, the Trustees shall have the power to issue, sell, repurchase, redeem, retire,
cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares,
including Shares in fractional denominations, and to apply to any such repurchase, redemption,
retirement, cancellation or acquisition of Shares any funds or property whether capital or surplus
or otherwise, to the full extent now or hereafter permitted by the laws of the State of Delaware
governing business corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Borrow Money or Utilize Leverage</U>. The Trustees shall have the power to borrow
money or otherwise obtain credit or utilize leverage in connection with the activities of the Trust
to the maximum extent permitted by law, regulation or order and to secure the same by mortgaging,
pledging or otherwise subjecting as security the assets of the Trust, including the lending of
portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation,
contract or engagement of any other person, firm, association or corporation.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <U>Collection and Payment</U>. The Trustees shall have power to collect all property
due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the
Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or
abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer,
employee or agent of the Trust; to foreclose any security interest securing any obligations, by
virtue of which any property is owed to the Trust; and to enter into releases, agreements and other
instruments. Except to the extent required for a Delaware business corporation, the Shareholders
shall have no power to vote as to whether or not a court action, legal proceeding or claim should
or should not be brought or maintained derivatively or as a class action on behalf of the Trust or
the Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <U>Expenses</U>. The Trustees shall have power to incur and pay out of the assets or
income of the Trust any expenses which in the opinion of the Trustees are necessary or appropriate
to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay
reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall
fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such
compensation for special services, including legal, underwriting, syndicating and brokerage
services, as they in good faith may deem reasonable and reimbursement for expenses reasonably
incurred by themselves on behalf of the Trust. The Trustees shall have the power, as frequently as
they may determine, to cause each Shareholder to pay directly, in advance or arrears, for charges
of distribution, of the custodian or transfer, shareholder servicing or similar agent, a pro rata
amount as defined from time to time by the Trustees, by setting off such charges due from such
Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by
reducing the number of shares in the account of such Shareholder by that number of full and/or
fractional Shares which represents the outstanding amount of such charges due from such
Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <U>By-Laws</U>. The Trustees may adopt and from time to time amend or repeal By-Laws
for the conduct of the business of the Trust. Such By- Laws shall be binding on the Trust and the
Shareholders unless inconsistent with the provisions of this Declaration. The Shareholders shall
not have authority to adopt or amend By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <U>Miscellaneous Powers</U>. The Trustees shall have the power to: (a)&nbsp;employ or
contract with such Persons as the Trustees may deem desirable for the transaction of the business
of the Trust, including investment advisors, administrators, custodians, transfer agents,
shareholder services providers, accountants, counsel, brokers, dealers and others; (b)&nbsp;enter into
joint ventures, partnerships and any other combinations or associations; (c)&nbsp;purchase, and pay for
out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees,
agents, investment advisors, distributors, selected dealers or independent contractors of the Trust
against all claims arising by reason of holding any such position or by reason of any action taken
or omitted by any such Person in such capacity, whether or not constituting negligence, or whether
or not the Trust would have the power to indemnify such Person against such liability; (d)
establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit
plans for any Trustees, officers, employees and agents of the Trust; (e)&nbsp;make donations,
irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or
similar purposes; (f)&nbsp;to the extent permitted by applicable law, indemnify any Person with whom the
Trust has dealings, including without limitation any investment adviser,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">administrator, manager, transfer agent, custodian, distributor or selected dealer, or any
other person as the Trustees may see fit to such extent as the Trustees shall determine; (g)
guarantee indebtedness or contractual obligations of others; (h)&nbsp;determine and change the fiscal
year of the Trust and the method in which its accounts shall be kept; and (i)&nbsp;adopt a seal for the
Trust but the absence of such seal shall not impair the validity of any instrument executed on
behalf of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <U>Delegation; Committees</U>. The Trustees shall have the power, consistent with
their continuing exclusive authority over the management of the Trust and the Trust Property, to
delegate from time to time to such of their number or to officers, employees or agents of the Trust
the doing of such things and the execution of such instruments either in the name of the Trust or
the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may
designate one or more committees each of which shall have all or such lesser portion of the power
and authority of the entire Board of Trustees as the Trustees shall determine from time to time,
except to the extent action by the entire Board of Trustees or particular Trustees is required by
the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <U>Further Powers</U>. The Trustees shall have the power to conduct the business of
the Trust and carry on its operations in any and all of its branches and maintain offices both
within and without the State of Delaware, in any and all states of the United States of America, in
the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies,
possessions, agencies or instrumentalities of the United States of America and of foreign
governments, and to do all such other things and execute all such instruments as they deem
necessary, proper or desirable in order to promote the interests of the Trust although such things
are not herein specifically mentioned. Any determination as to what is in the interests of the
Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this
Declaration, the presumption shall be in favor of a grant of power to the Trustees.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Limitations of Liability<BR>
and Indemnification
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>No Personal Liability of Shareholders, Trustees, etc.</U> No Shareholder of the
Trust shall be subject in such capacity to any personal liability whatsoever to any Person in
connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders
shall have the same limitation of personal liability as is extended to stockholders of a private
corporation for profit incorporated under the general corporation law of the State of Delaware. No
Trustee or officer of the Trust shall be subject in such capacity to any personal liability
whatsoever to any Person, other than the Trust or its Shareholders, in connection with Trust
Property or the affairs of the Trust, save only liability to the Trust or its Shareholders arising
from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such
Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust
Property for satisfaction of claims of any nature arising in connection with the affairs of the
Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit
or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on
account thereof, be held to any personal liability.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Mandatory Indemnification</U>. (a)&nbsp;The Trust shall indemnify the Trustees and
officers of the Trust (each such person being an &#147;indemnitee&#148;) against any liabilities and
expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and
penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with
the defense or disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or investigative body in which he may be or may have been
involved as a party or otherwise (other than, except as authorized by the Trustees, as the
plaintiff or complainant) or with which he may be or may have been threatened, while acting in any
capacity set forth above in this Section&nbsp;4.2 by reason of his having acted in any such capacity,
except with respect to any matter as to which he shall not have acted in good faith in the
reasonable belief that his action was in the best interest of the Trust or, in the case of any
criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was
unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any
liability to any person or any expense of such indemnitee arising by reason of (i)&nbsp;willful
misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence (negligence in the case of Affiliated
Indemnitees), or (iv)&nbsp;reckless disregard of the duties involved in the conduct of his position (the
conduct referred to in such clauses (i)&nbsp;through (iv)&nbsp;being sometimes referred to herein as
&#147;disabling conduct&#148;). Notwithstanding the foregoing, with respect to any action, suit or other
proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be
mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee was
authorized by a majority of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has
been a determination (1)&nbsp;by a final decision on the merits by a court or other body of competent
jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that
such indemnitee is entitled to indemnification hereunder or, (2)&nbsp;in the absence of such a decision,
by (i)&nbsp;a majority vote of a quorum of those Trustees who are neither Interested Persons of the
Trust nor parties to the proceeding (&#147;Disinterested Non-Party Trustees&#148;), that the indemnitee is
entitled to indemnification hereunder, or (ii)&nbsp;if such quorum is not obtainable or even if
obtainable, if such majority so directs, independent legal counsel in a written opinion conclude
that the indemnitee should be entitled to indemnification hereunder. All determinations to make
advance payments in connection with the expense of defending any proceeding shall be authorized and
made in accordance with the immediately succeeding paragraph (c)&nbsp;below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&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 by the indemnitee of the indemnitee&#146;s good faith belief that the standards of
conduct necessary for indemnification have been met and a written undertaking to reimburse the
Trust unless it is subsequently determined that he is entitled to such indemnification and if a
majority of the Trustees determine that the applicable standards of conduct necessary for
indemnification appear to have been met. In addition, at least one of the following conditions
must be met: (1)&nbsp;the indemnitee shall provide adequate security for his undertaking, (2)&nbsp;the Trust
shall be insured against losses arising by reason of any lawful advances, or (3)&nbsp;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
</DIV>




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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">substantial 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;(d)&nbsp;The rights accruing to any indemnitee under these provisions shall not exclude any other
right to which he 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;(e)&nbsp;Notwithstanding the foregoing, subject to any limitations provided by the 1940 Act and
this Declaration, the Trust shall have the power and authority to indemnify Persons providing
services to the Trust to the full extent provided by law as if the Trust were a corporation
organized under the Delaware General Corporation Law provided that such indemnification has been
approved by a majority of the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>No Duty of Investigation; Notice in Trust Instruments, etc.</U> 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 Property, its Shareholders, Trustees, officers, employees and agents in
such amount as the Trustees shall deem adequate to cover possible liability, and such other
insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Reliance on Experts, etc.</U> Each Trustee and officer or employee of the Trust
shall, in the performance of its duties, be fully and completely justified and protected with
regard to any act or any failure to act resulting from reliance in good faith upon the books of
account or other records of the Trust, upon an opinion of counsel, or upon reports made to the
Trust by any of the Trust&#146;s officers or employees or by any advisor, administrator, manager,
distributor, selected dealer, accountant, appraiser or other expert or consultant selected with
reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such
counsel or other person may also be a Trustee.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <U>Beneficial Interest</U>. The interest of the beneficiaries hereunder shall be
divided into an unlimited number of shares of beneficial interest, par value $.001 per share. All
Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in
connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable
when the consideration determined by the Trustees (if any) therefor shall have been received by the
Trust.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <U>Classes and Series</U>. The Trustees shall have the authority, without the approval
of the holders of any Shares of the Trust, to classify and reclassify issued and unissued Shares
into one or more classes and one or more series of any or all of such classes, each of which
classes and series thereof shall have such designations, powers, preferences, voting, conversion
and other rights, limitations, qualifications and terms and conditions as the Trustees shall
determine from time to time with respect to each such class or series; provided, however, that no
reclassification of any issued and outstanding Shares and no modifications of any of the
designations, powers, preferences, voting, conversion or other rights, limitations, qualifications
and terms and conditions of any issued and outstanding Shares may be made by the Trustees without
the affirmative vote of the holders of Shares specified in Section&nbsp;7.3(a) to the extent required
thereby. The initial class of Shares of the Trust shall be designated as &#147;Common Shares&#148;, subject
to redesignation as aforesaid. To the extent expressly determined by the Trustees as aforesaid,
all consideration received by the Trust for the issue or sale of Shares of a class, together with
all income, earnings, profits and proceeds thereof, including any proceeds derived from the sale,
exchange or liquidation thereof, and any funds or payments derived from any reinvestment of such
proceeds in whatever form the same may be, shall irrevocably belong to such class subject only to
the rights of the creditors, and all liabilities allocable to such class shall be charged thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <U>Issuance of Shares</U>. The Trustees, in their discretion, may from time to time
without vote of the Shareholders issue Shares of any class or any series of any such class to such
party or parties and for such amount and type of consideration, including cash or property, at such
time or times, and on such terms as the Trustees may determine, and may in such manner acquire
other assets (including the acquisition of assets subject to, and in connection with the assumption
of, liabilities) and businesses. The Trustees may from time to time divide or combine the Shares
of any class or any series of any such class into a greater or lesser number without thereby
changing the proportionate beneficial interest in such Shares. Issuances and repurchases of Shares
may be made in whole Shares and/or l/l,000ths of a Share or multiples thereof as the Trustees may
determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <U>Rights of Shareholders</U>. The Shares shall be personal property giving only the
rights in this Declaration specifically set forth. The ownership of the Trust Property of every
description and the right to conduct any business herein before described are vested exclusively in
the Trustees, and the Shareholders shall have no interest therein other than the beneficial
interest conferred by their Shares, and they shall have no right to call for any partition or
division of any property, profits, rights or interests of the Trust nor can they be called upon to
share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain
expenses directly to Shareholders, as provided in the last sentence of Section&nbsp;3.7, suffer an
assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the
holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in
this Section&nbsp;5.4, in Section&nbsp;7.4 or as specified by the Trustees in the designation or
redesignation of any class or series thereof of the Shares).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <U>Trust Only</U>. It is the intention of the Trustees to create only the relationship
of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not
the intention of the Trustees to create a general partnership, limited partnership, joint stock
association, corporation, bailment or any form of legal relationship other than a trust. Nothing
in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">this Declaration shall be construed to make the Shareholders, either by themselves or with the
Trustees, partners or members of a joint stock association.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <U>Register of Shares</U>. A register shall be kept at the Trust or any transfer agent
duly appointed by the Trustees under the direction of the Trustees which shall contain the names
and addresses of the Shareholders and the number of Shares held by them respectively and a record
of all transfers thereof. Separate registers shall be established and maintained for each class
and each series of each class. Each such register shall be conclusive as to who are the holders of
the Shares of the applicable class and series and who shall be entitled to receive dividends or
distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall
be entitled to receive payment of any dividend or distribution, nor to have notice given to him as
herein provided, until he has given his address to a transfer agent or such other officer or agent
of the Trustees as shall keep the register for entry thereon. It is not contemplated that
certificates will be issued for the Shares; however, the Trustees, in their discretion, may
authorize the issuance of share certificates and promulgate appropriate fees therefore and rules
and regulations as to their use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. <U>Transfer Agent and Registrar</U>. The Trustees shall have power to employ a transfer
agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer
agent or transfer agents may keep the applicable register and record therein, the original issues
and transfers, if any, of the said Shares. Any such transfer agent and registrars shall perform
the duties usually performed by transfer agents and registrars of stock in a corporation, as
modified by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. <U>Transfer of Shares</U>. Shares shall be transferable on the records of the Trust
only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery
to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer,
together with such evidence of the genuineness of each such execution and authorization and of
other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on
the applicable register of the Trust. Until such record is made, the Shareholder of record shall
be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any
transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by
any notice of the proposed transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or
incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the
applicable register of Shares as the holder of such Shares upon production of the proper evidence
thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the
Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither
the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be
affected by any notice of such death, bankruptcy or incompetence, or other operation of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. <U>Notices</U>. Any and all notices to which any Shareholder hereunder may be entitled
and any and all communications to any Shareholder shall be deemed duly served or given if
transmitted by electronic mail or other form of legally permissible electronic transmission, or if
mailed, postage prepaid, addressed to any Shareholder of record at his last known address as
recorded on the applicable register of the Trust and may be sent together with any such notice or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other communication to another Shareholder at the same address. Notice directed to a
Shareholder by electronic mail or other form of legally permissible electronic transmission shall
be transmitted to any address at which the Shareholder receives electronic mail or other electronic
transmission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. <U>Net Asset Value</U>. The value of the assets of the Trust, the amount of
liabilities of the Trust and the net asset value of each outstanding Common Share of the Trust
shall be determined at such time or times on such days as the Trustees may determine, in accordance
with the 1940 Act. The method of determination of net asset value shall be determined by the
Trustees. The power and duty to make net asset value determinations and calculations may be
delegated by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. <U>Distributions to Shareholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustees shall from time to time distribute among the Shares such proportion of the
net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they
may deem proper or as may otherwise be determined in the instrument setting forth the terms of such
Shares such class or series of Shares, which need not be ratable with respect to distributions in
respect of Shares of any other class or series thereof of the Trust. Such distributions may be
made in cash or property (including without limitation any type of obligations of the Trust or any
assets thereof) or any combination thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Distributions may be made to the Shareholders of record entitled to such distribution at
the time such distribution is declared or at such later date as shall be determined by the Trust
prior to the date of payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustees may always retain from any source such amount as they may deem necessary to
pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise
may deem desirable to use in the conduct of its affairs or to retain for future requirements or
extensions of the business of the Trust.
</DIV>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <U>Meetings of Shareholders</U>. The Trust may, but shall not be required to, hold
annual meetings of the holders of any class or series of Shares. An annual or special meeting of
Shareholders may be called at any time only by the Trustees; provided, however, that if May&nbsp;31 of
any year shall have passed and the Trustees shall not have called an annual meeting of Shareholders
for such year, the Trustees shall call a meeting for the purpose of voting on the removal of one or
more Trustees or the termination of any investment advisory agreement, upon written request of
holders of Shares of the Trust having in the aggregate not less than a majority of the votes of the
outstanding Shares of the Trust entitled to vote on the matter or matters in question, such request
specifying the purpose or purposes for which such meeting is to be called. Any meeting of
Shareholders shall be held within or without the State of Delaware on such day and at such time as
the Trustees shall designate.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <U>Voting</U>. Shareholders shall have no power to vote on any matter except matters on
which a vote of Shares is required by applicable law, this Declaration or resolution of the
Trustees. Any matter required to be submitted for approval of any of the Shares and affecting one
or more classes or series shall require approval by the required vote of Shares of the affected
class or classes and series voting together as a single class and, if such matter affects one or
more classes or series thereof differently from one or more other classes or series thereof or from
one or more series of the same class, approval by the required vote of Shares of such other class
or classes or series or series voting as a separate class shall be required in order to be approved
with respect to such other class or classes or series or series; provided, however, that except to
the extent required by the 1940 Act, there shall be no separate class votes on the election or
removal of Trustees or the selection of auditors for the Trust. Shareholders of a particular class
or series thereof shall not be entitled to vote on any matter that affects the rights or interests
of only one or more other classes or series of such other class or classes or only one or more
other series of the same class. There shall be no cumulative voting in the election or removal of
Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <U>Record Date</U>. For the purposes of determining the Shareholders who are entitled
to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a
date not more than 100&nbsp;days prior to the date of such meeting of Shareholders as a record date for
the determination of the Persons to be treated as Shareholders of record for such purposes. Notice
directed to a Shareholder by electronic mail or other form of legally permissible electronic
transmission may be transmitted to any address at which the Shareholder receives electronic mail or
other electronic transmission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <U>Quorum and Required Vote</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The holders of one-third of the outstanding Shares of the Trust on the record date present
in person or by proxy shall constitute a quorum at any meeting of the Shareholders for purposes of
conducting business on which a vote of all Shareholders of the Trust is being taken. The holders
of one-third of the outstanding Shares of a class or classes on the record date present in person
or by proxy shall constitute a quorum at any meeting of the Shareholders of such class or classes
for purposes of conducting business on which a vote of Shareholders of such class or classes is
being taken. The holders of one-third of the outstanding Shares of a series or series on the
record date present in person or by proxy shall constitute a quorum at any meeting of the
Shareholders of such series or series for purposes of conducting business on which a vote of
Shareholders of such series or series is being taken. Shares underlying a proxy as to which a
broker or other intermediary states its absence of authority to vote with respect to one or more
matters shall be treated as present for purposes of establishing a quorum for taking action on any
such matter only to the extent so determined by the Trustees at or prior to the meeting of
Shareholders at which such matter is to be considered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to any provision of applicable law, this Declaration or resolution of the Trustees
specifying or requiring a greater or lesser vote requirement for the transaction of any matter of
business at any meeting of Shareholders, (i)&nbsp;the affirmative vote of a plurality of the Shares
entitled to vote for the election of any Trustee or Trustees shall be the act of such Shareholders
with respect to the election of such Trustee or Trustees, (ii)&nbsp;the affirmative vote of a majority
of the Shares present in person or represented by proxy and entitled to vote on any other matter
shall be the act of the Shareholders with respect to such matter, and (iii)&nbsp;where a
</DIV>




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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">separate vote of one or more classes or series is required on any matter, the affirmative vote
of a majority of the Shares of such class or classes or series or series present in person or
represented by proxy and entitled to vote on such matter shall be the act of the Shareholders of
such class or classes or series or series with respect to such matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <U>Proxies, etc.</U> At any meeting of Shareholders, any holder of Shares entitled to
vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it
shall have been placed on file with the Secretary, or with such other officer or agent of the Trust
as the Secretary may direct, for verification prior to the time at which such vote shall be taken.
Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one
or more Trustees or one or more of the officers or employees of the Trust. Only Shareholders of
record shall be entitled to vote. Each full Share shall be entitled to one vote and each
fractional Share shall be entitled to a vote equal to its fraction of a full Share. When any Share
is held jointly by several persons, any one of them may vote at any meeting in person or by proxy
in respect of such Share, but if more than one of them shall be present at such meeting in person
or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast,
such vote shall not be received in respect of such Share. A proxy purporting to be given by or on
behalf of a Shareholder of record on the record date for a meeting shall be deemed valid unless
challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the
challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to
guardianship or to the legal control of any other person as regards the charge or management of
such Share, he may vote by his guardian or such other person appointed or having such control, and
such vote may be given in person or by proxy. The Trustees shall have the authority to make and
modify from time to time regulations regarding the validity of proxies. In addition to signed
proxies, such regulations may authorize facsimile, telephonic, Internet and other methods of
appointing a proxy that are subject to such supervision by or under the direction of the Trustees
as the Trustees shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <U>Reports</U>. The Trustees shall cause to be prepared and sent to Shareholders at
least annually and more frequently to the extent and in the form required by law, regulation or any
exchange on which Shares are listed a report of operations containing financial statements of the
Trust prepared in conformity with generally accepted accounting principles and applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <U>Inspection of Records</U>. The records of the Trust shall be open to inspection by
Persons who have been holders of record of at least $25,000 in net asset value or liquidation
preference of Shares for a continuous period of not less than six months to the same extent and for
the same purposes as is permitted under the Delaware General Business Corporation Law to
shareholders of a Delaware business corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <U>Shareholder Action by Written Consent</U>. Any action which may be taken by
Shareholders by vote may be taken without a meeting if the holders of all of the Shares entitled to
vote thereon consent to the action in writing and the written consents are filed with the records
of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at
a meeting of Shareholders.
</DIV>

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</DIV>

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

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Duration: Termination of Trust;<BR>
Amendment; Mergers, Etc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Duration</U>. Subject to termination in accordance with the provisions of Section
7.2 hereof, the Trust created hereby shall have perpetual existence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>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;The Trust may be dissolved, after two thirds of the Trustees have approved a resolution
therefor, upon approval by Shares having at least 75% of the votes of all of the Shares outstanding
on the record date for such meeting, voting as a single class except to the extent required by the
1940 Act. Upon the dissolution of the Trust:
</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) The Trust shall carry on no business except for the purpose of winding up its
affairs.
</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) The Trustees shall proceed to wind up the affairs of the Trust and all of the
powers of the Trustees under this Declaration shall continue until the affairs of the Trust
shall have been wound up, including the power to fulfill or discharge the contracts of the
Trust, collect its assets, sell, convey, assign, exchange, merger where the Trust is not the
survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property
to one or more Persons at public or private sale for consideration which may consist in
whole or in part in cash, securities or other property of any kind, discharge or pay its
liabilities, and do all other acts appropriate to liquidate its business; provided that any
sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor,
transfer or other disposition of all or substantially all the Trust Property of the Trust
shall require approval of the principal terms of the transaction and the nature and amount
of the consideration with the same vote as required for dissolution pursuant to paragraph
(a)&nbsp;above.
</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) After paying or adequately providing for the payment of all liabilities, and upon
receipt of such releases, indemnities and refunding agreements, as they deem necessary for
their protection, the Trustees may distribute the remaining Trust Property, in cash or in
kind or partly each, among the Shareholders according to their respective rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;After the winding up and termination of the Trust and distribution to the Shareholders as
herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust
an instrument in writing setting forth the fact of such termination and shall execute and file a
certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination
of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties
hereunder, and the rights and interests of all Shareholders shall thereupon cease.
</DIV>





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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <U>Amendment Procedure</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Other than Sections&nbsp;2.2, 2.3, 3.8, 6.1, 6.8, 7.2, 7.3, 7.4, 7.5 and 7.6 and other than as
set forth in the last sentence of this Section&nbsp;7.3(a), this Declaration may be amended, after a
majority of the Trustees have approved a resolution therefor, by the affirmative vote of the
holders of not less than a majority of the affected Shares outstanding on the record date and
present and voting on such amendment. Sections&nbsp;2.2, 2.3, 3.8, 6.1, 7.2, 7.3, 7.4, 7.5 and 7.6 may
be amended, after a majority of the Trustees have approved a resolution therefor by the affirmative
vote of the holders of not less than 75% of the affected Shares outstanding on the record date.
The Trustees also may amend this Declaration without any vote of Shareholders for any of the
purposes set forth in Section&nbsp;6.2, to change the name of the Trust or any class or series, to make
any change that does not adversely affect the relative rights or preferences of any class or series
of Shares or to conform this Declaration to the requirements of the 1940 Act or any other
applicable law, but the Trustees shall not be liable for failing to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Nothing contained in this Declaration shall permit the amendment of this Declaration to
impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and
agents of the Trust or to permit assessments upon Shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;An amendment duly adopted by the requisite vote of the Board of Trustees and, if required,
Shareholders as aforesaid, shall become effective at the time of such adoption or at such other
time as may be designated by the Board of Trustees or Shareholders, as the case may be. A
certification signed by a majority of the Trustees setting forth an amendment and reciting that it
was duly adopted by the Trustees and, if required, Shareholders as aforesaid, or a copy of the
Declaration, as amended, and executed by a majority of the Trustees, shall be conclusive evidence
of such amendment when lodged among the records of the Trust or at such other time designated by
the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision hereof, until such time as Shares are issued and
outstanding, this Declaration may be terminated or amended in any respect by the affirmative vote
of a majority of the Trustees or by an instrument signed by a majority of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <U>Merger, Consolidation and Sale of Assets</U>. Subject to Section&nbsp;7.6, the Trust may
merge or consolidate with any other corporation, association, trust or other organization or may
sell, lease or exchange all or substantially all of the Trust Property or the property, including
its good will, upon such terms and conditions and for such consideration when and as authorized by
two-thirds of the Trustees and approved by the affirmative vote of the holders of not less than 75%
of the affected Shares outstanding on the record date for the meeting of Shareholders to approve
such transaction, and any such merger, consolidation, sale, lease or exchange shall be determined
for all purposes to have been accomplished under and pursuant to the statutes of the State of
Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. <U>Redemption; Conversion</U>. No holder of Shares of any class or series, other than
in accordance with the provisions of Section 23(c) (excluding Rule&nbsp;23c-3 thereunder) of the 1940
Act and other than to the extent expressly determined by the Trustees with respect to Shares
qualifying as preferred stock pursuant to Section 18(a) of the 1940 Act, shall have any right to
require the Trust or any person controlled by the Trust to purchase any of such holder&#146;s Shares.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trust may be converted at any time from a &#147;closed-end investment company&#148; to an &#147;open-end
investment company&#148; as those terms are defined by the 1940 Act or a company obligated to repurchase
shares under Rule&nbsp;23c-3 of the 1940 Act (and &#147;interval company&#148;), upon the approval of such a
proposal, together with the necessary amendments to this Declaration to permit such a conversion,
by a majority of the Trustees then in office, by the holders of not less than 75% of the Trust&#146;s
outstanding Shares entitled to vote thereon and by such vote or votes of the holders of any class
or classes or series of Shares as may be required by the 1940 Act. From time to time, the Trustees
may consider recommending to the Shareholders a proposal to convert the Trust from a &#147;closed-end
company&#148; to an &#147;open-end company&#148; or &#147;interval company.&#148; Upon the recommendation and subsequent
adoption of such a proposal and the necessary amendments to this Declaration to permit such a
conversion of the Trust&#146;s outstanding Shares entitled to vote, the Trust shall, upon complying with
any requirements of the 1940 Act and state law, become an &#147;open-end investment company&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. <U>Certain Transactions</U>. (a)&nbsp;Notwithstanding any other provision of this
Declaration and subject to the exceptions provided in paragraph (d)&nbsp;of this Section, the types of
transactions described in paragraph (c)&nbsp;of this Section shall require the affirmative vote or
consent of the holders of eighty percent (80%) of the Shares of each class outstanding and entitled
to vote, voting as a class, when a Principal Shareholder (as defined in paragraph (b)&nbsp;of this
Section) is a party to the transaction. Such affirmative vote or consent shall be in addition to
the vote or consent of the holders of Shares otherwise required by law or by the terms of any class
or series of preferred stock, whether now or hereafter authorized, or any agreement between the
Trust and any national securities exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The term &#147;Principal Shareholder&#148; shall mean any Person which is the beneficial owner,
directly or indirectly, of five percent (5%) or more of the outstanding Shares and shall include
any affiliate or associate, as such terms are defined in clause (ii)&nbsp;below, of such Person. For
the purposes of this Section, in addition to the Shares which a Person beneficially owns directly,
(a)&nbsp;any Person shall be deemed to be the beneficial owner of any Shares (i)&nbsp;which it has the right
to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or
otherwise (but excluding share options granted by the Trust) or (ii)&nbsp;which are beneficially owned,
directly or indirectly (including Shares deemed owned through application of clause (i)&nbsp;above), by
any other Person with which its &#147;affiliate&#148; or &#147;associate&#148; (as defined below) has any agreement,
arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares,
or which is its &#147;affiliate&#148; or &#147;associate&#148; as those terms are defined in Rule&nbsp;12b-2 of the General
Rules and Regulations under the Securities Exchange Act of 1934 as in effect on the date of initial
adoption of this Declaration, and (b)&nbsp;the outstanding Shares shall include Shares deemed owned
through application of clauses (i)&nbsp;and (ii)&nbsp;above but shall not include any other Shares which may
be issuable pursuant to any agreement, or upon exercise of conversion rights or warrants, or
otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Section shall apply to the following transactions:
</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) The merger or consolidation of the Trust or any subsidiary of the Trust with or
into any Principal Shareholder.
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The issuance of any securities of the Trust to any Principal Shareholder for cash
(other than pursuant to any automatic dividend reinvestment plan or pursuant to any offering
in which such Principal Shareholder acquires securities that represent no greater a
percentage of any class or series of securities being offered than the percentage of any
class of Shares beneficially owned by such Principal Shareholder immediately prior to such
offering or, in the case of securities, offered in respect of another class or series, the
percentage of such other class or series beneficially owned by such Principal Shareholder
immediately prior to such offering).
</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) 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 $1,000,000, aggregating for the purpose of such computation all assets sold,
leased or exchanged in any series of similar transactions within a twelve-month period.)
</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) The sale, lease or exchange to the Trust or any subsidiary thereof, 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 $1,000,000, aggregating for the purposes of such
computation all assets sold, leased or exchanged in any series of similar transactions
within a twelve-month period).
</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;(v) The purchase by the Trust or any Person controlled by the Trust of any Common
Shares of the Trust from such Principal Shareholder or any person to whom such Principal
Shareholder shall have transferred such Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions of this Section shall not be applicable to (i)&nbsp;any of the transactions
described in paragraph (c)&nbsp;of this Section if two- thirds of the Board of Trustees of the Trust
shall by resolution have approved a memorandum of understanding with such Principal Shareholder
with respect to and substantially consistent with such transaction prior to the time such Person
shall have become a Principal Shareholder, or (ii)&nbsp;any such transaction with any corporation of
which a majority of the outstanding shares of all classes of a stock normally entitled to vote in
elections of directors is owned of record or beneficially by the Trust and its subsidiaries and of
which such Person is not a Principal Shareholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Board of Trustees shall have the power and duty to determine for the purposes of this
Section on the basis of information known to the Trust whether (i)&nbsp;a Person beneficially owns five
percent (5%) or more of the outstanding Shares, (ii)&nbsp;a Person is an &#147;affiliate&#148; or &#147;associate&#148; (as
defined above) of another, (iii)&nbsp;the assets being acquired or leased to or by the Trust or any
subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate
fair market value of less than $1,000,000, and (iv)&nbsp;the memorandum of understanding referred to in
paragraph (d)&nbsp;hereof is substantially consistent with the transaction covered thereby. Any such
determination shall be conclusive and binding for all purposes of this Section.
</DIV>





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

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




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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Filing</U>. This Declaration and any amendment (including any supplement) hereto
shall be filed in such places as may be required or as the Trustees deem appropriate. Each
amendment shall be accompanied by a certificate signed and acknowledged by a Trustee stating that
such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust&#146;s
minute book, be conclusive evidence of all amendments contained therein. A restated Declaration,
containing the original Declaration and all amendments theretofore made, may be executed from time
to time by a majority of the Trustees and shall, upon insertion in the Trust&#146;s minute book, be
conclusive evidence of all amendments contained therein and may thereafter be referred to in lieu
of the original Declaration and the various amendments thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Resident Agent</U>. The Trust shall maintain a resident agent in the State of
Delaware, which agent shall initially be The Corporation Trust Company, 1209 Orange Street,
Wilmington, Delaware 19801 The Trustees may designate a successor resident agent, provided,
however, that such appointment shall not become effective until written notice thereof is delivered
to the office of the Secretary of the State.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Governing Law</U>. This Declaration is executed by a majority of the Trustees and
delivered in the State of Delaware and with reference to the laws thereof, and the rights of all
parties and the validity and construction of every provision hereof shall be subject to and
construed according to the laws of said State and reference shall be specifically made to the
business corporation law of the State of Delaware as to the construction of matters not
specifically covered herein or as to which an ambiguity exists, although such law shall not be
viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall
be viewed in favor of such powers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>Counterparts</U>. This Declaration may be simultaneously executed in several
counterparts, each of which shall be deemed to be an original, and such counterparts, together,
shall constitute one and the same instrument, which shall be sufficiently evidenced by any such
original counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <U>Reliance by Third Parties</U>. Any certificate executed by an individual who,
according to the records of the Trust, or of any recording office in which this Declaration may be
recorded, appears to be a Trustee hereunder, certifying to: (a)&nbsp;the number or identity of Trustees
or Shareholders, (b)&nbsp;the name of the Trust, (c)&nbsp;the due authorization of the execution of any
instrument or writing, (d)&nbsp;the form of any vote passed at a meeting of Trustees or Shareholders,
(e)&nbsp;the fact that the number of Trustees or Shareholders present at any meeting or executing any
written instrument satisfies the requirements of this Declaration, (f)&nbsp;the form of any By Laws
adopted by or the identity of any officers elected by the Trustees, or (g)&nbsp;the existence of any
fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence
as to the matters so certified in favor of any person dealing with the Trustees and their
successors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <U>Provisions in Conflict with Law or Regulation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The provisions of this Declaration are severable, and if the Trustees shall determine,
with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the
regulated investment company provisions of the Code or with other applicable laws and regulations,
the conflicting provision shall be deemed never to have constituted a part of this Declaration to
the extent of such conflict; provided, however, that such determination shall not affect any of the
remaining provisions of this Declaration or render invalid or improper any action taken or omitted
prior to such determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any provision of this Declaration shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of this Declaration in any jurisdiction.
</DIV>





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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day
and year first above written.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By:
</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="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&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">/s/ Thomas E. Bratter
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Thomas E. Bratter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Frank J. Fahrenkopf, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Frank
J. Fahrenkopf, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</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">/s/ Anthony J. Colavita
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Anthony J. Colavita
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert J. Morrissey
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Robert
J. Morrissey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</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">/s/ James P. Conn
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James P. Conn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Anthony R. Pustorino
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Anthony
R. Pustorino</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</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">/s/ Vincent D. Enright
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Vincent D. Enright
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Salvatore J. Zizza
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Salvatore
J. Zizza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>



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<DOCUMENT>
<TYPE>EX-99.B.1
<SEQUENCE>3
<FILENAME>y91394exv99wbw1.htm
<DESCRIPTION>EX-99.B.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wbw1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.(b)(1)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECOND AMENDED AND RESTATED BY-LAWS
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE GABELLI UTILITY TRUST
</DIV>

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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</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" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><U>ARTICLE I Shareholder Meetings </u></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:30px; text-indent:-15px"><U>Section&nbsp;1.1</u> <u>Chairman</u></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:30px; text-indent:-15px"><U>Section&nbsp;1.2</u> <u>Voting</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.3</u> <u>Fixing Record Dates </u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.4</u> <u>Inspectors of Election</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.5</u> <u>Special Meetings of Shareholders</u></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:30px; text-indent:-15px"><U>Section&nbsp;1.6</u> <u>Place of Meetings</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.7</u> <u>Notice of Meetings</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.8</u> <u>Nature of Business at Annual Meetings of Shareholders</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.9</u> <u>Nomination of Trustees</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.10</u> <u>Conduct of Meetings</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;1.11</u> <u>Postponements; Adjournments</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><u>ARTICLE II Trustees</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;2.1</u> <u>Annual and Regular Meetings</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;2.2</u> <u>Chairman; Records</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;2.3</u> <u>Qualification</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;2.4</u> <u>Governance</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><u>ARTICLE III Officers</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.1</u> <u>Officers of the Fund</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.2</u> <u>Election and Tenure</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.3</u> <u>Removal of Officers</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.4</u> <u>Bonds and Surety</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.5</u> <u>Chairman, President, and Vice Presidents</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.6</u>
<u>Secretary</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.7</u> <u>Treasurer</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;3.8</u> <u>Other Officers and Duties</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><u>ARTICLE IV Miscellaneous</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;4.1</u> <u>Depositories</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;4.2</u> <u>Signatures</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;4.3</u> <u>Seal</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;4.4</u> <u>Disclosure of Holdings</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;4.5</u> <u>Governing Law</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;4.6</u> <u>Provisions in Conflict with Law or Regulation</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><u>ARTICLE V SHARE Transfers</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;5.1</u> <u>Transfer Agents, Registrars and the Like</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;5.2</u> <u>Transfer of Shares</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;5.3</u> <u>Registered Shareholders</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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"><u>ARTICLE VI Amendment of By-Laws</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><U>Section&nbsp;6.1</u> <u>Amendment and Repeal of By-Laws</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE GABELLI UTILITY TRUST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECOND AMENDED AND RESTATED BY-LAWS</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Second Amended and Restated By-Laws are made and adopted pursuant to Section&nbsp;3.8 of
the Third Amended and Restated Declaration of Trust establishing The Gabelli Utility Trust (the
&#147;<U>Fund</U>&#148;) dated as of February&nbsp;16, 2011, as from time to time amended (hereinafter called the
&#147;<U>Declaration</U>&#148;). All words and terms capitalized in these By-Laws and not defined herein
shall have the meaning or meanings set forth for such words or terms in the Declaration.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. As used in these By-Laws, the following terms shall have the meanings
ascribed to them:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>12(d) Holder</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(xiii) of Article&nbsp;II
of these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1940 Act</U>&#148; shall mean the Investment Company Act of 1940 and the rules and regulations
promulgated thereunder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>5% Holder</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(ix) of Article&nbsp;II of
these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>beneficial owner</U>&#148; of a security shall mean any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise (A)&nbsp;has or shares: (1)
voting power which includes the power to vote, or to direct the voting of, such security; and/or,
(2)&nbsp;investment power which includes the power to dispose, or to direct the disposition, of such
security or (B)&nbsp;owns, controls or holds with power to vote such security. A person shall be deemed
to be the beneficial owner of shares if that person has the right to acquire beneficial ownership
of such shares at any time whether or not within sixty days. &#147;Beneficially own,&#148; &#147;own beneficially&#148;
and related terms shall have correlative meaning.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>By-Laws</U>&#148; shall mean these Second Amended and Restated By-Laws of the Fund as amended
or restated from time to time by the Trustees.<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>control</U>&#148; shall mean the power to exercise a controlling influence over a person,
which in the case of a company means the power to exercise a controlling influence over the
management or policies of such company, unless such power is solely the result of an official
position with such company.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>control relationship</U>&#148; with respect to any person shall mean control over such person,
being controlled by such person or being under common control with such person.</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>director</U>&#148; shall mean any director of a corporation or any person performing similar
functions with respect to any organization, whether incorporated or unincorporated, including any
natural person who is a member of a board of trustees of any organization that is a statutory or
common-law trust.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Disclosable Relationship</U>&#148; with respect to another person means (A)&nbsp;the existence at
any time during the current calendar year or at any time within the two most recently completed
calendar years of any agreement, arrangement, understanding or practice, including the sharing of
information, decisions or actions, of a person with such other person with respect to the Fund or
Shares, (B)&nbsp;the beneficial ownership of securities of any person known by such person to
beneficially own Shares and of which such person knows such other person also beneficially owns any
securities, (C)&nbsp;sharing beneficial ownership of any securities with such other Person, (D)&nbsp;being an
immediate family member of such other person, (E)&nbsp;the existence at any time during the current
calendar year or at any time within the two most recently completed calendar years of a material
business or professional relationship with such other person or with any person of which such other
person is a 5% Holder, officer, director, general partner, managing member or employee or (F)
controlling, being controlled by or being under common control with such other person.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>immediate family member</U>&#148; shall mean any parent, child, spouse, spouse of a parent,
spouse of a child, brother or sister (including step and adoptive relationships).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Independent Trustee</U>&#148; shall mean a Trustee that is not an &#147;interested person,&#148; as
defined in Section&nbsp;2(a)(19) of the 1940 Act, of the Fund.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>investment fund</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(iii) of Article
II of these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>nominated or seated</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a) of Article&nbsp;II
of these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>person</U>&#148; shall mean and include natural persons, corporations, partnerships, trusts,
limited liability companies, associations, joint ventures and other entities, whether or not legal
entities, and governments and agencies and political subdivisions thereof.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Prohibited Conduct</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(v) of Article
II of these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Proposed Nominee</U>&#148; shall have the meaning set forth in Section&nbsp;1.9(d)(i) of Article&nbsp;I
of these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Proposed Nominee Associate</U>&#148; of any Proposed Nominee shall mean any person who has a
Disclosable Relationship with such Proposed Nominee.</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>proxy access rules</U>&#148; shall have the meaning set forth in Section&nbsp;1.9(g) of Article&nbsp;I
of these By-Laws.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>SEC</U>&#148; shall mean the U.S. Securities and Exchange Commission.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shareholder Associate</U>&#148; of any beneficial or record shareholder of Shares shall mean
any person who has a Disclosable Relationship with such beneficial or record shareholder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shares</U>&#148; shall mean the units of beneficial interest into which the beneficial
interests in the Fund shall be divided from time to time, including any preferred units of
beneficial interest, which may be issued from time to time, as described herein. All references to
Shares shall be deemed to be Shares of any or all series or classes as the context may require.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>special meeting in lieu of an annual meeting</U>&#148; shall mean a special meeting called by
Trustees for the purpose of removing Trustees or terminating the Fund&#146;s investment advisory
agreement in the event that an annual meeting of shareholders is not held on or before such date as
may be required by Section&nbsp;6.1 of the Declaration.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Special Meeting Request</U>&#148; shall have the meaning set forth in Section&nbsp;1.5(b) of
Article&nbsp;I of these By-Laws.</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SHAREHOLDER MEETINGS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chairman. Except as otherwise provided in Section&nbsp;1.10 of these By-Laws, the Chairman, if any,
shall act as chairman at all meetings of the shareholders; in the Chairman&#146;s absence, the Trustee
or Trustees present at each meeting may elect a temporary chairman for the meeting, who may be one
of themselves.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Voting.
</DIV>


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<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;As provided in the Declaration, shareholders shall have no power to vote on any matter
except as provided in or pursuant to Section&nbsp;6.2 of the Declaration.
</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;As provided in Section&nbsp;6.4(b) of the Declaration, where a separate vote of one or more
classes or series of Shares is required on any matter: (i)&nbsp;if the vote is for the election of one
or more Trustees, the affirmative vote of a plurality of the Shares of such class or classes or
series or series present in person or represented by proxy and entitled to vote for such Trustee or
the Trustees shall be the act of the shareholders of such class or classes or series or series with
respect to the election of such Trustee or Trustees; and (ii)&nbsp;if the vote is for any other matter,
the affirmative vote of a majority of the Shares of such class or classes or series or series
present in person or represented by proxy and entitled to vote on such other matter shall be the
act of the shareholders of such class or classes or series or series with respect to such other
matter, in each case at any meeting at which a quorum is present with respect to the vote on the
election of such Trustee(s) or such other matter.
</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;Shareholders may vote either in person or by duly executed proxy and each full share
represented at the meeting shall have one vote, all as provided in Article&nbsp;6 of the Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fixing Record Dates. For the purpose of determining the shareholders who are entitled to notice of
or to vote or act at any meeting, including any adjournment thereof, or who are entitled to
participate in any dividends, or for any other proper purpose, the Trustees may from time to time,
without closing the transfer books, fix a record date in the manner provided in Section&nbsp;6.3 of the
Declaration. If the Trustees do not prior to any meeting of shareholders so fix a record date or
close the transfer books, then the date on which mailing of notice of the meeting is commenced or
the date upon which the dividend resolution is adopted, as the case may be, shall be the record
date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inspectors of Election. In advance of any meeting of shareholders, the Trustees may appoint
inspectors of election to act at the meeting or any adjournment thereof. If inspectors of election
are not so appointed, the Chairman, if any, of any meeting of shareholders may appoint inspectors
of election of the meeting. The number of inspectors shall be either one or three. In case any
person appointed as inspector fails to appear or fails or refuses to act, the vacancy may be filled
by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by
the person acting as chairman. The inspectors of election shall determine the number of Shares
outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity,
validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine
all challenges and questions in any way arising in connection with the right to vote, shall count
and tabulate all votes or consents, determine the results, and do such other acts as may be proper
to conduct the election or vote with fairness to all shareholders. If there are three inspectors of
election, the decision, act or certificate of a majority is effective in all respects as the
decision, act or certificate of all. On request of the Chairman, if any, of the meeting, the
inspectors of election shall make a report in writing of any challenge or question or matter
determined by them and shall execute a certificate of any facts found by them.
</DIV>


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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Special Meetings of Shareholders.
</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;(d)&nbsp;Special meetings of shareholders may be called only by the Board of Trustees (or any duly
authorized committee), except a special meeting in lieu of an annual meeting shall be called by the
Trustees upon the timely receipt by the Secretary of a request in proper form from one or more
record shareholders acting pursuant to and in accordance with Section&nbsp;6.1 of the Declaration. Only
such business shall be conducted at a special meeting or a special meeting in lieu of an annual
meeting as shall be specified in the notice of meeting (or any supplement thereto). In fixing a
date for any special meeting, the Board of Trustees (or any duly authorized committee) may consider
such factors as it deems relevant, including, without limitation, the nature of the matters to be
considered, the facts and circumstances surrounding any request for the meeting and any plan of the
Board of Trustees to call an annual meeting or a special meeting; <I>provided, however</I>, that the date
fixed for any special meeting is consistent with Section&nbsp;6.1 of the Declaration.
</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;(e)&nbsp;Any shareholder(s) of record seeking to request a special meeting shall send written
notice to the Secretary (the &#147;<U>Special Meeting Request</U>&#148;) by registered mail, return receipt
requested, requesting the Secretary to call a special meeting. Proof of the requesting
shareholder&#146;s ownership of Shares at the time of giving the Special Meeting Request must accompany
the requesting shareholder&#146;s Special Meeting Request. The Special Meeting Request shall set forth
the purpose of the meeting and the matters proposed to be acted on at the meeting, shall be signed
by one or more shareholders of record (or their duly authorized agents), shall bear the date of
signature of each requesting shareholder (or its duly authorized agent) signing the Special Meeting
Request and shall set forth all information that each such shareholder of record and, with respect
to the beneficial owners of Shares on whose behalf such request is being made, each such beneficial
owner of Shares would be required to disclose in a proxy statement or other filings required to be
made in connection with solicitations of proxies with respect to the proposed business to be
brought before the meeting pursuant to Section&nbsp;14 of the Exchange Act, as well as additional
information required by Section&nbsp;1.8(d) of Article&nbsp;I of these By-Laws. Upon receiving the Special
Meeting Request, the Trustees may in their discretion fix a date for the special meeting in lieu of
an annual meeting, which need not be the same date as that requested in the Special Meeting
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;(i) The shareholder(s) of record providing notice of business proposed to be
brought before a special meeting in lieu of an annual meeting shall further update
and supplement such notice, if necessary, so that the information provided or
required to be provided in such notice pursuant to this Section&nbsp;1.5 shall be true
and correct as of the record date for determining the shareholders entitled to
receive notice of the special meeting in lieu of an annual meeting and such update
and supplement shall be delivered to or be mailed and received by the Secretary at
the principal executive offices of the Fund not later than five (5)&nbsp;business days
after the record date for determining the shareholders entitled to receive notice of
the special meeting in lieu of an annual meeting.
</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) The Board of Trustees shall determine the validity of any purported
Special Meeting Request received by the Secretary.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Within ten (10)&nbsp;days of receipt of a valid Special Meeting Request, the
Secretary shall inform the requesting shareholders of the reasonably estimated cost
of preparing and mailing the notice of meeting (including the Fund&#146;s proxy
materials). The Secretary shall not be required to call a special meeting in lieu
of an annual meeting upon receipt of a Special Meeting Request and such meeting
shall not be held unless the Secretary receives payment of such reasonably estimated
cost prior to the mailing of any notice of the meeting.
</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;(f)&nbsp;No business shall be conducted at a special meeting in lieu of an annual meeting of
shareholders except business brought before any such meeting in accordance with the procedures set
forth in this Section&nbsp;1.5 of this Article&nbsp;I and in compliance with Article&nbsp;6 of the Declaration.
If the chair of a special meeting in lieu of an annual meeting determines that business was not
properly brought before such meeting in accordance with the foregoing procedures, the chair shall
declare to the meeting that the business was not properly brought before the meeting and such
business shall not be transacted.
</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;(g)&nbsp;Nothing contained in this Section&nbsp;1.5 of this Article&nbsp;I shall be deemed to affect any
rights of shareholders to request inclusion of proposals in the Fund&#146;s proxy statement pursuant to
Rule&nbsp;14a-8 under the Exchange Act (or any successor provision of law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Place of Meetings. Any shareholder meeting, including any special meeting, shall be held within or
without the state in which the Fund was formed at such place, date and time as the Trustees shall
designate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notice of Meetings. Written notice of all meetings of shareholders, stating the place, date and
time of the meeting, shall be given by the Secretary by mail to each shareholder of record entitled
to vote thereat at its registered address, mailed at least ten (10)&nbsp;days and not more than sixty
(60)&nbsp;days before the meeting or otherwise in compliance with applicable binding law. Such notice
will also specify the means of remote communications, if any, by which shareholders and
proxyholders may be deemed to be present in person and vote at such meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nature of Business at Annual Meetings of Shareholders.
</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;(h)&nbsp;Only such business (other than nominations for election to the Board of Trustees, which
must comply with the provisions of Section&nbsp;1.9 of this Article&nbsp;I) may be transacted at an annual
meeting of shareholders as is either:
</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) specified in the notice of meeting (or any supplement thereto) given by or
at the direction of the Board of Trustees (or any duly authorized committee
thereof),
</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) otherwise properly brought before the annual meeting by or at the
direction of the Board of Trustees (or any duly authorized committee thereof), 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) otherwise properly brought before the annual meeting by any shareholder
of record of the Fund:
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) who is a shareholder of record on the date such shareholder
gives the notice provided for in this Section&nbsp;1.8 of this Article&nbsp;I
and on the record date for the determination of shareholders entitled
to notice of and to vote at such annual meeting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies with the notice procedures set forth in this
Section&nbsp;1.8 of this Article&nbsp;I.
</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;(i)&nbsp;In addition to any other applicable requirements, for business to be properly brought
before an annual meeting by a shareholder, such shareholder of record must have given timely notice
thereof in proper written form to the Secretary of the Fund.
</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;(j)&nbsp;To be timely, a record shareholder&#146;s notice to the Secretary must be delivered to or
be mailed and received at the principal executive offices of the Fund not less than one hundred and
twenty (120)&nbsp;days nor more than one hundred and fifty (150)&nbsp;days prior to the anniversary date of
the immediately preceding annual meeting of shareholders; provided, however, that such notice for
the 2011 annual meeting of shareholders shall be delivered to the Secretary at the principal
executive offices of the Fund neither earlier than 9:00 a.m., Eastern Time, on the 120th day nor
later than 5:00 p.m., Eastern Time, on the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day before the first anniversary of the
date of the proxy statement for the preceding year&#146;s annual meeting of shareholders; provided,
further, however, that in the event that an annual meeting is called for a date that is not within
twenty-five (25)&nbsp;days before or after such anniversary date, notice by the shareholder of record in
order to be timely must be so received not later than the close of business on the tenth (10th) day
following the day on which such notice of the date of the annual meeting was mailed or such public
disclosure of the date of the annual meeting was made, whichever first occurs. &#147;<U>Public
disclosure</U>&#148; shall mean disclosure (i)&nbsp;in a press release reported by the Dow Jones News
Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire
service or (ii)&nbsp;in a document publicly filed by the Fund with the SEC pursuant to the Exchange Act.
In no event shall the adjournment or postponement of an annual meeting, or the public
announcement of such an adjournment or postponement, commence a new time period (or extend any time
period) for the giving of a record shareholder&#146;s notice as described above.
</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;(k)&nbsp;To be in proper written form, a record shareholder&#146;s notice to the Secretary must set
forth the following information:
</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) as to each matter such shareholder of record proposes to bring before the
annual meeting, a brief description of the business desired to be brought before the
annual meeting and the reasons for conducting such business at the annual meeting,
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;(ii) as to the record shareholder giving notice and each beneficial owner, if
any, on whose behalf such notice is being given,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and address of each such person and of each
Shareholder Associate of each such person;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1)&nbsp;the class or series and number of all Shares which are
owned beneficially or of record by each such person and each
Shareholder Associate of each such person,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether and the extent to which any derivative
instrument, swap, option, warrant, short interest, hedge or
profit interest or other transaction has been entered into by or
on behalf of any such person, or any Shareholder Associate of
any such person, with respect to Shares, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether and the extent to which any other transaction,
agreement, arrangement or understanding (including any short
position or any borrowing or lending of Shares) has been made by
or on behalf of any such person, or any Shareholder Associate of
any such person, where the effect or intent of any of the
foregoing is to mitigate loss to, or to manage risk or benefit
of Share price changes for, any such person, or any Shareholder
Associate of any such person, or to increase or decrease the
voting power or pecuniary or economic interest of any such
person, or any Shareholder Associate of any such person, with
respect to Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of all agreements, arrangements, or
understandings (whether written or oral) between or among any such
person, or any Shareholder Associate of any such person, and any
other person or persons (including their names) in connection with
the proposal of such business and any material interest of such
person or any Shareholder Associate of any such person, in such
business, including any anticipated benefit therefrom to such person,
or any Shareholder Associate of any such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a description of all commercial and professional
relationships and transactions between or among any such person, or
any Shareholder Associate of any such person, and any other person or
persons known to such person or Shareholder Associate to have a
material interest in the matter that is the subject of such notice;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all information relating to each such person and each
Shareholder Associate of each such person that would be required to
be disclosed in a proxy statement or other filing required to be made
in connection with the solicitation of proxies by any such person
with respect to the proposed business to
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">be brought by any such person before the annual meeting pursuant to
Section&nbsp;14 of the Exchange Act; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a representation that the shareholder of record giving
notice intends to appear in person or by proxy at the annual meeting
to bring such business before the meeting.
</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;(l)&nbsp;A shareholder of record providing notice of business proposed to be brought before an
annual meeting shall further update and supplement such notice, if necessary, so that the
information provided or required to be provided in such notice pursuant to this Section&nbsp;1.8 of this
Article&nbsp;I shall be true and correct as of the record date for determining the shareholders entitled
to receive notice of the annual meeting and such update and supplement shall be delivered to or be
mailed and received by the Secretary at the principal executive offices of the Fund not later than
five (5)&nbsp;business days after the record date for determining the shareholders entitled to receive
notice of the annual meeting.
</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;(m)&nbsp;No business (other than nominations for election to the Board of Trustees, which must
comply with the provisions of Section&nbsp;1.9 of this Article&nbsp;I) shall be conducted at the annual
meeting of shareholders except business brought before the annual meeting in accordance with the
procedures set forth in this Section&nbsp;1.8 of this Article&nbsp;I. If the chair of an annual meeting
determines that business was not properly brought before the annual meeting in accordance with the
foregoing procedures, the chair shall declare to the meeting that the business was not properly
brought before the meeting and such business shall not be transacted at the meeting.
</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;(n)&nbsp;Nothing contained in this Section&nbsp;1.8 of this Article&nbsp;I shall be deemed to affect any
rights of shareholders to request inclusion of proposals in the Fund&#146;s proxy statement pursuant to
Rule&nbsp;14a-8 under the Exchange Act (or any successor provision of law).
</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;(o)&nbsp;If information submitted pursuant to this Section&nbsp;1.8 of this Article&nbsp;I by any shareholder
proposing to bring a matter before the annual meeting shall be inaccurate or incomplete in any
material respect, such information may be deemed not to have been provided, and the notice in
respect of which such information is required by this Section&nbsp;1.8 may be deemed not to have been
made, in accordance with this Section&nbsp;1.8 of this Article&nbsp;I. Any such shareholder shall notify the
Fund of any inaccuracy or incompleteness (within two business days of becoming aware of such
inaccuracy or change) in any such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Nomination of Trustees.
</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;(p)&nbsp;Only persons who are nominated in accordance with the following procedures shall be
eligible for election as Trustees of the Fund. Nominations of persons for election to the Board of
Trustees may be made only at any annual meeting of shareholders, except to the extent otherwise
required by the 1940 Act:
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the Board of Trustees (or any duly authorized
committee thereof), 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by any shareholder(s) of record of the Fund:
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) who is a shareholder or are shareholders of record on the date such
shareholder(s) give the notice provided for in this Section&nbsp;1.9 of this Article&nbsp;I
and on the record date for the determination of shareholders entitled to notice of
and to vote at such annual meeting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies or comply with the notice procedures set forth
in this Section&nbsp;1.9 of this Article&nbsp;I.
</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;(q)&nbsp;In addition to any other applicable requirements, for a nomination to be made by one or
more shareholder(s) of record, such shareholder(s) must have given timely notice thereof in proper
written form to the Secretary of the Fund.
</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;(r)&nbsp;To be timely, a record shareholder&#146;s notice to the Secretary must be delivered to or be
mailed and received at the principal executive offices of the Fund:
</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) in the case of an annual meeting, not less than one hundred and twenty
(120)&nbsp;days nor more than one hundred and fifty (150)&nbsp;days prior to the anniversary
date of the immediately preceding annual meeting of shareholders; provided, however,
that such notice for the 2011 annual meeting of shareholders shall be delivered to
the Secretary at the principal executive offices of the Fund neither earlier than
9:00 a.m., Eastern Time, on the 120th day nor later than 5:00 p.m., Eastern Time, on
the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day before the first anniversary of the date of the proxy
statement for the preceding year&#146;s annual meeting of shareholders; provided,
further, however, that in the event that an annual meeting is called for a date that
is not within twenty-five (25)&nbsp;days before or after such anniversary date, notice by
the shareholder of record in order to be timely must be so received not later than
the close of business on the tenth (10th) day following the day on which such notice
of the date of the annual meeting was mailed or such public disclosure of the date
of the annual meeting was made, whichever first occurs; 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;(ii) in no event shall the adjournment or postponement of an annual meeting, or
the public announcement of such an adjournment or postponement, commence a new time
period (or extend any time period) for the giving of notice as described above.
</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;(s)&nbsp;To be in proper written form, a notice from one or more record shareholders to the
Secretary must set forth the following information:
</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) as to each person whom the shareholder of record proposes to nominate for
election as a Trustee (a &#147;<U>Proposed Nominee</U>&#148;) and each Proposed Nominee
Associate of each such person:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name, age, business address and residence address of
such Proposed Nominee and of each Proposed Nominee Associate of such
Proposed Nominee;
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal occupation or employment of such Proposed
Nominee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1)&nbsp;the number of shares of each class or series of Shares
which are owned beneficially or of record, directly or indirectly, by
such Proposed Nominee and each Proposed Nominee Associate of such
Proposed Nominee, and the name and address of the record holder(s) of
such Shares (if different than the beneficial owner(s)) as they
appear on the records of the Fund,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether and the extent to which any derivative instrument, swap,
option, warrant, short interest, hedge or profit interest or other
transaction has been entered into by or on behalf of such Proposed Nominee,
or by or on behalf of any Proposed Nominee Associate of such Proposed
Nominee, with respect to Shares,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing
or lending of Shares) has been made by or on behalf of such Proposed
Nominee, or any Proposed Nominee Associate, where the effect or intent of
any of the foregoing is to mitigate loss to, or to manage risk or benefit of
share price changes for, such Proposed Nominee, or any Proposed Nominee
Associate of such Proposed Nominee, or to increase or decrease the voting
power or pecuniary or economic interest of such Proposed Nominee, or any
Proposed Nominee Associate of such Proposed Nominee, with respect to the
Shares,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of all agreements, arrangements, or understandings
(whether written or oral) between such Proposed Nominee, and any Proposed
Nominee Associate of such Proposed Nominee, and any material interest of
such Proposed Nominee Associate, in such nomination, including any
anticipated benefit therefrom to such Proposed Nominee Associate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of all commercial and professional relationships and
transactions between or among such Proposed Nominee, or any Proposed Nominee
Associate, and any other person or persons known to such person or Proposed
Nominee Associate to have a material interest in such nominations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a representation as to whether such Proposed Nominee is an
&#147;interested person,&#148; as defined under Section&nbsp;2(a)(19) of the 1940 Act, of
the Fund and sufficient information about the Proposed Nominee to permit
counsel to the Fund to confirm such representation, including information
with respect to each relationship set forth in Section&nbsp;2(a)(19) of the 1940
Act which may cause such Proposed
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Nominee to be an interested person of the Fund or a representation that no
such relationship exists, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) all information necessary to establish that the Proposed Nominee
satisfies the Trustee qualifications as set out in Section&nbsp;2.3 of Article&nbsp;II
of these By-Laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all information relating to such Proposed Nominee and each
Proposed Nominee Associate of such Proposed Nominee that would be
required to be disclosed in a proxy statement or other filings
required to be made in connection with solicitations of proxies for
election of Trustees in an election contest pursuant to Section&nbsp;14 of
the Exchange Act (even if an election contest is not involved); 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;(ii) as to each shareholder of record giving the notice, and each beneficial
owner, if different than the shareholder of record, on whose behalf the nomination
is being made,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and record address of such person and of each
Shareholder Associate of each such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1)&nbsp;the number of shares of each class or series of Shares
which are owned beneficially or of record, directly or indirectly, by
such person and each Shareholder Associate of such person,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether and the extent to which any derivative instrument, swap,
option, warrant, short interest, hedge or profit interest or other
transaction has been entered into by or on behalf of such person, or by or
on behalf of any Shareholder Associate, with respect to Shares, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing
or lending of Shares) has been made by or on behalf of such person, or by or
on behalf of any Shareholder Associate of such person, when the effect or
intent of any of the foregoing being is to mitigate loss to, or to manage
risk or benefit of Share price changes for, such person, or any Shareholder
Associate of such person, or to increase or decrease the voting power or
pecuniary or economic interest of such person, or any Shareholder Associate
of such person, with respect to Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of all agreements, arrangements, or
understandings (whether written or oral) between such person, and any
Shareholder Associate of such person, and any proposed nominee or any
other person or persons (including
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">their names) pursuant to which the nomination(s) are being made by
such person, and any material interest of such person, and any
Shareholder Associate, in such nomination, including any anticipated
benefit therefrom to such person, and any Shareholder Associate of
such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a description of all commercial and professional
relationships and transactions between or among any such person, or
any Shareholder Associate of any such person, and any other person or
persons known to such person or Shareholder Associate to have a
material interest in such nomination;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all information relating to such person and each Shareholder
Associate of such person that would be required to be disclosed in a
proxy statement or other filings required to be made in connection
with the solicitation of proxies for election of Trustees in an
election contest pursuant to Section&nbsp;14 of the Exchange Act (even if
an election contest is not involved);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a representation that the shareholder(s) giving notice
intends to appear in person or by proxy at the annual meeting to
nominate the person(s) named in the notice.
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such notice must be accompanied by a certificate executed by the Proposed
Nominee certifying that such Proposed Nominee (a)&nbsp;is not, and will not become a
party to, any agreement, arrangement or understanding with any person or entity
other than the Fund in connection with service or action as a Trustee of the Fund
that has not been disclosed to the Fund, (b)&nbsp;will serve as a Trustee of the Fund if
elected, and (c)&nbsp;satisfies the Trustee qualifications as set out in Section&nbsp;2.3 of
Article&nbsp;II of these By-Laws;.
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;A shareholder or shareholders of record providing notice of any nomination proposed to be
made at an annual meeting shall further update and supplement such notice, if necessary, so that:
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the information provided or required to be provided in such notice
pursuant to this Section&nbsp;1.9 of this Article&nbsp;I shall be true and correct as of the
record date for determining the shareholders entitled to receive notice of the
annual meeting, and such update and supplement shall be delivered to or be mailed
and received by the Secretary at the principal executive offices of the Fund not
later than five (5)&nbsp;business days after the record date for determining the
shareholders entitled to receive notice of such annual meeting; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subsequent information reasonably requested by the Board of
Trustees to determine that the Proposed Nominee has met the Trustee qualifications
as set out in Section&nbsp;2.3 of this Article&nbsp;II is
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">provided, and such update and supplement shall be delivered to or be mailed and
received by the Secretary at the principal executive offices of the Fund not later
than five (5)&nbsp;business days after the request by the Board of Trustees for
subsequent information regarding Trustee qualifications has been delivered to or
mailed and received by such shareholder of record, or group of shareholders of
record, providing notice of any nomination.
</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;(u)&nbsp;No person shall be eligible for election as a Trustee of the Fund unless nominated in
accordance with the procedures set forth in this Section&nbsp;1.9 of this Article&nbsp;I. If the chair of
the meeting determines that a nomination was not made in accordance with the foregoing procedures,
the chair shall declare to the meeting that the nomination was defective and such defective
nomination shall be disregarded.
</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;(v)&nbsp;Notwithstanding any provision of this Section&nbsp;1.9 of this Article&nbsp;I to the contrary, a
nomination of persons for election to the Board of Trustees may be submitted for inclusion in the
Fund&#146;s proxy materials to the extent required by rules adopted from time to time by the SEC
providing for such nominations and inclusion and interpretations thereof (&#147;<U>proxy access
rules</U>&#148;), and, if such nomination is submitted under the proxy access rules, such submission:
</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) in order to be timely, must be delivered to, or be mailed and received by,
the Secretary at the principal executive offices of the Fund no later than 120
calendar days before the anniversary of the date that the Fund mailed (or otherwise
disseminated) its proxy materials for the prior year&#146;s annual meeting (or such other
date as may be set forth in the proxy access rules for companies without advance
notice bylaws);
</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) in all other respects, must be made pursuant to, and in accordance with,
the terms of the proxy access rules, as in effect at the time of the nomination, or
any successor rules or regulations of the SEC then in effect; 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;(iii) must provide the Fund with any other information required by this Section
1.9 of this Article&nbsp;I, by applicable law, the Declaration or a resolution of the
Trustees for nominations not made under the proxy access rules, except to the extent
that requiring such information to be furnished is prohibited by the proxy access
rules. The provisions of this paragraph (g)&nbsp;of this Section&nbsp;1.9 of this Article&nbsp;I
do not provide shareholders of the Fund with any rights, nor impose upon the Fund
any obligations, other than the rights and obligations set forth in the proxy access
rules.
</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;(w)&nbsp;If information submitted pursuant to this Section&nbsp;1.9 of this Article&nbsp;I by any shareholder
proposing a nominee for election as a Trustee shall be inaccurate or incomplete in any material
respect, such information may be deemed not to have been provided, and the nomination in respect of
which such information is required by this Section&nbsp;1.9 may be deemed not to have been made, in
accordance with this Section&nbsp;1.9 of this Article&nbsp;I. Any such
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholder shall notify the Fund of any inaccuracy or incompleteness (within two business days of
becoming aware of such inaccuracy or change) in any such information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conduct of Meetings. The Board of Trustees of the Fund may adopt by resolution such rules and
regulations for the conduct of any meeting of the shareholders as it shall deem appropriate. Every
meeting of the stockholders shall be conducted by an individual appointed by the Board of Trustees
to be chairman of the meeting or, in the absence of such appointment or appointed individual, by
the chairman of the Board of Trustees, by one of the officers present at the meeting, and if no
officer is present, by the stockholders by the vote of a majority of the votes cast by stockholders
present in person or by proxy. In the discretion of the chairman of the meeting selected pursuant
to the foregoing provisions of this Section&nbsp;1.10, the lead independent Trustee may conduct such
meeting of shareholders in lieu of the individual selected pursuant to the foregoing provisions.
The Secretary, or, in the Secretary&#146;s absence, an Assistant Secretary, or, in the absence of both
the Secretary and Assistant Secretaries, an individual appointed by the Board of Trustees or, in
the absence of such appointment, an individual appointed by the chairman of the meeting shall act
as secretary of the meeting. In the event that the Secretary presides at a meeting of the
stockholders, an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual
appointed by the Board of Trustees or the chairman of the meeting, shall record the minutes of the
meeting. Except to the extent inconsistent with such rules and regulations as adopted by the Board
of Trustees, the chairman of any meeting of the shareholders shall have the right and authority to
prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of
such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or
procedures, whether adopted by the Board of Trustees or prescribed by the chairman of the meeting,
may include, without limitation, the following: (a)&nbsp;the establishment of an agenda or order of
business for the meeting; (b)&nbsp;the determination of when the meeting shall formally commence; (c)
the determination of rules for adjournment of the meeting prior to or after the formal commencement
of the meeting; (d)&nbsp;concluding a meeting or recessing or adjourning the meeting to a later date and
time and at a place announced at the meeting; (e)&nbsp;the determination of when the polls shall open
and close for any given matter to be voted on at the meeting; (f)&nbsp;rules and procedures for
maintaining order at the meeting and the safety of those present, including without limitation
removing any individual who refuses to comply with meeting procedures; (g)&nbsp;limitations on
attendance at and participation in the meeting to shareholders, their duly authorized and
constituted proxies or such other persons as the chairman of the meeting shall determine; (h)
restrictions on entry to the meeting after the time fixed for the commencement thereof; (i)
limitations on the time allotted to questions or comments by shareholders; (j)&nbsp;the extent to which,
if any, other participants are permitted to speak; and (k)&nbsp;removing any shareholder or any other
individual who refused to comply with meeting procedures, rules or guidelines as set forth by the
chairman of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Postponements; Adjournments. The Board of Trustees may, prior to a meeting of shareholders being
convened, postpone such meeting from time to time to a date not more than 130&nbsp;days after the
original record date. The chairman of any meeting of the shareholders may adjourn the meeting from
time to time to reconvene at the same or some other place, and notice need not be given of any such
adjourned meeting if the time and place, if any, thereof and the means of remote communications, if
any, by which shareholders and proxyholders may be deemed to be present in person and vote at such
adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned
meeting, the Fund may transact any business which
</DIV>


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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">might have been transacted at the original meeting. Any adjourned meeting may be held as adjourned
one or more times without further notice not later than one hundred and thirty (130)&nbsp;days after the
record date.
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>TRUSTEES </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Annual and Regular Meetings. Meetings of the Trustees shall be held from time to time upon the
call of the Chairman, if any, the President, the Secretary or any two Trustees. Regular meetings of
the Trustees may be held without call or notice and shall generally be held quarterly. Except as
required by applicable law, neither the business to be transacted at, nor the purpose of, any
meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting,
and no notice need be given of action proposed to be taken by written consent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chairman; Records. The Chairman, if any, shall act as chairman at all meetings of the Trustees; in
absence of the Chairman, the Trustees present shall elect one of their number to act as temporary
chairman. The results of all actions taken at a meeting of the Trustees, or by the written consent
of a majority of the Trustees, shall be recorded by the Secretary of the Fund or such other person
appointed by the Board of Trustees as the meeting secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Qualification.
</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;After Shares have been publicly offered, only persons satisfying the following
qualification requirements applicable to all Trustees may be nominated, elected, appointed,
qualified or seated (&#147;<U>nominated or seated</U>&#148;) to serve as a Trustee unless a majority of the
Board of Trustees then in office shall have determined by resolution that failure to satisfy a
particular qualification requirement will not present undue conflicts or impede the ability of the
individual to discharge the duties of a Trustee or the free flow of information among Trustees or
between the Fund&#146;s investment adviser and the Board of Trustees:
</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) An individual nominated or seated as a Trustee shall be at least twenty-one
(21)&nbsp;years of age and not older than such age as shall be set forth in a written
instrument signed or adopted by not less than two-thirds of the Trustees then in
office and not under legal disability;
</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) An individual nominated or seated as a Trustee shall, at the time the
individual is nominated or seated, serve as a director of no more than 5 companies
having securities registered under the Exchange Act or treated as public reporting
companies under any comparable regulatory regime (investment companies having the
same investment adviser or investment advisers in a control relationship with each
other shall all be counted as a single company for this purpose);
</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) Except as set forth in this Section&nbsp;2.3 of this Article&nbsp;II, an individual
nominated or seated as a Trustee shall not be an employee, officer, partner, member,
director or record or beneficial owner of 5% or more of any class of securities of
(A)&nbsp;any investment adviser or person in a control
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">relationship with such investment adviser (other than the Fund&#146;s investment
adviser or any investment adviser in a control relationship with the Fund&#146;s
investment adviser), (B)&nbsp;any collective investment vehicle, including the Fund,
primarily engaged in the business of investing in &#147;investment securities&#148; (as
defined in the 1940 Act) (an &#147;<U>investment fund</U>&#148;) (other than by reason of
being an employee, officer, partner, member, director or controlling person of the
Fund&#146;s investment adviser, any investment adviser in a control relationship with the
Fund&#146;s investment adviser or any person in a control relationship with any of the
foregoing) or (C)&nbsp;an entity controlling or controlled by any investment adviser
(other than the Fund&#146;s investment adviser or any investment adviser in a control
relationship with the Fund&#146;s investment adviser or any person in a control
relationship with any of the foregoing) or investment fund;
</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) An individual nominated or seated as a Trustee shall not have been charged
(unless such charges were dismissed or the individual was otherwise exonerated) with
a criminal offense involving moral turpitude, dishonesty or breach of trust, or have
been convicted or have pled guilty or <I>nolo contendere </I>with respect to a felony under
the laws of the United States or any state thereof;
</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;(v) An individual nominated or seated as a Trustee shall not be and shall not
have been subject to any censure, order, consent decree (including consent decrees
in which the respondent has neither admitted nor denied the findings) or adverse
final action of any federal, state or foreign governmental or regulatory authority
(including self-regulatory organizations), barring or suspending such individual
from participation in or association with any investment-related business or
restricting such individual&#146;s activities with respect to any investment-related
business (collectively, &#147;<U>Prohibited Conduct</U>&#148;), nor shall an individual
nominated or seated as a Trustee be the subject of any investigation or proceeding
that could reasonably be expected to result in an individual nominated or seated as
a Trustee failing to satisfy the requirements of this paragraph, nor shall any
individual nominated or seated as a Trustee be or have engaged in any conduct which
has resulted in, or could have reasonably been expected or would reasonably be
expected to result in, the SEC censuring, placing limitations on the activities,
functions, or operations of, suspending, or revoking the registration of any
investment adviser under Section 203(e) or (f)&nbsp;of the Investment Advisers Act of
1940;
</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;(vi) An individual nominated or seated as a Trustee shall not be and shall not
have been the subject of any of the ineligibility provisions contained in Section
9(a) of the 1940 Act that would result in, or could have reasonably been expected or
would reasonably be expected to result in such individual or a company of which such
individual is an affiliated person (as defined in Section&nbsp;2(a)(3) of the 1940 Act)
being ineligible, in the absence of an exemptive order under Section 9(c) of the
1940 Act, to serve or act in the capacity of employee, officer, director, member of
an advisory board, investment adviser, or depositor of any registered investment
company, or principal underwriter for
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">any registered investment company, registered unit investment trust, or registered
face-amount certificate company;
</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;(vii) An individual nominated or seated as a Trustee shall not be and shall not
have been the subject of any of the ineligibility provisions contained in Section
9(b) of the 1940 Act that, in the absence of an exemptive order under Section 9(c)
of the 1940 Act, would permit, or could reasonably have been expected or would
reasonably be expected to permit the SEC by order to prohibit, conditionally or
unconditionally, either permanently or for a period of time, such individual from
serving or acting as an employee, officer, director, member of an advisory board,
investment adviser or depositor of, or principal underwriter for, a registered
investment company or affiliated person (as defined in Section&nbsp;2(a)(3) of the 1940
Act) of such investment adviser, depositor, or principal underwriter;
</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;(viii) An individual nominated or seated as an Independent Trustee shall not
be an &#147;interested person,&#148; as defined under Section&nbsp;2(a)(19) of the 1940 Act, of the
Fund;
</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;(ix) An individual nominated or seated as a Trustee shall not be the beneficial
owner of, or be a person party to an agreement, arrangement, understanding or
practice for sharing information or decisions concerning shareholder actions or the
acquisition, disposition or voting of Shares, who in the aggregate are the
beneficial owners of 5% or more of the outstanding shares of any class of Shares of
the Fund (each such person other than the Fund&#146;s investment adviser, any investment
adviser in a control relationship with the Fund&#146;s investment adviser or any person
in a control relationship with any of the foregoing, a &#147;<U>5% Holder</U>&#148;) and
shall not have a Disclosure Relationship with a 5% Holder;
</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;(x) An individual nominated or seated as a Trustee shall not, and any immediate
family member of such nominee shall not, be employed or have been employed within
the last two full calendar years and current year by, or have, or have had within
the last two full calendar years and current year any material commercial or
professional relationship with, any 5% Holder or any person who controls, is
controlled by, is under common control with or acts in concert with any 5% Holder;
</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;(xi) An individual nominated or seated as a Trustee shall not, and any
immediate family member of such nominee shall not, have accepted directly or
indirectly, during the calendar year of the election for which such individual is
nominated or seated or during the immediately preceding calendar year, any
consulting, advisory, or other compensatory fee from any 5% Holder or from any
person who controls, is controlled by, is under common control with or acts in
concert with any 5% Holder;
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) An individual nominated or seated as a Trustee shall not, and any
immediate family member of such nominee shall not, be an officer, director, general
partner or managing member (or person performing similar functions) of any 5% Holder
or of any person who controls, is controlled by, is under common control with or
acting in concert with a 5% Holder;
</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;(xiii) An individual nominated or seated as a Trustee shall not, and any
immediate family member of such nominee shall not, be employed or have been employed
within the last two full calendar years and the current year by any investment fund
or any company or companies controlled by one or more investment funds which in the
aggregate beneficially own (A)&nbsp;more than three percent (3%) of the outstanding
voting Shares of the Fund, (B)&nbsp;securities issued by the Fund having an aggregate
value in excess of five percent (5%) of the total assets of such investment fund and
any company or companies controlled by such investment fund, (C)&nbsp;securities issued
by the Fund and by all other investment funds having an aggregate value in excess of
ten percent (10%) of the total assets of the investment company making such
investment and any company or companies controlled by the investment fund making
such investment, or (D)&nbsp;together with other investment funds having the same
investment adviser and companies controlled by such investment funds, more than ten
percent (10%) of the total outstanding Shares of the Fund (an investment fund making
such investment(s) and any company or companies controlled by it in the aggregate
owning securities in excess of the amounts set forth in (A), (B), (C)&nbsp;or (D), but
excluding any investment fund managed by the Fund&#146;s investment adviser or an
investment adviser in a control relationship with the Fund&#146;s investment adviser,
being referred to as a &#147;<U>12(d) Holder</U>&#148;), or by any person who controls, is
controlled by, under common control with or acts in concert with a 12(d) Holder;
</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;(xiv) An individual nominated or seated as a Trustee shall not, and any
immediate family member of such nominee shall not, have accepted directly or
indirectly, during the calendar year of the election for which such individual is
nominated or seated, or during the immediately preceding calendar year, any
consulting, advisory, or other compensatory fee from any 12(d) Holder or from any
person who controls, is controlled by, is under common control with or acts in
concert with any 12(d) Holder;
</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;(xv) An individual nominated or seated as a Trustee shall not, and any
immediate family member of such nominee shall not, be an officer, director, partner
or managing member (or person performing similar functions) of any 12(d) Holder or
of any person who controls, is controlled by, is under common control with or is
acting in concert with a 12(d) Holder; 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;(xvi) An individual nominated or seated as a Trustee shall not, and any
immediate family member of such nominee shall not, control or act in concert with
any 12(d) Holder or any person who controls, is controlled by, is under common
control with or is acting in concert with a 12(d) Holder.
</DIV>

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

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<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">Governance. The Board of Trustees may from time to time require all its members (including
any individual nominated to serve as a Trustee) to agree in writing as to matters of
corporate governance, business ethics and confidentiality while such persons serve as a
Trustee, such agreement to be on the terms and in a form determined satisfactory by the
Board of Trustees, as amended and supplemented from time to time in the discretion of the
Board of Trustees.
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>OFFICERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Officers of the Fund. The officers of the Fund shall consist of a President, a Secretary, a
Treasurer and such other officers or assistant officers as may be elected or authorized by the
Trustees. Any two or more of the offices may be held by the same Person, except that the same
person may not be both President and Secretary. No officer of the Fund need be a Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Election and Tenure. At the initial organization meeting, the Trustees shall elect the President,
Secretary, Treasurer and such other officers as the Trustees shall deem necessary or appropriate in
order to carry out the business of the Fund. Such officers shall serve at the pleasure of the
Trustees or until their successors have been duly elected and qualified. The Trustees may fill any
vacancy in office or add any additional officers at any time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Removal of Officers. Any officer may be removed at any time, with or without cause, by action of a
majority of the Trustees. This provision shall not prevent the making of a contract of employment
for a definite term with any officer and shall have no effect upon any cause of action which any
officer may have as a result of removal in breach of a contract of employment. Any officer may
resign at any time by notice in writing signed by such officer and delivered or mailed to the
Chairman, if any, President, or Secretary, and such resignation shall take effect immediately upon
receipt by the Chairman, if any, President, or Secretary, or at a later date according to the terms
of such notice in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bonds and Surety. Any officer may be required by the Trustees to be bonded for the faithful
performance of such officer&#146;s duties in such amount and with such sureties as the Trustees may
determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chairman, President, and Vice Presidents. The Chairman, if any, shall, if present, preside at
all meetings of the shareholders and of the Trustees. The President shall be the chief executive
officer of the Fund and, subject to the control of the Trustees, shall have general supervision,
direction and control of the business of the Fund and of its employees and shall exercise such
general powers of management as are usually vested in the office of President of a corporation.
Subject to direction of the Trustees, the President shall each have power in the name and on behalf
of the Fund to execute any and all loans, documents, contracts, agreements, deeds, mortgages,
registration statements, applications, requests, filings and other instruments in writing, and to
employ and discharge employees and agents of the Fund. Unless otherwise directed by the Trustees,
the President shall have full authority and power, on behalf of all of the Trustees, to attend and
to act and to vote, on behalf of the Fund at any meetings of business organizations in which the
Fund holds an interest, or to confer such powers upon any other persons, by executing any proxies
duly authorizing such persons. The President shall have such further authorities and
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<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">duties as the Trustees shall from time to time determine. In the absence or disability of the
President, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one
and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of
the President, and when so acting shall have all the powers of and be subject to all of the
restrictions upon the President. Subject to the direction of the Trustees, and of the President,
each Vice-President shall have the power in the name and on behalf of the Fund to execute any and
all instruments in writing, and, in addition, shall have such other duties and powers as shall be
designated from time to time by the Trustees or by the President.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Secretary. The Secretary shall maintain the minutes of all meetings of, and record all votes of,
shareholders, Trustees and the Executive Committee, if any. The Secretary shall be custodian of the
seal of the Fund, if any, and the Secretary (and any other person so authorized by the Trustees)
shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Fund
which would be sealed by a Delaware business corporation executing the same or a similar instrument
and shall attest the seal and the signature or signatures of the officer or officers executing such
instrument on behalf of the Fund. The Secretary shall also perform any other duties commonly
incident to such office in a Delaware business corporation, and shall have such other authorities
and duties as the Trustees shall from time to time determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Treasurer. Except as otherwise directed by the Trustees, the Treasurer shall have the general
supervision of the monies, funds, securities, notes receivable and other valuable papers and
documents of the Fund, and shall have and exercise under the supervision of the Trustees and of the
President all powers and duties normally incident to the office. The Treasurer may endorse for
deposit or collection all notes, checks and other instruments payable to the Fund or to its order.
The Treasurer shall deposit all funds of the Fund in such depositories as the Trustees shall
designate. The Treasurer shall be responsible for such disbursement of the funds of the Fund as may
be ordered by the Trustees or the President. The Treasurer shall keep accurate account of the books
of the Fund&#146;s transactions which shall be the property of the Fund, and which together with all
other property of the Fund in the Treasurer&#146;s possession, shall be subject at all times to the
inspection and control of the Trustees. Unless the Trustees shall otherwise determine, the
Treasurer shall be the principal accounting officer of the Fund and shall also be the principal
financial officer of the Fund. The Treasurer shall have such other duties and authorities as the
Trustees shall from time to time determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other Officers and Duties. The Trustees may elect such other officers and assistant officers as
they shall from time to time determine to be necessary or desirable in order to conduct the
business of the Fund. Assistant officers shall act generally in the absence of the officer whom
they assist and shall assist that officer in the duties of the office. Each officer, employee and
agent of the Fund shall have such other duties and authority as may be conferred upon such person
by the Trustees or delegated to such person by the President.
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>MISCELLANEOUS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Depositories. The funds of the Fund shall be deposited in such custodians as the Trustees shall
designate and shall be drawn out on checks, drafts or other orders signed by such officer,
officers,
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">agent or agents (including the adviser, administrator or manager), as the Trustees may from time to
time authorize.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signatures. All contracts and other instruments shall be executed on behalf of the Fund by its
properly authorized officers, agent or agents, as provided in the Declaration or By-Laws or as the
Trustees may from time to time by resolution provide.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Seal. The Fund is not required to have any seal, and the adoption or use of a seal shall be purely
ornamental and be of no legal effect. The seal, if any, of the Fund, may be affixed to any
instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on
any document with the same force and effect as if it had been imprinted and affixed manually in the
same manner and with the same force and effect as if done by a Delaware business corporation. The
presence or absence of a seal shall have no effect on the validity, enforceability or binding
nature of any document or instrument that is otherwise duly authorized, executed and delivered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Disclosure of Holdings. The holders of Shares or other securities of the Fund shall upon demand
disclose to the Trustees in writing such information with respect to direct and indirect ownership,
control over, holding with power to vote or other beneficial ownership of Shares or other
securities of the Fund as the Trustees deem necessary or appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Governing Law. These By-Laws and the rights of all parties and the validity and construction of
every provision hereof shall be subject to and construed according to the laws of the state in
which the Fund was formed, although such law shall not be viewed as limiting the powers otherwise
granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provisions in Conflict with Law or Regulation.
</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 provisions of these By-Laws are severable, and if the Trustees shall determine, with
the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated
investment company provisions of the Code or with other applicable laws and regulations, the
conflicting provision shall be deemed never to have constituted a part of these By-Laws; provided,
however, that such determination shall not affect any of the remaining provisions of these By-Laws
or render invalid or improper any action taken or omitted prior to such determination.
</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;If any provision of these By-Laws shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of these By-Laws in any jurisdiction.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SHARE TRANSFERS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Transfer Agents, Registrars and the Like. As provided in Section&nbsp;5.7 of the Declaration, the
Trustees shall have authority to employ and compensate such transfer agents and registrars with
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<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">respect to the Shares of the various classes and series, if any, of the Fund as the Trustees shall
deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate
such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as
they shall deem necessary or desirable. Any of such agents shall have such power and authority as
is delegated to any of them by the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Transfer of Shares. The Shares of the Fund shall be transferable on the books of the Fund only
upon delivery to the Trustees or a transfer agent of the Fund of proper documentation as provided
in Section&nbsp;5.8 of the Declaration. The Fund, or its transfer agents, shall be authorized to refuse
any transfer unless and until presentation of such evidence as may be reasonably required to show
that the requested transfer is proper.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registered Shareholders. The Fund may deem and treat the holder of record of any Shares as the
absolute owner thereof for all purposes and shall not be required to take any notice of any right
or claim of right of any other person.
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>AMENDMENT OF BY-LAWS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amendment and Repeal of By-Laws. In accordance with Section&nbsp;3.8 of the Declaration, only the
Trustees shall have the power to amend or repeal the By-Laws or adopt new By-Laws at any time.
Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a
majority of the Trustees then in office. The Trustees shall in no event adopt By-Laws which are in
conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the
related provisions in the Declaration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amended by the Board of Trustees on: February&nbsp;16, 2011
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K.1
<SEQUENCE>4
<FILENAME>y91394exv99wkw1.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: 6pt"><b>Exhibit
99.(k)(1)</b></div>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Transfer Agency and Service Agreement
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Each of the Gabelli Closed End Investment Companies Listed on
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Exhibit&nbsp;A Hereto
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Computershare Trust Company, N.A.
</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Computershare Inc.
</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">Table of Contents
</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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1 Certain Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;2 Appointment of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;3 Standard Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;4 Dividend Reinvestment Plan Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;5 Computershare Dividend Disbursing and Payment Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;6 Optional Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;7 Fees and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;8 Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;9 Indemnification and Limitation of Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;10 Damages</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;11 Responsibilities of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;12 Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;13 Term and Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;14 Assignment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;15 Unaffiliated Third Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">Section&nbsp;16 Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AGREEMENT </B>made as of the 1st day of January, 2011 by and among each of the Gabelli closed-end
investment companies listed on Exhibit&nbsp;A, a corporation, having its principal office and place of
business at One Corporate Center, Rye, NY 10580 (the &#147;Company&#148;), and Computershare Inc., a Delaware
corporation, and its fully owned subsidiary Computershare Trust Company, N.A., a federally
chartered trust company, having its principal office and place of business at 250 Royall Street,
Canton, Massachusetts 02021 (collectively, the &#147;Transfer Agent&#148; or individually, &#147;Computershare&#148;
and the &#147;Trust Company&#148;, respectively).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Company desires to appoint the Trust Company as sole transfer agent, registrar
and administrator of its dividend reinvestment plan or direct stock purchase plan, and
Computershare as dividend disbursing agent and processor of all payments received or made by
Company under this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Trust Company and Computershare will each separately provide specified services
covered by this Agreement and, in addition, the Trust Company may arrange for Computershare to act
on behalf of the Trust Company in providing certain of its services covered by this Agreement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Trust Company and Computershare desire to accept such respective appointments and
perform the services related to such appointments;
</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 covenants herein contained, the parties hereto
agree as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. </B><U><B>CERTAIN DEFINITIONS</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.1 &#147;<B>Account</B>&#148; shall mean the account of each Shareholder which holds any full or fractional shares
of stock held by such Shareholder, outstanding funds, or reportable tax information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.2 &#147;<B>Agreement</B>&#148; shall mean this agreement and any and all exhibits or schedules attached hereto
and any and all amendments or modifications which may from time to time be executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.3 &#147;<B>Services</B>&#148; shall mean all services performed by the Transfer Agent pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.4 &#147;<B>Share</B>&#148; shall mean Company&#146;s common stock, par value $&#95;&#95;&#95;&#95;&#95; per share, and Company&#146;s
preferred stock, par value $&#95;&#95;&#95;&#95;&#95; per share, authorized by the Company&#146;s Articles of Incorporation,
and other classes of Company&#146;s stock to be designated by the Company in writing and which the
Transfer Agent agrees to service under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.5 <B>&#147;Shareholder&#148; </B>shall mean the holder of record of Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.6 <B>&#147;Shareholder Data&#148; </B>shall mean all information maintained on the records database of the
Transfer Agent concerning Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.7 <B>&#147;Plans&#148; </B>shall mean any Dividend Reinvestment, Direct Stock Purchase, or other investment
programs administered for the Company.
</DIV>






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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. </B><U><B>APPOINTMENT OF AGENT</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.1 <U>Appointments</U>. The Company hereby appoints the Trust Company to act as sole transfer
agent and registrar for all Shares and as administrator of Plans in accordance with the terms and
conditions hereof and appoints Computershare as the service provider to the Trust Company and as
dividend disbursing agent and processor of all payments received or made by or on behalf of the
Company under this Agreement, and the Trust Company and Computershare accept the respective
appointments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.2 <U>Documents</U>. In connection with the appointing of the Trust Company as the transfer
agent and registrar for the Company, the Company has provided or will provide the attached
appointment and corporate authority documents to the Transfer Agent:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of resolutions appointing the Trust Company as the transfer agent;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of Registration Statements and amendments thereto, filed with the
Securities and Exchange Commission, for initial public offerings;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specimens of all forms of outstanding stock certificates for Shares, in forms
approved by the Board of Directors of the Company, with a certificate of the Secretary
of the Company as to such approval;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specimens of the signatures of the officers of the Company authorized to sign
stock certificates and authorized to sign written instructions and requests;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An opinion of counsel for the Company addressed to both the Trust Company and
Computershare with respect to:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s organization and existence under the laws
of its state of organization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The status of all Shares of the Company covered by the
appointment under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;),
and any other applicable federal or state statute; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That all issued Shares are, and all unissued Shares will
be, when issued, validly issued, fully paid and non-assessable;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Articles of Incorporation and By-Laws of the Company;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of all material amendments to the Articles of Incorporation or By-Laws
of the Company made after the date of this Agreement, promptly after such amendments
are made; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certificate of the Company as to the Shares authorized, issued and
outstanding, as well as a description of all reserves of unissued Shares relating to
the exercise of options.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.3 <U>Records</U>. Transfer Agent may adopt as part of its records all lists of holders, records
of Company&#146;s stock, books, documents and records which have been employed by any former agent of
Company for the maintenance of the ledgers for such shares, provided such ledger is certified by an
officer of Company or the prior transfer agent to be true, authentic and complete. The Transfer
Agent shall keep records relating to the Services, in the form and manner it deems advisable. The Transfer Agent agrees that all such
records prepared or maintained by it relating to the Services are the property of the Company and
will be preserved,
</DIV>




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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">maintained and made available in accordance with the requirements of law, and will be surrendered
promptly to the Company on and in accordance with its request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.4 <U>Shares</U>. Company shall, if applicable, inform Transfer Agent as to (i)&nbsp;the
existence or termination of any restrictions on the transfer of Shares and in the application to or
removal from any stock certificate of any legend restricting the transfer of such Shares or the
substitution for such certificate of a certificate without such legend, (ii)&nbsp;any authorized but
unissued Shares reserved for specific purposes, (iii)&nbsp;any outstanding Shares which are exchangeable
for Shares and the basis for exchange, (iv)&nbsp;reserved Shares subject to option and the details of
such reservation, and (v)&nbsp;special instructions regarding dividends and information of foreign
Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.5 <U>Certificates</U>. Company shall deliver to Transfer Agent an appropriate supply of
stock certificates, which certificates shall provide a signature panel for use by an officer of or
authorized signor for Transfer Agent to sign as transfer agent and registrar, and which shall state
that such certificates are only valid after being countersigned and registered, or provide Transfer
Agent with documentation required to print on demand stock certificates, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. </B><U><B>STANDARD SERVICES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3,1 <U>Share Services</U>. The Transfer Agent shall perform the following Share Services:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue and record the appropriate number of Shares as authorized and hold such Shares in
the appropriate Shareholder 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effect transfers of Shares by the registered owners thereof upon receipt of appropriate
documentation; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Replacement Certificates</U>. The Transfer Agent shall issue replacement certificates
for those certificates alleged to have been lost, stolen or destroyed upon receipt by the Transfer
Agent of an open penalty surety bond satisfactory to it and holding it and the Company
harmless, absent notice to the Company and the Transfer Agent that such certificates have
been acquired by a bona fide purchaser. The Transfer Agent may, at its option, issue
replacement certificates in place of mutilated stock certificates upon presentation thereof
without such indemnity. Further, the Transfer Agent may, at its sole option, accept
indemnification from the Company to issue replacement certificates for those certificates
alleged to have been lost, stolen or destroyed in lieu of an open penalty bond.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.2 <U>Unclaimed Property and Lost Shareholders</U>. The Transfer Agent shall report unclaimed
property to each state in compliance with applicable law and shall comply with Rule&nbsp;17 Ad-17 promulgated under
the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), for lost shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.3 <U>Computer Services</U>. The Transfer Agent shall provide the following computer Services:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Shareholder Internet Services</U>. The Transfer Agent shall provide internet
access to Company&#146;s Shareholders through Transfer Agent&#146;s web site, www.computershare.com
(&#147;Shareholder Internet Services&#148;), pursuant to its established procedures (&#147;Security
Procedures&#148;) and fees, to allow Shareholders to view their Account information and perform
certain on-line transactions. The Shareholder Internet Services are provided &#147;as is,&#148; on an &#147;as available&#148; basis, and Transfer
Agent hereby specifically disclaims any and all representations or warranties, express or
implied, regarding</TD>
</TR>



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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Services, including any implied warranty of merchantability or fitness for a
particular purpose and implied warranties arising from course of dealing or course of
performance. Notwithstanding the foregoing, in providing Shareholder Internet Services,
the Transfer Agent will comply with all applicable laws concerning consent to deliver and
delivery of documents electronically.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Issuer Online</U>. Transfer Agent shall provide Company with access to Shareholder
Data maintained on the Transfer Agent&#146;s databases and computer system through the Internet
(&#147;Issuer Online&#148;) subject to the terms and conditions set forth herein and pursuant to the
Transfer Agent&#146;s established procedures, to be provided to the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Proprietary Information</U>. The Company acknowledges that the databases, computer
programs, screen formats, report formats, interactive design techniques, and documentation manuals furnished
to the Company by Transfer Agent as part of Issuer Online, or otherwise, is under the
control and ownership of the Transfer Agent or other third party (including its affiliates)
and constitutes copyrighted, trade secret, or other proprietary information (collectively,
&#147;Proprietary Information&#148;) of substantial value to the Transfer Agent or other third party.
In no event shall Proprietary Information be deemed Shareholder Data. The Company agrees to
treat all Proprietary Information as confidential in accordance with the provisions of
Section&nbsp;12 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Third Party Content</U>. Organizations from which the Transfer Agent may obtain
certain data included in the Services are solely responsible for the contents of such data
and the Company agrees to make no claim against the Transfer Agent arising out of the
contents of such third party data, including, but not limited to, the accuracy thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employees and Agents</U>. Each party shall take reasonable efforts to advise its
employees and agents of their respective obligations pursuant to this Section&nbsp;3.3.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. </B><U><B>DIVIDEND REINVESTMENT PLAN SERVICES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.1 The Trust Company shall perform all services under the Plans, as the administrator of such
Plans, with the exception of payment processing for which Computershare has been appointed as agent
by Company, and certain other services that the Trust Company may subcontract to Computershare as
permitted by applicable law (e.g. ministerial services).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.2 The Transfer Agent shall act as agent for Shareholders pursuant to the Plans in accordance with
the terms and conditions of such Plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5. </B><U><B>DIVIDEND DISBURSING AND PAYMENT SERVICES</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.1 <U>Declaration of Dividends</U>. Upon receipt of a written notice from the President, any
Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer of Company
declaring the payment of a dividend, Computershare shall disburse such dividend payments provided
that in advance of the applicable check mailing date, Company furnishes Computershare with
sufficient funds. The payment of such funds to Computershare for the purpose of being available
for the payment of dividends from time to time is not intended by Company to confer any rights in
such funds on Shareholders whether in trust, contract, or otherwise.
</DIV>




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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.2 <U>Stop Payments</U>. Company hereby authorizes Computershare to stop payment of checks
issued in payment of dividends or for sales proceeds, but not presented for payment, when the
payees thereof allege either that they have not received the checks or that such checks have been
mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control
and cannot be produced by them for presentation and collection, and Computershare shall issue and
deliver duplicate checks in replacement thereof, and Company shall indemnify Transfer Agent against
any loss or damage resulting from reissuance of the checks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.3 <U>Tax Withholding</U>. Company hereby authorizes Computershare to deduct from all dividends
declared by Company and disbursed by Computershare, as dividend disbursing agent, the tax required
to be withheld pursuant to Sections&nbsp;1441, 1442 and 3406 of the Internal Revenue Code of 1986, as
amended, or by any federal or state statutes subsequently enacted, and to make the necessary return
and payment of such tax in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.4 <U>Plan Payments</U>. Company hereby authorizes Computershare to receive all payments made to
the Company (i.e. optional cash purchases) or the Transfer Agent under the Plans and make all
payments required to be made under such Plans, including all payments required to be made to the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.5 <U>Bank Accounts</U>. The Company acknowledges that the bank accounts maintained by
Computershare in connection with the Services will be in Computershare&#146;s name and that
Computershare may receive investment earnings in connection with the investment at Computershare&#146;s
risk and for its benefit of funds held in those accounts from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6. </B><U><B>OPTIONAL SERVICES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.1 <U>Optional Services</U> To the extent that Company elects to engage any entity other
than the Transfer Agent (&#147;Company Vendor&#148;) to provide any of the services listed below, the Company
shall give the Transfer Agent the right of first refusal to provide such services upon the same
terms and fees as the Company Vendor:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employee Stock Purchase or Option Plan services; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate Actions services (including, inter alia, odd lot buy backs, exchanges,
mergers, redemptions, subscriptions, capital reorganizations, coordination of post-merger
services and special meetings).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.2 In the event that the Company Vendor provides the services set forth in Section&nbsp;6.1, the
Company shall pay the Transfer Agent its standard fees and expenses charged by the Transfer Agent
for Services rendered to support the above Services rendered by the Company Vendor for the benefit
of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>7. </B><U><B>FEES AND EXPENSES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.1 <U>Fee and Service Schedules</U>. Company agrees to pay Transfer Agent the fees for
Services performed pursuant to this Agreement as set forth in the Fee and Service Schedule attached
hereto and incorporated herein, for the initial term of the Agreement (the &#147;Initial Term&#148;). Sixty
(60)&nbsp;days before the expiration of the Initial Term or a Renewal Term (as defined below), whichever
is applicable, the parties to this Agreement will agree upon a Fee Schedule for the upcoming
Renewal Term. If no new fee schedule is agreed upon, the fees will increase as set forth in the
Term Section of the Fee and Service Schedule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.2 <U>Out-of-Pocket Expenses</U>. In addition to the fees paid under Section&nbsp;7.1 above, the
Company agrees to reimburse the Transfer Agent for out-of-pocket expenses incurred by the Transfer
Agent as set out in the Fee and Service Schedule attached hereto.
</DIV>




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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.3 <U>Conversion Funds</U>. Conversion funding required by any out of proof condition caused by
a prior agents&#146; services shall be advanced to Transfer Agent prior to the commencement of Services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.4 <U>Invoices</U>. The Company agrees to pay all fees and reimbursable expenses within 30&nbsp;days
of the date of the respective billing notice, except for any fees or expenses that are subject to
good faith dispute. In the event of such a dispute, the Company may only withhold that portion of
the fee or expense subject to the good faith dispute. The Company shall settle such disputed
amounts within five (5)&nbsp;business days of the day on which the parties agree on the amount to be
paid by payment of the agreed amount. If no agreement is reached, then such disputed amounts shall
be settled as may be required by law or legal process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.5 <U>Late Payments</U>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any undisputed amount in an invoice of the Transfer Agent (for fees or
reimbursable expenses) is not paid within 30&nbsp;days after receipt of such invoice, the
Company shall pay the Transfer Agent interest thereon (from the due date to the date of
payment) at a per annum rate equal to eighteen percent (18%). Notwithstanding any
other provision hereof, such interest rate shall be no greater than permitted under
applicable provisions of Massachusetts 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The failure by Company to pay an invoice within 90&nbsp;days after receipt of such
invoice or the failure by the Company to timely pay two consecutive invoices shall
constitute a material breach pursuant to Section&nbsp;13.4(a) below. The Transfer Agent may
terminate this Agreement for such material breach immediately and shall not be
obligated to provide the Company with 30&nbsp;days to cure such breach.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.6 <U>Overtime Charges</U>. Overtime charges will be assessed in the event of a late delivery to
the Transfer Agent of Company material for mailings to Shareholders, unless the mail date is
rescheduled. Such material includes, but is not limited to, proxy statements, quarterly and annual
reports and news releases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>8. </B><U><B>REPRESENTATIONS AND WARRANTIES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.1 <U>Representations and Warranties of Transfer Agent</U>. The Transfer Agent represents and
warrants to the Company that:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Governance</U>. The Trust Company is a federally chartered limited purpose
national bank duly organized, validly existing, and in good standing under the laws of the
United States and Computershare is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Delaware and each has full power, authority
and legal right to execute, deliver and perform this Agreement. The execution, delivery
and performance of this Agreement by Transfer Agent has been duly authorized by all
necessary action and constitutes the legal, valid and binding obligation of Transfer Agent
enforceable against Transfer Agent in accordance with its terms;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compliance with Laws</U>. The execution, delivery and performance of this
Agreement by Transfer Agent will not violate, conflict with or result in the breach of any
material term, condition or provision of, or require the consent of any other party to,
(i)&nbsp;any existing law, ordinance, or governmental rule or regulation to which Transfer
Agent is subject, (ii)&nbsp;any judgment, order, writ, injunction, decree or award of any
court, arbitrator or governmental or regulatory official, body or</TD>
</TR>

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

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authority which is applicable to Transfer Agent, (iii)&nbsp;the incorporation documents or
by-laws of the Transfer Agent, or (iv)&nbsp;any material agreement to which Transfer Agent
is a 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Company&#146;s Agent</U>. Transfer Agent is engaged in an independent business and
will perform its obligations under this Agreement as an agent of Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.2 <U>Representations and Warranties of Company</U>. The Company represents and warrants to
the Transfer Agent that:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Governance</U>. It is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, and it has full power, authority and
legal right to enter into and perform this Agreement. The execution, delivery and
performance of this Agreement by Company has been duly authorized by all necessary action
and constitutes the legal, valid and binding obligation of Company enforceable against
Company in accordance with its terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Compliance with Laws</U>. The execution, delivery and performance of this
Agreement by Company will not violate, conflict with or result in the breach of any
material term, condition or provision of, or require the consent of any other party to,
(i)&nbsp;any existing law, ordinance, or governmental rule or regulation to which Company is
subject, (ii)&nbsp;any judgment, order, writ, injunction, decree or award of any court,
arbitrator or governmental or regulatory official, body or authority which is applicable
to Company, (iii)&nbsp;the incorporation documents or by-laws of the Company, (iv)&nbsp;any material
agreement to which Transfer Agent is a party, or (v)&nbsp;exchange rules; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Securities Act of 1933</U>. A registration statement under the 1933 Act has been
filed and is currently effective, or will be effective prior to the sale of any Shares,
and will remain so effective, and all appropriate state securities law filings have been
made with respect to all the Shares of the Company being offered for sale except for any
Shares which are offered in a transaction or series of transactions which are exempt from
the registration requirements of the 1933 Act and state securities laws; information to
the contrary will result in immediate notification to the Transfer Agent by Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>9. </B><U><B>INDEMNIFICATION AND LIMITATION OF LIABILITY</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.1 <U>Company Indemnity</U>. The Company shall indemnify and hold the Transfer Agent harmless
from and against, and the Transfer Agent shall not be responsible for, any and all losses, claims,
damages, costs, charges, counsel fees and expenses, payments, expenses and liability arising out of
or attributable to:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all actions of the Transfer Agent or its agents or subcontractors required to
be taken pursuant to this Agreement provided such actions are taken in good faith and
without gross negligence or willful misconduct;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s lack of good faith, negligence or willful misconduct or the
breach of any representation or warranty of the Company 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reliance or use by the Transfer Agent or its agents or subcontractors of
any information, records, data, and documents which have been prepared and/or
maintained by the Company or any other person or firm on behalf of the Company and provided to the Transfer
Agent or its agents or subcontractors. Such other person or firm shall include any
former transfer agent or</TD>
</TR>



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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>former registrar, or co-transfer agent or co-registrar or any current registrar where
the Transfer Agent is not the current registrar;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reliance or use by the Transfer Agent or its agents or subcontractors of
(i)&nbsp;any paper or document reasonably believed to be genuine and to have been signed by
the proper person or persons, including Shareholders, and (ii)&nbsp;electronic instructions
from Shareholders submitted through the Shareholder Internet Services, from Company
through Issuer Online, or through any other electronic means pursuant to security
procedures established by the Transfer Agent;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The negotiation and processing of all checks, including checks made payable to
Shareholders or prospective shareholders that are tendered to the Transfer Agent for
the purchase of Shares (commonly known as &#147;third party checks&#148;); and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The recognition, acceptance, or processing by the Transfer Agent of stock
certificates which are reasonably believed to bear the proper manual or facsimile
signatures of officers of the Company, and the proper countersignature of any former
transfer agent or former registrar, or of a co-transfer agent or co-registrar.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.2 <U>Instructions</U>. From time to time, Company may provide Transfer Agent with instructions
concerning the Services. In addition, at any time the Transfer Agent may apply to any officer of
the Company for instruction, and may consult with legal counsel for the Transfer Agent or the
Company with respect to any matter arising in connection with the Services to be performed by the
Transfer Agent under this Agreement, and Transfer Agent and its agents and subcontractors shall not
be liable and shall be indemnified by the Company for any action taken or omitted by it in reliance
upon any Company instructions or upon the advice or opinion of such counsel. The Transfer Agent
shall not be held to have notice of any change of authority of any person, until receipt of written
notice thereof from the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.3 <U>Transfer Agent Indemnification/Limitation of Liability</U>. Transfer Agent shall be
responsible for and shall indemnify and hold the Company harmless from and against any and all
losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or
attributable to: (a)&nbsp;Transfer Agent&#146;s refusal or failure to comply with the terms of this
Agreement, (b)&nbsp;Transfer Agent&#146;s negligence or willful misconduct, or (c)&nbsp;Transfer Agent&#146;s breach of
any representation or warranty hereunder, for which Transfer Agent is not entitled to
indemnification under this Agreement; provided, however, that Transfer Agent&#146;s aggregate liability
during any term of this Agreement with respect to, arising from, or arising in connection with this
Agreement, or from all Services provided or omitted to be provided under this Agreement, whether in
contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder
by the Company to Transfer Agent as fees and charges, but not including reimbursable expenses,
during the twelve (12)&nbsp;months immediately preceding the event for which recovery from the Transfer
Agent is being sought.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.4 <U>Notice</U>. In order that the indemnification provisions contained in this Section
shall apply, upon the assertion of a claim for which one party may be required to indemnify the
other, the party seeking indemnification shall promptly notify the other party of such assertion,
and shall keep the other party advised with respect to all developments concerning such claim. The
indemnifying party shall have the option to participate with the indemnified party in the defense
of such claim or to defend against said claim in its own name or the name of the indemnified party.
The indemnified party shall in no case confess any claim or make any compromise in any case in which the indemnifying party may be required to indemnify it except
with the indemnifying party&#146;s prior written consent.
</DIV>




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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>10. </B><U><B>DAMAGES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No party shall be liable for any incidental, indirect, special or consequential damages of any
nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a
breach of any provision of this Agreement even if apprised of the possibility of such damages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>11. </B><U><B>RESPONSIBILITIES OF THE COMPANY</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.1 The Company agrees that it will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further and other acts, documents,
instruments and assurances as may reasonably be required by the Transfer Agent for the carrying
out, or performing by the Transfer Agent of the provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.2 <U>Notification</U>. Company shall notify Transfer Agent as soon as possible in advance of
any stock split, stock dividend or similar event which may affect the Shares, and of any
bankruptcy, insolvency, moratorium or other proceeding regarding Company affecting the enforcement
of creditors&#146; rights. Notwithstanding any other provision of this Agreement to the contrary,
Transfer Agent will have no obligation to perform any Services under this Agreement subsequent to
the commencement of any bankruptcy, insolvency, moratorium or other proceeding regarding Company
affecting the enforcement of creditors&#146; rights unless Transfer Agent receives assurance
satisfactory to it that it will receive full payment for such Services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>12. </B><U><B>CONFIDENTIALITY</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.1 <U>Definition</U>. Each party acknowledges and understands that any and all technical,
trade secret, or business information, including, without limitation, financial information,
business or marketing strategies or plans, product development, Company information, Shareholder
information (including any non-public information of such Shareholder), Proprietary Information, or
proprietary software (including methods or concepts used therein, sources code, object code, or
related technical information) which has been or is disclosed to the other or has been or is
otherwise obtained by the other, its affiliates, agents or representatives before or during the
term of this Agreement (the &#147;Confidential Information&#148;) is confidential and proprietary,
constitutes trade secrets of the owner (or its affiliates), and is of great value and importance to
the success of the owner&#146;s (or its affiliates&#146;) business. The parties shall treat the terms and
conditions (but not the existence) of this Agreement as the Confidential Information of the other
party. Confidential Information shall not include any information that is: (a)&nbsp;already known to
the other party or its affiliates at the time of the disclosure; (b)&nbsp;publicly known at the time of
the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c)
subsequently disclosed to the other party or its affiliates on a non-confidential basis by a third
party not having a confidential relationship with the owner and which rightfully acquired such
information; or (d)&nbsp;independently developed by one party without access to the Confidential
Information of the other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.2. <U>Use and Disclosure</U>. All Confidential Information relating to a party will be held in
confidence by the other party to the same extent and with at least the same degree of care as such
party protects its own confidential or proprietary information of like kind and import, but in no
event using less than a reasonable degree of care. Neither party will disclose, duplicate,
publish, release, transfer or otherwise make available Confidential Information of the other party
in any form to, or for the use or benefit of, any person or entity without the other party&#146;s
consent. Each party will, however, be permitted to disclose relevant aspects of the other party&#146;s
Confidential Information to its officers, affiliates, agents, subcontractors and employees to the
extent that such disclosure is reasonably necessary for the performance of its duties and
obligations under this
</DIV>




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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement and such disclosure is not prohibited by the Gramm-Leach-Bliley Act of 1999 (15 U.S.C.
6801 et seq.), as it may be amended from time to time (the &#147;GLB Act&#148;), the regulations promulgated
thereunder or other applicable law. Each party will establish commercially reasonable controls to
ensure that the confidentiality of the Confidential Information and to ensure that the Confidential
Information is not disclosed contrary to the provisions of this Agreement, the GLB Act or any other
applicable privacy law. Without limiting the foregoing, each party will implement such physical
and other security measures as are necessary to (a)&nbsp;ensure the security and confidentiality of the
Confidential Information; (b)&nbsp;protect against any threats or hazards to the security and integrity
of the Confidential Information; and (c)&nbsp;protect against any unauthorized access to or use of the
Confidential Information. To the extent that any duties and responsibilities under this Agreement
are delegated to an agent or other subcontractor, the party ensures that such agent and
subcontractor are contractually bound to confidentiality terms consistent with the terms of this
Section&nbsp;12.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.3. <U>Required or Permitted Disclosure</U>. In the event that any requests or demands are made
for the disclosure of Confidential Information, other than requests to Computershare for records of
Shareholders pursuant to standard subpoenas from state or federal government authorities (e.g., in
divorce and criminal actions), the party will notify the other party to secure instructions from an
authorized officer of such party as to request and to enable the other party the opportunity to
obtain a protective order or other confidential treatment. Each party expressly reserves the
right, however, to disclose the Confidential Information to any person whenever it is advised by
counsel that it may be held liable for the failure to disclose such Confidential Information or if
required by law or court order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.4 <U>Unauthorized Disclosure</U>. As may be required by law and without limiting either
party&#146;s rights in respect of a breach of this Section, each party will:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly notify the other party in writing of any unauthorized possession, use or
disclosure of the other party&#146;s Confidential Information by any person or entity that may
become known to such party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly furnish to the other party full details of the unauthorized possession, use or
disclosure; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promptly use commercially reasonable efforts to prevent a recurrence of any such
unauthorized possession, use or disclosure of Confidential Information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.5 <U>Costs</U>. Each party will bear the costs it incurs as a result of compliance with this
Section&nbsp;12.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>13. </B><U><B>TERM AND TERMINATION</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.1 <U>Term</U><I>. </I>The Initial Term of this Agreement shall be three (1)&nbsp;year from the date
first stated above unless terminated pursuant to the provisions of this Section&nbsp;13. This Agreement
will renew automatically from year to year (each a &#147;Renewal Term&#148;), unless a terminating party
gives written notice to the other party not less than sixty (60)&nbsp;days before the expiration of the
Initial Term or Renewal Term, whichever is in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.2 <U>Early Termination</U>. Notwithstanding anything contained in this Agreement to the
contrary, should Company desire to move any of its Services provided by the Transfer Agent
hereunder to a successor service provider prior to the expiration of the then current Initial or
Renewal Term, or without the required notice period, the Transfer Agent shall make a good faith
effort to facilitate the conversion on such prior date, however, there can be no guarantee that the
Transfer Agent will be able to facilitate a conversion of Services on such prior date. In connection with the foregoing, should Services be converted to a successor
service provider, or if the Company is liquidated or its assets merged or purchased or the like
with another entity which
</DIV>




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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">does not utilize the services of the Transfer Agent, the fees payable to the Transfer Agent shall
be calculated as if the Services had remained with the Transfer Agent until the expiration of the
then current Initial or Renewal Term and calculated at existing rates on the date notice of
termination was given to the Transfer Agent, and the payment of fees to the Transfer Agent as set
forth herein shall be accelerated to the date prior to the conversion or termination of Services.
This Section&nbsp;13.2 shall not apply if the Transfer Agent is terminated for cause under Section
13.4(a) of this Agreement. Once this Agreement is terminated, any and all other Services provided
by Transfer Agent for the Company will be deemed terminated on said date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.3 <U>Expiration or Termination of Term</U><I>. </I>In the event of the expiration or termination
of this Agreement by either party, all reasonable out-of-pocket expenses associated with the
movement of records and material will be borne by the Company. Additionally, the Transfer Agent
will charge a de-conversion/transition fee in an amount equal to 10% of the aggregate fees incurred
by Company during the immediately preceding twelve (12)&nbsp;month period, provided, however, such fee
shall in no event be less than three thousand, seven hundred and fifty ($3,750.00) dollars.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.4 <U>Termination</U>. This Agreement may be terminated in accordance with the following:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any time by any party upon a material breach of a representation, covenant
or term of this Agreement by any other unaffiliated party which is not cured within a
period not to exceed thirty (30)&nbsp;days after the date of written notice thereof by one
of the other parties; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Transfer Agent, at any time, in the event that during the term of this
Agreement, a bankruptcy or insolvency proceeding is filed by or against Company or a
trustee or receiver is appointed for any substantial part of Company&#146;s property (and in
a case of involuntary bankruptcy, insolvency or receivership proceeding, there is
entered an order for relief, or order appointing a receiver or some similar order or
decree and Company does not succeed in having such order lifted or stayed within sixty
(60)&nbsp;days from the date of its entry), or Company makes an assignment of all or
substantially all of its property for the benefit of creditors or ceases to conduct
its operations in the normal course or business.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>14. </B><U><B>ASSIGNMENT</B></U><B>.</B><U></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.1 <U>Consent</U>. Except as otherwise provided in Section&nbsp;14.2 below, neither this Agreement
nor any rights or obligations hereunder may be assigned or delegated by the Company or the Transfer
Agent without the written consent of the other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.2 <U>Affiliates</U>. The Transfer Agent may, without further consent of the Company, assign
any of its rights and obligations hereunto to any affiliated transfer agent registered under Rule
17Ac2 promulgated under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.3 <U>Sub-contractors</U>. Transfer Agent may, without further consent of the Company,
subcontract with any affiliates, or may subcontract with unaffiliated subcontractors for telephone
and mailing services, as may be required from time to time; provided, however, that the Transfer
Agent shall be as fully responsible to the Company for the acts and omissions of any subcontractor
as it is for its own acts and omissions.
</DIV>





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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>15. </B><U><B>UNAFFILIATED THIRD PARTIES</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing herein shall impose any duty upon the Transfer Agent in connection with or make the
Transfer Agent liable for the actions or omissions to act of unaffiliated third parties such as, by
way of example and not limitation, airborne services, the U.S. mails and telecommunication
companies, provided, if the Transfer Agent selected such company, the Transfer Agent shall have
exercised due care in selecting the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>16. </B><U><B>MISCELLANEOUS</B></U><B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.1 <U>Notices</U>. Any notice or communication by the Transfer Agent or the Company to the
other is duly given if in writing and delivered in person or mailed by first class mail, postage
prepaid, telecopier or overnight air courier guaranteeing next day delivery, to the other&#146;s
address:
</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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&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">If to the Company:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gabelli Closed-End Funds</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">One Corporate Center</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">Rye, NY 10580</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">Telecopy No.: (914)&nbsp;921-5118</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">Attn: Carter Austin</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>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">If to the Transfer Agent:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computershare Trust Company, N.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">c/o Computershare Shareholder Services, Inc.</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">250 Royall Street</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">Canton, MA 02021</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">Telecopy No.: (781)&nbsp;575-4210</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">Attn: General Counsel</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.2 <U>No Expenditure of Funds</U>. No provision of this Agreement shall require the Transfer
Agent to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder or in the exercise of its rights if it shall believe in good faith
that repayment of such funds or adequate indemnification against such risk or liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.3 <U>Successors</U>. All the covenants and provisions of this Agreement by or for the
benefit of the Company or the Transfer Agent shall bind and inure to the benefit of their
respective successors and assigns hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.4 <U>Amendments</U>. This Agreement may be amended or modified by a written amendment executed
by the parties hereto and, to the extent required, authorized or approved by a resolution of the
Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.5 <U>Severability</U>. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable,
the remainder of the terms, provision, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.6 <U>Governing Law</U>. This Agreement shall be governed by the laws of the Commonwealth of
Massachusetts.
</DIV>




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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.7 <U>Force Majeure</U>. Notwithstanding anything to the contrary contained herein, Transfer
Agent shall not be liable for any delays or failures in performance resulting from acts beyond its
reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply,
breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data
due to power failures or mechanical difficulties with information storage or retrieval systems,
labor difficulties, war, or civil unrest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.8 <U>Third Party Beneficiaries</U>. The provisions of this Agreement are intended to
benefit only the Transfer Agent, the Company and their respective permitted successors and assigns.
No rights shall be granted to any other person by virtue of this Agreement, and there are no third
party beneficiaries hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.9 <U>Survival</U>. All provisions regarding indemnification, warranty, liability and limits
thereon, and confidentiality and protection of proprietary rights and trade secrets shall survive
the termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.10 <U>Priorities</U>. In the event of any conflict, discrepancy, or ambiguity between the terms
and conditions contained in this Agreement and any schedules or attachments hereto, the terms and
conditions contained in this Agreement shall take precedence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.11 <U>Merger of Agreement</U>. This Agreement constitutes the entire agreement between the
parties hereto and supersedes any prior agreement with respect to the subject matter hereof,
whether oral or written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.12 <U>No Strict Construction</U>. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event any ambiguity or question or intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by all parties
hereto, and not presumption or burden or proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provision of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.13 <U>Counterparts</U>. This Agreement may be executed in any number of counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;The remainder of page intentionally left blank.&#093;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by one of
its officers thereunto duly authorized, all 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="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" colspan="3"><B>Computershare Inc. and<br> Computershare Trust Company, N. A.</B><br></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="2"><B>The Gabelli Closed-End Funds</B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="7">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" colspan="3"><B><I>On Behalf of Both Entities:</I></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left">By:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">By:&nbsp;</TD>
    <TD colspan="2" align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left">Name:&nbsp;</TD>
    <TD valign="top" align="left"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Name:&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left">Title:</TD>
    <TD valign="top" align="left"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Title:</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Equity Trust Inc.
</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Convertible and Income Securities Fund Inc.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Global Multimedia Trust
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Utility Trust
</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Convertible and Income Securities 6.00% Series&nbsp;B Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Dividend and Income Trust 5.875% Series&nbsp;A Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Dividend and Income Trust 6.00% Series&nbsp;D Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Equity Trust 5.875% Series&nbsp;D Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Equity Trust 6.20% Series&nbsp;F Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Global Multimedia Trust Inc. 6.00% Series&nbsp;B Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Utility Trust 5.625% Series&nbsp;A Cumulative Preferred
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Healthcare &#038; Wellness Rx Trust
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Gabelli Healthcare &#038; Wellness Rx Trust 5.76% Series&nbsp;A Preferred
</DIV>


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




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K.2
<SEQUENCE>5
<FILENAME>y91394exv99wkw2.htm
<DESCRIPTION>EX-99.K.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wkw2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.(k)(2)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FEE AND SERVICE SCHEDULE FOR STOCK TRANSFER SERVICES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>between</I></B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EACH OF THE GABELLI CLOSED-END INVESTMENT COMPANIES</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>and</I></B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>COMPUTERSHARE INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>and</I></B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>COMPUTERSHARE TRUST COMPANY, N.A.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Fee and Service Schedule is by and between, Computershare Inc. <I>(formerly known as
Computershare Shareholder Services, Inc.) </I>(&#147;Computershare&#148;) and Computershare Trust
Company, N.A. (the &#147;Trust Company&#148;), (collectively, &#147;Transfer Agent&#148;) or individually
&#147;Computershare&#148; and the &#147;Trust Company&#148;, respectively and each of the Gabelli Closed-End Investment
Companies the (&#147;Company&#148;), (hereinafter referred to as &#147;the Company&#148;), whereby the Transfer Agent
will perform the following services for the Company. This Fee and Service Schedule (&#147;Schedule&#148;) is
an attachment to the Agreement. Terms used, but not otherwise defined in this Schedule, shall have
the same meaning as those terms in the Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TERM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fees set forth in this Schedule shall be effective for a period of <B>three (3)&nbsp;years</B>, commencing
from the effective date of <B>January&nbsp;1, 2011 </B>(the &#147;Initial Term&#148;). Sixty (60)&nbsp;days before the
expiration of the Initial Term or a Renewal Term, whichever is applicable, the parties to this
Agreement will agree upon a Fee Schedule for the upcoming Renewal Term. If no new fee schedule is
agreed upon, provided that service mix and volumes remain constant, the fees listed in the Schedule
shall be increased (a)&nbsp;by the accumulated change in the National Employment Cost Index for Service
Producing Industries (Finance, Insurance, Real Estate) for the preceding years of the contract, as
published by the Bureau of Labor Statistics of the United States Department of Labor; or (b)&nbsp;to the
Transfer Agent&#146;s minimum fees then in effect, whichever is greater. Fees will be increased on this
basis for each successive Renewal Term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FEES :</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Transfer Agent and Registrar Fee*</b></U><BR>
<b>$5.00 per open account &#038; $2.00 per closed account (minimum monthly fee of $1,000.00 for each of the<BR>
following funds):</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gabelli Equity Trust Inc.<BR>

Gabelli Utility Trust<BR>

Gabelli Global Multimedia Trust<BR>

Gabelli Convertible and Income Securities Fund Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>$4,000.00 Per month, Gabelli Healthcare &#038; Wellness Rx Trust</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>$1,000.00 Per month, for the following funds:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gabelli Global Utility and Income Trust<BR>
Gabelli Dividend and Income Trust<BR>
Gabelli Convertible and Income Securities 6.00% Series&nbsp;B Cumulative Preferred<BR>
Gabelli Dividend and Income Trust 5.875% Series&nbsp;A Cumulative Preferred<BR>
Gabelli Dividend and Income Trust 6.00% Series&nbsp;D Cumulative Preferred<BR>
Gabelli Equity Trust 5.875% Series&nbsp;D Cumulative Preferred<BR>
Gabelli Global Multimedia Trust Inc. 6% Series&nbsp;B Cumulative Preferred<BR>
Gabelli Utility Trust 5.625% Series&nbsp;A Cumulative Preferred</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="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"><B>$833.33</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Per month for the following funds:</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gabelli Equity Trust 6.20% Series&nbsp;F Cumulative Preferred</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gabelli Healthcare &#038; Wellness Rx Trust 5.76% Series&nbsp;A Preferred</B>
</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"><B>$1,000.00*</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Per month, for any new fund with monthly dividend payments</B></TD>
</TR>
</TABLE>
</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"><B>$833.33*</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Per month, for any new fund with quarterly dividend payments</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>*Spin-offs will be priced separately at a fee agreed upon by both parties.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>DRP AND DTC Fees:</B>
</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"><B>$.75</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>For each Dividend Reinvestment, per participant</B></TD>
</TR>
</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the average volume of transactions, inquiries, or telephone calls significantly
increases during the term of this Agreement as a result of outside factors or unforeseen
circumstances for which the Transfer Agent is not the proximate cause, the Transfer Agent
and the Company shall negotiate an additional fee.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Lost Owner/Shareholder Search Services</B></U>
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC Electronic Database Search $2.00 per account searched</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SERVICES (per fund)</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="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Administrative Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual administrative services as Transfer Agent and Registrar for the closed-end
funds listed above</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assignment of relationship manager</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Account Maintenance</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain registered Shareholder accounts per year, to include the following
services:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Create new Shareholder accounts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Post and acknowledge address changes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process other routine file maintenance 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Post all transactions, including debit and credit certificates, to the Shareholder
file</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Respond to requests for audit confirmations</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform OFAC (Office of Foreign Asset Control) and Patriot Act reporting</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain tax certifications</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Share Issuance</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue, cancel and register 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process all legal transfers as appropriate</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Combine certificates into larger and/or smaller denominations</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Replace lost, stolen or destroyed certificates in accordance with UCC guidelines and
Transfer Agent policy (subject to Shareholder-paid fee and bond premium)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Place, maintain and remove stop-transfer notations</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Shareholder Communications</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide Company-specific Shareholder contact number;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide IVR 24/7 (subject to system maintenance);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Respond to Shareholder inquiries (written, e-mail and web);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Record all Shareholder calls;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Scan and image incoming correspondence from Shareholders;</TD>
</TR>



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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Direct Registration System (&#147;DRS&#148;)</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Register, issue and transfer DRS book-entry 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue DRS statements of holding</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide shareholders with the ability to sell shares through the IVR, telephone,
mail or Internet, either via a batch order or a market order transaction in accordance
with the terms and conditions, including applicable fees, of the DRS Sales Facility</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process sales requests within the appropriate timeframe based on the type of service
requested, in accordance with the terms of the DRS sales facility</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the issuance, payment and reconcilement for any proceeds stemming from
the use of the DRS sales facility, in accordance with the terms and conditions of the
facility</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of advices to shareholders</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accept and deposit certificated shares into a DRS position</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Online Access</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide availability to &#147;Issuer Online,&#148; which provides access to Company and
Shareholder information administered by Computershare, which permits data management
including accessing standard reports such as Top 10 &#151; 200 Shareholder lists, submitting
real-time inquiries such as an issued capital query, and reporting by holding range</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide availability to &#147;Investor Centre,&#148; which provides Shareholder account
information, transaction capabilities, and downloadable forms and FAQs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide On-Demand Reporting to allow Company to generate non-standard reports 24/7
at Transfer Agent&#146;s standard fee for such reports</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Dividend Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive full funding one day prior to payable date by <B>11:00&nbsp;a.m., Eastern Standard
Time </B>via Federal Funds Wire, ACH or Demand Deposit Account debit</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of quarterly dividends with an additional enclosure with each
dividend check</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare and file Federal Information Returns (Form&nbsp;1099) of dividends paid in a year</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare and file State Information Returns of dividends paid in a year to
Shareholders resident within such state</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare and file annual withholding return (Form&nbsp;1042) and payments to the
government of income taxes withheld from Non-Resident Aliens</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of Form&nbsp;1099 to Shareholders</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the email notification to Shareholders of the online availability of Form
1099</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Replace lost dividend checks</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reconcile paid and outstanding checks</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Code &#147;undeliverable&#148; accounts to suppress mailing dividend checks to same</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Keep records of accumulated uncashed dividends</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform the following duties as required by the Interest and Dividend Tax Compliance
Act of 1983:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Withhold tax from Shareholder accounts not in compliance with the provisions of
the 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reconcile and report taxes withheld, including additional 1099 reporting
requirements, to the Internal Revenue Service</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mail to new accounts who have had taxes withheld, to inform them of procedures
to be followed to curtail subsequent back-up withholding</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform Shareholder file adjustments to reflect certification of accounts</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>ACH Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review cards for accuracy and completeness and identifying cards with incomplete
information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mail cure letter to Shareholders with incomplete cards</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identify cards received after the cut-off date</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Code accounts for ACH and performing pre-note test</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Identify rejected ACH transmissions mail dividend check and explanation letter to
Shareholders with rejected transmissions</TD>
</TR>



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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Respond to Shareholder inquiries concerning the ACH Program</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Code cards received after cut-off date</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculate on a quarterly basis the Share breakdown for ACH vs. other dividend
payments and notifying the Company of funding amount for ACH transmissions and other
payable date funds</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit ACH designated bank accounts automatically on dividend payable date</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintenance of ACH participant file, including coding new ACH accounts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process termination requests</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Keep adequate records including retention of authorization cards</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Investment Plan Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain plan accounts and establish new participant accounts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As requested, invest dividend monies and Optional Cash Purchases per the plan
document</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of statements and/or transaction advices to Plan participants
when activity occurs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate an email notification to requesting Plan participants of the online
availability of their plan statements</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process automatic investments via the ACH purchase facility</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process termination and withdrawal requests</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide plan participants with the ability to sell shares through the IVR,
telephone, mail or Internet, either via a batch order or a market order transaction, in
accordance with the terms of the Plan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process sale requests within the appropriate timeframe based on the type of service
requested and the stipulations of the plan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the issuance, payment and reconcilement for any proceeds stemming from
the use of the plan sales facility, in accordance with the terms and conditions of the
plan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue the proper tax forms and perform the required reporting to the IRS</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accept and deposit certificated shares into the plan&#146;s safekeeping facility</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of Form&nbsp;1099div to participants, including plan participants
and perform related filings with the IRS</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Supply summary reports for each reinvestment/investment to client if requested</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>International Currency Exchange Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Allow Shareholders to elect to receive sale proceeds and dividend payments in
foreign currencies (subject to certain geographic restrictions) by check or by
electronic funds transfer in accordance with Transfer Agent&#146;s guidelines (fees paid by
Shareholders)</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Annual Meeting Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare a full Shareholder list as of the Annual Meeting Record Date</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Address proxy cards for all registered Shareholders</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of the proxy card, proxy statement, return envelope and
Annual Report to all registered Shareholders</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive, open and examine returned proxies</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tabulate returned proxies</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide on-line access to proxy vote status</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attend Annual Meeting as Inspector of Election (travel expenses billed as incurred)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare a final Annual Meeting list reflecting how each account has voted on each
proposal</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Additional Annual Meeting Services </B></U> <U><B>(SUBJECT TO ADDITIONAL FEES)</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electronic delivery of proxy material</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accept and load other related proxy files, 401K, ESPP and other stock issues not on
our recordkeeping system</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Match load related proxy files to registered Shareholder base to eliminate duplicate
mailings</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide householding of materials to the same address</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide Internet and telephone voting</TD>
</TR>

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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide services related to notice and access requirements including web hosting of
materials, notice only mailings, and mixed mailings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide proxy solicitation services by Georgeson</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Broker search and beneficial or &#147;street holder&#148; distribution</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide financial printing of 10ks, proxy statements and other related documents</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Direct Filing of Abandoned Property</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Coordinate the mailing of due diligence notices to all qualifying Shareholder
accounts as defined by the state filing matrix</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Process returned Due Diligence notices and remitting property to Shareholders prior
to escheatment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare and file Preliminary and Final Abandoned Property 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepare and file checks for each state covering unclaimed funds as per state
requirements</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue and file stock certificate(s) registered to the applicable state(s)
representing returned (RPO)&nbsp;certificates and underlying Share positions</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retain, as required by law or otherwise, records of property escheated to the states
and responding, after appropriate research, to Shareholder inquiries relating to same</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Lost Owner/Shareholder Search Services</B></U></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform electronic database searches in accordance with SEC requirements</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Update new addresses provided by search firm</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Send verification form to Shareholder to validate address</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reissue abandoned property held to Shareholders upon receipt of signed verification
form</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Additional Services</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Items not included in the fees and services set forth in this Schedule include, but are not limited
to, services associated with the payment of a stock dividend, stock split, corporate
reorganization, unvested stock program, DWAC services provided to broker dealers, audit services,
services provided to a vendor of the Company, or any services associated with a special project,
and are to be billed separately, on an appraisal basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Services required by legislation or regulatory fiat which become effective after the date of
acceptance of this Schedule shall not be a part of the Standard Services and shall be billed by
appraisal. All additional services not specifically covered under this Schedule will be billed by
appraisal, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Billing Definition of Number of Accounts</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For billing purposes, the number of accounts will be based on open accounts on file at the
beginning of each billing period, plus any new accounts added during that period. An open account
shall mean the account of each Shareholder which account shall hold any full or fractional Shares
of stock held by such Shareholder, outstanding funds, or reportable tax information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Out-of-Pocket Expenses</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the fees above, the Company agrees to reimburse the Transfer Agent for out-of-pocket
expenses, including but not limited to postage, forms, telephone, taxes, records storage, exchange
and broker fees, or advances incurred by the Transfer Agent for the items set out in Exhibit&nbsp;A
attached hereto. In addition, any other expenses incurred by the Transfer Agent at the request or
with the consent of the Company, will be reimbursed by the Company.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In witness whereof, the parties hereto have caused this Fee and Service Schedule to be executed by
their respective officers, hereunto duly agreed and authorized, as of the effective date of this
Fee and Service Schedule.
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Computershare Inc.</B></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>
    <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"><B>Computershare Trust Company, N. A.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><B>Gabelli Closed-End Investment Companies</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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B><I>On Behalf of Both Entities:</I></B></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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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>
    <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 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>
    <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"><!-- 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>
    <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">Name:
</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">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">&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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">Title:
</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">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">&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>
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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: 12pt"><B>This Fee and Service Schedule shall serve as an attachment to the Transfer Agency and Service
Agreement dated January&nbsp;1, 2011.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 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>Exhibit&nbsp;A<BR>
Out of Pocket Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Out of pocket expenses associated with, but not limited to, the following are not included in the
fees quoted in this Fee and Service Schedule and are billable as incurred.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Postage (outgoing and business reply)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Envelopes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Labels</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Forms and stationery and proxy cards</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fulfillment (transfer packages, new account packages, DRIP enrollment packages)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proxy proof set-up</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insurance premiums (mailing certificates)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Delivery and freight charges (including overnight delivery; Airborne Express, FedEx,
etc.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Typesetting (proxy cards, due diligence mailings, etc.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Printing (proxy cards)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Destruction of excess/obsolete material</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Telephone usage and line expenses</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lost Shareholder Program database search</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Please Note:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good funds to cover postage expenses in excess of $10,000 for Shareholder mailings must be received
in full by 12:00&nbsp;p.m. Eastern Time on the scheduled mailing date. Postage expenses less than
$10,000 will be billed as incurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overtime charges will be assessed in the event of a late delivery to the Transfer Agent of Company
material for mailings to Shareholders, unless the mail date is rescheduled. Such material
includes, but is not limited to, proxy statements, quarterly and annual reports and news releases.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page 7<!-- /Folio -->
</DIV>

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<DOCUMENT>
<TYPE>EX-99.R.1
<SEQUENCE>6
<FILENAME>y91394exv99wrw1.htm
<DESCRIPTION>EX-99.R.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wrw1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit (r)(i)</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gabelli Funds, LLC<BR>
GAMCO Asset Management Inc.<BR>
Gabelli &#038; Company, Inc.<BR>
Teton Advisors, Inc.<BR>
Gabelli Fixed Income LLC<BR>
Gabelli Securities, Inc.<BR>
Each Registered Investment Company

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%">or series thereof (each of which<BR>
is considered to be a Company<BR>
for this purpose) for which any<BR>
of the Companies listed above<BR>
presently or hereafter provides<BR>
investment advisory or principal<BR>
underwriting services, other than a<BR>
money market fund or a fund<BR>
that does not invest in Securities.</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Introduction</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">This Code of Ethics establishes rules of conduct for persons who are associated with the companies
named above or with the registered investment companies for which such companies provide investment
advisory or principal underwriter services. The Code governs their personal investment and other
investment-related activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The basic rule is very simple: we all have a fiduciary duty to put the client&#146;s interests first. In
particular, you are reminded that investment opportunities must be offered first to clients before
the firm or staff may act on them. This is one of the important objectives that the procedures set
forth in this Code are intended to accomplish. The rest of the rules elaborate this principle. Some
of the rules are imposed specifically by law. For example, the laws that govern investment advisers
specifically prohibit fraudulent activity, making statements that are not true or that are
misleading or omit something that is significant in the context and engaging in manipulative
practices. These are general words, of course, and over the years the courts, the regulators and
investment advisers have interpreted these words and established codes of conduct for their
employees and others who have access to their investment decisions and trading activities. Indeed,
the rules obligate investment advisers to adopt written rules that are reasonably designed to
prevent the illegal activities described above and must follow procedures that will enable them to
prevent such activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The purpose of this Code is to reinforce and enhance the long-standing commitment of the entire
firm to the highest standards of ethical business conduct. Our business depends on our reputation
for integrity and principled business conduct, and this reputation, in turn, depends on the
day-to-day actions of every staff member. Accordingly, we must avoid conflicts of interest, which
may occur when your private interests interfere in any way, or even appear to interfere, with the
interests of the firm or its clients. A conflict situation can arise when you take actions or have
interests that make it difficult for you to perform your work objectively and effectively. Your
obligation to conduct the firm&#146;s business in an ethical manner includes the ethical handling of
actual or apparent conflicts of interest between personal and business relationships, including
full disclosure of such conflicts. Each staff member is responsible for conducting himself in a
lawful, honest and ethical manner at all times, and in accordance with all laws, rules and
regulations applicable to our business, including this Code and all other internal policies and
procedures adopted by the firm.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Code is intended to assist the companies in fulfilling their obligations under the law. The
first part lays out who the Code applies to, the second part deals with personal investment
activities, the third part deals with other sensitive business practices, and subsequent parts deal
with reporting and administrative procedures.
</DIV>




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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Code is very important to the Companies and their staff members. Violations can not only cause
the Companies embarrassment, loss of business, legal restrictions, fines, and other punishments,
but for staff members, can lead to demotion, suspension, firing, ejection from the securities
business, and very large fines.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS"><B>I.</B></FONT> <FONT style="FONT-variant: SMALL-CAPS"><B>Applicability</B></FONT>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>A.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>The Code applies to each of the following:</I></B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Companies named or described at the top of page one of the Code and all entities that are under common
management with these Companies or otherwise agree to be subject to the Code (&#147;Affiliates&#148;). A listing of the
Affiliates, which is periodically updated, is attached as Exhibit&nbsp;A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any officer, director or employee of any Company, Affiliate or Fund Client (as defined below) whose job regularly
involves him in the investment process. This includes the formulation and making of investment recommendations and
decisions, the purchase and sale of securities for clients and the utilization of information about investment
recommendations, decisions and trades. Due to the manner in which the Companies and the Affiliates conduct their
business, every employee should assume that he is subject to the Code unless the Compliance Officer specifies
otherwise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to all of the Companies, Affiliates and Fund Clients except Gabelli &#038; Company, Inc., any natural
person who controls any of the Companies, Affiliates or Fund Clients and who obtains information regarding the
Companies&#146; or the Affiliates&#146; investment recommendations or decisions. However, a person whose control arises only
as a result of his official position with such entity is excluded. Disinterested directors of Fund Clients and
Independent Directors, for example, are excluded from coverage under this item.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to all of the Companies and Fund Clients except Gabelli &#038; Company, Inc., any director, officer,
general partner or person performing a similar function even if he has no knowledge of and is not involved in the
investment process. Interested and disinterested directors of Fund Clients and Independent Directors are included
in coverage under this item.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As an exception, the Code does not apply to any director, officer or employee of any Fund Client (such as certain
of The Gabelli Westwood Funds) with respect to which the Companies&#146; services do not involve the formulation or
making of investment recommendations or decisions or the execution of portfolio transactions if that person is also
a director, officer or employee of any entity that does perform such services (such as Westwood Management Corp.).
These individuals are covered by codes of ethics adopted by such entities.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>B.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Definitions</I></B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Access Persons</I></B>. The Companies and the persons described in items (A)2 and (A)3 above other than those excluded by
item (A)5 above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Access Person Account</I></B>. Includes all advisory, brokerage, trust or other accounts or forms of direct beneficial
ownership in which one or more Access Persons and/or one or more members of an Access Person&#146;s immediate family
have a substantial proportionate economic interest. Immediate family includes an Access Person&#146;s spouse and minor
children living with the Access Person. A substantial proportionate economic interest will generally be 10% of the
equity in the account in the case of any single Access Person and 25% of the equity in the account in the case of
all Access Persons in the aggregate, whichever is first applicable. Investment partnerships and similar indirect
means of ownership other than registered open-end investment companies are also treated as accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As an exception, accounts in which one or more Access Persons and/or their immediate family have a substantial
proportionate interest which are maintained with persons who have no affiliation with the Companies and with
respect to which no Access Person has, in the judgment of the Compliance Officer after reviewing the terms and
circumstances, any direct or indirect influence or control over the investment or portfolio execution process are
not Access Person Accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a further exception, subject to the provisions of Article&nbsp;II(I)7, bona fide market making accounts of</TD>
</TR>





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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gabelli &#38; Company, Inc. are not Access Person Accounts.</TD>
</TR>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a further exception, subject to the provisions of Article
II(I)7, bona fide error accounts of the Companies and the Affiliates are not Access Person Accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Affiliated Mutual Funds</I></B>. Registered open-end investment companies or series thereof advised or sub-advised by any
of the Companies or their Affiliates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Associate Portfolio Managers</I></B>. Access Persons who are engaged in securities research and
analysis for designated Clients or are responsible for investment recommendations for
designated Clients but who are not principally responsible for investment decisions with
respect to any Client accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Clients</I></B>. Investment advisory accounts maintained with any of the Companies or Affiliates by any
person, other than Access Person Accounts. However, Fund Clients covered by item (A)(5) above
are considered Client accounts only with respect to employees specifically identified by the
Compliance Officer as having regular information regarding investment recommendations or
decisions or portfolio transactions for such Fund Clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Companies</I></B>. The companies named or described at the top of page one of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Compliance Officer</I></B>. The persons designated as the compliance officers of the Companies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Covered Persons</I></B>. The Companies, the Access Persons and the persons described in item (A)4 above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Fund Clients</I></B>. Clients that are registered investment companies or series thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Independent Directors</I></B>. A director of any of the Companies or Affiliates, other than an
investment advisor to a Fund Client, who would not be an &#147;interested person&#148; of any of such
entities under Section&nbsp;2(a)(19) of the Investment Company Act of 1940 but for the fact that he
serves as such a director and may own beneficially securities of any such entity constituting
less than 5% of the voting securities thereof and may be an associated person of or own
securities in a broker-dealer or parent company thereof and who does not have any involvement
in the day-to-day activities of any of the Companies or Fund Clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Portfolio Managers</I></B>. Access Persons who are principally responsible for investment decisions
with respect to any Client accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Security</I></B>. Any financial instrument treated as a security for investment purposes and any
related instrument such as a futures, forward or swap contract entered into with respect to one
or more securities, a basket of or an index of securities or components of securities. However,
the term security does not include securities issued by the Government of the United States,
bankers&#146; acceptances, bank certificates of deposit, commercial paper and high quality
short-term debt instruments, including repurchase agreements, or shares of registered open-end
investment companies. Shares of affiliated registered open-end investment companies are not
securities but are subject to special rules under this Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS"><B>II.</B></FONT> <FONT style="FONT-variant: SMALL-CAPS"><B>Restrictions on Personal Investing Activities</B></FONT>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>A.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Basic Restriction on Investing Activities</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a purchase or sale order is pending or under active consideration for any Client account by any Company or Affiliate, neither the same Security nor any related Security (such as an option,
warrant or convertible security) may be bought or sold for any Access Person 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>B.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Initial Public Offerings</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Security or related Security may be acquired in an initial public offering for any Access Person 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>C.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Blackout Period</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Security or related Security may be bought or sold for the account of any Portfolio Manager or Associate</TD>
</TR>




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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Portfolio Manager during the period commencing seven (7)&nbsp;days prior to and ending seven
(7)&nbsp;calendar days after the purchase or sale (or entry of an order for the purchase or sale) of that Security or any related Security for the account of any Client with respect to which such person
has been designated a Portfolio Manager or Associate Portfolio Manager, unless the Client account receives at least as good a price as the account of the Portfolio Manager or Associate Portfolio
Manager and the Compliance Officer determines under the circumstances that the Client account has not been adversely affected (including with respect to the amount of such Security able to be bought
by the Client account) by the transaction for the account of the Portfolio Manager or Associate Portfolio Manager.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>D.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Short-term Trading and Affiliated Mutual Funds</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Security or related Security may, within a 60-day period, be bought and sold or sold and bought at a profit for any Access Person Account if the Security or related Security was held at any time
during that period in any Client account. No Affiliated Mutual Fund, other than money market mutual funds, may be bought and sold within a 60-day period (measured on a last in first out basis).
However, shares of Affiliated Mutual Funds held in 401(k) accounts administered by Ascensus (formerly BISYS) will not be subject to the 60-day holding period where the shares were purchased under
the following circumstances:</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased by reinvestment of dividends or capital gain distributions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased in rollover transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased for automatic contribution election; 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased for automated account rebalance.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>E.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Exempt Transactions</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation on an ongoing basis in an issuer&#146;s dividend reinvestment or stock purchase plan, participation in any transaction over which no Access Person had any direct or indirect influence or
control and involuntary transactions (such as mergers, inheritances, gifts, etc.) are exempt from the restrictions set forth in paragraphs (A), (C)&nbsp;and (D)&nbsp;above without case by case pre-clearance
under paragraph (G)&nbsp;below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>F.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Permitted Exceptions</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchases and sales of the following Securities for Access Person Accounts are exempt from the restrictions set forth in paragraphs (A), (C)&nbsp;and the first sentence of paragraph (D)&nbsp;above if such
purchases and sales comply with the pre-clearance requirements of paragraph (G)&nbsp;below:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Publicly traded non-convertible fixed income Securities rated at least &#147;A&#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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Publicly traded equity Securities of a class having a market capitalization in excess of $1.0&nbsp;billion;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Publicly traded equity Securities of a class having a market capitalization in excess of $500&nbsp;million if the transaction in question
and the aggregate amount of such Securities and any related Securities purchased and sold for the Access Person Account in question
during the preceding 60&nbsp;days does not exceed 100 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Municipal Securities; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities transactions that the Compliance Officer concludes are being effected for federal, state or local income tax purposes.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, the exercise of rights that were received pro rata with other security holders is exempt.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>G.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Pre-Clearance of Personal Securities Transactions</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Security may be bought or sold for an Access Person Account unless: (i)&nbsp;the Access Person obtains prior approval from the Compliance Officer or, in the absence of the Compliance Officer, from the
General</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Counsel of GAMCO Investors, Inc. or a designee; (ii)&nbsp;the approved transaction is completed on the same day approval is received; and (iii)&nbsp;the Compliance Officer or the General Counsel or
designee does not rescind such approval prior to execution of the transaction (See paragraph I below for details of the Pre-Clearance Process.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>H.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Private Placements</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compliance Officer will not approve purchases or sales of Securities that are not publicly traded, unless the Access Person provides full details of the proposed transaction (including written
certification that the investment opportunity did not arise by virtue of such person&#146;s activities on behalf of any Client) and the Compliance Officer concludes, after consultation with one or more
of the relevant Portfolio Managers, that the Companies would have no foreseeable interest in investing in such Security or any related Security for the account of any Client.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>I.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Pre-Clearance Process</I></B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Securities may be purchased or sold for any Access Person Account unless the particular transaction has been approved in writing by the Compliance Officer or, in
his absence, the General Counsel of GAMCO Investors, Inc. or their designees. The Compliance Officer or a designee shall review not less frequently than weekly
reports from the trading desk (or, if applicable, confirmations from brokers) to assure that all transactions effected for Access Person Accounts are effected in
compliance with this Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Securities may be purchased or sold for any Access Person Account other than through the trading desk of Gabelli &#038; Company, Inc., unless express permission is
granted by the Compliance Officer. Such permission may be granted only on the condition that the third party broker supply the Compliance Officer, on a timely basis,
duplicate copies of confirmations of all personal Securities transactions for such Access Person in the accounts maintained with such third party broker and copies
of periodic statements for all such accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Trading Approval Form, attached as Exhibit&nbsp;B, must be completed and submitted to the Compliance Officer or a designee for approval prior to entry of an order.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After reviewing the proposed trade, the level of potential investment interest on behalf of Clients in the Security in question and the Companies&#146; restricted lists,
the Compliance Officer shall approve (or disapprove) a trading order on behalf of an Access Person as expeditiously as possible. The Compliance Officer will
generally approve transactions described in paragraph (F)&nbsp;above unless the Security in question or a related security is on the Restricted List or the Compliance
Officer believes for any other reason that the Access Person Account should not trade in such Security at such 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Once an Access Person&#146;s Trading Approval Form is approved, the form must be forwarded to the trading desk (or, if a third party broker is permitted, to the
Compliance Officer) for execution on the same day. If the Access Person&#146;s trading order request is not approved, or is not executed on the same day it is approved,
the clearance lapses although such trading order request may be resubmitted at a later date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the absence of the Compliance Officer, an Access Person may submit his or her Trading Approval Form to the General Counsel of GAMCO Investors, Inc or a designee.
Trading approval for the Compliance Officer must be obtained from the General Counsel, and trading approval for the General Counsel must be obtained from the
Compliance Officer or a designee. In no case will the Trading Desk accept an order for an Access Person Account unless it is accompanied by a signed Trading Approval
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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compliance Officer shall review all Trading Approval Forms, all initial, quarterly and annual disclosure certifications and the trading activities on behalf of
all Client accounts with a view to ensuring that all Covered Persons are complying with the spirit as well as the detailed requirements of this Code. The Compliance
Officer will review all transactions in the market making accounts of Gabelli &#038; Company, Inc. and the error accounts of the Companies and the Affiliates in order to
ensure that such transactions are bona fide market making or error transactions or are conducted in accordance with the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

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<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 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>requirements of this Article&nbsp;II.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS"><B>III.</B></FONT> <FONT style="FONT-variant: SMALL-CAPS"><B>Other Investment-Related Restrictions</B></FONT>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>A.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Gifts</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Access Person shall accept any gift or other item of more than $100
in value from any person or entity that does business with or on
behalf of any Client.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B><I>B.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Service As a Director</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Access Person shall commence service on the Board of Directors of a
publicly traded company or any company in which any Client account has
an interest without prior authorization from the Compliance Committee
based upon a determination that the Board service would not be
inconsistent with the interests of the Clients. The Compliance
Committee shall include the senior Compliance Officer of GAMCO
Investors, Inc., the General Counsel of GAMCO Investors, Inc. and at
least two of the senior executives from among the Companies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="FONT-variant: SMALL-CAPS"><B>IV.</B></FONT> <FONT style="FONT-variant: SMALL-CAPS"><B>Reports and Additional Compliance Procedures</B></FONT>
</DIV>






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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every Covered Person must submit a report (a form of which is appended as Exhibit&nbsp;C) containing the information set forth in paragraph (B)&nbsp;below with respect to transactions in any
Security or Affiliated Mutual Fund in which such Covered Person has or by reason of such transaction acquires, any direct or indirect beneficial ownership (as defined in Exhibit&nbsp;D) in
the Security, or Affiliated Mutual Fund and with respect to any account established by the Covered Person in which any Securities or Affiliated Mutual Funds were held for the direct or
indirect benefit of the Covered Person; <u>provided</u>, <u>however</u>, that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Covered Person who is required to make reports only because he is a director of one of the Fund Clients and who is a &#147;disinterested&#148; director thereof or
who is an Independent Director need not make a report with respect to any transactions other than those where he knew or should have known in the course of
his duties as a director that any Fund Client has made or makes a purchase or sale of the same or a related Security, or the investment adviser of any such
Fund Client has considered causing any Fund Client to purchase or sell the same or a related Security, within 15&nbsp;days before or after the purchase or sale
of such Security or related Security by such director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Covered Person need not make a report with respect to any transaction effected for, and Securities and Affiliated Mutual Funds held in, any account over
which such person does not have any direct or indirect influence or control; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Covered Person will be deemed to have complied with the requirements of this Article&nbsp;IV insofar as the Compliance Officer receives in a timely fashion
duplicate monthly or quarterly brokerage statements or transaction confirmations on which all transactions required to be reported hereunder are described.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Covered Person must submit the report required by this Article to the Compliance Officer no later than 30&nbsp;days after the end of the calendar quarter in which the transaction or
account to which the report relates was effected or established, and the report must contain the date that the report is submitted.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This report must contain the following information with respect to transactions:</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date of the transaction, the title and number of shares and the principal amount of each
Security and Affiliated Mutual Fund involved;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The price at which the transaction was effected; 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of the broker, dealer or bank with or through whom the transaction was effected.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This report must contain the following information with respect to accounts established:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of the broker, dealer or bank with whom the account was established; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date the account was established.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any report submitted to comply with the requirements of this Article&nbsp;IV may contain a statement that the report shall not be construed as an admission by the person making such report
that he has any direct or indirect beneficial ownership in the Security or Affiliated Mutual Fund to which the report relates. A person need not make any report under this Article&nbsp;IV
with respect to transactions effected for, and Securities, and Affiliated Mutual Funds held in, any account over which the person has no direct or indirect influence or control.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No later than 10&nbsp;days after beginning employment with any of the Companies or Affiliates or otherwise becoming a Covered Person, each Covered Person (except for a &#147;disinterested&#148;
director of the Fund Client or an Independent Director who is required to submit reports under this Article&nbsp;IV solely by reason of being such a director) must submit a report, which
must be current as of a date no more than 45&nbsp;days prior to the date of beginning employment, containing the following information:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The title, number of shares and principal amount of each Security and Affiliated Mutual Fund in which the Covered Person had any direct or indirect
beneficial ownership when the person became a Covered Person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of any broker, dealer or bank with whom the Covered Person maintained an account in which any Securities and Affiliated Mutual Fund were held for
the direct or indirect benefit of the Covered Person as of the date the person became a Covered Person; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date that the report is submitted.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The form of such report is attached as Exhibit&nbsp;E.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually each Covered Person must certify that he has read and understood the Code and recognizes that he is subject to such Code. In addition, annually each Covered Person must
certify that he has disclosed or reported all personal Securities and Affiliated Mutual Fund transactions required to be disclosed or reported under the Code and that he is not subject
to any regulatory disability described in the annual certification form. Furthermore, each Covered Person (except for a &#147;disinterested&#148; director of the Fund Client or an Independent
Director who is required to submit reports under this Article&nbsp;IV solely by reason of being such a director) annually must submit a report containing the following information (which
information must be current as of a date no more than 45&nbsp;days before the report is submitted):</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The title, number of shares and principal amount of each Security and Affiliated Mutual Fund in which the Covered Person had any direct or indirect
beneficial ownership;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of any broker, dealer or bank with whom the Covered Person maintains an account in which any Securities and Affiliated Mutual Funds are held for
the direct or indirect benefit of the Covered Person; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The date that the report is submitted.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The form of such certification and report is attached as Exhibit&nbsp;F.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At least annually (or quarterly in the case of Items 4 and 5 below), each of the Companies that has a Fund Client or that provides principal underwriting services for a Fund Client
shall, together with each Fund Client, furnish a written report to the Board of Directors of the Fund Client that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Describes any issues arising under the Code since the last report.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certifies that the Companies have developed procedures concerning Covered</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Persons&#146; personal trading activities and reporting requirements relevant to such Fund Clients that are reasonably necessary to prevent violations of the
Code;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recommends changes, if any, to the Fund Clients&#146; or the Companies&#146; Codes of Ethics or procedures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provides a summary of any material or substantive violations of this Code by Covered Persons with respect to such Fund Clients which occurred during the
past quarter and the nature of any remedial action taken; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Describes any material or significant exceptions to any provisions of this Code of Ethics as determined under Article&nbsp;VI below.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compliance Officer shall notify each employee of any of the Companies or Affiliates as to whether such person is considered to be an Access Person or Covered Person and shall
notify each other person that is considered to be an Access Person or Covered Person.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT style="FONT-variant: SMALL-CAPS"><B>V.</B></FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="FONT-variant: SMALL-CAPS"><B>Sanctions</B></FONT></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Compliance Officer or his designee will review all Trading Approval Forms,
all initial, quarterly and annual disclosure certifications and the trading
activities on behalf of all client accounts with a view to ensuring that all
Covered Persons are complying with the spirit as well as the detailed
requirements of the Code.</B></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All violations of the Code must be reported to the Chief Compliance Officer for
the appropriate registered investment adviser. In addition, if a staff member
becomes aware of or suspects a violation of the Code by any other staff member,
the violation or suspected violation must be promptly reported to the Chief
Compliance Officer or the General Counsel. Staff members may make such reports
anonymously, and will not be retaliated against by the firm for reporting
conduct that may constitute a violation of the Code.</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon discovering that a Covered Person has not complied with the requirements
of this Code, the Chief Compliance Officer or the General Counsel will advise
the Board of Directors of the relevant Company or of the relevant Fund Client.
whichever is most appropriate under the circumstances, which may impose on that
person whatever sanctions the Board deems appropriate, including, among other
things, disgorgement of profit, censure, suspension or termination of
employment. Material violations of requirements of this Code by employees of
Covered Persons and any sanctions imposed in connection therewith shall be
reported not less frequently than quarterly to the Board of Directors of any
relevant Company or Fund Client, as applicable.</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The General Counsel will ensure that the Fund Clients and each Gabelli entity
that has a Fund Client, furnish a written report to the Board of Directors of
each Fund Client, annually or quarterly as required by the Code, containing the
information set forth in Section&nbsp;IV(F) of the Code.</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>VI.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="FONT-variant: SMALL-CAPS"><B>Exceptions</B></FONT></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Compliance Committee of the Companies reserves the right to decide, on a case-by-case basis, exceptions to any provisions under this Code. Any exceptions made hereunder will be maintained in
writing by the Compliance Committee and presented to the Board of Directors of any relevant Fund Client at its next scheduled meeting.</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%" nowrap align="left"><B>VII.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="FONT-variant: SMALL-CAPS"><B>Preservation of Documents</B></FONT></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Code, a copy of each report by a Covered Person, any written report made hereunder by the Companies or the Compliance Officer, lists of all persons required to make reports, a list of any
exceptions, and the reasons therefore, with respect to Article&nbsp;II.B, and any records under Article&nbsp;II.G with respect to purchases pursuant to Article&nbsp;II.H above, shall be preserved with the records
of the relevant Company and any relevant Fund Client for the period required by Rule&nbsp;17j-1.</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance with the Investment Advisers Act, the following documents also will be preserved:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Records of all violations of the Code and any action taken as a result of such violation;</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Records of all written acknowledgements of receipt of the Code for all Access Persons for a five-year period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A list of all staff members who are or have been Access Persons during the past five years; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Records of any decision and supporting reasons for approving the acquisition of securities by Access Persons
in limited offerings.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="FONT-variant: SMALL-CAPS"><B>VIII.</B></FONT> <FONT style="FONT-variant: SMALL-CAPS"><B>Other Laws, Rules and Statements of Policy</B></FONT>
</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing contained in this Code shall be interpreted as relieving any Covered Person from acting in accordance with the provision of any applicable law, rule or
regulation or any other statement of policy or procedure governing the conduct of such person adopted by the Companies, the Affiliates or the Fund Clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><FONT style="FONT-variant: SMALL-CAPS"><B>IX.</B></FONT>&nbsp;<FONT style="FONT-variant: SMALL-CAPS"><B>Further Information</B></FONT></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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any person has any question with regard to the applicability of the provisions of this Code generally or with regard to any Securities transaction or transactions,
he /she should consult the Compliance Officer.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
</DIV>



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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>EXHIBIT A</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIST OF AFFILIATES OF THE COMPANIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ALCE Partners, L.P.<BR>
Darien Associates LLC<BR>
GAMCO Investors, Inc.<BR>
Gabelli Arbitrage Holdings LLC<BR>
GAMCO Asset Management (UK)&nbsp;Limited<BR>
Gabelli Associates Fund<BR>
Gabelli Associates Fund II<BR>
Gabelli Associates Limited<BR>
Gabelli Capital Structure Arbitrate, LP<BR>
Gabelli Capital Structure Arbitrage, Ltd.<BR>
Gabelli Direct Inc.<BR>
Gabelli Fixed Income Distributors, Inc.<BR>
Gabelli Fixed Income, Inc.<BR>
Gabelli Intermediate Credit Fund LP<BR>
Gabelli International Gold Fund Limited<BR>
Gabelli International Limited<BR>
Gabelli Multimedia Partners, L.P.<BR>
Gabelli Performance Partnership L.P.<BR>
GGCP, Inc.<BR>
Gemini Global Partners, L.P.<BR>
Gabelli Global Partners, Ltd.<BR>
Gabelli Fund, LDC<BR>
Gabelli Japanese Value Partners, LP<BR>
Gabelli Japanese Value Partners, Ltd.<BR>
Gabelli &#038; Partners, LLC<BR>
GAMA Select Energy Plus Fund, LP<BR>
Gabelli Trading Holdings LLC<BR>
GAMCO Acquisitions LLC<BR>
GAMCO Asset Management (Singapore) PTE. LTD.<BR>
GAMCO International Partners LLC<BR>
GAMCO SRI Partners, Ltd<BR>
GAMCO Medical Opportunities, L.P.<BR>
GAMCO Long/Short Equity Fund, L.P.<BR>
MJG Associates, Inc.<BR>
New Century Capital Partners, L.P.

</DIV>

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

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>EXHIBIT B</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRE-CLEARANCE TRADING APPROVAL FORM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I,<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>
(name), am an Access Person or
authorized officer thereof and seek pre-clearance to engage in the transaction described below for
the benefit of myself or another Access Person:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Acquisition or Disposition</U> (circle one)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name of Account:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 14%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Account Number:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 14%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date of Request:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 14%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Security:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amount or # of Shares:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 18%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Broker:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 7%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the transaction involves a Security that is not publicly traded, a description of proposed
transaction, source of investment opportunity and any potential conflicts of interest:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I hereby certify that, to the best of my knowledge, the transaction described herein is not
prohibited by the Code of Ethics and that the opportunity to engage in the transaction did not
arise by virtue of my activities on behalf of any Client.
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&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">Signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Print 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" 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" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Approved or Disapproved</U> (Circle One)
</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Date of Approval:</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>
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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">Signature:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Print 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" 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" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If approval is granted, please forward this form to the trading desk (or if a third party broker is
permitted, to the Compliance Officer) for immediate execution.
</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="right" style="font-size: 10pt; margin-top: 12pt"><U><B>EXHIBIT C</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRANSACTION REPORT</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="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Report submitted by:</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" 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="center" valign="top">Print Name</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This transaction report (the &#147;Report&#148;) is submitted pursuant to Section&nbsp;IV (B)&nbsp;of the Code of
Ethics of the Companies and supplies information with respect to transactions in any Security or
Affiliated Mutual Fund in which you may be deemed to have, or by reason of such transaction
acquire, any direct or indirect beneficial ownership interest, and with respect to accounts
established by you in which any Securities or Affiliated Mutual Funds were held for your direct or
indirect benefit, for the period specified below. If you were not employed by or affiliated with us
during this entire period, amend the dates specified below to cover your period of employment or
affiliation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless the context otherwise requires, all terms used in the Report shall have the same meaning as
set forth in the Code of Ethics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have no reportable transactions or new accounts, sign and return this page only. If you have
reportable transactions or new accounts, complete, sign and return and any attachments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I HAD NO REPORTABLE SECURITIES OR AFFILIATED MUTUAL FUND TRANSACTIONS OR ACCOUNTS ESTABLISHED
DURING THE PREVIOUS CALENDER QUARTER. I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS
AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION FURNISHED IN THIS REPORT IS TRUE AND
CORRECT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Position:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</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="right" style="font-size: 10pt; margin-top: 12pt">Page 2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRANSACTION REPORT</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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Report submitted by:</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" 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="center" valign="top">Print Name</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables supply the information required by Section&nbsp;IV (B)&nbsp;of the Code of Ethics for
the period specified below. Transactions reported on brokerage statements or duplicate
confirmations actually received by the Compliance Officer do not have to be listed although it is
your responsibility to make sure that such statements or confirmations are complete and have been
received in a timely fashion. Include all transactions in Affiliated Mutual Funds.
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="26" style="border-bottom: 1px solid #000000"><B>TRANSACTIONS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Whether Purchase,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Sale,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Short Sale or Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Name of Broker/Dealer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2">Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Type of Disposition</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">with or through Whom</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Nature of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2">(Name and</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Date of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">or</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Quantity of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price per Share or</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">the Transaction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Ownership of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Symbol)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Transaction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Acquisition</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Other Unit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">was Effected</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- 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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="10" style="border-bottom: 1px solid #000000"><B>NEW ACCOUNTS ESTABLISHED</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Name of Broker, Dealer or Bank</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Account Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Date Account Established</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To the extent specified above, I hereby disclaim beneficial
ownership of any securities listed in this Report or brokerage
statements or transaction confirmations provided by me.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE,
THE INFORMATION IN THIS REPORT IS TRUE AND CORRECT FOR THE PREVIOUS CALENDER QUARTER.
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&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">Signature
</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">Date
<div style="border-top: 1px solid #000000; font-size: 1px; margin-left: 10%">&nbsp;</div></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>
</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">Position
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top"><DIV style="border-bottom: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 -->- 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="right" style="font-size: 10pt; margin-top: 12pt"><U><B>EXHIBIT D</B></U>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the attached Code of Ethics, &#147;beneficial ownership&#148; shall be interpreted in the
same manner as it would be in determining whether a person is subject to the provisions of Section
16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except the
determination of direct or indirect beneficial ownership shall apply to all securities that a
Covered Person has or acquires. The term &#147;beneficial ownership&#148; of securities would include not
only ownership of securities held be a Covered Person for his own benefit, whether in bearer form
or registered in his name or otherwise, but also ownership of securities held for his benefit by
others (regardless of whether or how they are registered) such as custodians, brokers, executors,
administrators, or trustees (including trusts in which he has only a remainder interest), and
securities held for his account by pledges, securities owned by a partnership in which he is a
member if he may exercise a controlling influence over the purchase, sale of voting of such
securities, and securities owned by any corporation or similar entry in which he owns securities if
the shareholder is a controlling shareholder of the entity and has or shares investment control
over the entity&#146;s portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ordinarily, this term would not include securities held by executors or administrators in estates
in which a Covered Person is a legatee or beneficiary unless there is a specified legacy to such
person of such securities or such person is the sole legatee or beneficiary and there are other
assets in the estate sufficient to pay debts ranking ahead of such legacy, or the securities are
held in the estate more than a year after the decedent&#146;s death.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities held in the name of another should be considered as beneficially owned by a Covered
Person where such person enjoys &#147;financial benefits substantially equivalent to ownership.&#148; The
Securities and Exchange Commission has said that, although the final determination of beneficial
ownership is a question to be determined in the light of the facts of the particular case,
generally a person is regarded as the beneficial owner of securities held in the name of his or her
spouse and their minor children. Absent special circumstances such relationship ordinarily results
in such person obtaining financial benefits substantially equivalent to ownership, <U>e.g.</U>,
application of the income derived from such securities to maintain a common home, or to meet
expenses that such person otherwise would meet from other sources, or the ability to exercises a
controlling influence over the purchase, sale or voting of such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Covered Person also may be regarded as the beneficial owner of securities held in the name of
another person, if by reason of any contract, understanding, relationship, agreement, or other
agreement, he obtains therefrom financial benefits substantially equivalent to those of ownership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Covered Person also is regarded as the beneficial owner of securities held in the name of a
spouse, minor children or other person, even though he does not obtain therefrom the aforementioned
benefits of ownership, if he can vest or revest title in himself at once or at some future time.
</DIV>







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

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<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"><U><B>EXHIBIT E</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INITIAL HOLDINGS REPORT</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="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Report submitted by:</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" 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="center" valign="top">Print Name</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This initial holdings report (the &#147;Report&#148;) is submitted pursuant to Section&nbsp;IV (D)&nbsp;of the Code of
Ethics of the Companies and supplies information with respect to any Security and Affiliated Mutual
Fund in which you may be deemed to have any direct or indirect beneficial ownership interest and
any accounts established by you in which any Securities or Affiliated Mutual Funds were held for
your direct or indirect benefit, as of a date no more than 45&nbsp;days ago.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless the context otherwise requires, all terms used in the Report shall have the same meaning as
set forth in the Code of Ethics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have no reportable Securities, Affiliated Mutual Funds, or accounts, sign and return this
page only. If you have reportable Securities, Affiliated Mutual Funds, or accounts, complete, sign
and return Page 2 and any attachments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I HAVE NO REPORTABLE SECURITIES OR AFFILIATED MUTUAL FUND ACCOUNTS AS OF. I CERTIFY THAT I AM FULLY
FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE, THE INFORMATION FURNISHED
IN THIS REPORT IS TRUE AND CORRECT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Position
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 8%">&nbsp;</DIV>
</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="right" style="font-size: 10pt; margin-top: 12pt">Page 2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INITIAL HOLDINGS REPORT</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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Report submitted by:</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" 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">Print Name</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables supply the information required by Section&nbsp;IV (D)&nbsp;of the Code of Ethics as of
the date you became subject to the Code. Include all holdings of Affiliated Mutual Funds.
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="14" style="border-bottom: 1px solid #000000"><B>SECURITIES HOLDINGS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Name of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2">Securities (Name</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Broker/Dealer Where</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Nature of Ownership of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">and Symbol)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Quantity of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities Are Held</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- 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="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="center" colspan="6" style="border-bottom: 1px solid #000000"><B>ACCOUNTS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Name of Broker, Dealer or Bank</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Account Number</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I CERTIFY THAT I AM FULLY FAMILIAR WITH THE CODE OF ETHICS AND THAT, TO THE BEST OF MY KNOWLEDGE,
THE INFORMATION IN THIS REPORT IS TRUE AND CORRECT AS OF <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&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">Signature
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date</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" style="border-top: 1px solid #000000">&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">Position</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 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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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<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"><U><B>EXHIBIT F</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNUAL CERTIFICATION OF CODE OF ETHICS</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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I (a Covered Person) hereby certify that I have read and
understood the Code of Ethics, and recognize that I am subject to
its provisions. In addition, I hereby certify that I have
disclosed or reported all personal transactions in Securities and
Affiliated Mutual Funds required to be disclosed or reported under
the Code of Ethics;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within the last ten years there have been no complaints or
disciplinary actions filed against me by any regulated securities
or commodities exchange, any self-regulatory securities or
commodities organization, any attorney general, or any
governmental office or agency regulating insurance, securities,
commodities or financial transactions in the United States, in any
state of the United States, or in any other country;</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have not within the last ten years been convicted of or
acknowledged commission of any felony or misdemeanor arising out
of my conduct as an employee, salesperson, officer, director,
insurance agent, broker, dealer, underwriter, investment manager
or investment advisor; 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="1%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have not been denied permission or otherwise enjoined by order,
judgment or decree of any court of competent jurisdiction,
regulated securities or commodities exchange, self-regulatory
securities or commodities organization or other federal or state
regulatory authority from acting as an investment advisor,
securities or commodities broker or dealer, commodity pool
operator or trading advisor or as an affiliated person or employee
of any investment company, bank, insurance company or commodity
broker, dealer, pool operator or trading advisor, or from engaging
in or continuing any conduct or practice in connection with any
such activity or the purchase or sale of any 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="1%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless I am exempt from filing an Annual Holdings Report (as a
&#147;disinterested&#148; director of a Fund Client or an Independent
Director of an Affiliate), I have attached a completed Annual
Holdings Report which is accurate as of a date no more than 45
days ago.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Print Name:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 9%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 9%">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px; margin-left: 9%">&nbsp;</DIV>
</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="right" style="font-size: 10pt; margin-top: 12pt">Page 2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ANNUAL HOLDINGS REPORT</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Report submitted by:</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" 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="center" valign="top">Print Name</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables supply the information required by Section&nbsp;IV (E)&nbsp;of the Code of Ethics as of
a date no more than 45&nbsp;days before this report is submitted. If you have no reportable Securities
or Affiliated Mutual Fund holdings or accounts, write &#147;None&#148; in the space provided.
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="14" style="border-bottom: 1px solid #000000"><B>SECURITIES HOLDINGS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Name of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Quantity of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Broker/Dealer Where</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Nature of Ownership</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Securities (Name and Symbol)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Securities Are Held</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">of Securities</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- 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="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="center" colspan="6" style="border-bottom: 1px solid #000000"><B>ACCOUNTS</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Name of Broker, Dealer or Bank</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Account Number</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- 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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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</TR>
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    <TD align="left" valign="top" nowrap>Date</TD>
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<TR style="font-size: 1px">
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    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Position</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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<DOCUMENT>
<TYPE>EX-99.R.2
<SEQUENCE>7
<FILENAME>y91394exv99wrw2.htm
<DESCRIPTION>EX-99.R.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wrw2</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit r(ii)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GAMCO INVESTORS, INC. and AFFILIATES</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Joint Code of Ethics for Chief Executive<BR>
And Senior Financial Officers of the Gabelli Funds</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each affiliated registered investment company (each a &#147;<U>Company</U>&#148;) is committed to
conducting business in accordance with applicable laws, rules and regulations and the highest
standards of business ethics, and to full and accurate disclosure &#151; financial and otherwise &#151; in
compliance with applicable law. This Code of Ethics, applicable to each Company&#146;s Chief Executive
Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions)
(together, &#147;<U>Senior Officers</U>&#148;), sets forth policies to guide you in the performance of your
duties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a Senior Officer, you must comply with applicable law. You also have a responsibility to
conduct yourself in an honest and ethical manner. You have leadership responsibilities that include
creating a culture of high ethical standards and a commitment to compliance, maintaining a work
environment that encourages the internal reporting of compliance concerns and promptly addressing
compliance concerns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of
interest inherent in the operation of investment companies, because the Senior Officers currently
or may in the future serve as Senior Officers of each of the Companies, as officers or employees of
the investment advisor to the Companies or service providers thereof (the &#147;<U>Advisor</U>&#148;) and/or
affiliates of the Advisor (the &#147;Advisory Group&#148;) and as officers or trustees/directors of other
registered investment companies and unregistered investment funds advised by the Advisory Group.
This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain
policies and procedures adopted by, the Companies or the Advisory Group govern your conduct in
connection with many of the conflict of interest situations that arise in connection with the
operations of the Companies, including:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Investment Company Act of 1940, and the rules and
regulation promulgated thereunder by the Securities and
Exchange Commission (the &#147;<U>1940 Act</U>&#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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Investment Advisers Act of 1940, and the rules and
regulations promulgated thereunder by the Securities and
Exchange Commission (the &#147;<U>Advisers Act</U>&#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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Code of Ethics adopted by each Company pursuant to
Rule&nbsp;17j-1(c) under the 1940 Act (collectively, the
&#147;<U>Trust&#146;s 1940 Act Code of Ethics</U>&#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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one or more codes of ethics adopted by the Advisory Group
that have been reviewed and approved by those
trustees/directors (the &#147;<U>Directors</U>&#148;) of each Company that
are not &#147;interested persons&#148; of such Company (the
&#147;<U>Independent Directors</U>&#148;) within the meaning of the 1940
Act (the &#147;Advisory Group&#146;s 1940 <u>Act Code of Ethics</U>&#148; and,
together with such Company&#146;s 1940 Act Code of Ethics, the
&#147;<U>1940 Act Codes of Ethics</U>&#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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the policies and procedures adopted by each Company to
address conflict of interest situations, such as
procedures under Rule&nbsp;10f-3, Rule&nbsp;17a-7 and Rule&nbsp;17e-1
under the 1940 Act (collectively, the &#147;<U>Conflict
Policies</U>&#148;); 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Advisory Group&#146;s policies and procedures to address,
among other things, conflict of interest situations and
related matters (collectively, the &#147;<U>Advisory Policies</U>&#148;).</TD>
</TR>

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

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


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



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict
Policies and the Advisory Policies are referred to herein collectively as the &#147;<U>Additional
Conflict Rules</U>&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Code of Ethics is different from, and is intended to supplement, the Additional Conflict
Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby
deemed not to be a violation of this Code of Ethics, unless and until the Directors shall determine
that any such violation of the Additional Conflict Rules is also a violation of this Code of
Ethics.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Senior Officers Should Act Honestly and Candidly</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Senior Officer has a responsibility to each Company to act with integrity. Integrity
requires, among other things, being honest and candid. Deceit and subordination of principle are
inconsistent with integrity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Senior Officer must:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>act with integrity, including being honest and candid
while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comply with the laws, rules and regulations that govern
the conduct of each Company&#146;s operations and report any
suspected violations thereof in accordance with the
section below entitled &#147;Compliance With Code Of Ethics&#148;;
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adhere to a high standard of business ethics.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conflicts Of Interest</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A conflict of interest for the purpose of this Code of Ethics occurs when your private
interests interfere in any way, or even appear to interfere, with the interests of a Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Officers are expected to use objective and unbiased standards when making decisions
that affect each Company, keeping in mind that Senior Officers are subject to certain inherent
conflicts of interest because Senior Officers of a Company also are or may be officers of other
Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar
with and to seek to comply with the Additional Conflict Rules).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are required to conduct the business of each Company in an honest and ethical manner,
including the ethical handling of actual or apparent conflicts of interest between personal and
business relationships. When making any investment, accepting any position or benefits,
participating in any transaction or business arrangement or otherwise acting in a manner that
creates or appears to create a conflict of interest with respect to each Company where you are
receiving a personal benefit, you should act in accordance with the letter and spirit of this Code
of Ethics.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are in doubt as to the application or interpretation of this Code of Ethics to you as a
Senior Officer of a Company, you should make full disclosure of all relevant facts and
circumstances to the Chief Compliance Officer of the Advisory Group (the &#147;CCO&#148;) and obtain the
approval of the CCO prior to taking action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some conflict of interest situations that should always be approved by the CCO, if material,
include the following:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt of any entertainment or non-nominal gift by
the Senior Officer, or a member of his or her family, from
any company with which a Company has current or
prospective business dealings (other than the Advisory
Group), unless such entertainment or gift is business
related, reasonable in cost, appropriate as to time and
place, and not so frequent as to raise any question of
impropriety;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any ownership interest in, or any consulting or employment
relationship with, of any of the Companies&#146; service
providers, other than the Advisory Group; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a direct or indirect financial interest in commissions,
transaction charges or spreads paid by a Company for
effecting portfolio transactions or for selling or
redeeming shares other than an interest arising from the
Senior Officer&#146;s employment by the Advisory Group, such as
compensation or equity ownership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disclosures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the policy of each Company to make full, fair, accurate, timely and understandable
disclosure in compliance with all applicable laws and regulations in all reports and documents that
such Company files with, or submits to, the Securities and Exchange Commission or a national
securities exchange and in all other public communications made by such Company. As a Senior
Officer, you are required to promote compliance with this policy and to abide by such Company&#146;s
standards, policies and procedures designed to promote compliance with this policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Senior Officer must:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>familiarize himself or herself with the disclosure
requirements applicable to each Company as well as the
business and financial operations of each Company; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not knowingly misrepresent, or cause others to
misrepresent, facts about any Company to others, including
to the Directors, such Company&#146;s independent auditors,
such Company&#146;s counsel, any counsel to the Independent
Directors, governmental regulators or self-regulatory
organizations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compliance With Code Of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you know of or suspect a violation of this Code of Ethics or other laws, regulations,
policies or procedures applicable to the Trust, you must report that information on a timely basis
to the CCO or report it anonymously by following the &#147;whistle blower&#148; policies adopted by the
Advisory Group from time to time. <I>No one will be subject to retaliation because of a good faith
report of a suspected violation</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Company will follow these procedures in investigating and enforcing this Code of Ethics,
and in reporting on this Code of Ethics:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the CCO will take all appropriate action to investigate
any actual or potential violations reported to him or her;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>violations and potential violations will be reported to
the Board of Directors of each affected Company after such
investigation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Board of Directors determines that a violation has
occurred, it will take all appropriate disciplinary or
preventive action; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appropriate disciplinary or preventive action may include
a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law,
notification of the Securities and Exchange Commission or
other appropriate law enforcement authorities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Waivers Of Code Of Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Code of Ethics, the CCO is responsible for applying this
Code of Ethics to specific situations in which questions are presented to the CCO and has the
authority to
interpret this Code of Ethics in any particular situation. The CCO shall take all action he or
she considers appropriate to investigate any actual or potential violations reported under this
Code of Ethics.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CCO is authorized to consult, as appropriate, with the chair of the Governance Committee and
with counsel to the affected Company, the Advisory Group or the Independent Directors, and is
encouraged to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors, the affected Company is responsible for granting waivers of this Code
of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent
required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange
Commission rules.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recordkeeping</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Company will maintain and preserve for a period of not less than six (6)&nbsp;years from the
date an action is taken, the first two (2)&nbsp;years in an easily accessible place, a copy of the
information or materials supplied to the Boards of Directors pursuant to this Code of Ethics:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that provided the basis for any amendment or waiver to this Code of Ethics; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>relating to any violation of this Code of Ethics and sanctions imposed for
such violation, together with a written record of the approval or action taken
by the relevant Board of Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Confidentiality</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and records prepared or maintained pursuant to this Code of Ethics shall be
considered confidential and shall be maintained and protected accordingly. Except as otherwise
required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than
the Independent Trustees and their counsel, the Companies and their counsel, the Advisory Group and
its counsel and any other advisors, consultants or counsel retained by the Directors, the
Independent Directors or any committee of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Code of Ethics may not be amended as to any Company except in written form, which is
specifically approved by a majority vote of the affected Company&#146;s Directors, including a majority
of its Independent Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>No Rights Created</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Code of Ethics is a statement of certain fundamental principles, policies and procedures
that govern each of the Senior Officers in the conduct of the Companies&#146; business. It is not
intended to and does not create any rights in any employee, investor, supplier, competitor,
shareholder or any other person or entity.
</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">ACKNOWLEDGMENT FORM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have received and read the Joint Code of Ethics for Chief Executive and Senior Financial
Officers, and I understand its contents. I agree to comply fully with the standards contained in
the Code of Ethics and the Company&#146;s related policies and procedures. I understand that I have an
obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief
Compliance Officer or report it anonymously by following the &#147;whistle blower&#148; policies adopted by
the Advisory Group from time to time.
</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="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<tr>
<td>&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>
</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">Printed Name</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>
</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>
</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">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>
</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>
</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">Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;19, 2011
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Re:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> The Gabelli Utility Trust<br>
<U> Investment Company Act File No.&nbsp;811-09243</U></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of The Gabelli Utility Trust (the &#147;Fund&#148;), pursuant to the Securities Act of 1933,
as amended, and the Investment Company Act of 1940, as amended, we hereby file via EDGAR
transmission the Fund&#146;s Registration Statement on Form N-2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any questions or comments on the Registration Statement should be directed to the undersigned
at (212)&nbsp;728-8865.
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    <TD width="0%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
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<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Ryan P. Brizek
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Ryan P. Brizek&nbsp;</TD>
    <TD>&nbsp;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosures
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    <TD width="1%" nowrap align="left">cc:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Bruce N. Alpert, The Gabelli Utility Trust<BR>
Agnes Mullady, The Gabelli Utility Trust<BR>
Carter W. Austin, The Gabelli Utility Trust<BR>
Rose F. DiMartino, Esq., Willkie Farr &#038; Gallagher LLP</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS">New York Washington Paris London Milan Rome Frankfurt Brussels</FONT><BR>
in alliance with Dickson Minto W.S., London and Edinburgh
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